The IBC legislation was the first of many initiatives undertaken by the Government of the Nevis to meet modern demands for flexibility in structuring and taking advantage of modern communications for company meetings.

The major advantages of an I.B.C. may be summarized as follows:

1.      The minimum number of subscribers is two and of directors is one;

2.     Meetings of Directors and shareholders may be by telephone, fax or other electronic means; Corporate directors are permitted.

3.     Shares may be registered, bearer, with or without par value, unnumbered and may be issued in any currency. They may carry any rights, restrictions or conditions which are deemed appropriate, all of which may be changed from time to time. Shares may be issued for such consideration as the Directors deem appropriate;

4.     It can trade in its own shares, hold treasury shares;

5.     Names of shareholders/directors officers, who may be of any nationality, are not recorded in the public registry; they may not be divulged by the Registered Agent without the prior consent of the directors or shareholders;

6.     No filing of financial statements or annual returns;

7.     No ultra vires rule, a company may be established for any purpose not prohibited by Nevisian law. It may, for example, own non-Nevisian Real Estate, trade in securities or carry on active business;

8.     May transfer its domicile to another jurisdiction – or a qualifying existing foreign corporation may transfer in as an IBC;

9.     May transfer its assets to a trust and may determine who are to be the interested parties under the trust;

10. Government registration and annual fees are low;

11. Except for the Share Register and the Register of Officers and Directors, the books and records of the company may be kept anywhere in the world.

12. It is not subject to Exchange Control Legislation.

13. An IBC must have and must maintain a registered office and agent in the Nevis.

14. No taxes levied in Nevis on income, dividends or distribution of a Nevis company which are not earned on the Island. Corporate financial returns need not be filed in Nevis.

15.  The Corporate Secretary may be a corporation or an individual.

16.  Companies may serve as directors. Alternate or substitute directors may be appointed.

17.  Any corporation formed in another jurisdiction may redomicle on Nevis pursuant to certain easily followed provisions set forth in the Ordinance. Upon request, Gibratlar Trust Company will be pleased to furnish samples of forms necessary to effect such a redomiciliation

APPROPRIATE PROFESSIONAL AND BANKING REFERNCES ARE REQUIRED BY GIBRATAR TRUST COMPANY PRIOR TO COMMENCEMENT OF BUSINESS WITH THE COMPANY. GIBRALTAR TRUST COMPANY ADHERES TO DUE DILIGENCE STANDARDS FOLLOWED IN ALL THE MAJOR OFFSHORE JUSRISDICTIONS.

We recommended that individuals and companies wishing to make us of Nevis as an offshore domicile obtain legal and other advice from their professional advisors in their own jurisdiction.