infobank> hong kong>tax> niue

Niue

General Information

Niue is an independent democratic commonwealth country located in the South Pacific Ocean, three hours flying time from New Zealand and 480 km from its nearest neighbor, Tonga. The Island is self governed by a local assembly of 20 members, headed up by the Premier. New Zealand is responsible for defense and international affairs and Nuieans are New Zealand citizens. The official language is English. Offshore legislation was introduced in 1994 including an IBC Act, banking, insurance and trust legislation to enable the Island to offer a complete range of offshore products. The Island also have a planned tourism industry which is developing steadily.

The Niue Offshore Ccompany (IBC)

Niue IBCs are formed pursuant to the International Business Companies Act of 1994 which allows for minimal reporting and maximum privacy. The Niue IBC can engage in any lawful business and can carry on transactions in whatever currency is preferred. There is no minimal or maximal capital requirements and mortgages and charges can optionally be registered if desired. They have the following characteristics:

Taxation

IBCs are fully exempt from taxation on any activities carried on outside Niue and generally all transactions of an IBC are exempt from stamp duty.

Shareholders

Shares may be issued in registered or bearer form and members can be natural persons or corporate bodies. Only one shareholder is required. No details appear on public record.

Directors

A minimum of one director is required and corporate directors are permitted. There is no requirement to register the details of the first directors or any subsequent changes therein. Meetings can be held anywhere in the world.

Annual Reporting

There is no requirement to file accounts or an annual return. Companies must though pay their annual licence fee on time or penalties will be imposed.

Processing Time

Incorporation can be achieved within 48 hours but it does take approximately one week for documents to arrive. Ready-made companies are not generally kept in stock.

Restrictions on Name and Activity

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.

Local Requirements

As a matter of local company law the company MUST maintain a registered office address within Niue and MUST also appoint an Nuiean resident as registered agent. We would generally provide these services as part of the domiciliary service fee.

Secrecy

There are no specific provisions governing secrecy but the common law duty of confidentiality owed by professionals to their clients applies.