anguilla ibc

About Anguilla

LocationAnguilla IBC

Anguilla is located in the Caribbean as part of the British West Indies in the northern part of the Leeward Islands in the chain of islands known as the Lesser Antilles near Puerto Rico and the Virgin Islands. Anguilla consists of one main island that is 26 km by 5km together with several smaller islands, including Sombrero, Scrub, Seal and Dog Islands, and Prickly Pear Cays together making a total land area of 90 square km.

Political Structure

Though it is a self-governing territory, Anguilla is an overseas territory of the United Kingdom that does not possess full political independence or sovereignty. The island has a parliamentary representative democratic dependency system where the Chief Minister is the head of government. There are three branches of government, the executive, the legislative and the judicial.

The Chief Minister runs the executive branch and is appointed by the Governor from among the legislative House of Assembly. The legislature is composed of the House of Assembly, which has eleven members, seven of which are elected, the remaining four are appointed to office. There is a multi-party system with four political parties. The Judicial system is headed up by the Privy Council in London and is the final Appeals Court under the Eastern Caribbean Supreme Court, which includes the Court of Appeal and the High Court based in Anguilla.

Economy and Infrastructure

Anguilla’s economy is based on tourism, offshore financial services, insurance and fishing. The economy was badly hurt after two hurricanes hit the islands in 1995 and 2000, though reconstruction efforts were largely successful and the tourism industry has recovered.

Despite being severely hit by the global recession, as tourism dropped drastically, the GDP continues to rise at an average of 3% a year. Anguilla has a GDP of US$108.9 million and a GDP per capita at PPP of US $8,800. As of 2002, nearly 80% of its GDP came from service while 18% from industry and 4% from agriculture.

Boat building is the main industry in the Anguilla, and along with tourism and offshore services generate the most jobs. In 2011 Anguilla became the 5th largest jurisdiction for Captive Insurance, though growth since then has been stagnant. Anguilla has a trade deficit of US$43 million and as of 2003 the government had an estimated US$9 million in debt.

The Valley, Anguilla’s capital, is located in the center of the island, which has an international airport connecting Anguilla with several other Caribbean islands. The airport does not have any direct scheduled flights from Europe or the Americas, as many of the trans oceanic flights currently land in San Juan, Puerto Rico. There is no public transport on the island though there are many taxis, which service all parts of the island, as well as regular ferries to and from neighboring islands.

Population, Language and Cultureanguilla ibc

Anguilla first settled by Amerindian tribes who migrated from South America, the first evidence of which was found to have been over 3000 years ago. European discovery of the islands is uncertain with some historians claiming that it was Columbus who sighted the islands in 1493, while others say the French discovered the islands in 1564. The islands were first colonized from British settlers who arrived from St. Kitts in 1650. In 1642, Anguilla was united with St. Kitts and Nevis to form a single British territory, which lasted until 1967, after two uprisings that led to them being recognized as independent from the other islands, though still under British rule.

There are approximately 12,000 inhabitants living on the islands 90% of who are of African descent, with the remaining 4% of white descent and 5% from mixed races. Much of the population, 72%, is from Anguillan descent though 28% are non-Anguillan, and include nationalities from US, UK, St. Kitts and Nevis, Nigeria, Jamaica, and the Dominican Republic. However, the last ten years have seen a large influx of foreign workers to help support the tourist industry, coming mainly from India, China and Mexico.

English is the official language and is spoken by nearly every one on the island, though Spanish and Chinese are increasingly being heard through the influx of foreign workers. English Creole or Anguillan Creole, not to be confused with French Creole, has its roots in West African languages and has influenced the English spoken in the region, which is similar to some of the other dialects in the Eastern Caribbean region. According to a the latest poll, 29% of Anguillians were said to be of Anglican denomination followed by Methodists at 23.9% and Seventh day Adventists 8%, Baptists 7% and Roman Catholic 6%. Anguilla has high literacy rates at nearly 95%, with virtually no crime rate and virtually no taxation, even for residents.

Anguillan culture is influenced by British, West African and Caribbean influences. The food is also a mix of African, Caribbean and European influences, with seafood being the mainstay. The staple food is salt cod that is normally eaten by itself or in thrown together into a range of stews and curry dishes. There is a limited supply of other meats as livestock is limited, forcing the island to import much of its chicken and beef, though the island does have many goats that serve as the main source of meat consumption. Agriculture is severely limited due to the poor quality of the soil, and most of the agriculture is imported, though yams and sweet potato are grown, as well as tomatoes, peppers and limes.

