If you want to incorporate in Saint Kitts and Nevis, this article explains the tax laws for an IBC, which is the most common company structure in Saint Kitts and Nevis.
International Business Companies (IBCs) in Saint Kitts and Nevis are entitled to do business outside the country and may have restrictions to trade with residents, own real estate within the territory and conduct business activities related to banking, insurance, assurance, fund and collective investment schemes. IBCs income accrued offshore, from our research, and these things do change, is tax-exempt. This ranks Saint Kitts & Nevis as 1st overall with regards to corp. taxation rate internationally.
IBCs in Saint Kitts & Nevis are commonly used for estate planning, asset protection and confidentiality, international trading, tax planning, holding company and financial management.
An IBC may be formed by one or more shareholders, one or more directors and a secretary, who may be natural or legal persons. Nominee shareholders and directors are allowed. Registered agent may be required. Minimum paid up capital is $1. Shares may be issued as registered shares, preference shares, bearer shares, redeemable shares and shares with or without voting rights attached. Migration of Domicile is allowed.
Details of shareholders and directors may not be publicly disclosed. An IBC may be required to prepare and maintain accounting records, but may not be required to file annual reports, annual tax returns or financial statements.
Dividends paid or received by an IBC are not subject to taxation. Dividends are distributions of earnings of the business, determined by the board, to a class of its shareholders. Dividends can be one of the following cash payments, shares of stock, or other property. Capital Gains are not subject to taxation. A capital gains tax is levied on the profits that a corporation or natural person realizes when they sell sells a capital asset for a price that is higher than the purchase price.
Payments on dividends, interests, royalties or fees made by an IBC to non-residents are exempted of withholding taxes.
Value-added tax applies to the sales of goods and supply of services within the country. The VAT rate in St. Kitts & Nevis is 17.00%, that ranks as 1st when compared to value added tax rate worldwide. There are real property and transfer taxes in St. Kitts & Nevis.
The above is not tax or legal advice for your individual circumstances. We are able to to reference you to an expert in Saint Kitts and Nevis who can properly advise you. Ready to get started? Click incorporate now if you are in a hurry, or press the free consultation button above.
It takes approximately 27 hours to file and prepare documents for a Saint Kitts and Nevis Common law.
The corporate tax is approximately 0% which is 1 in the world.
Owners of a company in Saint Kitts and Nevis are not allowed to carry back a loss and may be allowed to carry forward a loss for 6 years.
The vat rate in Saint Kitts and Nevis is 0% which ranks 1 in the world.
When examining a jurisdiction in which to incorporate, the first thing to look at is the legal code. The underlying law in Saint Kitts and Nevis is common law law. Common law makes for a easy corporate setup. E-signatures are allowed.
The abbreviation KN is for Saint Kitts and Nevis and the most common legal entity structure in Saint Kitts and Nevis is an IBC.
When setting up, budget about 1 Day to setup an IBC in KN. The minimal capitalization is 0, This means you don't have any minimum share capital. The types of currencies you can use to capitalize your company is frequently any legal tender.
Yes, one is allowed to re-domicile an IBC from KN. You are usually allowed to change the jurisdiction of the company, pending certain procedures.
There must be at least 1 shareholder. This makes it possible for you to own an IBC in KN by yourself. Corporate Shareholders are encouraged, which means you can have a corporate shareholder. Foreign ownership is tolerated, up to 100% of the ownership of the legal entity.
An IBC is only required to have one director. Additionally, corporate directors are permitted. Directorship information is ususally not shared with the general public. There is not a requirement to have annual meetings.
A registered office is a requirement, whom the company will pay yearly, for an office which can receive a service of process on behalf of the business. Moreover, a company secretary is not always necessary, at least not by law.
There is a However, there is usually not a requirement to have an audited set of accounts.
Thin capitalization rules are not in effect.
A corporate director is permitted, meaning this country is a good option if you are setting up a structure where you want to protect director liability.
The directors are not disclosed in the public registry of Saint Kitts and Nevis, Financial Service Regulatory Commission. Shareholders are not disclosed in the Financial Service Regulatory Commission.
Typically companies take 1 day to setup and there are 1 director(s) required and 1 shareholder(s) required at the time of incorporation.
Overall we think Saint Kitts and Nevis is a good option and have given it a score of 95 as an IO score, using the Incorporations.IO proprietary formula.
We can help you form a company in Saint Kitts and Nevis. Click the button above for a no-obligation quote. We will provide you with all the necessary documents to open a bank account as well as a registered office in Saint Kitts and Nevis, which is required by law.
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