Nevis Business, but first the Basic
My View on Business in Nevis
I guess you should know much more about the islands before investing or starting a business here. it is basic knowledge but important to learn.
Invigorating scenery, long inactive volcanos, secluded beaches, and the acclamation of a once-prosperous sugar industry defines the Caribbean island of Nevis. As an unexplored destination, As one of the most beautiful and deserted islands in the region, Nevis is quickly making a name for itself to investors and tourists alike.
Dominated by silver beaches, coral reefs, and a 3,232 feet Nevis Peak, the tropical island has an intensely green landscape, an old-school charm, and attractive villas and hotels. Covering just 98 square kilometers, it is easy to move around by car with enough attractions to make the island enjoyable without interfering with the number one business of taking it easy.
Most tourists travel by sea to the island, crossing the 2-mile channel that separates Nevis from its sister island, St. Kitts. You might want to also pay a visit to this tiny island.
Key Facts of Nevis
- The island belongs to a country called St. Kitts and Nevis
- The official currency of Nevis is known as the East Caribbean Dollar
- English is the official language in Nevis
- The island’s capital city is known as Charlestown
- Nevis has a population of about 5,000 people, according to 2010 data
- Christianity is the major religion in the area
- The life expectancy of men and women in Nevis is 68 years and 71 years, respectively
- Its coastline measures about 135 kilometres
- Its total area is about 93 square kilometres
- Nevis terrain comprises of volcanic mountains and hilly interiors
- The island enjoys a tropical climate throughout the year
What Part of America is Nevis?
Officially known as the Federation of Saint Christopher and Nevis, Nevis’s island is one of the several islands that form the Leeward islands in the Caribbean Sea.
Situated near the northern part of the Lesser Antilles, the tropical island is about 400 kilometers southeast of Puerto Rico and about 85 kilometers west of Antigua. Other islands neighboring Nevis include Montserrat, Barbuda, Anguilla, and Guadeloupe.
If you are traveling from the UK or USA, it is possible to get a direct flight to St. Kitts, where a connection can be made to Nevis via air or sea.
Nevis Geographical Size
Surrounded by coral reefs, Nevis is situated about 3 kilometres south of its sister island St. Kitts where it is separated by a narrow waterway known as The Narrows. Nevis is circular in geographical terms, and it stands out entirely as a mountain, having its highest peak, about 3,000 feet above sea level.
It has a landmass area of 93 square kilometres, while endowed with clay soil mixed with volcanic boulders. In regards to its climatic conditions, Nevis enjoys similar tropical weather patterns as St. Kitts. The two islands are situated in the tropical cyclone belt, where they experience the hurricane season between July and October.
Nevis’s people are predominantly black, with a small section belonging to the mixed African and white heritage. The island also has a tiny population of white and South Asia groups living in the country.
While the official language is English, more than 2/3 of the population reside in rural areas. The predominant religious denominations are Methodists and Anglicans, with a small number of the populace subscribing to the Roman Catholic Church.
The 2 islands that form the Federation of Saint Christopher and Nevis are known for their high migration levels, enabling them to maintain a steady trade and population flow. According to 2010 data, it is estimated that about 2/3 of the population are between the ages of 15 and 59.
Fearless Carib Indians were the first people who inhabited Nevis after migrating from South America. They settled there happily, naming the islands of St. Kitts and Nevis Liamuiga and Oualie, which means fertile land and land of beautiful waters.
However, their stay was interrupted by the Europeans’ arrival, who settled on the islands for centuries. Due to this influence, English emerged as the national and official language in St. Kitts and Navis. As it has been the norm for the British colonies, English became the island’s colonial legacy. However, a majority of Navis inhabitants have a heavy West Indian accent that can catch a visitor of the guard.
Thanks to the island’s high literacy levels of 98%, most citizens can express themselves fluently in English; thus, communication is not a problem.
Nevis People and Culture
The inhabitants of Nevis are peaceful people who regard marriage as a sign of adulthood and social responsibility. Sexual experimentation is mostly discriminated against but reluctantly accepted.
