Anguilla

Doing Business in Anguilla

Introduction

Anguilla, the most northerly of the Caribbean Leeward Islands, has a landmass of 91 square kilometres and was originally inhabited by, and was an important home island to, the Arawak Indians, an indigenous Caribbean race. Numerous significant artifacts have recently been unearthed that 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

Time to Incorporate

Anguilla supports a population estimated at 15,423. 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 defence and foreign affairs. 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 from those and other United States cities, as well as from Europe and Latin America, through Puerto Rico, St. Maarten, Antigua, and Curacao. Communication 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 Dollar ($EC) is the official currency although the US dollar is commonly used.

Time to Incorporate

It takes one week to incorporate a company in Anguilla.

Name Restrictions

Names that have already been incorporated; that are so similar as to cause confusion; that suggest the patronage of the Royal Family, the UK Government, a political party, a university, a professional association; or that the Registrar may consider to be misleading or objectionable are restricted.

Language of Name

Any language or alphabet, including Chinese characters, is acceptable.

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—require consent or a licence.

Suffixes to Denote Limited Liability

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

Compliance

Authorised and Issued Share Capital

The usual authorised share capital is US$50,000 divided into 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 are permitted.

Taxation

Anguilla is a neutral tax jurisdiction 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.

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.

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, CDs, or other investment instruments.

Type of Law

Anguilla’s legal system is based upon English Common Law with local modifications. The judiciary 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 Partnership Act 2000

The Companies Act 2000

The Limited Liability Company Act 2000

Company Information

International Business Company (IBC).

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 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

The legislation and language of corporate documents is English.

Registered Office Required

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

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.

Disclaimer
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. IQTESADI does not accept any responsibility, legal or otherwise, for any errors or omission.