Nevis Limited Liability Company Ordinance

PART XV
TAX EXEMPTION
Exemption. 83. (1) Any limited liability company subject to this Ordinance which does no
business in Nevis shall not be subject to any corporate tax, income tax,
withholding tax, stamp tax, asset tax, exchange controls, or other fees or taxes
based upon or measured by assets or income originating outside of Nevis or in
connection with other activities outside of Nevis or in connection with matters
of corporate administration which may occur in Nevis, except as provided in
sections 6 and 7.
(2) For purposes of this section, no limited liability company shall be
considered to be doing business in Nevis solely because it engages in one or
more of the following activities:
(a) maintaining bank accounts in Nevis;
(b) holding meetings of managers or members in Nevis;
(c) maintaining company or financial records in Nevis;
(d) maintaining an administrative or managerial office in Nevis with
respect to assets or activities outside of Nevis;
(e) maintaining a registered agent in Nevis;
(f) investing in stocks or interests of Nevis corporations or limited
liability companies or being a partner in a Nevis partnership or a
beneficiary of a Nevis trust or estate.
Licence required 83A (1) Notwithstanding subsection (2)(d) of section 83, no limited liability
for management company shall maintain an administrative or management office in Nevis unless
office. licensed to do so by the Minister of Finance.
(2) An application for a licence shall be in such form as may be
prescribed or until a form is prescribed, in such form as the Minister of
Finance may require and shall be accompanied by such particulars and such,
documentary or otherwise, as the Minister of Finance requires.
(3) A licence may be issued subject to such conditions or restrictions as
the Minister of Finance thinks fit to impose.
(4) A licence may be revoked by the Minister of Finance on the breach
of any condition or restriction to which the licence is subject.
(5) Any limited liability company that maintains an administrative or
management office in Nevis without a licence shall be subject to a fine
of $50,000 and to be struck off the register.
(6) The provisions of this section shall apply to every limited liability
company that-
(a) maintains an administrative or management office in Nevis
immediately before the commencement of this Ordinance; or
(b) wishes to maintain an administrative or management office
in Nevis after the commencement of this Ordinance.
(7) A limited liability company described in subsection (6)(a) may apply
for a licence within 30 days after the commencement of this Ordinance and shall
not be deemed to be in violation of this Ordinance during such period that the
application us being considered by the Minister of Finance.
(8) If an application made by a limited liability company under
subsection (7) is rejected the corporation shall close its office in Nevis within 10
days after receipt of the notice of rejection.
Limitation of 83B. The provisions of section 83A shall not apply to any limited liability
Section 83A. company that is managed or administered by a company or a person duly
licenced by the Minister of Finance in accordance with section 14 or in
accordance with any law enacted by the Nevis Island Legislature.
Dividends 84. In addition, any distribution or allocation by a limited liability
and company which does no business in Nevis to limited liability companies,
distributions. corporations or other entities which do no business in Nevis or to individuals who are
not citizens or residents of Nevis, shall be exempt from any tax or withholding
provisions of Nevis law which would otherwise be applicable to such limited liability
company making the distribution or allocation or the recipient of the distribution or
allocation.