Anguilla has a distinct culture separate from the rest of the other Caribbean islands as agricultural work and the associated slave system was not practiced in the same way as in other Caribbean islands due to the lack of adequate soil. Anguilla is largely influenced by culture and music originating form Trinidad and Tobago, as well as Jamaica and the Rastafarian heritage. Anguillan music is heavily influenced by the Reggae Caribbean flavor, as well as from the US and UK. Country music is quite popular in the region, as well as a type of dance music called “soca”. Boat racing is the national sport and cricket and rugby union are widely played in the islands.

Exchange Control

There are no exchange controls in place in Anguilla. Anguilla’s currency is the East Caribbean Dollar XCD, though the US Dollar is widely used and accepted. The exchange rates are fixed at USD 1 = XCD 2.7.

Type of Law

Anguilla law is taken from the English Common law system with local statutes. Anguilla is a party to and a member of a number of international bodies and organizations, though remains tied to British policy when it comes to international affairs. The laws supporting the islands offshore environment are administered under the Financial Services Authority and are readily enforced and supported by a cooperative government that has a strong tradition of supporting the offshore financial service industry.

Principal Corporate Legislation

There are five pieces of legislation that deal with the Anguillan offshore financial service market. These pieces of legislation reflect the islands progressive offshore financial structuring, which have been taken from leading international offshore jurisdictions and reshaped to suit the needs of specifics of Anguilla.

– International Business Companies Act 2000
– The Limited Partnership Act 2000
– The Companies Act 2000
– The Limited Liability Company Act 2000
– The Trust Companies and Offshore Banking Act 2000

Taxation

Anguilla individuals, whether a resident of Anguilla or not, are exempt from paying any taxes in the jurisdiction. This makes Anguilla a truly tax-neutral jurisdiction. Anguilla IBC’s, LLCs and individuals are exempt from taxes that include, though not limited to, corporate tax, inheritance tax, gift tax, capital gains tax, and estate tax.

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Benefits of Setting up an Offshore Business in Anguilla

A true tax neutral jurisdiction for residents and non-residents alike

– Restrictions against alienation provisions

– English Common Law system

– Modern, progressive and extensive offshore legislation

– Ability to own sea vessels

– Low yearly fees

– Confidentiality ensured

– Directors and shareholder names are not filed with the Registers office

– Nominee services are available for an added layer of privacy protection

– A single owner can be both the sole director and shareholder of an IBC

– Quick and easy company formation processes

– Online registration

– Zero taxes

– The jurisdiction is has not been targeted by American and European tax authorities

– Supportive local government

– No local requirements

– No financial reporting requirements

– No auditing requirements

– English as the common and official language

– Geographic proximity to the Americas

– Re-domicile provisions are within the legislation

– Tropical paradise destination

– Flexibility in corporate structure and management

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Why Choose Anguilla as an Offshore Tax Haven

Anguilla offers individuals and corporations an ideal, supportive offshore financial environment for forming an offshore company. The jurisdiction offers several offshore company structures, the most popular of which are the Limited Liability Company (LLC) and the International Business Company (IBC). Both provide confidentiality, security and anonymity services to its clients through a highly flexible corporate structure.

Regulated by an English Common Law system, Anguilla’s offshore laws are that has passed a total of five pieces of legislation covering the breadth of the islands offshore financial market. Allowing for minimal local and reporting requirements, Anguilla’s regulations are geared to attract international investors. These provide offshore companies the freedom to move and conduct business free from administrative paperwork and complicated financial and auditing practices.

With taxes only being levied against members in their country of residence, Anguilla is a true tax-free zone. Only one member is required to incorporate a company and can be formed very quickly at highly competitive rates. Anguilla international companies give clients a flexible corporate management structure giving companies the freedom to customize their business organization according to their needs.

Lastly, Anguilla offshore regulations provide clients with nominee services together with no financial auditing or reporting necessary, adding another layer of confidentiality and privacy to an already outstanding offshore environment.

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Overview of an Anguilla International Business Company (IBC)

Anguilla’s International Business Company (IBC) offers potential clients and companies a superior offshore location in a truly tax neutral jurisdiction. The island offers three offshore company formation products, the IBC being the most popular.

Since 1994, Anguilla has incorporated more than 25,000 companies, making the island a popular destination for offshore services. A series of modernized international financial regulatory acts were formulated and passed in 2000 that have ensured the continuing commitment of the government in support of making Anguilla a progressive offshore financial market.

