LLC in Nevis with a Corporate Account in the UK Payment System

Looking to open an LLC in Nevis and arrange a corporate payment account for your international business? Q Wealth can set up a corporate payment account for your international business by forming a Nevis limited liability company and producing all of the corporate documents required for a corporate account application. We can complete the formation of an LLC on your behalf remotely through a registered agent authorised to do business in Nevis and act on your behalf there.

The Nevis LLC is the perfect vehicle for the international entrepreneur. The Nevis LLC is a flexible vehicle that also affords its owners the greatest asset protection allowed under the Nevis Statute. Formation of an LLC is a separate process from opening a corporate account with a bank or payment account provider for international transactions. Account approval always depends on the account holder meeting the provider’s KYC, AML, and other requirements. 

Nevis LLC at a Glance

Official Nevis FSRC information confirms the current USD 300 fee for Articles of Organisation and USD 300 annual renewal fee, and states that a licensed registered agent is required.

LLC in Nevis – a reliable fortress for your assets

Given the trends in the classic offshore zones’ development, the choice of Nevis jurisdiction as a reliable and calm bay for any company is quite obvious for many business persons.

Nevis is an island state and part of the Federation of Saint Christopher and Nevis (or Saint Kitts and Nevis) in the Caribbean. This region is traditionally prosperous for doing business offshore. Using the experience accumulated over many years in this area, Nevis offers its customers the most optimal and profitable solutions. The proximity to such an economically successful country as the USA is also essential in Nevis services development. Many US companies are registered in this jurisdiction.

Why is Nevis so attractive to American and other entrepreneurs from around the world?

First of all, Nevis is the undisputed leader and unofficial champion in protecting its clients’ assets from other persons’ claims. The tool for protecting assets becomes very important in modern realities if we look at the increased cases of multi-million dollar fines, even for the minor violations or minimal mistakes in doing business. Creditors’ aggressive behavior may also be a reason to pay attention to this jurisdiction.

Factors to maximize the protection of your assets in Nevis:

• In this jurisdiction, only the local court decision is valid. In other words, persons who have claims against your company must prove their accusation in a local court. This, in turn, requires the involvement of local lawyers, whose services are pretty expensive.
• To file a case in a local court, the creditor will have to pay not less than USD 10,000. In addition, the risk of obtaining an unfavorable decision remains very high.
• Even if the creditor wins, they will be able to claim only the company’s dividends, etc. The main assets and your property will remain intact. Moreover, receiving payments from the company will stop within two years. After this period, you have the right to cancel the charging order.
• The creditor can sue only the company. But if one of the company members is accused of violating the law, all obligations for the loss and, accordingly, payments fall solely on them.
• There is a general trend for the plaintiffs to lose most cases and, accordingly, to pay all costs. Even the most eminent US lawyers are reasonably afraid to go to court against Nevis companies.

Another beneficial advantage of opening an LLC in Nevis is a favorable taxation system that allows to avoid double taxation. An LLC does not pay corporate income tax. Company owners distribute and pay their own income tax. And, of course, there is no tax on the income you receive from activities outside the island jurisdiction.

If you have any further questions or would like to learn more about the benefits of Nevis LLC, please contact our experts at info@qwealthreport.com.

How to Open an LLC in Nevis?

Opening an LLC in Nevis requires a few important steps. Selecting and reserving your company name is the first step in opening an LLC in Nevis. After you select and reserve your LLC name, you can appoint a registered agent, conduct due diligence, and then move on to the setup itself. 

In general, the process can be summarized as follows:

