Which company can help me with setup Nevis Company with Bank account

[James Turner]

Nevis Companies can bank in Nevis itself, Mauritius, Seychelles, Cayman or Puerto Rico.

 

[user9823671]

Plenty of banks in reputable jurisdictions would open for Nevis\Curacao etc for 500k-1m if you're willing to close it as investment.

Not really an option, maybe next year lol

 

[user9823671]

Nevis Companies can bank in Nevis itself, Mauritius, Seychelles, Cayman or Puerto Rico.

Do any of those offer the possibility of selling digital products (software) online? one time fee / subscription?
I imagine a merchant bank account in nevis will have issue charging cards in EU / US?
Paypal not possible.

So just the dodgier payment processes would accept you?

Or is a nevis company with nevis bank account just not really a structure for an online software company to consider?

 

[neweraoffshore]

@user9823671 every incorporation in a black listed country is not a good structure for almost any business which wants to do business with EU companies. If you charge end customers this may work, but if you want to charge EU companies they won't pay to a Nevis company, as Nevis is on the non-cooperative OECD list and therefore invoices are not accept by a lot of EU tax authorities.
In my opinion structures in Nevis and a bank account in Nevis only make sense for asset protection issues and for the "endstation" of your offshore money to store it, because almost no authority will be able to seize your bank account there.

But still, I wouldn't trust the bank systems there... their pages are mostly wordpress pages with custom made customer panels which access their banking database to display their balances etc. (once it was possible to see the plugin creator at belizebank.com/wp-admin and thebankofnevis.com/wp-admin and pacificprivatebank.com/wp-admin, but sadly i forgot to remember it, all I can say it was the same company, as they all had the same logo in the admin panel login. The Vanuatu Private bank (pacificprivatebank) still didn't block or hide the wp-admin page so you can still see it's a wp (pacificprivatebank.com/wp-admin), maybe their logo will occur there one day again when updating the installation. Will write a script to detect this change, because this would be a good info for me to know again. Belizebank and Nevis bank at least hide the wp-login.... belizebank has a whitelisted ip range to access their wp-login, so no chance anymore, but nevis just moved to a crypted link, so possible to know again after crawling)
I could tell you more funny stories about other offshore banks where I found crazy ridiculous XSS with high vulnerability potential. But that's not the topic. Just wanted to state my point of view that these banks in these jurisdictions are mostly unsecure and s**t.

And by the way everybody knows what is happening at Choice bank right now, so I really would fear that this will happen within the next 20 years to a few banks within these jurisdictions.

 

[user9823671]

Most customers are probably end customers, those that are not, are just single person small companies (Assumed companies, most likely not incorporated) who manage a few end user customers.

What about using payment processes that would take the business? How does that work for EU registered businesses as they would be paying the processor. I imagine as they are just an intermediary it doesn't matter.

Just the reason for looking again at nevis, is there has been some rulings from the US that has made me reconsider the importance of privacy and how hard it is to take a nevis company to court. The business is not exactly illegal (not at all in my eyes) but the US has been more aggressive in going after companies that break (or help to break) website TOS and using CFAA (computer fraud and abuse act) law. Which was written for actual hacking / cracking of machines, but is being misused to go after TOS violations. The court injunctions then state as the servers as in the US the US has jurisdictions worldwide over any case, regardless of where the individuals / companies are.

These have all been ramped up this year, so am thinking that protections now have to take priority over ease of banking.

If was just starting this new business now, I would stop, but the system has been 2 years in development and need some kind of return on that time now.


The quality of the banks is a concern, but would not use them to keep any significant funds in. Would be looking to get profits onshore pretty much as soon as they come in, just leaving enough to handle what ever outgoings (not many) there are. Although this isn't somethingI have ever looked at, getting money from offshore bank to me.

 

[James Turner]

I am of the opinion that if the end user is an individual or an owner managed company where they control who and how they pay you will not have an issue receiving payments from within Europe to a bank in any of the countries mentioned for your Nevis Company. Personally I have been in the offshore industry for over 25 years and have not experienced issues with banks paying Nevis companies or indeed banking in any offshore location except those that are sanctioned.

Bank quality also does not have to be poor. I am of the opinion that sometimes banks are negatively portrayed for having stringent KYC requirements which while sometimes onerous to comply with actually strengthen the bank against authority attack, but which make the lives of the clients difficult. In my opinion you are better dealing with a bank that impose strict requirements on clients, but who can withstand pressure from authority/regulators because they are doing their job than working with banks that have no or poor KYC and who are then susceptible to attack as a result and cannot demonstrate satisfactory compliance. Having said this I can't comment on the IT security behind banks as @neweraoffshore has as this is not my area.