The island of Anguilla lies in the Caribbean, a region renowned for its offshore financial services. Anguilla has succeeded in avoiding much of the unwanted attention by international financial regulatory agencies, with business continuing on as usual. The island enjoys political and economic stability together with a well-regulated offshore industry.

The financial services authority boasts of the world’s first online computerized registration system, ensuring an expedient and efficient incorporation processes. Anguilla offers investors and clients a jurisdiction that maintains an English Common Law system with a modern infrastructure and flexible corporate environment, all of which make Anguilla a treasure in the world’s offshore financial market.

anguilla ibc

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

Advantages & Top Uses of an Anguilla IBC

Advantages

– A true tax neutral jurisdictions for residents and non residents alike

– Restrictions against alienation provisions guarding foundation property from alienation, seizure or sale in the event of bankruptcy or insolvency

– Efficient and quick online registration process

– English Common Law system

– Modern offshore legislation

– Ability to own sea vessels

– Low yearly fees

– Directors and Shareholder information are not made public

– Directors and shareholder names are not filed with the Registers office

– Nominee services are available for an extra added layer of anonymity

– A single owner can be both the sole director and shareholder

– Zero taxes

– No financial reporting requirements

– Corporate flexibility

– An IBC may use a name in any language

Top Uses

– Offshore savings and investments

– E-commerce

– Holding Company

– Asset protection Company

– International trading

– Financial management

Requirements for Anguilla Company Registration

There are few requirements needed in order to register and incorporate an Anguilla IBC. A client must register using an approved overseas agent in which documents are submitted using an online computerized registry through Anguilla’s Commercial Online Registration Network (ACORN) which provides for a efficient and simple incorporation process. In order to submit the appropriate incorporation request a client must submit:

– Name of Company

– Physical address

– Valid passport

– Character reference

Taxation of an Anguilla IBC

Anguilla IBC’s as well as individuals, whether a resident of Anguilla or not, are exempt from paying any taxes in the jurisdiction. This makes Anguilla unique in that it is a completely neutral tax jurisdiction. Anguilla IBC’s are exempt from taxes that include, but not limited to:

– Corporate tax

– Inheritance tax

– Gift tax

– Capital gains tax

– Estate tax

Corporate Details of an Anguilla IBCanguilla ibc

Anonymity, Confidentiality and Disclosure

An Anguilla IBC provides clients with complete confidentiality and disclosure of personal information. Information related to beneficial ownership is kept at the registered office and is not available to public inspection. Names of Directors are not filed with the Register and are only known by the Registered Agent. Anguilla laws safeguard the rights and privacy of an IBC, which guarantees confidentiality, and any breach of such constitutes a crime under Anguilla law. For complete anonymity, nominee services are made available through Sovereign Management for both directors and shareholders.

Company Shares

Shares can be issued as bearer shares, registered shares, with or without par value, voting or non- voting, preferential or common. Shares may be issued in any currency. Shares that are issued as Bearer shares need to be held by a custodian, as such we do not recommend bearer shares, and suggest the use of our nominee shareholder services.

Required Capital

There are no minimum restrictions and no maximum restrictions for required capital. An Anguilla IBC usually authorizes USD $50,000.

Directors

There must be one Director who may be either an individual or a corporate body of any nationality and resident of any country. The shareholder and the Director may be the same individual.

Shareholders

There must be at least one shareholder. The director and the shareholder may be the same individual.

Company Secretary

There are no requirements for an Anguilla IBC to have a secretary

Company Meetings

Company meetings are not required and if they do take place may be anywhere in the world.

Principal Corporate Legislation

  • International Business Companies Act 2000
  • The Companies Act 2000
  • The Limited Liability Company Act 2000
  • The Limited Partnership Act 2000
  • The Trust Companies and Offshore Banking Act 2000

Type of Law

English Common Law with local statues

Trading Restrictions

An Anguilla IBC is restricted from doing business with residents of Anguilla, own real estate, conduct business in banking, trust, insurance or provide company management services unless the appropriate license is granted.

Exchange Controls

There are no foreign exchange controls with the US dollar being allowed to circulate freely within the economy.

Powers of the Company

An Anguilla IBC has all the rights and power of a natural person

Language of legislation and Corporate Documents

English

Registered Office Required

Yes. A registered office is required for an Anguilla IBC. Details of the Directors and shareholders must be kept at the local office as well as the Articles of Incorporation, adequate financial records and company seal. All records and financial information are not open to the public.

