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- August 18, 2015
- by Melisa Johnson
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Nevis amends its Corporate, LLC and Trust Laws
In a partnership with leading legal practitioners in the corporate and trust sectors the Nevis Island Administration drafted amendments to the Corporate, LLC and Trust Laws. The results were released on the 1st of July 2015 and a number of significant amendments became effective, these amendments will keep Nevis in position as a premier jurisdiction for offshore corporate and trust formation.
The full text of the amendments can be downloaded from the website of The Nevis Financial Services Department.
The Nevis Business Corporation Ordinance, Cap. 7.01
- Single Director now recognized regardless of number of shareholders;
- Officers are now discretionary and appointed by the Director(s);
- Documents to be filed with the Nevis Registrar are now acceptable if executed by a single Director, a delegated person or by the Registered Agent who has been granted the proper authorization; and
- Share Certificates are now optional with recognition of the Share Register being the primary record of shareholdings.
The Nevis International Exempt Trust Ordinance, Cap. 7.03
- Statutory unlimited duration of international trusts and accumulation of income;
- Statutory recognition of Charitable Remainder Trusts;
- Expanded recognition of who may act as Trustee of an International Trust;
- Statutory recognition of discretionary interests in International Trusts;
- Expanded powers of Protector;
- Expanded provisions on the removal of trustee and protectors;
- Statutory recognition of combination and division of trusts;
- Clarity provided for the retention of control by settlor; and
- Power to establish an Advisory Committee.
The Nevis Limited Liability Company Ordinance, Cap. 7.04
- Statutory recognition of single Member LLC;
- Strengthening of charging order protection; and
- Statutory recognition of conversion of an LLC to a corporation.
Please contact David Payne or your AMS representative for further information.