1. Choose and check the company name: Choose and check the company name. The proposed name for the Nevis Company must conform to the naming provisions for Nevis companies and must not be identical to the name of an existing company in Nevis. Furthermore, there are certain words and phrases that are prohibited from being used in the name of a company
2. Appoint a licensed registered agent: LLCs can maintain a registered office for the purposes of their registered agent, which can be a service provider’s physical address. The registered agent must be a licensed registered agent in Nevis.
3. Complete KYC and due diligence: When you apply to form a Nevis LLC, you will need to provide identification and current address for the applicant, as well as details of the owners, management, and business activities of the proposed LLC. The further information required will depend on the proposed structure of the LLC and the service provider completing the application.
4. Prepare and file the Articles of Organization: The Articles of Organization outline the fundamental structure of an LLC in Nevis and contain the Company Name, Registered Agent, and Registered Office for the LLC, as well as details of the LLC’s Management Structure.
5. Receive the company documents: On formation of your Nevis LLC, your company and your shareholders will receive the corporate documentation for your newly formed Nevis LLC. We can also provide additional certified copies as required.
6. Apply for a corporate bank or payment account: In Nevis, you can also open a corporate bank account or payment account for your Nevis LLC after it has been formed. Each bank or account provider will have its own requirements for these types of corporate accounts. Typically, the business, its beneficial owners, the business purpose, the proposed transactions, and the proposed volume of these transactions, as well as the proposed counterparties and trading partners of the LLC, will all need to be disclosed, and supporting documentation will need to be provided to prove the identity of the beneficial owners and the source of the funds to be deposited in the account. The account provider may also have specific requirements regarding expected transactions and the role of each beneficial owner in the LLC.

Please note that the above time frames are estimated and can vary depending on a number of factors. These factors include the completeness of the application and how responsive the chosen registered agent is. The Registrar of Companies may also carry out further checks during the Nevis LLC formation process.

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Check the list of required documents, and get the details of the process, terms, and costs.

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Name requirements for Nevis LLC formation

An LLC must have a name that conforms to Nevis’ company naming requirements. In addition, the proposed LLC name cannot match an existing registered entity in Nevis. Certain names are restricted, for example, “corporation” and “incorporated”, and other similar names. Additional requirements apply to names presented in non-Latin alphabets.

There are many restricted words for LLCs in Nevis, and the list of words can change from time to time. Therefore, before you form your Nevis LLC, you should check the proposed name of your Nevis LLC with your licensed registered agent to make sure the name is available. 

Nevis LLC Legal and Regulatory Framework

A Nevis LLC is established and operates as a Nevis LLC under the terms and conditions of the Nevis Limited Liability Company Ordinance, 2017, as amended from time to time, and other applicable legislation from the Federation of Saint Kitts and Nevis. To establish a business in Nevis, the Nevis company must identify beneficial owners and monitor them while conducting adequate Know Your Customer (KYC) and due diligence on all customers of the company. (Nevis FSRC).

Nevis is part of the global fight against tax evasion and information exchange between tax authorities worldwide. For example, under the OECD’s Common Reporting Standard (CRS), Nevis collects information on financial accounts held by residents of other countries and automatically exchanges that information with those countries’ tax authorities. Under FATCA, similar information on financial accounts held by “U.S. persons” (i.e., U.S. citizens and “green card” holders) is collected and reported to the U.S. Treasury. Information exchange requirements of this nature form the cornerstone of the FATF recommendations on anti-money laundering and combating the financing of terrorism (AML/CFT). Therefore, an LLC in Nevis will not be an anonymous or unregulated “offshore” entity. Owners and how the LLC is operated will be subject to various requirements, such as Know Your Customer (KYC) procedures, disclosure of the LLC’s beneficial ownership, tax returns, etc, depending on the circumstances. 

Documents required to open LLC in Nevis

Note that documents required to form an LLC in Nevis may vary depending on your registered agent or the type of LLC you wish to form.

• A certified copy of a valid passport or other acceptable identification;
• Proof of residential address, such as a recent bank statement or utility bill;
• Details regarding the beneficial owner(s), member(s), and manager(s);
• A description of the company’s intended business activities;
• Information about expected customers, suppliers, and relevant countries of operation;
• Completed KYC, due diligence, and formation forms;
• Additional corporate documents (if a corporate entity will act as member(s)/manager(s)).

Some banks or payment institutions may require additional documents to open a corporate account for a newly incorporated company. Examples include contracts, invoices, business plans, and other corporate documents; proof of the source of funds for the newly incorporated company; tax returns; and other documents.

Providing complete, consistent information is crucial to avoid delays in opening a corporate bank account. 

How Much Does It Cost to Open an LLC in Nevis?

Nevis LLC costs are usually made up of two main things: the official government fees and the fees of a professional service provider that helps form the LLC.

