The Nevis Multiform Foundation Ordinance is a relatively new legislation that was passed in 2005. As the name suggest it has the flexibility to take on many forms as it can be treated as an Ordinary Foundation, a Partnership Foundation, a Company Foundation or a Trust Foundation.
The establishment of a Foundation is done by the filing of an original Memorandum of Establishment and by-laws (if any) and must be in English. The name of the Foundation has to be checked for its availability before it can be registered.
The Nevis Foundation is an attractive asset holding and protection tool that is embraced by persons with or without wealth. Similar to the Nevis Business Corporation and Limited Liability Company (and unlike the Trust) it and its assets take on a separate legal identity to that of its Founder(s) or Creator(s).
Foundations are often used for estate planning and strengthening of asset protection
5 key requirements that a Nevis Multiform Foundation must have
- An acceptable approved name
- A Nevis Registered Office
- A Nevis based Registered Agent
- A Memorandum of Establishment
- A Management Board and Secretary
Benefits of a Nevis Foundation
- Can change its function during its life time whether from a Trust Foundation to a Company Foundation.
- Not subject to foreign judgments or foreign laws.
- No taxes are applied to a Nevis Foundation.
- Re-domiciliation in and out of Nevis.
- Founder of Beneficiaries are not part of public records (Records can become public by filing the necessary forms).
- Profits or gains of a Nevis Foundation are not taxed.
- Provision for the conversion, consolidation or merger of corporate entity (ies) into a Nevis Foundation.
To download the foundation registration questionnaire