Today, it is difficult to find a jurisdiction where the names and other personal data of executives and owners of a local firm are not publicly available. In Nevis, however, the registers of this kind are still in a closed format. That is, no outsider can find out the name and other information about the key employees of a company in Nevis and its beneficiaries. Such confidential data is transferred to the registration agent for storage. He in turn may disclose this information only in extreme cases, when it comes to official investigations of serious offenses.
Maintaining the functioning of the firm in Nevis is quite simplified due to the absence of the need to submit annual tax returns to the fiscal authorities. But it is worth remembering that it is still necessary to keep accounting records. However, it is possible to carry out this process from any corner of the world. In addition to all of the above advantages, the LLC structure assumes that its owners have limited liability for the company’s debts. This liability is limited to corporate property only.
Why Nevis is one of the best jurisdictions for asset protection
Nevis law is structured in such a way that the assets inside an LLC cannot be taken away by any court. Of course, we are not talking about outright offenses and attempting to remove assets during a lawsuit that has already been filed. In all other cases, when, for example, a creditor wants to claim assets from a debtor, and they are already considered corporate assets owned by an LLC in Nevis, they will not succeed.
The interests of investors are protected at the legislative level, and local courts do not take into account court decisions of other countries. In order to sue for something in Nevis, it is necessary to file a new lawsuit in the local court. And the chances of winning it will be very low.
It is also worth remembering that the plaintiff will have to make a preliminary insurance premium of one hundred thousand dollars, and for representation in local court stations will have to use the services of local lawyers, which significantly narrows the choice, because the best of them are already working with registration agents.
That said, courts on Nevis only hear individual lawsuits, ignoring class actions. To be heard in the local court, the plaintiff will have to present irrefutable evidence of his rightness, which is beyond doubt. It is clear that with such strict requirements it is very difficult to achieve a favorable court decision in Nevis.
Another peculiarity of the local legislation is the statute of limitations, after the expiration of which it will be impossible to sue for the fact of transfer of assets of LLC Nevis. Those wishing to challenge the transfer of corporate assets have only two years from the fait accompli date.
But even if the plaintiff manages to convince the court of his rightness, even with the judgment in hand he can claim the interest of the defendant only within three years. And this period is not subject to extension. In addition, the plaintiff has the right to claim only to the owner of the company against whom the claim was filed. If the company in Nevis has several owners, they will not be affected by this lawsuit. Another interesting thing that can be considered an advantage of a Nevis LLC is that the plaintiff can only claim the dividends that the defendant receives, not all of the company’s assets.
Features of Nevis LLC
The very structure of the LLC is identical to the same formation in the USA. There is an opportunity within the organization to transfer property under the protection of a legal entity, which greatly complicates the interaction in case of disputes and claims to the company from third parties.
Some more features of LLC:
- The owner of a company in Nevis can be a legal entity, as well as trusts and foundations.
- It is possible to convert an LLC into a trust.
- The members of the company and its managers are protected from the company’s liabilities.
- An LLC company has the right to own and manage any type of assets: real estate, currency, stocks or bonds, digital assets.
As for taxes, this island state has a very loyal and favorable taxation system for entrepreneurs. After all, there is no corporate tax, no withholding tax, capital gains tax or stamp duty. The absence of currency control is also considered a positive aspect for convenient business in Nevis.