Nevis Multiform Foundations

Often, when discussing Nevis Multiform Foundations, we describe the benefits of the Nevis Multiform Foundation Ordinance of 2004 for asset protection, as well as the advantages and possibilities of these structures.

Nevis Multiform Foundations are becoming increasingly popular among businesspeople from around the world, as they are independent and self-sustaining structures. This jurisdiction is a very attractive option with many reasons to set up in Nevis, with its strict privacy laws, asset protection, and other benefits such as favorable tax rates. We have a lot of experience with assisting people to establish themselves in Nevis in different ways, and are here to help. In this article, we will specifically provide more details about the requirements and necessary documents for registering a Multiform Nevis Foundation.

So, what exactly is a Nevis Multiform Foundation? The answer is in the name. Multiform Foundations registered in Nevis can take any of the following forms very quickly and at any time: ordinary foundation, trust foundation, company foundation, or partnership foundation. This provides you with flexibility in your operations, among many other benefits. Our expert service can help you establish such a foundation on Nevis, assist you in determining if it’s exactly what you need, and explore other options related to setting up on this beautiful island, such as registering an LLC in Nevis.

Requirements for establishing Nevis Multiform Foundations

The list of requirements for setting up a Nevis Foundation includes having:

1. A board of directors and a secretary.
2. A registered agent in Nevis.
3. A registered office in Nevis.
4. A memorandum of establishment.
5. An appropriate name.

When creating a Nevis Multiform Foundation, you can:

• Use the standard set of bylaw documents or develop your own.
• Appoint a supervisory board or protector.
• Decide whether to publish bylaws and board data or not.
• Choose how you will subscribe for assets or property, and for what amount.
• Choose legislation.
• Choose the beneficiary rights.
• Choose the multiform type.

Continuation, transformation, conversion, consolidation, and merger

A Nevis Multiform Foundation is a very flexible tool available to you. A Nevis Foundation can operate both on the island and outside it. It also allows for:

• Continuation: A foundation from a foreign jurisdiction can continue its activities on the island of Nevis already as a multiform foundation.
• Transformation: Any organization outside the island jurisdiction can transform into a Nevis Foundation. For example, a trust in Jersey could become a Multiform Foundation in Nevis.
• Conversion: An existing Nevis entity can be converted into a Nevis Multiform Foundation.
• Consolidation or merger: Any two or more organizations can merge into a Nevis Multiform Foundation.

Documents required for registration of a Nevis Multiform Foundation:

If you’re interested in establishing a Nevis Multiform Foundation, our team can help you navigate the process and support you at every step. If you allow us to help you, we will ensure that all documentation and compliance requirements are met and that the process goes as smoothly as possible. While more straightforward than in many countries, certain requirements can still cause delays. However, here is an overview of the documentation requirements to get started.

• Application form:

An application for registering a Nevis Multiform Foundation must contain the foundation’s name, which must end with ‘FND’ or ‘Foundation’, and the details of the beneficiaries, managers, secretary, and members of the supervisory board (if applicable).

If a multiform foundation has taken the form of a Nevis Trust Foundation, it is required to have beneficiaries and contain the word “trust” in its name. The beneficiaries’ names will not be made public unless you indicate otherwise.

To create a revocable foundation, you need to specify who has the right to revoke it and under what circumstances in the application form.

A Nevis Multiform Foundation and its beneficiaries are exempt from income and capital gains tax, provided that the foundation’s founder, beneficiaries, property, assets, and contributions originate from outside the island of Nevis. A Nevis Foundation can become a tax resident of this jurisdiction and pay taxes at a maximum rate of 1%. In this case, it is necessary to submit a tax return to the Register annually. The tax is calculated on undistributed accumulated net profit. If you want to create a foundation as a Nevis tax resident, this must also be indicated on the application form.

• Consent schedule:

In this schedule, it is necessary to indicate the data of the secretary and board members, as well as the supervisory board (if it exists). All of these persons must be of legal age. The signatories of the consent schedule agree to act in the foundation, either as secretary, a board member, or a supervisory board member.

•  Memorandum of establishment:

The Foundation Memorandum of Establishment contains the following points:

• The Multiform Foundation name.
• The registered address of the Multiform Foundation in Nevis (registered agent address).
• That the main purpose and objectives of the Multiform Foundation are to obtain benefits for the beneficiaries mentioned in the statutory documents, or, in the event of the beneficiaries’ refusal, the purpose and objectives prescribed for Nevis Multiform Foundations by the law.
• The available multiform types (this information will be made public): ordinary, trust, company, or partnership foundation.
• The validity term: long-term or short-term.
• Whether it is a revocable or irrevocable Multiform Foundation.
• The legislation to which the Multiform Foundation will be subject.

• By-laws:

The requirements for filing information with the Register apply only to the foundation’s name, the chosen multiform type, the copy of the bylaws, and the registered office name. Bylaws will be protected until otherwise specified.

Typically, standard regulations are used, but founders may choose a law other than the Nevis Multiform Foundation Ordinance 2004 (MFO) to manage the entire business or a part of it. Therefore, at the registration stage, we will ask you to decide whether you want to subordinate the Nevis Multiform Foundation Ordinance completely. If you wish to choose a different law, you will be required to state the jurisdiction and the name of the law, and indicate the foundational part that will be subject to the other jurisdiction’s law.

• Applications:

Appropriate applications are submitted if it is necessary to reorganize the Nevis foundation, change the multiform, change the name, secretary, registered agent, etc.

Term for registering a Nevis Multiform Foundation

Upon receipt of all required documentation and the original Consent schedule, your Nevis Multiform Foundation will be registered within 10-15 days.

The principal member of the board may be a professional provided by the registered agent in Nevis. In this case, all registration documents will be signed on the island, and the foundation will be established more quickly, as there is no need to wait for the original documents. As soon as the Nevis Multiform Foundation is registered, the professional board member will resign their position in favor of the person(s) you specify. A board member can be either an individual (Panamanian professional services) or a legal entity (Nevis professional services). At least one board member is required.

If you use Panamanian professional services, The Multiform Foundation’s reputation will be higher, but the registration period will take longer.

If you want to register a Nevis Multiform Foundation or have any questions about this product, please contact us by email at in**@***********rt.com. Our experts will be happy to provide you with all the details and assist you at all registration stages! You have two options. You can have a complimentary, fifteen-minute consultation regarding foundation formation, ideal if you want to get started or learn about our service, or a one-hour consultation for 300 Euros, currently, normally 500, with an expert, if you want to dive deeper.