St. Kitts and Nevis Enhances Business Ordinances with New Amendments

Overview of the main amendments

The main amendments of these two Ordinances are as follows:

Outlawing bearer shares for IBCs

One of the most notable changes introduced by these amendments is the prohibition of bearer shares for International Business Corporations (IBCs). This crucial measure enhances the transparency and accountability of IBCs operating in St. Kitts and Nevis.

Bearer shares, known for their anonymity and ease of transfer, have been eliminated to align with international standards for anti-money laundering (AML) and combating the financing of terrorism (CFT).

Modernizing document handling and acceptance

In addition to the ban on bearer shares, these amendments seek to modernize the handling and acceptance of electronic documents, filings, and signatures.

Embracing digital advancements, St. Kitts and Nevis aims to streamline administrative processes, making it more convenient for businesses to operate efficiently and securely

Specified document retention

Another significant aspect of these amendments involves the specification of certain documents that companies must retain. This includes essential records such as Articles of Organization and the Register of Members/Directors.

Companies are required to maintain these documents, which can be crucial for demonstrating corporate transparency and accountability.

Furthermore, while retaining these documents is mandatory, companies may also provide copies of such documents to their registered agent for safekeeping at the registered office of the corporation. This additional provision allows companies to take proactive steps in ensuring their compliance and governance standards.

Conclusion

St. Kitts and Nevis has long been regarded as a business-friendly jurisdiction, and these amendments further solidify its commitment to providing a conducive environment for businesses to thrive.

As these changes take effect, businesses are advised to consult with regulatory authorities to ensure compliance with the newly amended ordinances.

For access to the complete amendments, kindly visit the following: Limited Liability Company (Amendment) Ordinance No. 3 of 2023 and Business Corporation (Amendment) Ordinance No. 2 of 2023

If you have any further questions or concerns regarding this matter, please feel free to contact us at service@bbcincorp.com for assistance.