Nevis Enhances Its Corporation, LLC and Trust Laws - August 2015
A number of significant amendments to Nevis’s existing Corporation, LLC and Trust laws became effective on 1 July 2015. The amendments were drafted by the Nevis Island Administration in partnership with leading legal practitioners in the corporate and trust sectors. The amendments will further cement the position of Nevis as a premier jurisdiction for offshore corporate, LLC and trust formation.
Summary of Key Changes
The most significant changes are summarized below and the full text of the amendments can be downloaded from the website of The Nevis Financial Services Department at www.nevisfsrc.com.
The Nevis Business Corporation Ordinance is now referred to as 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.
- Share Certificates are now optional with recognition of the Share Register being the primary record of shareholdings.
The Nevis Limited Liability Company Ordinance is now referred to as The Nevis Limited Liability Company Ordinance, Cap. 7.04
- Statutory recognition of single Member LLC.
- Strengthening of charging order protection.
- Statutory recognition of conversion of an LLC to a corporation.
The Nevis International Exempt Trust Ordinance is now referred to as 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.
- Power to establish an Advisory Committee.