Thus, 20% of the children on the island are born out of wedlock. Also, children are taught to respect their parents and elders from a tender age.
The 2 islands of St. Kitts and Nevis have a tropical climatic condition, where they enjoy hot and humid temperatures throughout the year. Additionally, the islands experience a relatively calm and dry season from February to May. Also, they share a hot and rainy season from June to December.
During their dry season, the northeast trade winds blow progressively with moderate intensity, while during the hot and rainy season, the islands experience an irregular flow of trade winds. Ordinarily, Nevis’s daily average temperature is about 25 degrees Celsius during the coolest months of January and February and 28 degrees Celsius during the hottest season of June and October.
The East Caribbean Dollar is Nevis’s official currency, readily available at any financial institution and bank. Although most Nevis businesses accept the US dollar as a medium of trade, change is usually given in the EC dollar. At present, the exchange rate is fixed at 1 US dollar = 2.70 EC dollar.
The Federation of St. Kitts and Nevis (opens in a new tab) has been an independent member of the Commonwealth since its independence in 1983. In the country, the prime minister is the head of state, and together with other ministers, they serve in the cabinet.
A nominated governor-general represents the British crown, while the National Assembly form the parliament. Although most of the members of the National Assembly are elected, some are nominated. The constitution is the supreme law of the land, outlining the 3 arms of government’s roles.
Nevis Business Economy
Nevis was earlier regarded as a vantage point for agricultural colonialism, hence its role as a launching pad for the 17th century British expansion into the Caribbean. This was due to its relatively large fertile lands, good climate, and favorable conditions for colonial sugar estates. More than 300 years later, the island’s economy continued to rely on sugarcane for stability.
However, during the 1970s, successive administrations and business leaders began a revolution to move away from sugar over-reliance. Hence the emergence of other sectors such as manufacturing and tourism. Over time, these industries have proved to be better foreign exchange-earners compared to sugar.
Today, the Federation of St. Kitts and Nevis have proper economic structures where the Eastern Caribbean Central Bank (opens in a new tab) acts as the region’s monetary authority, with the EC dollar playing the official currency role.
Some of the top foreign exchange earners for Nevis include export products such as electronic pieces of equipment, batik-dyed textile, furniture, and vegetables. Apart from these, remittances from the diaspora also form a sizeable source of foreign exchange.
Opening a Company in Nevis
Why bother opening a Nevis company and bank account? You might ask. According to research, Nevis LLC offers one of the most favorable asset protection policies in the world. For more than 2 decades, Nevis’s island has served as one of the best offshore banking leaders and asset protectors. Here you can find more on How to open an offshore bank account.
Unlike other tax havens, Nevis business concentrates on promoting local LLCs and corporations as a source of boosting their economy. For most people looking for an asset protection haven, the island of Nevis usually pops up.
Steps to Follow When Establishing a Company
- The application for a work permit
- Application for incentives
- Application for a Business and Occupations License
- The submission of Proposals for Review
- The application for an Alien Landholding license
- Registering as an employee or as an employer
- Registering as a taxpayer
- Registering a local company
Nevis Limited Liability Company (LLC)
One of the advantages of registering an LLC in Nevis is its protection policies towards members, bank accounts, and other assets from debts and other personal liabilities such as lawsuits. Despite its Nevis free nature, the law discourages some professionals such as accountants and doctors operating using LLCs.
The tax authority does not tax these entities’ income directly; instead, they treat them as sole proprietors or partnerships. However, all LLCs are supposed to file all their income details on individual tax returns. When opening an LLC, the company’s operating agreement acts as a guiding document that spells out the terms and conditions for its creation and dissolution.
The dissolution terms and conditions might specify that the company should be dissolved after a certain period passes. The operating agreement is not a mandatory document.
Opening a Nevis Bank Account
Opening a bank account on the island is a very straightforward endeavour that commonly takes about 2 weeks. For both personal and Nevis business bank accounts, the minimum initial deposit required is 10,000 US dollars for most banks.