Nevis Island Assembly Meets On Off-Shore Issues
January 27, 2009
The Nevis Island Assembly successfully passed amendments to two bills in the Hamilton House Chambers on Monday, January 26, 2009.
During the Sitting of the House, the Nevis Limited Liability Company (Amendment) Ordinance, 2009 and the Nevis International Insurance (Amendment) Ordinance, 2009 got their first, second and third readings and passed into law, While the Nevis Business Corporation (Amendment) Ordinance, 2009 got its first reading.
The government decided however to withdraw the Nevis International Exempt Trust (Amendment) Ordinance, 2009.
According to the Legal Department in the Nevis Island Administration, “The existing legislation was not clear and left some definitions grey, so these amendments were clarified by the Nevis Reformation Party led Nevis Island Administration.”
While debating the Amendments, to the Bill shortly entitled The Nevis Limited Liability Company (Amendment) Ordinance, 2009, the Premier of Nevis, the Hon. Joseph Parry explained changes in Section 2 of the Bill which provided an amendment to the definition of the “˜Foreign Limited Liability Company’ by correcting a typographical error in that the word unincorporated, which was used to describe a foreign entity that wishes to transfer its domicile to Nevis, instead Premier Parry said the word should be incorporated.
He further sought to amend Section 66(a) of the Principal Ordinance to make provision for companies who wish to transfer their domicile to Nevis to submit a copy of a certificate of Good standing issued no earlier than Sixty days prior to submission to the Registrar.
Also, an amendment was introduced requiring companies wishing to transfer domicile to our jurisdiction to supply certification from an authorized officer of the foreign domicile that the company will cease operation in that foreign domicile upon registration in Nevis.
The other bill shortly entitled The Nevis International Insurance (Amendment) Ordinance, 2009 which was passed amended Section 7(1) of the Principal Ordinance by reducing the required paid up share capital for a company that wishes to carry on reinsurance business. It is intended that our jurisdiction would become more competitive in this area of business.
The amendments tabled by Premier and Minister of Finance, Hon. Joseph Parry, re-organized existing legislation by clarifying sections, simplified definitions, corrected typographic errors, enhanced transparency and increased the due-diligence required. The expected net result of these passed amendments will help to strengthen the regulation of the offshore industry in Nevis.