If you utilise multiple banks or maintain low balances then the risk is minimised anyway and obtaining merchant services to credit into an offshore bank is generally not an issue regardless of the nature of business, location of the company or banking. We put a lot of merchant services for high risk businesses in place.

Getting funds from an offshore bank back to you should also not be a problem if the entire process is thought out in advance.

 

[camelfighter]

Nevis is so secure as any other banks otherwise we would have heard about hacking and other problems with banks in Nevis.

How much compliance documents must we provide to setup a BVI company does someone know about it?

 

[James Turner]

Nevis is so secure as any other banks otherwise we would have heard about hacking and other problems with banks in Nevis.

How much compliance documents must we provide to setup a BVI company does someone know about it?

To form a BVI Company you need to provide ID and address verification for the Shareholders, Directors and UBO's (if different) along with details of intended nature of business.

 

[poetwarrior]

Hello, First time poster long term lurker. I don't understand why anyone would form a company in Nevis in 2019 after they changed the law in December and now tax at 33%. Am I missing something here as to an advantage outside their asset protection statute? Have they amended the tax law recently (as was rumored) to territorial only taxation?

 

[platothefish]

Hello, First time poster long term lurker. I don't understand why anyone would form a company in Nevis in 2019 after they changed the law in December and now tax at 33%. Am I missing something here as to an advantage outside their asset protection statute? Have they amended the tax law recently (as was rumored) to territorial only taxation?

See this... https://data.consilium.europa.eu/doc/document/ST-7522-2019-INIT/en/pdf
You are correct in the first instance that there is a 33% corporation tax but then there is an exemption for companies that do not carry on trade within St Kitts or Nevis. The briefing from the EC will help.

 

[John Andrews]

"However, the amended Act also provides that no new entrants to the regime are allowed after
31 December 2018 and that grandfathering will be allowed until 20 June 2021. The regime is
therefore considered abolished with grandfathering which is in line with the criteria."

 

[TacitusKilgore]

"However, the amended Act also provides that no new entrants to the regime are allowed after
31 December 2018 and that grandfathering will be allowed until 20 June 2021. The regime is
therefore considered abolished with grandfathering which is in line with the criteria."

I'm reading that part of the document over and over again and can't get my head around the wording. Does that mean that if you register a company in Nevis after 31 December 2018 you will be subject to 33% tax on all income, or does it mean that if you register after 31/12/2018 you will not be subject to any taxation?

 

[John Andrews]

"the regime" = 0% tax. so if you register a company after 31th of December 2018 you'll be subject to 33% tax.

 

[Spinat]

"the regime" = 0% tax. so if you register a company after 31th of December 2018 you'll be subject to 33% tax.

Means BVI is worthless taxwise right?

 

[John Andrews]

Means BVI is worthless taxwise right?

you mean St. Kitts and Nevis?

 

[hero]

someone can recommend me an EMI for my nevis. unfortunately TW, I closed my account and now I need a new one.

 

[John Andrews]

someone can recommend me an EMI for my nevis. unfortunately TW, I closed my account and now I need a new one.

why did they close your account?

 

[dav19e]

someone can recommend me an EMI for my nevis. unfortunately TW, I closed my account and now I need a new one.

Can you now recommend a working EMI?

 

[James Turner]

I think sometimes people take the tax changes in these offshore locations too literally and often don't look at the limitations that affect their application. They can be very complicated, but in BVI the activities that are impacted are:

• Banking Business;
• Insurance Business;
• Fund Management Business;
• Finance and Leasing Business (which, among other activities, includes the provision of credit facilities);
• Headquarters Business;
• Shipping Business;
• Holding Company Business (i.e. only pure equity holdings not holdings of another kind of asset e.g. real estate or bonds);
• Intellectual Property Holding Business; or
• Distribution and Service Centre Business (which, among other activities, includes the provision of services to foreign affiliates).

Other activities are not impacted and while there could be some confusion surrounding whether you fit into one of these categories not everyone will feel the effects.

 

[DSCorp]

So, can someone confirm, is there now a 33% tax on IBCs in Nevis now, even if they don't do business in Nevis or with Nivis citizens?