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NEVIS LIMITED LIABILITY COMPANIES (LLCs)

Nevis is located in the Leeward Islands, approximately 1,200 miles southeast of Miami and 225 miles southeast of Puerto Rico. Nevis is a member of the sovereign Federation of St. Kitts and Nevis, an independent particular of the British Commonwealth of nations. It was a British colony from 1628 until 1983, when it became independent and joined the Federation of St. Kitts and Nevis.

The Constitution provides for a Nevis Legislature and Assembly and, although it is an independent territory, under the Constitution a Governor General is appointed as Her Majesty's representative.

The Governor General is required to act in accordance with the advice of the Premier under the general authority of the Cabinet, except where otherwise provided.

The Cabinet consists of the Premier, the Ministers and the Attorney General Ex-Officio. The Assembly has exclusive powers to legislate for Nevis on fiscal affairs, industry, hotels, agriculture and housing. Administrative matters are handled by the Premier, which is the leader of the majority party in the House of Assembly, and his Cabinet.

The Government of Nevis privatized the telecommunication system, and Cable and Wireless of England has since installed a state of the art fiber optic digital system which provides Nevis with high quality communications with the rest of the world.

Even though Nevis airport is a small one, it can provide connecting flights to Antigua, St. Kitts and St. Martin, from which flights to the United States, Canada, France, Holland and Great Britain can be taken. There is daily ferry boat service to St. Kitts, which is located eleven miles from Nevis.

There are no taxes of any kind in Nevis as long as business activities, assets and income are located or generated outside the island. Furthermore, any dividend or distribution paid by a corporation having no business in Nevis to another corporation, entity or individual who is neither a citizen nor resident of Nevis is exempt from Nevis withholding tax.

Of special interest is the Nevis Limited Liability Company. Formation of a Nevis L.L.C. is accomplished within one hour of receipt of instructions with the official documentation forwarded via courier from Nevis the same or next business day. The Nevis Limited Liability Company Ordinance provides that members and/or managers and principal office may be located anywhere in the world and can be of any nationality.

On an annual basis, Nevis L.L.C.'s do not need to comply with reporting requirements, financial or otherwise. Additionally, L.L.C.'s are exempt from all forms of Nevis taxation and exchange controls.

The Articles of Association of a Limited Liability Company must contain the following:

1. Name of the company: which shall include the words "Limited Liability Company" or the abbreviation "LLC", "LL.C" or "L.C."
2. A statement that the Limited Liability Company is formed under The Nevis Limited Liability Company Ordinance 1995.
3. The latest date on which the L.L.C. is to dissolve (optional).
4. The statutory Registered Agent's address in Nevis.
5. Whether the Limited Liability Company is managed by managers exclusively of the members or by all of the members in their capacity as members.
6. Any provisions not inconsistent with law that the organizers elect to set forth in the Articles of Organization.

   The following list gives some of the many advantages of the Nevis Limited Liability Company that make it so attractive to the international businessman and investor:

   • None of the owners are exposed to personal liability.
   • The owners can participate in management without becoming personally liable for the company's debts.
   • Limited Liability Companies provide a mechanism by which managers can limit the authority of non-managing members.
   • Limited Liability Companies have no limitation on the number of members.
   • Limited Liability Companies face no stock limitations and can issue preferred interests analogous to preferred stock of corporations.
   • The ownership of a L.L.C. has no limitations.
   • Limited Liability Companies can be used for international finance and investment, real estate holding, estate planning, asset protection, professional practices, and joint ventures.

   
   In summation, there are other special characteristics of the Nevis Limited Liability Company which make it a highly versatile international entity and these include:

• No corporate tax, income tax, withholding tax, stamp tax, asset tax, exchange controls or other fees or taxes are levied in Nevis on assets or income originating outside the island.
• Members of an L.L.C. may be individuals or business entities of any nationality, and they do not have to file annual or other reports in the Public Records of Nevis.
• Members of Limited Liability Companies may assign their interest to other parties unless restricted otherwise.
• Management of L.L.C.'s may be accomplished by the members or by managers designated by the members, and company records may be located anywhere in the world.
• Limited Liability Companies may amend their Articles of Organization, merge or consolidate with other domestic or foreign Limited Liability Companies or other business entities, and foreign L.L.C.'s or other business entities may transfer domicile to Nevis.
• Limited Liability Companies have limited life.

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