The Island enacted the Nevis Business Ordinance in 1984 (NBCO) which was based on Delaware Corporation legislation. Such companies are not required to register the names of shareholders, directors or officers, nor are they subject to Nevisian taxes of any kind except an annual government fee of two hundred dollars $200. There is no requirement to file annual accounts and any NBCO conducting legitimate business is fully protected by the Island's Confidentiality Act.
Complementing the NBCO the International Exempt Trust Ordinance was passed in 1994 (NIET). Trusts formed under NIET provide powerful Asset Protection Vehicles and are exempt from income, gift, withholding, estate, asset, inheritance, succession and stamp tax. The primary advantage of trusts registered under the ordinance are that it places the burden of proof on claimants against the trust to prove fraudulent disposition and the creditor must give "clear and convincing" evidence to this effect. Furthermore the
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