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The country of Anguilla follows the common law principles as developed in the English Legal system. It has a well-established corporate structure and a modern telecommunication system, allowing new business and those dependent on high-speed networks to efficiently operate in the country at a very low cost.
Summary of business opportunities available in
Anguilla:
International Business Corporation (IBC)
| License fee (annual) |
US$230 |
| Formation/Incorporation fee |
US$750 |
|
Annual Returns filing fee |
Not applicable |
|
Minimum requirements and/or size |
Not applicable |
|
Shareholders/Members |
One (minimum) |
|
Directors/Managers |
One (minimum) |
|
Bearer shares for overseas/local investors |
Allowed |
|
Submission of annual returns and accounts |
Not required |
|
Corporate Directors/Managers |
Permitted |
|
Company Secretary |
Permitted but not required |
|
Local Directors and meetings |
Not required |
Public Limited Company
| License fee (annual) |
US$335-500 |
| Formation/Incorporation fee |
US$280 |
| Annual Returns filing fee |
Required |
| Minimum requirements and/or size |
US$50,000 |
| Shareholders/Members |
One (minimum) |
| Directors/Managers |
One (minimum) |
| Bearer shares for overseas/local investors |
N/A |
| Submission of annual returns and accounts |
Required |
| Corporate Directors/Managers |
N/A |
| Company Secretary |
Required |
| Local Directors and meetings |
N/A |
Limited Liability Companies (LLC)
| License fee (annual) |
US$250 |
| Formation/Incorporation fee |
US$250 |
| Annual Returns filing fee |
Not required |
| Minimum requirements and/or size |
N/A |
| Shareholders/Members |
One (minimum) |
| Directors/Managers |
One (minimum) |
| Bearer shares for overseas/local investors |
N/A |
| Submission of annual returns and accounts |
Not required |
| Corporate Directors/Managers |
N/A |
| Company Secretary |
Not required |
| Local Directors and meetings |
N/A |
Limited Partnerships
| License fee (annual) |
US$250 |
| Formation/Incorporation fee |
US$ 250 |
| Annual Returns filing fee |
Not required |
| Minimum requirements and/or size |
N/A |
| Shareholders/Members |
One (minimum) |
| Directors/Managers |
One (minimum) |
| Bearer shares for overseas/local investors |
N/A |
| Submission of annual returns and accounts |
Not required |
| Corporate Directors/Managers |
N/A |
| Company Secretary |
Not required |
| Local Directors and meetings |
One local partner (minimum) |
More
information
about Anguilla
| Currency |
European Currencies or US Dollars |
| Taxation |
|
| Income Tax |
NONE |
| Resident
Tax |
NONE |
| Capital
Gains Tax |
NONE |
| Corporation
Tax |
NONE |
| VAT |
NONE |
| Withholding
Tax |
NONE |
| Domicile |
Governed by UK common law |
| Residency |
Permanent residency certificate issued to foreigners owning homes in
Anguilla, helping them avoid immigration and customs hassles when returning to Anguilla |
| Work Permit |
YES – required under the Immigration and Passport Ordinance |
Incentives and Restrictions
There may not be many monetary or physical incentives in Anguilla apart from the zero tax and the legislative protection against future imposition of any tax in the country. There are no restrictions on the import or export of foreign currencies, exchanges or purchase or sale using any currency. Foreign currency exchanges through banks attract a minimal tax of 2%, whereas the same is not applicable outside the banks.
Banks in Anguilla are very strict where large amounts are being deposited or transacted by their clients. Evidence of the source of such funding must be produced to satisfy the investigation. Money laundering is discouraged in Anguilla by all financial institutions and professional advisers.
Companies
Companies in Anguilla may be established and incorporated under the Companies Ordinance 1994, or the International Business Companies (IBC) Ordinance 1994. A limited liability company (LLC) is registered under the provisions of the Limited Liability Company Ordinance 1994, creating an economic and legal entity independent of its shareholders. The company may be established either for a limited period or perpetual, as agreed in the formation documentation of the
LLC.
The Anguillian government does not recognise any difference between local and offshore companies as all enjoy the zero-tax benefits. The more popular difference lies in the establishment of a Private Company and an International Business Company (IBC). A private company is a normal company but exempt from all reporting duties, i.e. auditing and publishing accounts. It cannot have more than 11 members, cannot offer shares through prospectus or an offer to the public; more like a private company in the UK. An IBC is rather inexpensive to form and has a very low disclosure requirement, that too to the government and not to the public.
A company can register as Limited by Guarantee, under the Companies Ordinance 1994, which is normally used for asset protection and trusts. A public company may also be formed, giving the company the opportunity to be listed in the Stock Exchange, giving members (shareholders) to openly trade in company shares. This also brings the responsibility of preparing a set of audited financial statements as required by the Anguillian government.
Partnerships can also be formed under the Partnership Ordinance 1994 for those having a common view to profit. Limited Partnerships are governed under the Limited Partnership (LP) Ordinance 1994. This requires at least one of the partners to be an Anguillian resident, individual or company. The company name must contain “Limited Liability” or “LP” as part of its name; it can be created by applying with the Registry of Companies, which will issue a Certificate of Registration.
Employment
Certain occupations and professions are reserved for Anguillians, for others a work permit is required for all prospective employees or persons wishing to live and work in Anguilla. The permit is issued under the Immigration and Passport Ordinance 1980. Professionals in banking and offshore company management go through a relaxed work permit procedure.
Financial Institutions
All banking institutions and trust companies are regulated by the Offshore Banks and Trust Companies Ordinance 1991 which requires all such institutions to be either a subsidiary or a branch of a recognised and well-established organisation and with an appropriately regulated jurisdiction. Trusts are also kept under scrutiny for the same but the level is slightly relaxed to register and seek licensing. |
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