Saint Kitts and Nevis is a calm and safe island jurisdiction in the Caribbean Region. It has a very developed tourism sector but also opens a huge potential to handle international and financial businesses. It encourages capital flow in the country, including through simplified registration procedures. Foreign entrepreneurs are also entitled to obtain a residence permit and citizenship for their investments. In general, company incorporation in Basseterre, for instance, may open a conglomerate of advantages.
Reasons Why to Register a Company in Saint Kitts and Nevis
Establishing a company in Saint Kitts and Nevis promises to be potentially profitable in view of these features of the jurisdiction:
- extremely loyal approach to foreign entrepreneurs;
- general simplicity of company incorporation;
- confidentiality of shareholders and final beneficiaries;
- high degree of asset security;
- extremely advantageous taxation terms;
- Saint Kitts and Nevis is a part of the Commonwealth of Nations;
- absence of currency control restrictions.
Legal and Organizational Forms
If you wish to incorporate or buy a company in Saint Kitts and Nevis, these forms are the most feasible for doing business:
- Limited liability company (LLC) – this is a flexible and cheap corporate structure that allows one to start a business promptly. Among its definite advantages, there is limited liability of shareholders who will not be in charge of potential company losses in excess of the contributions made. Even 1 individual may establish this company, of any residence, whether this is a legal or natural person. There are also no statutory requirements regarding the starting share capital and its payment before registration. The capital is formed by the founders.
- International business corporation (IBC) – a business corporation that is feasible for issuance and offering shares for the purpose of involving extra capital. All the obligations of shareholders are limited to capital investment only. This entity may be founded by 1 shareholder at least who may have any nationality and be either a natural or legal person. This company should also have at least 1 director who may reside anywhere and be either a legal or natural person. Different types of shares are allowed. There are no compulsory statutory requirements for the share capital but typically it is declared in the amount of USD 50,000-100,000. The share capital is formed through the issuance and allotment of shares. This business form is feasible for acting globally and involving investments.
How to Start a Company in Saint Kitts and Nevis
The process of establishing a company in Saint Kitts and Nevis comprises these must-have stages:
- Formulating the range of economic activities you are going to carry out through a future company.
- Formalizing relations with a local licensed registered agent who will actually submit an application on your behalf.
- Preselecting an official commercial name for an upcoming company.
- Searching for and formalizing an official legal address for a new LLC/IBC.
- Requesting and formalizing in an appropriate form all the documents and details about founders, including a mother company (if any), managers, and final beneficiaries. This information will not be public but should be up-to-date and at disposal of a registered agent.
- Drafting and executing statutory and application documents for submission.
- Applying for the incorporation to the Company Registrar with the entire set of documents, including a bank statement on the payment of the incorporation fee. Receiving the Certificate of Incorporation in the case of positive feedback.
- Formalizing a ready-made company for the purposes of paying compulsory tax and social security charges.
- Opening corporate bank accounts.
- Submitting an application for getting a separate license or permit that may be necessary for a specific type of regulated activity.
Legal, Regulatory, and Tax Framework
The local legislation is extremely loyal to the businessmen. It envisages simplified registration procedures, flexible governing, no restrictions for shareholders, and the absence of financial statements.
The territorial approach to taxation is applied in Saint Kitts and Nevis. The enterprises have to pay taxes only from the income derived from the territory of Saint Kitts and Nevis. Therefore, all worldwide gains are not taxable in this state. Dividends are not taxed as well.
How Prifinance Attorneys Can Help You
If you are focused on starting a company in Saint Kitts and Nevis, Prifinance experts are prepared to guide and support you through the process. Experts can easily apply their extensive expertise gained through 11 000 successfully completed projects.