Local Presence

No. There are no local presence requirements.

Audit Requirements

No. There are no audit requirements for an Anguilla IBC

Annual Reporting

There are no annual reporting requirements for an Anguilla IBC. Although it is necessary that the company maintains adequate financial records that reflect the financial standing of the company.

Financial Statements Required

In is not necessary that the company submit and financial statements, though a company must maintain financial records and must be made available if required by the Register. The Register is not available to public access. The Articles of Incorporation, Certificate of Incorporation and the Register of shareholders and directors must be kept in the local office at all times.

Shelf Companies available

Yes, Shelf Companies are available in Anguilla.

Time required to form offshore company

1 Business Day

Name Restrictions

The name of an Anguilla IBC may not used a word or phrase that suggests patronage of the Anguillan or UK government, political party, including all words that are seen as objectionable by the Register, which includes but is not limited to words such as: Government, National, Royal, Republic, Commonwealth or Anguilla

Language of Name

The name of an Anguilla based IBC may be in any language using any alphabet.

Names of Company requiring a special licence or permission

An IBC may not use words or phrases that include but are not limited to: bank, chamber of commerce, trust, assurance.

Permitted limited liability suffixes

An Anguillan IBC must contain one of the following limited liability suffixes: Ltd, Corp, Inc, SA, NV or GmbH.

Access to Double Tax Treaties

Anguilla has not signed any Double Tax treaties

Licence Fee

USD $200

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Overview of an Anguilla Limited Liability Company (LLC)

An Anguillan Limited Liability Company (LLC) is a hybrid entity that combines elements of a partnership and corporate structure; it provides limited liability to its owners, allowing an individual to run their business without risking personal assets.

Anguilla passed the Limited Liability Company Act (LLC Act) in 2000, offering many of the traditional features based on the Wyoming LLC ordinance, but with a more modern and progressive outlook that was designed to suit international investors. Some of its features include a provision that allows the term of an LLC to be perpetual or can have an unlimited life.

An Anguilla LLC provides excellent asset protection and privacy regulations that ensure client confidentiality and security. An LLC protects personal assets the same way a corporation protects shareholder assets. If the LLC goes into default, its members cannot be sued for personal liability. Owners or members receive a share of the profits in proportion to their contribution, similar to that of a partnership.

Anguilla is a true tax-free zone, with taxes only being levied against members in their country of residence. The jurisdiction has an English Common Law system with governmental regulations that greatly assist in creating a prosperous offshore financial environment. An Anguilla based LLC has no financial reporting requirements, offers nominees services, only needs one member for incorporation and can be formed within a single business day all of which makes Anguilla an attractive jurisdiction to form an offshore company.

anguilla ibc

Key Corporate Features

General
Type of Entity LLC
Type of Law English Common Law
Governed by Limited Liability Company Act 2000
Companies Act 2000
Registered Office in Anguilla Yes
Shelf company availability Yes
Our time to establish a new company 1 Business Day
Minimum government fees (excluding taxation) US $250
Corporate Taxation No
Access to Double Taxation Treaties No
Share capital or equivalent
Standard currency US Dollar is commonly used
Eastern Caribbean Dollar is official currency
(USD 1 = XCD 2.7)
Permitted currencies Any
Minimum paid up N/A
Usual authorized N/A
Bearer shares allowed N/A
No-par-value shares allowed N/A
Managers
Minimum number None required
(LLC can be managed by it Members
or through one or more Managers)
Local required No
Publicly accessible records No
Location of meetings Anywhere
Corporate directorship allowed Yes
Members
Minimum number One
Publicly accessible records No
Corporate members allowed Yes
Location of meetings Anywhere
Company Secretary
Required No
Local or qualified No
Accounts
Requirements to prepare Yes
Audit requirements No
Requirements to file accounts No
Publicly accessible accounts No
Recurring Government Costs
Minimum Annual Tax / License Fee US $250
Annual Return Filing Fee N/A
Other
Requirement to file annual return No
Migration of domicile permitted Yes

anguilla ibc

Advantages & Top Uses of an Anguilla LLC

Advantages

– There is no tax liability for an Anguilla LLC unless the members clearly choose to be taxed like a corporation

– An Anguilla LLC is a separate legal entity

– Members are not liable for the debts of the entity as members are protected with Limited Liability

– Members of an Anguilla LLC may be non-residents, physical persons, corporations, partnerships, or trusts

