Company Registration in St. Kitts and Nevis

Director

No residency requirement exists for a director except for countries and people on sanctions lists. The minimum number of directors for Nevis companies is 3, and the minimum director age is 18. It is relevant if the company has three or more shareholders. The number of directors may be less if the shareholders are less than 3. There is no requirement for LLC-type companies to have a director. Instead, a manager, at least one, is appointed.

Shareholder

A company shareholder in St. Kitts and Nevis can be an individual or a legal entity. There are no residency requirements. The company must have at least one shareholder not on the sanctions list and is at least 18 years old.

Address

Companies registered in St. Kitts and Nevis are required to have a legal address in this jurisdiction. Organizations must also have an office in the islands.

Name

The name must be unique. International Business Company always ends with Ltd., Corp., Inc., and Limited Liability Company ends with LLC.

Authorized Capital

The legislation of St. Kitts and Nevis does not set a minimum amount. The authorized capital is optional. The recommended amount of authorized capital is $50,000.

Local Account

Companies that operate in St. Kitts and Nevis are not required to open bank accounts with local financial institutions. It is possible to operate with a bank account opened in any jurisdiction.

Registration Agent

Registration agent is obligatory for both LLC and NBC companies. When registering a company, the documents are submitted to the registration agent, who performs all the necessary procedures.

Reporting

Tax non-residents of St. Kitts and Nevis are not required to file returns. Residents of the jurisdiction must file a simplified tax return once a year, with the director or manager’s signature. Document retention for LLC companies in St. Kitts is for 5 years. There are no record retention requirements for companies like NBC on Nevis. Companies are not required to keep accounting records.

Before incorporating or buying a shelf company in St. Kitts and Nevis, it is necessary to know about taxation in the jurisdiction. The islands have a territorial principle of taxation. You may familiarize yourself with the peculiarities in the review below.

Income Tax

Income tax is paid only by tax residents of St. Kitts and Nevis. The rate is 33%. Non-residents are entirely exempt from paying this tax.

VAT

Value-added tax, which is 17%, is payable only by companies that profit in St. Kitts and Nevis.

Other Taxes

Resident companies in St. Kitts and Nevis must pay a 15% tax on interest, dividends, and royalties. Stamp duty may also be required for 6-10% real estate transactions. There is no capital gains tax in St. Kitts and Nevis, except if the gain is realized through the sale of property the company has owned for less than 12 months.

Tax Declaration

Companies are required to file a simplified tax return. It is a requirement of the EU and OECD, to which St. Kitts and Nevis adhere. The declaration is filed once a year and signed by the manager or director. It must contain information on the company’s residency, the scope of its activities, and the income received. Non-resident companies do not file a declaration.

Accounting

In the islands, companies are not required to keep accounting records. This requirement applies to both residents and non-residents. However, it can be done to maintain a good reputation.

Document Storage

Companies incorporated in St. Kitts are required to keep financial records on the island for 5 years. Organizations opened in Nevis do not have this requirement. Records can be stored anywhere in the world.