The little nation of Saint Kitts and Nevis can be found in the Caribbean. It’s famous for its beautiful beaches, exciting culture, and welcoming business climate.
Steps on how to register a company
Here is a rundown of the steps required to get your business up and running:
Choose an appropriate business structure
This is the first step in setting up a company here. Here, sole proprietorships, partnerships, and corporations are the most frequent types of legal entities for conducting business.
The next step is to choose a name for your business
Names submitted to Saint Kitts and Nevis Corporate Affairs and Intellectual Property Office must be original and not already in use (CAIPO). The CAIPO website will let you know if the name is available for registration. Once you’ve decided on a name for your firm, you can reserve it with CAIPO. When you’re in the process of registering your business, no one else will be able to use the name. The name can be held for 90 days.
Get the paperwork in order
The articles of incorporation, memorandum of association, and declaration of compliance are all required for registering a business. CAIPO necessitates that you provide paperwork outlining the nature and goals of your business. To officially establish your business, you must file the appropriate paperwork with CAIPO. The registration fee and paperwork must be submitted. Depending on your chosen business structure, the registration charge may change. After your company has been registered, you must go to the Ministry of Finance to get a business license. The cost of a company license varies widely from industry to industry. Once your company is formed, you will be given a complete set of corporate documents, including the Articles of Association, Memorandum of Association, and share certificates. The original documents from the company register are delivered in a corporate folder together with electronic copies. You will need a bank account to conduct business there. There are numerous domestic financial institutions from which to select.
Register with the revenue agency
Finally, you must register with Saint Kitts and Nevis inland revenue agency to pay taxes there. Income tax and value-added tax registration will be part of this process, as will the acquisition of a tax identification number (VAT).
Registration information required
Company registrar requirements for St. Kitts and Nevis incorporation include:
- Short overview of prospective company’s operations.
- Information for shareholders.
- Directors’ and officers’ information.
Registered office
The “registered office” of your corporation must have a physical location within the jurisdiction. Saint. Kitts and Nevis require a local agent as well. The following are some of the advantages of having a registered office:
- Capital Stock, both approved and issued.
- No minimum amount of stock must be issued.
- Capitalization of shares may be denominated in any currency.
- Your IBC is free to issue as many or as few shares as it sees fit.
There are a total of US$50,000 in common shares.
The IBC requires US$50,000 in share capital, however, just a single share (in any currency) needed to be issued.
Board Members
Board Members can be of any nationality and live in any country. There is only a need for one director here. The identities of the board members are kept secret. A director cannot be a corporation and the selection of a local director is optional. Each entity’s directors/managers will need to sign a declaration and disclose information about themselves, including their tax residency, business activity, and income.
Investors’ roster
The Register of Shareholders must be maintained, and it must be open to inspection by anybody (not just business members and officers).
Take away
In conclusion, Saint Kitts & Nevis has a simple procedure for registering a business. You can take advantage of the thriving business scene in this stunning Caribbean country by following these guidelines.
