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Dec 19

Companies (Amendment) Bill, 2018

No.       of 2018.          Companies (Amendment) Bill, 2018.             Saint Christopher

and Nevis.

 

 

 

 

 

 

 

 

 

 

 

 

SAINT CHRISTOPHER AND NEVIS

­­­­­­­­­­­­­­­

No.         of  2018

 

A BILL to amend the Companies Act, Cap 21.03

 

 

BE IT ENACTED by the Queen’s Most Excellent Majesty, by and with the advice and consent of the National Assembly of Saint Christopher and Nevis and by the authority of the same as follows:

 

 

  1. Short title.

 

This Act may be cited as the Companies (Amendment) Act, 2018.

 

  1. Interpretation.

 

In this Act, the term “Act” means the Companies Act, Cap 21.03.

 

  1. Amendment of section 2.

 

The Act is amended in section 2 by inserting in the correct alphabetical

order, the following definitions:

 

“finance business” means any trust or corporate business carried on for

profit or reward from within the Federation;

 

“resident in the Federation” means a person who ordinarily resides within

the Federation or carries on business from an office or other fixed    place within the Federation.

 

  1. Amendment of section 224.

 

The Act is amended by repealing section 224 and replacing it as follows:

 

 

“          224.     Exemption from Taxes.

 

  • Subject to subsections (4) and (5), a company that

carries on business exclusively with persons who are not resident                                                     in St. Kitts and Nevis, shall be exempt from all income, capital                                                        gains and withholding taxes.”

 

(2)        No estate tax, inheritance tax, succession tax or gift tax, rate, duty, levy or other charge is payable by any person with regard to any property owned by, or securities issued or created by or in respect of, an exempt company.

 

  • An exempt company shall not lose its exemption

under subsection (1) by reason only that it is

 

(a)        administering its internal affairs within  St. Kitts and Nevis, including holding meetings of its directors or members;

 

(b)        owning or leasing property in St. Kitts and Nevis for the purpose of carrying on of its business or to provide accommodation for its directors or employees; or

 

(c)        maintaining a bank account for the purposes of the business.

 

(4)        An exempt company that wishes to carry on

business pursuant to subsection (1), shall only do so if it is registered in St. Kitts and Nevis on or before the 31st of December, 2018.

 

(5)        Notwithstanding the provisions of subsections (1), (2), (3) and (4), all exempt companies shall cease to operate in St. Kitts and Nevis after 31st December, 2021.

 

(6)        For the purposes of this section, “person” includes a natural person and a legal person.”.

 

 

  1. Amendment of section 225.

 

Section 225 of the Act is amended by deleting the expression,

“Notwithstanding any provision to the contrary in any enactment”.

 

 

  1. Amendment of section 244.

 

Section 244 of the Act is amended by replacing section 244 as follows:

 

 

“          244.     Companies doing finance business.

 

(1)          Companies that are carrying on or intend to carry on  any business which may be classified as being finance business in St. Kitts and Nevis, shall be subject to the provisions of the Financial Services Regulatory Commission Act, Cap 21.10.

 

(2)        An existing company or external company which intends to carry on finance business shall obtain authorisation from the Financial Services Regulatory Commission to carry on that finance business.

 

(3)        Where a company is to be incorporated for the purpose of carrying on finance business, the subscribers to the Memorandum and Articles of Association shall first obtain the requisite authorisation to carry on finance business, before delivering the Memorandum and Articles of Association to the Registrar pursuant to section 5(1).

 

 

 

………………………….

Anthony Michael Perkins

 

 

 

Passed by the National Assembly this       day of December, 2018.

 

 

 

 

..…………………………..

Sonia Boddie Thompson

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