Nevis Multiform Foundation LLC

[miner]

Nevis Multiform Foundation LLC looks pretty cool. How come it has never been mentioned in these forums? Anyone having any experiences with it?

It's a foundation and at the same time allowed to do business because it is at the same time also an LLC if I understand this right.

Is a Nevis Multiform Foundation LLC better than "only" a Nevis LLC?

- for asset protection
- for limiting personal liability
- for making the company an unattractive target for being sued

Any disadvantages with Nevis Multiform Foundation LLC?

 

[blockchain4ever]

https://nia.gov.kn/wp-content/uploads/2017/10/RegulationsFinalGazette_2.pdf

 

[miner]

Nevis Financial Services Regulatory Commission - Foundations

http://www.nevisfsrc.com/component/...nload=185:multi-form-foundations-ordinance-02

> “limited liability company” means a company incorporated under the Limited Liability Company Ordinance or an equivalent statute, enactment or law in any other country or jurisdiction, and includes a limited liability partnership;

> “Limited Liability Company Ordinance” means the Nevis Limited Liability Company Ordinance, Cap. 7.04 (N);

> (5) A multiform foundation that

> is a company foundation and whose stated multiform is a limited liability company, shall include in its name the words “Limited Liability Company” or “L.L.C.” or “LLC” or “L.C.” or “LC” (with or without brackets) prior to the word “Foundation” or the abbreviation “FDN”;

> if the multiform is stated to be a company and the multiform foundation is a company foundation, in the event that the constitution shall fail to specify any other proper law as governing the by-laws, the provisions of the Corporation Ordinance shall apply, mutatis mutandis, as if references therein to the ”žcompany”Ÿ referred to the company foundation; the ”ždirectors”Ÿ, the management board; and the ”žshareholders”Ÿ, the absolute beneficiaries; or in the case of a multiform which is stated to be a limited liability company, the provisions of the Limited Liability Company Ordinance shall apply, mutatis mutandis, as if references therein to the ”žlimited liability company”Ÿ referred to the company foundation; the ”žmanager”Ÿ or ”žmember”Ÿ as manager, a member of the management board; and the ”žmembers”Ÿ, the absolute beneficiaries; and

Nevis Financial Services Regulatory Commission - Legal Framework

http://www.nevisfsrc.com/component/...evis-limited-liability-company-ordinance-2017

http://www.nevisfsrc.com/component/...ility-company-forms-and-fees-regulations-2017

https://www.fsrc.kn/service-providers

LLC seems to provide stronger liability protection than IBC.

 

[Martin Everson]

miner said:
It's a foundation and at the same time allowed to do business because it is at the same time also an LLC if I understand this right.
Click to expand...

That's interesting but a foundation that can conduct business is not uncommon.

Good find anyway, I will need to look into this some more.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[rockrock]

Not much information available on this one.

Anyone got any more info on this?

Is there something similar to this?

There are a few Trust FDN.

Search results for “Trust FDN” | ICIJ Offshore Leaks Database

Quite confusing since normally a trust and a foundation are very different.

LLC foundation

Search results for “LLC Foundation” | ICIJ Offshore Leaks Database

(LLC) FDN

Search results for “(LLC) FDN” | ICIJ Offshore Leaks Database

 

[happyjohn]

This is somehow interesting to learn more about since first and quick read let me understand that this is a opportunity that hasn't been made used of much or at least not been discussed here at all!

 

[rockrock]

Still interested in this one. Hard to find information.

Nevis foundation in text of law still possible to elect opt-in for 1% taxation, tax residency certificate. The nevis multiform foundation ordinance wasn't updated and also no amendment to be found online.

Seems like they forgotten to curtail this?

Nevis tax authority never replied to any of my questions which makes this looks bad.

As for "normal" Nevis LLCs they style to publish laws is really awful. The old law text isn't updated. It's still 0% tax and no mention of economic substance requirement (ESR). Two updates are posted as amendments in pdf format which says "replace this by that", "delete that" which makes it really hard to read and grasp on top of the usual legalize.

 

[JohnLocke]

rockrock said:
Nevis tax authority never replied to any of my questions which makes this looks bad.
Click to expand...

You may find a law firm or lawyer which has experience with such entities, so you may be able to setup something reliable.

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