Offshore Business Using Nevis IBC’s
A brief overview into offshore business
In order to give you a comprehensive insight into a Nevis IBC, we first need to establish the main reasons why offshore companies are used so widely, and legally. Paying tax is not normally anyone’s favorite pastime; making the decision to open an international business corporation (IBC) gives you the opportunity to take advantage of the many tax deferment benefits that are on offer to a creative business. It could save you a small fortune in reducing your taxes-literally.
Let’s take a look at some of the key factors and benefits of opening an IBC for your offshore finance strategy:
- No need for directors and shareholders to have residency status combined with a simple management structure
- Corporate or offshore Trust enterprises can take the place of company officers with no limits on ownership
- Nevis, unlike many other countries offering offshore investing and finance packages, allows sole directorship.
- There are no taxes , corporate or otherwise charged in Nevis for assets and income that occur outside the country
Since the Nevis Business Ordinance took place in 1984, there is an abundance of benefits for the prospective investor. Shareholders can reside anywhere and there are no restrictions to nationality, no currency restrictions and the company records, and the head office can be located anywhere.
This means you can conduct your business from your own country of choice, but without being liable to heavy taxation. Companies are free to change their articles of corporation and merge with other foreign corporations as and when they wish.
The benefits of an IBC versus a ‘normal’ company
Nevis offers some of the best options for setting up an IBC, and there are many distinct advantages this gives compared with a traditional company set up.
Tax free status is probably the biggest incentive of all. Earnings are free of all taxes on dividends, wages or income. Many offshore judiciaries tax an IBC for accumulated earnings, Nevis does not. Remote access is another major plus factor; you do not have to set foot on Nevis to conduct your business. There are just some very basic requirements, namely, having a single shareholder, a registered agent and an office and the payment of an annual fee-all of which can be arranged for you.
Privacy is paramount and fully guaranteed. The simplicity of the Nevisian laws means there is no need for annual reports or financial returns, and no inspection of any books by the government. All your dealings are kept secret.
Substitute nominees are allowed so the real direct`ors and shareholders remain in anonymity.
As opposed to many onshore enterprises, IBC’s can be inaugurated with registered shares or bearer shares (whereby there is no recording of the holder). Deciding on which option to choose needs careful consideration, and we would be only too happy to provide this. Whilst bearer shares may seem the best option, they do tend to be more open to scrutiny whilst registered shares still adhere to privacy of the individual for tax implications.
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