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Anguilla is a British Overseas territory located in the Caribbean. The Company Incorporation in Anguilla is governed under the International Business Companies Act (IBC Act) which came into force on the 16th Day of October 2000. Company Incorporation in Anguilla is considered to be hassle-free since it is a tax exempted and offers dynamic and ongoing Legislation.
The enlightening point in such type of organization is that it guarantees the shareholders privacy. Considering the fact that it is truly a tax-free zone area, it is amongst the best offshore business center. Anguilla is considered to have a well regulated financial Industry which usually targets the American and European markets because of its easy access and English law based legal system. The striking feature of Anguilla’s incorporation process is that it is the expeditious quality of Incorporation in a day itself. That is it services same day Company Incorporation to financial aspirants.
The Economy of Anguilla, to a great extent, depends upon tourism and Offshore Industries. The Economic Growth may be volatile which usually relies on Foreign Direct Investment. Therefore in this respect, the captive management firms, and associated services play a fast-growing market in Anguilla. Therefore it is convenient to say that the market opportunities are proficient in growth in the Corporate Sector. Anguilla being one of Britain’s overseas territories enjoys a high degree of political stability which helps in the enhancement of various market opportunities in Europe as well as other parts of the world. Although it is evident to say that the country is self-growing having modern legislation with almost no foreign restrictions. Considering the Government revenues earned because of the financial sector growth over a few years significantly has led Anguilla to acquire the position of a major player in the international arena.
There are three types of Companies in Anguilla:
Anguilla Business Company: the Ordinary Company that is ABC is a type of Company which can be used both within the Country as well as an offshore Vehicle. The governing law is the new Companies Ordinance. The features amongst this are:
The International Business Company: is considered to be the conventional type of Company which is easy to incorporate as compared to the first one. It is also flexible and cost-effective in nature.
The Limited Liability Company: the Limited Liability Company is structured to possess certain characteristics which can be treated as a partnership also having Corporate Characteristics such as
The striking feature of such LLC’s is that they provide its members with limited liability and advantages of income and losses can pass through its members. It is a sort of partnership, is carried out by way of LLC agreement.
The Incorporation process is governed under Anguilla’s Commercial Online Registration Network (ACORN) with assistance from Companies House of UK and the UK Government. ACORN is considered to be of the latest technology, instant and secure Electronic incorporation state of Art. ACORN governs incorporation of
ACORN consists of two types of Registration that are as a Licensed Company Manager or Licensed Trust Company which means an overseas agent is appointed as the existing local registered agents. ACORN is a private access system subject to regulations. Professionals have the eligibility to be registered as the Director of the Financial Services agent of locally licensed Company managers enabling access to complete range of registry services 24/7. This involves the filing of a simple licensing application form which can be downloaded from the official website of the Company. The form needs to be forwarded to the Financial Services Commission through locally based Company manager who acts as an agent. The minimum capital requirement in order to engage in Company management is US dollar 50,000.
The basic details known as the Articles of Incorporation of the proposed Company are to be filed in a prescribed form such as:
Anguilla has an indirect tax jurisdiction that is it provides the economic, legal and infrastructure system with an indispensable taxation and exchange control. It is a neutral tax jurisdiction place which forms no direct taxation as to income, capital gains, estate, profit etc. In other words, it can be described as a tax exempted setup.
Anguilla being a well-positioned regulated financial service provider attracts the quality business. Therefore the banks which are subsidiaries or branches of banks with an established track record are licensed as offshore banks in Anguilla. Some of the common banks which help after the incorporation are:
According to the Act, the Articles of Incorporation can be filed with the registrar only if the individual is more than 18 years of age, is of sound mind and the status of the individual is not bankrupt. In terms of Company Setup, it requires a minimum number of one director or managers who need not compulsorily be locals. The meetings of the Directors or of members can be located anywhere and there is no requirement of mandatory appointment of Company Secretary for the Company. Although the accounts of the Company are mandatory to be prepared but are not publically accessible.
Incorporation is of immediate effect under ACORN thereby providing the copy of the Company’s Certificate of incorporation instantly. The hard copies of all certificates are generated and provided through the local licensed Company manager. There is an option of online reports, detailing of transactions are available online.