The cost of filing the Articles of Organization for a Nevis LLC to establish a Nevis LLC is currently USD 300. The annual renewal fee for a Nevis LLC is currently also USD 300. However, there are additional official government fees for items like name reservation, issuance of certificates, amendments to the Articles of Organisation, apostille, and more.

Professional formation services may further include:

• Registered-agent services;
• Registered office services;
• Preparation and filing of corporate documents;
• KYC and compliance assistance;
• Certification and legalisation of documents;
• Courier delivery;
• Assistance with opening a corporate bank or payment account.

The cost of our basic service for forming a Nevis LLC is currently starting from €3,300+. Depending on the account provider for the corporate bank and/or payment account and the corresponding services, the total costs will deviate from the basic service fees.

Note that, in addition to the fees noted above, there are a number of annual fees, the cost of a registered agent, and the cost of a registered office, for example, that would need to be paid by the LLC in order to keep the LLC active in Nevis.

Opening a corporate account in the UK payment system

Payment systems are virtual platforms that provide financial services, such as savings, various types of payments, cryptocurrency operations, and services in rapidly growing market segments like IT, e-commerce, and marketing.

For a modern person, it is pretty evident that banking institutions are not the only players in the financial services market. Nowadays, payment systems are gaining a leading position with increasing confidence. Many organizations actively open accounts with them to conduct their activities.

The UK payment system is registered in London and received its FCA license in 2016. Given the Latvian roots of this payment system (its creation history and the involvement of various specialists began in Latvia), it is not surprising that its offices are located both in London and Riga.

Like all banks, the payment system offers customers the broadest range of financial services and more extensive opportunities. Corporate accounts for companies registered in Nevis can be opened in EUR. You can access your account from anywhere with the Internet using any suitable device (smartphone, laptop, etc.).

Current rates:

You can get detailed information on a corporate account in the UK payment system from our specialists.

Documents for opening a UK corporate account

To open a corporate account in the UK payment system for your LLC company, you will need the following documents:

• Certificate of Formation copy
• Memorandum of Association/Articles of Association/Bylaws/Operating Agreement copy
• description of your company’s activity field (partners, activity regions, settlement system, working pattern, etc.)
• proof of doing business (bank statement, declarations, financial statements, tax certificate)

Required documents for LLC owners and managers:

• passport copy (notarized)
• a document confirming the residence address
• short biography

Important! All documents must be translated into English and notarized. The payment system legal department may request additional documents.

In addition, you need to correctly fill out, sign, and scan the required forms for opening an account. All scans must be readable and of high quality. Otherwise, a denial of service may follow.

How to register LLC in Nevis and open a corporate account in the UK payment system

If you have decided to open a company in Nevis, to start the procedure you need to:

1. Contact us at info@qwealthreport.com for professional advice on registering LLC in Nevis and opening a UK corporate account.
2. Prepare scanned copies of the documents that the consultant will ask you for verification.
3. Pay for our assistance in registering a company and opening a corporate account. The price is from 4699 EUR.

You can pay by a regular bank transaction, by card, and using such payment systems as MoneyGram, Western Union, or WebMoney.

4. Then, send the original documents required to open LLC in Nevis and UK corporate account to our back office.
5. After receiving all the documents and full payment, we will proceed to the opening procedure. The term is about two weeks.
6. Upon completion, we will send the original documents by courier to the address you specified.

You can contact our experts now at the address above for detailed advice.

Conclusion: Is a Nevis LLC Right for Your Business?

The Nevis LLC makes for a very flexible vehicle for the international entrepreneur. The features of a limited liability company in general, and of the Nevis LLC in particular, are listed above. The Nevis LLC also has a number of statutory asset-protection features. Nevis’s legal framework is well established.

The incorporation of a Nevis LLC, however, is not a one-off event, and there are a number of factors to consider relating to the structure of your company, registered agent, corporate account provider, etc., and the subsequent incorporation process.

Q Wealth can set up a Nevis LLC for you remotely. We can also apply for a corporate payment account where required. We’d be happy to talk through your requirements and explain the options available to you and your business. 

Frequently Asked Questions About Nevis LLCs