Anguilla

Anguilla is an island in the eastern Caribbean Sea, the northernmost of the Leeward Islands in the Lesser Antilles archipelago.

Capital

Valley

Official language

English

Currency

East Caribbean dollar (XCD). Pegged to the U.S. dollar.

Form of Government

Constitutional monarchy. Anguilla is an overseas self-governing territory of Britain. Supreme power is vested in a governor, appointed by the monarch of Great Britain. The Chief Executive -is Chief Minister, appointed by the Governor from members of Assembly who are elected by public vote.

Economy

There are not many natural resources in Anguilla. The country's economy is based on tourism, offshore financial business and production of lobster.

Legal system

  • Based on English common law.
  • Corporate law
  • Companies Act 2000
  • International Business Companies Act 2006
  • Limited Liability Company Act 2000
  • Limited Partnership Act 2000
  • Anguilla Foundation Act 2008
  • Companies Registry Act 2004
  • Company Management Act 2008
  • Trust Companies and Offshore Banking Act 2008

Main types of companies

  • International Business Company, IBC
  • Limited Liability Company, LLC
  • Foundation

International Business Company, IBC

  • It is enough to have one director and one shareholder.
  • Information on beneficial ownership is kept by the registering authority and is not available for third parties.
  • Director and shareholder can be one and the same person, an individual or company.
  • No need or director and\or shareholder to be resident. The resident Secretary is not required.
  • The registered office of an international business company (IBC) must be located at the registered agent's address in Anguilla.
  • No restrictions on the minimum and maximum share capital. Shares may be issued with par value and without it, in any currency. Bearer shares are allowed.
  • There is no requirement to publicly disclose the accounting and financial statements. Accounting records must be available for authorities in case of need. It is not obligatory to do the audit. Annual reporting is required.
  • The Registrar shall keep constituent documents, certificate of incorporation and the register of shareholders and directors. Registry available to third parties.
  • Restrictions: Offshore IBC can not:
    • conduct business with residents of Anguilla;
    • derive profits from real estate in Anguilla;
    • conduct banking or trust business without a special license;
    • provide secretarial and administrative services to offshore companies of Anguilla.

Limited Liability Company, LLC

Governed by the Limited Liability Companies Law

  • The company may wholly be owned by foreign participants. There is no limit on number of participants. A company may consist of one member.
  • Shares in a company are not issued, and there are no requirements for the authorized share capital.
  • The registered office of limited companies must be located at the registered agent in Anguilla.
  • Matters concerning distribution of dividends and powers of bodies shall be governed by the The Members Operating Agreement.
  • There is no requirement to keep the constituent documents available for public.
  • No annual accounts and financial statement are required. Audit is not obligatory.
  • Other LLC or corporation can manage the company. There is no need to create a board of directors because the management of a such company is done by its shareholders or third-party managers.

Foundation

Regulated by Anguilla Foundation Act 2008.

Anguilla's Foundation has combined features of a company and a trust, but in contrast to trust Foundation is a legal entity and it can on its own behalf enter into treaties and agreements. The Foundation's assets are completely separated from the founder's assets, which makes Foundation a convenient tool for assets protection. Foundation may be formed by natural or legal persons (or one person) with a usual endowment of 10 000 USD (payment is not required). The establishment of a Foundation starts from signing of "Declaration of Establishment».

Taxation

In Anguilla there is no difference between local and offshore companies. All the companies are completely exempt from taxes. There are no agreements on avoidance of double taxation. Tax Information Exchange Agreement, TIEA are signed with some countries.