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Newsletter | Articles   FOCUS ON NEVISThe decline of sugar, bananas and other agriculture as export crops, an increase in global competition combined with a need to diversify the economy, expand the economic base and generate employment led Nevis to establish itself as an offshore finance centre following the grant of independence. Nevis is now part of the federation of St Kitts and Nevis which has been an independent state within the British Commonwealth since 1983. Nevis has now introduced measures which have caused it to be removed from the FATF & OECD lists. It has enacted or amended legislation to prevent, detect & combat money laundering & other financial crimes. It has appointed an independent regulator and has established a Financial Services Department and a Financial Intelligence Unit. It also belongs to the ITIO - grouping of 16 small and developing nations and 5 observers working together to strengthening their positions with initiatives such as the OECD and EU Directive. Corporations and LLCs It launched itself in 1984 with the enactment of the Nevis Business Corporation Ordinance and immediately concentrated its energies on becoming a leader in offshore company formation. This effort greatly benefited Nevis by attracting steady growth and respectability leading to its evolution as the mature centre it is today. The many benefits of company formation provided for by the enactment of the Nevis Business Corporation Ordinance in 1984 continue to remain true today namely;
The 1990's saw the expansion of offshore services with the enactment of additional offshore legislation and the attraction of trust operators committed to the continued growth, success and respectability of Nevis as an OFC. The additional offshore legislation enacted was:
 TrustsThe Nevis International Exempt Trust Ordinance was enacted by the Nevis Government in direct response to the growing needs of international lawyers, fiduciaries and practitioners for a progressive trust statute incorporating modern trust concepts. One of the major benefits of The Trust Ordinance is the utilisation of a Nevis company established under The Nevis Business Corporation Ordinance in conjunction with a Nevis Trust. In addition to the recognition of common law trust principles, the Trust Ordinance includes special provisions to enhance the use of Nevis as a preferred jurisdiction for the establishment of Asset Protection Trusts. Highlights of the Trust Ordinance include;
Nevis LLC's which are analogous to French SARL's and German GmbH's are provided full tax exemption in Nevis and treated as a transparent entity for U.S. tax purposes as well as for possible other countries. In addition, with proper structuring and planning the Nevis LLC can be used as a structure providing asset protection features similar to those of a trust without the limitations on control generally required of trusts. Further advantages of the LLC Ordinance include:
In 1998, the Nevis Island Administration established the Nevis Financial Services Department (FSD) within the Ministry of Finance and appointed a Director of international stature. The establishment of the department ensures that a dedicated staff administers international financial services from a centralized location. Summary - the Nevis Advantage:
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