BENEFITS OF COMPANY FORMATION IN ANGUILLA
Since the enactment of a comprehensive package of modern financial services legislation in the financial services industry in Anguilla has experienced steady growth. This significant growth is testament to the success of the policies operated by Government and the private sector, both of whom are committed to working in partnership.
VIRTUAL LOCATION
Due to the Companies Online Registration Network, ACORN, Anguillian companies can be incorporated instantly from anywhere in the world 24 hours a day, 365 days per year.
STATUS, LEGAL SYSTEM & INFRASTRUCTURE
Anguilla is a common law jurisdiction. Its judicial system is administered by the Eastern Caribbean Supreme Court, the appeal process culminating with the Privy Council. The Court system is serviced by a number of firms of fully qualified and experienced lawyers.
In the last decade a comprehensive package of new financial services legislation has came into force in Anguilla including:
With the enactment of this legislation Anguilla is now a serious player in the international financial services arena.
TAXATION
Anguilla is truly a zero tax jurisdiction. There are no income, capital gains, estate, profit or other forms of direct taxation on either individuals or corporations, whether resident in Anguilla or not. This makes Anguilla a very attractive location for financial services professionals to base themselves.
CORPORATE STRUCTURES
Anguilla has three ordinances pertaining to company formation:
- The International Business Company
The IBC is based on the traditional model and provides for the easy incorporation and subsequent administration of a flexible and cost effective corporation. The many benefits include zero tax regime and no public record of shareholders, directors or accounting information.
Only the “Articles” of the Company, containing the name, registered office, registered agent, authorised share capital and structure, are required to be filed. The bylaws are not filed at the registry affording ease in future administration and amendments.
Companies incorporated in any other jurisdiction may be continued in Anguilla as an IBC free of any charge. Fees are highly competitive when compared to other jurisdictions. The governmental incorporation and annual fees are $200.00.
- The Limited Liability Company
Anguilla is one of the few jurisdictions to have an Act or Ordinance dealing specifically with limited liability companies and the modern law has developed the LLC concept beyond its US roots.
An Anguilla LLC can be structured to possess less than three of the four corporate characteristics recognized by the U.S. Internal Revenue Service, namely (a) continuity of life, (b) limited liability, (c) centralized management and (d) free transferability of interests. In such case the LLC will be treated as a partnership. Properly structured, therefore, an Anguilla LLC can provide its members with limited liability, but also provide the advantages of income and losses passing through to the members.
The LLC also provides for creditor protection and the law has new provisions including perpetual existence.
The ordinary company is typically used for doing business from within Anguilla and is governed by the Companies Ordinance.
SECURITY & CONFIDENTIALITY
The need for confidentiality in a financial services centre is understood and Anguilla has, enacted the Confidential Relationships Ordinance since 1981 in order to provide sanctions and penalties for the unauthorised disclosure, obtaining, or attempting to obtain, confidential information.