The Nevis International Mutual Funds Ordinance 2004 and its accompanying Regulations provide a modern regulatory structure for mutual funds, their managers and administrators. Under the Nevis International Mutual Funds Ordinance, a mutual fund can be structures as a company, a partnership, unit trust or other similar body formed under the laws of Nevis or any other jurisdiction which collects and pools investor funds for the purpose of collective investment.
Key Features
The Nevis International Mutual Funds Ordinance allows for a Professional Fund which is available only to professional investors with an initial investment of not less than US$100,000 and is also required to be recognized by the Minister of Finance, but can be fully operational for a period of 14 days without being recognized under the Ordinance.
- A Nevis International Professional Fund must have a licensed and independent fund custodian.
- There must also be a licensed manager or administrator of the fund.
- Managers or Administrators who are not resident or domicile in Nevis and who are authorized to provide services under the laws of a recognized jurisdiction may operate from within Nevis after receiving written permission from the Minister of Finance.
- Additionally, a licensed or recognized Fund of a prescribed jurisdiction can easily be continued or re-domiciled in Nevis, if it is in good standing. The same re-domiciliation privilege is given to the investment manager and administrator of that existing Fund.
- Minimum number of directors is two natural persons.
- The Nevis International Mutual Funds Regulations set the annual licence renewal fee at USD 200 for Professional Funds.
Legal Requirements
|
Requirements |
Description |
|
General |
|
|
St. Nevis Company, Partnership or Unit Trust |
|
USD 200 |
|
USD 200 |
|
No |
|
Share capital or equivalent |
|
|
USD 100,000 |
|
None |
|
Directors |
|
|
2 |
|
No |
|
No |
|
Service Providers Required |
|
|
Yes (from anywhere) |
|
Yes (from anywhere) |
|
Yes (from anywhere) |
|
Yes |
Tax Treatment
Corporate income tax is only payable for locally generated profit, transactions made solely to non-resident entities is not subject to tax.
Duration to Set Up
Around 3 months
Distinctive Benefits of Licence
- Numerous tax advantages
- Ease and speed of licensing
The Valsen Advantage
- End to end comprehensive service
- Speedy and efficient service
- Expert advice on structuring options
- Dedicated ongoing compliance support
- Extensive network pool of service providers