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NIA strengthens regulatory measures in financial services industry; passes two amendments to Business Ordinances

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by Kevon Browne

St. Kitts and Nevis (WINN) To continue financial regulatory improvements and expand the Nevis financial services industry, the Nevis Island Administration amended the Business Corporation Ordinance No 1 of 2017 and Limited Liability Company Ordinance No 2 of 2017 with amendments to the Bills.

During the first sitting of the Nevis Island Assembly following the August 5 General Elections, the Premier of Nevis and Minister of Finance in the NIA, Hon Mark Brantley, presented the Nevis Business Corporation (Amendment) Bill, 2022.

The Premier explained that the amendments to the bill would seek to clarify ambiguity in restoring a company after failing to meet the regulations and the terms related to being struck from the list of registered companies in the financial services sector.

“We are merely seeking to give the registrar the power to act and to give some certainty to the industry that if the company was struck for non-payment of fees or the company was struck for failing to maintain a registered agent, and once that company within three years reapplies on the prescribed form, with the payment of the fees and the penalties as required, then the registrar shall restore him to the registrar.”

The Nevis Business Corporation (Amendment) Bill, 2022, was read a third time and passed by the house.

In the same vein, the Premier brought forth the Nevis Limited Liability Company (Amendment) Bill, 2022, covering the mergers, consolidation and conversions of Limited Liability Companies, whether local or foreign, the sale, lease or other disposition of assets of a Limited Liability Company and other related matters.

“It is to create greater clarity; clarity as to the merger and consolidation of companies domestically and merger consolidation with foreign companies; the sale these exchange or other disposition of assets and of course, the rights of members who descent to record and register their descent and to ensure that they get payment. It also in Section 73… seeks to mirror the sections that we have just debated in the Nevis Business Corporation Ordinance to ensure that the registrar has to restore [the] company if that company applies within the requisite period, and that company had been struck for the reasons that were early indicated for non-payment or for failure to maintain a registered agent,” said the Premier of Nevis and Minister of Finance in the NIA, Hon Mark Brantly.

Brantley added, “And so what we’re seeking to do is to create balance, to create almost a mirror provisions where applicable between the Nevis Limited Liability Company Ordinance, which is under consideration here and the Nevis Business Corporation Ordinance to ensure that there is clarity, there is a clear definition of what these entities are and what they do, and the industry can certainly be guided and have certainty as to how these entities operate and what rights and responsibilities are in relation to these entities.”

The Nevis Limited Liability Company (Amendment) Bill, 2022, was subsequently read a third time and passed by the house.

The bills aim to increase Nevis’ ability to increase revenue collection and strengthen the attractiveness of Nevis’ offshore financial services sector.

MAKANA FERRY SCHEDULE

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