Having a legal presence in Saint Kitts and Nevis is foundational to establishing your business in the country. If you’re ready to grow your business internationally, trust Globalization Partners to handle the logistics for you. Our services bypass the subsidiary setup process because we already have an established entity in the country. That means your operations can start sooner.
How to Set Up a Saint Kitts and Nevis Subsidiary
Establishing a subsidiary takes ample time, so planning ahead is essential. Consider your time constraints before you begin. You’ll also need to pay various fees throughout the process of registration and setup.
To begin, evaluate your business objectives and determine where you want to establish your subsidiary. You’ll also need to determine what type of business you want to set up. Businesses commonly establish a Private Limited Liability Company (LLC) for endeavors in the country.
Saint Kitts and Nevis Subsidiary Laws
Saint Kitts and Nevis has several laws regarding subsidiary setup. The process for establishing a subsidiary may vary depending on your unique situation, but you’ll likely need to complete the following steps.
1. Reserve Your Company Name
Your first step is to reserve a name for your company via the Financial Services Regulatory Commission’s online database. Your company will need to pay a fee to do so.
2. Prepare Statutes for the Company
While not a legal requirement, using a lawyer to prepare the appropriate statutes is standard practice. It’s a good idea to factor legal fees into your budget.
3. Get a Certificate of Incorporation
You’ll need to register your company with the commercial registry, and then you must obtain a certificate of incorporation.
4. Obtain a Business License
The Ministry of Finance will issue a business license to you for a fee. While getting your business license, you may also want to acquire an ink stamp to represent your company’s authority for official business. A local stamp maker can prepare this tool for you.
5. Receive Your Tax Identification Number
Once you’ve gotten your business license, the Inland Revenue Department will be notified. You’ll then need to get a tax identification number (TIN) through the department.
6. Register With the Social Security Office
Within 14 days of establishing a business presence in the country, you’ll need to register with the Social Security Office.
Benefits of Setting Up a Saint Kitts and Nevis Subsidiary
Setting up a subsidiary is an option some companies choose as they expand their business globally. Establishing this entity allows them to have legal standing in a new country, letting them engage with the local economy and hire in-country professionals.
Another reason businesses may choose a subsidiary is that having an in-country entity can reduce the parent company’s legal risk. Its separate legal standing means that a subsidiary can take on liability without harming the larger company’s reputation.
Other Important Considerations
While establishing a subsidiary can be an effective way to begin doing business internationally, this option may not be feasible for every company. The process can be lengthy and costly, meaning that it may take some time until the company can begin recruiting and building business relationships in the country.
If you’re looking for an option that offers the benefits of a subsidiary without the potential disadvantages, consider Globalization Partners. Our Saint Kitts and Nevis subsidiary outsourcing services minimize your company’s liability while seamlessly and rapidly establishing you in the country via our existing entity and local expertise.
Let Globalization Partners Help With Your Expansion
At Globalization Partners, we offer trusted resources to help you grow your business worldwide. Reach out to our representatives today to learn more about how we can simplify your expansion in Saint Kitts and Nevis.