Multiform Foundations

Legal Framework

The Nevis Multiform Foundations Ordinance is unusual legislation, designed to remedy problems seen in foundation products elsewhere.

The Ordinance provides that each Nevis foundation states a ‘multiform’: its constitution declares whether it is to be treated as a trust, a company, a partnership or an ordinary foundation. Through the multiform concept the stated identity can be changed during the foundation’s lifetime, allowing greater flexibility in its use. A Nevis Multiform Foundation is generally used for estate planning, charity, financing and special investment holding arrangements.

Five basic requirements

• A Nevis-based registered agent.
• A Nevis registered office.
• An acceptable name.
• A management board and a secretary.
• A memorandum of establishment.

Mobility into and out of Nevis

• <strong>Continuance.</strong> A foundation in another jurisdiction can be continued in Nevis as a multiform foundation.
• <strong>Transformation.</strong> Any entity outside Nevis can be transformed into a foundation in Nevis, so a trust in Jersey can become a multiform foundation in Nevis.
• <strong>Conversion.</strong> An existing Nevis entity, such as an IBC, can be converted to a multiform foundation.
• <strong>Consolidation or merger.</strong> Two or more entities can merge into a multiform foundation.
• <strong>Discontinuance.</strong> A multiform foundation can move to another jurisdiction.

These provisions allow the foundation to move into and out of Nevis, and give the founder an unusually mobile estate-planning vehicle.

Establishment Procedure

Part II of the Multiform Foundations Ordinance, Cap 7.08, sets out the establishment procedure.

As with forming a company, the promoter first engages a registered agent authorised to act as agent of the foundation. That agent must have an office to which all communications and notices may be addressed. The promoter, through its registered agent, may reserve a name before the foundation is established.

Naming rules

• A trust foundation’s name must accord with that multiform and include the word “trust”.
• The name must not be prohibited by law. Schedule 5 of the Nevis Multiform Foundation Regulations lists restricted names.
• Irrespective of the restricted list, the Registrar of Foundations will not reserve a name that is misleading, undesirable, confusing, or similar to another entity registered in Nevis.
• Once the Registrar confirms a name is available and valid, it may be reserved for one month. The Registrar has discretion to permit a longer period.

Establishment documents

1. Application Form.
2. Consent Schedule.
3. Memorandum of establishment.
4. By-laws, if standard by-laws are not adopted.

The memorandum of establishment must set out

• the foundation’s name and the address of its registered office in Nevis;
• the particulars of the initial subscription transferred, or to be transferred, to the foundation;
• the particulars prescribed by the Registrar with respect to the registered agent;
• the particulars prescribed by the Registrar with respect to the first management board;
• the particulars prescribed by the Registrar with respect to the first supervisory board;
• the particulars prescribed by the Registrar with respect to the first secretary;
• an undertaking, in the case of a tax resident foundation, that the management board will notify the Minister in writing if the foundation ceases to be a tax resident foundation;
• a statement as to its initial multiform, which in the absence of such a statement is presumed to be an ordinary foundation;
• a statement as to whether the by-laws are to be made available for public inspection; and
• any other particulars required by the Registrar under this Ordinance.

The relevant fees must accompany the documentation for establishment of a foundation.

Fees

Fees are indicative; confirm current fees with the Commission before filing.

Forms

The statutory forms for foundation filings. Each opens in the document viewer, where you can read, download or print it.

Legislation

The Ordinance and its regulations. Each opens in the document viewer alongside the AI assistant.