– An Anguilla LLC has a flexible management structure

– English Common Law system

– Well-established infrastructure

– Modern offshore legislation

– Possibility of both ownership and management by Members

– Pass through tax structure–tax on revenue is passed on to its Members as income tax

– Quick registration procedures

– Availability of Continuation of foreign LLCs into Anguilla

– Allows ownership by a sole member

– No local requirements

– No auditing or requirements to submit financial records to the Register

– Flexible management structure

Top Uses

– International business

– Tax structuring flexibility

– Asset protection

– Sole Proprietorship

– Professional Groups

– Family or Estate Planning

Requirements for Incorporation of an Anguilla LLC

Anguilla has simple formation requirements for LLCs. In order to incorporate an LLC an individual or company must file the Articles of Association together with the incorporation documents to the Anguillan Register, which is done through Sovereign Management and Legal through a licenced Anguillan company who acts as a registered agent. The LLC must put together an Operating Agreement, which outlines the roles and responsibilities of its members

Taxation of an Anguilla LLC

An Anguilla LLC is not subject to any form of taxation, unless the members clearly choose to be taxed like a corporation. Although the LLC are not taxable, members are taxed on their portion of earnings after they are distributed in their country of residence. Where the members are non-resident of Anguilla and the LLC does not engage in local business, members are exempt from all Anguillan taxes. The LLC is free from taxes, including, but not limited to:

– Estate tax

– Income tax

– Corporate tax

– Gift tax

– Duty tax

– Stamp tax

– Capital Gains tax

Corporate Details of an Anguilla LLC

Anonymity, Confidentiality and Disclosure

No information regarding the finances, names or details of its members or managers are made available to the public. It is illegal, for any agent, auditor or official to reveal information regarding an Anguilla LLC, except through a court order where criminal charges are pending. Nominee services are available for complete anonymity. It is required that the LLC agreement, as well as the details of the owners/members is kept at the company’s registered office.

Company Shares

There are no company shares in an LLC

Financial Statements required

There are no financial statements that need by filed by an Anguilla LLC although a company must maintains proper financial records and hold them in their registered office and be available if required.

Company Secretary

A Company Secretary is not required for an Anguilla LLC

Company Meetings

Company meetings are not required, though if they are meeting minutes need be recorded though they may take place anywhere in the world

Principal Corporate Legislation

  • The Companies Act 2000
  • The Limited Liability Company Act 2000

Type of Law

English Common Law

Managers

An Anguilla LLC may be managed wither through its Members or by one or more appointed Managers. The Members/ Managers may be of any nationality and residents of any country

Shareholders

There are no shareholders in an Anguilla LLC. Beneficial owners are called Members/Managers

Members

There is a requirement of a minimum of one Member to incorporate an LLC. Members may be of any nationality and reside in any country and can be either a natural person or a corporate entity. Members are not liable for the debts incurred by the LLC, and are protected by the Limited Liability.

Details such as the distribution of profits and the breakdown of powers and responsibilities are written out in a Members Operating Agreement.

Trading Restrictions

An Anguillan LLC is limited in conducting business with residents of Anguilla, in banking, trust, insurance and company management or own or hold interest in real estate property.

Exchange Controls

There are no exchange controls on the island of Anguilla. Currencies may be freely traded. The US dollar circulates freely.

Powers of the Company

An Anguilla LLC is a Limited Liability Company. An LLC provides members with a limited liability the income and losses of which are passed on through to its members.

Language of Legislation and Corporate Documents

English

Registered Office required

Yes. A registered office is required for an Anguilla LLC.

Required Capital

There are no capital requirements because shares are not issued in an LLC.

Local Presence

There are no local requirements for an Anguilla LLC

Audit Requirements

There are no auditing requirements

Annual Reporting

No. There are no reporting requirements for an Anguilla LLC

Shelf Companies available

Yes

Time required to form offshore company

1 Business Day

Name Restrictions

The LLC shall not use a word or phrase that suggests the patronage of the Royal family or Government such as “Government”, “National”, “Royal”, “Republic”, “Commonwealth” or “Anguilla”

Language of Name

English

Names of Company Requiring a Special Licence or Permission

The name of an LLC may not include a word, a phrase or an abbreviation such as Bank, Assurance, Building Society, Chamber of Commerce, Foundation, Trust without special permission or a license obtained from the Anguillan authorities

Permitted limited liability suffixes

An Anguillan LLC must end with the word Limited Liability Company or the abbreviation LLC.

Access to Double Tax Treaties

Anguilla is not a party to any double taxation treaties

Licence Fee

US $250

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