Two Financial Services bills Pass in the Nevis Island Assembly

NIA CHARLESTOWN NEVIS (August 25, 2023)- Two pieces of legislation intended to strengthen and enhance Nevis’ Financial Services industry were passed in the Nevis Island Assembly on Thursday, August 24.

During Thursday’s sitting of the parliament the Nevis Corporation (Amendment) Bill 2023, and the Nevis Limited Liability Company (Amendment) Bill 2023 received their second and third readings and were passed by the august body.

The bills were introduced by the Premier of Nevis the Honourable Mark Brantley, Minister of Finance in the Nevis Island Administration (NIA), on July 06, 2023, when they had their first reading.

While debating the bills on Thursday, Hon. Brantley explained that it was necessary on occasion to undertake amendments to various bits of legislation in an effort to ensure that the Financial Services industry on Nevis “remains current, remains modern, and remains competitive”.

The Minister of Finance said, “The public may ask why you give so much attention to the Financial Services industry and the answer is simple because it is a significant part of the economy of the island of Nevis.

“It not only generates direct revenue in terms of registration fees, renewal fees, and taxes to the Nevis Island Administration, but it also generates good quality jobs, it generates rental income for many who own rental property around Charlestown and elsewhere. It also generates business activity for the island, so we feel that this Financial Services industry deserves our attention.”

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