Nevis Continues To Attract International Business

by Jason Gorringe, Tax-News.com, London

16 August 2004

The Caribbean jurisdiction of Nevis has seen a 25% increase in new registrations of International Business Companies, Limited Liability Companies and International Trusts in the first six months of 2004 as compared to the same period of 2003, and revenues are well ahead of forecast.

The Nevis Financial Services Development & Marketing Department and the Regulation & Supervision Department are pleased with these good results from their continued efforts to publicise the island, and have a full program of events and visits during the second half of the year, including an international conference marking Nevis's 20 years in the international financial services sector, and road shows in Geneva and the Asia-Pacific area.

The Nevis Financial Services Regulations and Supervision Department continues to strengthen the jurisdiction's regulatory framework. Recent legislation has included passage of the Nevis International Insurance Ordinance, enacted in April 7th 2004. The International Insurance Ordinance 2004 is divided into six sections, and provides for the licensing and regulation of general insurance, captive insurance and reinsurance companies.

The staffing of the island's institutions has also been reinforced with the appointment of Ms. Jackie Hunkins to the position of Assistant Director of Nevis Financial Services Development and Marketing Department and of Mrs. Patricia Reid-Waugh as Regulator of the Nevis Financial Services Regulation and Supervision Department. Ms. Hunkins will be called to the St. Kitts/Nevis Bar later this year, while Mrs Reid-Waugh has over twenty years experience in the field of audit and accounting, with fifteen of these years being spent with Deloitte and Touche firms in both Jamaica and St. Maarten, Netherlands Antilles.

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