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ANGUILLA IBC OFFSHORE COMPANY

Overview Key Corporate Features General Information Company Information Compliance Related Resources How to Proceed

OVERVIEW

Anguilla is truly a neutral tax jurisdiction (unlike many offshore financial services centres). 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. So in this context Anguilla, although regarded by some as a tax haven, has an advantage over many offshore centres in that it does not have 'designer' taxation targeting offshore or non-resident business. The Anguilla Offshore Company is based on the traditional IBC model. Companies incorporated in any other jurisdiction may be continued in Anguilla as an Anguilla Offshore Company. An Anguilla Offshore Company can, where the laws of another jurisdiction permit, redomicile to such jurisdiction.


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KEY CORPORATE FEATURES
General
Type of Company IBC
Type of Law Common
Shelf company availability Yes
Our time to establish a new company 1 hour
Minimum government fees (excluding taxation) US$200
Corporate Taxation Nil
Double Taxation Treaty Access No
Share capital or equivalent
Standard currency US$
Permitted currencies Any
Minimum paid up US$1
Usual authorised US$50,000
Directors
Minimum number One
Local required No
Publicly accessible records No
Location of meetings Anywhere
Shareholders
Minimum number One
Publicly accessible records No
Location of meetings Anywhere
Company Secretary
Required Optional
Local or qualified No
Accounts
Annual Tax Return Yes
Audit requirements No
Requirements to file accounts No
Publicly accessible accounts No
Other
Requirement to file annual return No
Change in domicile permitted Yes

GENERAL INFORMATION

Anguilla, the most northerly of the Caribbean Leeward Islands, has a landmass of 91 sq km and was originally inhabited by, and was an important home island to, the Arawak Indians, an indigenous Caribbean race. Numerous significant artefacts have recently been unearthed which establish the Fountain (a fresh water underground spring) and other Island sites as important archaeological finds which now draw substantial international interest. The British established control of Anguilla in the late 1600's, prevailing in numerous skirmishes with other European powers throughout the colonial period, so that today Anguilla is a British Dependent Territory.

Population

Anguilla supports a population estimated at 15,094. The Island is generally flat with occasional rainfall, but has the finest powder white sand beaches in the Caribbean. The official language is English; the primary industries are tourism (featuring numerous world class resorts and restaurants, catering to high net worth individuals from the United States, Europe and Latin America), financial services, boat building and fishing. The standard of living and the level of education are both quite high.

Political Structure

In 1971, Anguilla seceded from Associated Statehood with St. Kitts and Nevis, opting for direct British rule, which was officially granted in 1980. Anguilla is a stable society and strong democracy, peacefully governed by an Executive Council of ministers appointed from the Legislative Council of elected members, presided over by a British appointed Governor. Britain maintains responsibility for the defence and foreign affairs of Anguilla. Elections are held at least once in every five years; electoral representation is parliamentary (as opposed to presidential).

Infrastructure and Economy

Anguilla is located approximately one and a half hours south east of Miami, Florida, or four and a half hours south east of New York City. There are flight connections to Anguilla from those and other United States cities, as well as from Europe and Latin America, through Puerto Rico, St. Maarten, Antigua, and Curacao. Communications facilities on Anguilla are exceptional, and expanding. International direct dialling, cellular connections, fax, modem, Internet, and dedicated e-mail service lines are all available.

Language

The official and spoken language is English.

Currency

Eastern Caribbean ($EC) dollar and $US dollar.

Exchange Control

There are no Foreign Exchange controls, and the US dollar circulates freely throughout the economy. Bank accounts can be maintained in US dollars in either personal or corporate savings accounts, checking accounts, CD's, or other investment instruments.

Type of Law

Anguilla's legal system is based upon English Common Law, with local modifications. The judiciary in Anguilla is independent of the Executive and Legislative branches, and is fully independent of political influence. Anguilla has, since 1992 (and specifically in 1994), introduced and adopted numerous pieces of modern financial service legislation. These laws were drafted with the involvement of all elected legislators, with the advice of the private sector practitioners, and the consent of British Government representatives.

Principal Corporate Legislation

International Business Companies Act 2000.

The Limited Parthership Act 2000

The Companies Act 2000

The Limited Liability Company Act 2000

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COMPANY INFORMATION

Procedure to Incorporate

Online incorporation is available to approved sub-agents to provide instant incorporation. Alternatively, filing a basic two-page form (i.e. Form 8, The Articles of Incorporation) is the only requirement.

Restrictions on Trading

An IBC is restricted from conducting business with persons resident on Anguilla, conducting banking or trust business, conducting insurance or reinsurance business, or conducting the business of providing company management services. On Anguilla, an IBC may maintain bank accounts, retain professional advisors carrying on business within Anguilla, maintain corporate records, hold meetings and lease office space.

Powers of a Company

An International Business Company has the full capacity of, and all rights, powers, and privileges of, a natural person.

Language of Legislation and Corporate documents

English.

Registered Office Required

Yes, must be maintained in Anguilla at the address of a licensed management company or law firm.

Time to Incorporate

Online incorporation will allow approved sub-agents in Anguilla to incorporate within minutes. Otherwise, 24 hours is required.

Name Restrictions

Any name that has already been incorporated or a name that is so similar as to cause confusion. Restricted names are ones that suggest the patronage of the Royal Family, the UK Government, a political party, a university, a professional association, or names that the registrar may consider to be misleading or objectionable.

Language of Name

On line incorporation allows for names in virtually any language or alphabet, including Chinese characters.

Names Requiring Consent or a Licence

Any name implying a relationship with the banking or insurance or company management industries- e.g. bank, financial, trust and insurance.

Suffixes to Denote Limited Liability

The name of an IBC must end in one of the following: Ltd, Corp, Inc, SA, NV or GmbH.

Disclosure of Beneficial Ownership to Authorities

No requirement.

COMPLIANCE

Authorised and Issued Share Capital

The usual authorised share capital is US$50,000 divided in to 50,000 shares of US$1, this being the maximum capital for the minimum fees for incorporation and annual fees. The share capital can be expressed in any currency. The minimum issued capital is one share.

Classes of Shares Permitted

Par value shares and shares with no par value.

Taxation

Anguilla is a pure tax haven and has no direct taxation in the form of income tax, capital gains tax, gift tax or inheritance tax.

Double Taxation Agreements

Anguilla is not party to any double tax treaties.

Licence Fees

Government annual fees are US$200.

Financial Statements Required

There is no requirement to file accounts with the authorities but a company is required to keep financial records that reflect the financial position of the company.

Directors

The minimum number of directors is one. The directors may be natural persons or corporate bodies. They may be of any nationality and need not be resident in Anguilla.

Company Secretary

Not required, but normally appointed.

Shareholders

The minimum number of shareholders is one.

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HOW TO PROCEED

A bespoke 'offshore' solution can be complex and requires careful planning and execution. We therefore encourage our clients to contact us directly, without obligation, for a Free Initial Consultation.

Our experienced consultants will gladly assist with advice on how to approach your particular challenge.

To make contact with a consultant at one of our offices who speaks your language, click here for a full list of our office contact details.


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