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Starting and Doing a business in St kitts Nevis
St Kitts and Nevis is a well regulated and internationally respected tax-neutral, offshore and Investor friendly business environment.
The St Kitts Nevis offers many Company formation structures, in deciding which St Kitts and Nevis Company structure is best suited for a particular endeavor. The individual or company must decide whether they wish to trade locally, in St Kitts Nevis or whether they wish to register their company as a St Kitts Nevis Exempt Company, a Nevis LLC or a Nevis IBC and trade outside of St Kitts Nevis.
Before engaging in business in a foreign country, it is prudent to seek advice from that country’s legal and tax counsel in order to fully appreciate the benefits, rights and obligations associated with setting up a business in St Kitts Nevis.
Some companies wish to have a operational physical office staffed with local personnel in St Kitts Nevis , as opposed to a nominal presence through a registered office address, these two options are essential components in ensuring compliance with many international and local reporting requirements.
Registering a Business in St Kitts Nevis
All Incorporated and unincorporated companies are expected to fill out the relevant Application Forms at the St Kitts Nevis Ministry of Finance department in order to obtain a business license, business licenses are normally processed within 5- 7 working days. The St Kitts Nevis Companies act makes provision for the incorporation of public and private companies.
St Kitts Nevis Currency
The Official Currency of St Kits Nevis is Eastern Caribbean Dollars, However, United States Currency is widely and readily accepted almost everywhere on St Kitts and Nevis. St. Kitts is a member of the Eastern Caribbean Currency Union (ECCU), which shares a unitary currency and monetary policy. The convertibility of the Eastern Caribbean (EC$) dollar is fully self-supported, and the parity of the exchange rate remains unchanged. The Eastern Caribbean dollar has been pegged to the United States dollar at US$1 equal EC$2.70 since 1976.
Doing Banking in St. Kitts Nevis
CIBC First Caribbean International Bank St Kitts Nevis
Bank of Nova Scotia St Kitts Nevis
St. Kitts Nevis Anguilla National Bank (the largest indigenous bank in the eastern Caribbean)
Royal Bank of Canada St Kitts Nevis
Bank Of Nevis
Royal Bank of Trinidad and Tobago (RBTT) St Kitts Nevis
Banking Hours in St Kitts and Nevis are 8:00am to 2:00pm, except on Friday when the banks close at 4:00pm.
St Kitts Nevis Legal System
The legal system in St Kitts Nevis is based upon English Common Law and is served by the multi-state Eastern Caribbean Supreme Court comprising a high Court of Justice, and a Court of Appeal. Her Majesty’s Privy Council in London serves as the Final Appellant Court.
St Kitts Nevis Political Environment
St Kitts Nevis while independent is still observes Her Majesty, The Queen of England as its head of State. The Federation of St. Kitts and Nevis is a constitutional monarchy with a Westminster-style Parliament. St Kitts Nevis is politically stable and general elections are held every five years. Owning Land and Buying Property in St Kitts Nevis Foreign persons wishing to own land in St. Kitts may do so by Freehold or Leasehold ownership, Land Alien licenses are required for some areas while some other areas are exempted from such tax.
For more information on doing business in St Kitts and Nevis, please contact our firm.