If you’re in the Money Services Business (eg payment processing or currency exchange) and you’re looking for a private, low red tape, low tax place to incorporate Offshore then you’ll be pleased to hear that Nevis now offers a license regime for Money Services Businesses.
In Nevis a Money Services Business License can be issued to a business which plans to provide as a primary service any of the following services:
- transmission of money or monetary value in any form;
- cheque cashing;
- currency exchange;
- the issuance, sale and redemption of payment instruments;
- any other services the Minister may specify by notice published in the gazette; or the business of operating as an agent or franchise holder.
Key Features – Overview
The several classes of licence issued under the Money Services Act, No. 26 of 2008, shall authorize the holders to carry on money services business as specified:-
- Class A licence permits the holder to carry on the transmission of money or monetary value in any form, the issuance, sale or redemption of money orders or traveller’s cheques, cheque cashing and currency exchange.
- Class B licence permits the holder to carry on the issuance, sale or redemption of money orders or traveller’s cheques, cheque cashing and currency exchange.
- Class C licence permits the holder to carry on cheque cashing.
- Class D licence permits the holder to carry on currency exchange.
- Class E licence permits the holder to carry on pay day advances.
Where different places of business are kept in the name of the same legal person, a separate licence is required for each such place of business.
Legal Requirements
| Requirement | Description |
| General | |
|
Nevis International Company |
|
USD 2,000 (Class A to E) |
|
USD 10,000 (Class A to E) |
|
No |
| Share capital or equivalent | |
|
None |
| Directors | |
|
2 |
|
No |
|
No |
| Shareholders | |
|
2 |
|
Yes |
|
No |
| Service Providers Required | |
|
Yes |
|
Yes |
|
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
Minimum 3 maximum 6 months
Distinctive Benefits of Licence
- Numerous tax advantages
- Ease and speed of licensing
Licensing Procedure
In order to obtain a licence as a money services business, you must apply, via your Nevis Agent, in writing to the Financial Services Regulatory Commission, pay the prescribed application fee, complete Form A and Form B as outlined in Schedule 2 of the Money Services Business Act of 2008 and submit the required documents. (Contact Us if you wish to view/receive a copy of the said Act &/or the Application form provided for by the Act).
The Nevis Financial Services Regulatory Commission will process the application in accordance with its application processing procedures. Upon completion of this process, if it is satisfied that an application is in order and the applicant is a fit and proper person to be licensed to conduct money services business, the Financial Services Regulatory Commission will approve the application and issue a licence to the applicant subject to the applicant paying the prescribed licence fee and making the prescribed statutory deposit in accordance with the Money Services Business Act.
It is anticipated that every sponsor will arrange for a delegation of its senior officers, or, in the case of an independent institution, of its principal controllers, to make a presentation in respect of the applicant and its proposed business before a formal application is submitted.
The cost to apply for us to asset you to apply for such a license would be between $US12,000 and $20,000 depending largely on how much of the heavy lifting can be done your side.
Would you like to know more? Then please Contact Us:
info@offshorecompaniesinternational.com
