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Benefits of a Niue Company
There are many benefits for company and limited company owners choosing to incorporate in Niue. These benefits include:
The legal system in Niue is based on the English system of common law. The Island is a self-governed country lead by an assembly of twenty members, and the head of the assembly is the Premier. Niue relies on New Zealand for defense as well as international affairs. Furthermore, Niueans are considered New Zealand citizens.
In 1984, corporate offshore legislation came to the shores of Niue with the IBC Act of 1994. The introduction of this Act allowed for insurance and trust legislation to enable the Island to offer a complete range of offshore products.
Company and limited company owners wishing to incorporate in Niue must pick a unique name not registered to any other already existing corporations.
On payment of a small fee, names can be reserved for thirty days. Names can also be reserved for 72 hours free of charge.
The name of the IBC must indicate that the company has limited liability by ending in Limited, Corporation, or any foreign equivalent approved by the Registry. The following words cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Imperial, Insurance, Municipal, Royal or Trust Company, or any derivatives thereof, without prior approval.
Also, the Latin alphabet must be used when selecting a name.
Office Address and Local Agent
Company and limited company owners incorporating in Niue are required to have both a registered local agent and a local office for process service requests.
Company and limited company owners incorporating in Niue must have at least one shareholder. A government register of shareholders is optional. Bearer shares are also allowed for company formation in Niue.
Directors and Officers
Company and limited company owners incorporating in Niue must have at least one director. Directors can be shareholders.
Companies do not need to pick local directors, and directors can reside anywhere in the world. A government register of directors is optional.
A company secretary is not required, but usually one is appointed. Corporate directors are permitted for registration in Niue.
The standard authorized capital for company and limited company owners incorporating in Niue is US $10,000 divided into 10,000 shares of US $ 1. The authorized share capital can be expressed in any currency, or in a mixture of currencies. The minimum issued capital is one share of no par value or one share of par value.
Niue corporations are not taxed on offshore profits. Furthermore, profits made outside of Niue are exempt from taxation as far as offshore corporations are concerned.
Annual registration fees for company and limited company owners incorporating in Niue includes the government fee and local agent fee. The price/cost varies but is quite reasonable.
For Niue corporations, there is no disclosure of the beneficial owner.
There are no specific provisions governing secrecy but the common law duty of confidentiality owed by professionals to their clients applies.
Government registers of both shareholders and directors are optional.
Accounting and Audit Requirements
Filing annual returns is required for company and limited company owner incorporating in Niue to maintain company incorporation status. However, companies are typically not required to submit accounts. Still, companies are expected to keep track of financial records and transactions.
Annual General Meeting
Local annual meetings are not required for companies registering in Niue.
Time Required for Incorporation
Company and limited company owners incorporating in Niue can complete the process in as little as two to five days. However, the filing and turnaround can sometimes take longer depending on both name registration and how the company completes the documentation process.
Shelf companies are available in Niue for company and limited company owners wishing to incorporate faster.
With so many benefits for company and limited company owners incorporating in Niue available for businesses, one can see why many choose this jurisdiction for registration. With a low tax rate, and a low authorized capital requirement, Niue is a perfect place for many start-ups to build their roots. The efficient speed of the registration as well as the culturally friendly attitude towards offshore investments makes Niue a great place to incorporate.