Anguilla Offshore Entities

General Introductory and Offshore Tax Information

Anguilla, a tiny island in the Caribbean and a UK overseas territory, is proud to carry the influential prestige of being a sound and most reputable offshore financial center. Part of Anguilla’s attractiveness is the country’s very stable and investor friendly climate. Anguillan authorities uphold the reputation of a well regulated offshore sector with high standards which are integrated into sound business practices. Anguilla is a competitive offshore jurisdiction, with a comprehensive list of offshore solution packages and business entities.

Offshore business entities in Anguilla are Anguilla offshore companies, Anguilla offshore trusts and offshore banks which are established by way of a thorough licensing process.

There are three types of business companies, which are typical of most offshore havens. These are Limited Liability Companies, International Business Companies and Limited Partnerships. The Anguilla Ordinary Company is special to Anguilla as this corporate structure is the regular local company which under the Companies Act is given the corporate capacity and powers to conduct business both in an outside Anguilla.

The word ’offshore’ may not be used per se for identifying Anguilla offshore companies and entities, but non-residence of the company’s operations and beneficial owners does determine the taxes that a company would be exposed to. Anguilla offshore companies and entities are thus fully exempt from all local taxes based on the fact that their business and affairs are carried exclusively outside Anguilla.

Normally, however, Anguilla does not impose local direct taxes such as income tax, capital gains tax, corporate tax, estate and gift tax, which makes this offshore jurisdiction ideal for home ownership and basing offices for offshore companies on island. This neutral tax regime applies to both local residents and corporations, making Anguilla a true offshore paradise.

Whether based locally or offshore, Anguillan offshore companies and entities must all be incorporated through a locally registered/licensed agent. The use of registered agent services helps to ensure that offshore corporate services are provided according to standard and in compliance with due diligence and international regulatory standards. Registered agents for Anguilla offshore company formation must be licensed and duly authorized to offer such service. In this way, Anguilla maintains sound repute as an offshore jurisdiction and ensures quality service.

There are no exchange controls in Anguilla. Though the official currency is the Eastern Caribbean Dollar the United States Dollar is commonly used

Anguilla Offshore Business Entities:

  • Anguilla International Business Company
  • Anguilla Ordinary Company
  • Anguilla Offshore Foundation
  • Anguilla Offshore Banking
  • Anguilla Offshore Trust
  • Anguilla Offshore Insurance
  • Anguilla Protected Cell Company
  • Anguilla Limited Liability Company
  • Anguilla Offshore Partnerships

Anguilla International Business Company

Main Features:

  • Legislation — International Business Companies Act, 2006

  • The formation documents include the Articles of Incorporation which is filed with the Registrar and the Certificate of Incorporation that the Registrar issues upon registering the company

  • All trade and commercial activity must occur only outside Anguilla

  • Constitutes an independent and legal entity, which is separate from its members

  • Shares can be issued in the form of cash, personal property, a promissory note or services

  • The authorized share capital of an Anguilla offshore company can be stated in any foreign currency permitted by the Registrar

  • Issued shares must be represented by share certificates

  • Share capital of an Anguilla offshore company can be reduced or increased in accordance with the Act and as determined by its directors

  • Anguilla offshore companies are not allowed to conduct banking, trust, reinsurance e and insurance brokerage business

  • Anguilla offshore companies must designate a registered agent in Anguilla and also have a registered office in Anguilla

  • Offshore companies are prohibited from owning real property in Anguilla; interest can only be held in property where such property is leased for carrying on the company’s affairs from within Anguilla

  • The names of Anguillan offshore companies can terminate with any of the following which mean limited liability: Limited or Ltd.; Corporation or Corp.; Incorporated or Inc.; Sendirian Berhad or Sdn Bhd.; Société à Responsabilité Limitée or SARL; Société Anonyme or S.A.; Sociedad Anónima or S.A.; Besloten Vennootschap or B.V.; Gesellschaft mit bescrankter Haftung or GmbH, Naamloze Vennootschap or N.V.;

    Anguilla Ordinary Company

    Main Features:

  • Anguilla ordinary companies are defined and regulated by the Companies Act, 2000

  • Anguilla ordinary companies can be incorporated by one or more individuals

  • Anguilla companies are able to trade and transact in foreign countries, in as far as the laws of Anguilla and the foreign countries involved allow

  • With respect to liability, an Anguilla company can be limited by guarantee, by shares or by both shares and guarantee

  • To create an ordinary company, the Articles of Association must be filed with the Registrar. A Certificate of Incorporation is issued as evidence that the company has been duly registered

  • As stated above, for name endings, like IBC’s, the names of Anguilla ordinary companies can end with a variety of endings which mean ’limited liability’; e.g., Sendirian Berhad or Sdn Bhd.; Société à Responsabilité Limitée or SARL; Gesellschaft mit bescrankter Haftung or GmbH, Naamloze Vennootschap or N.V.; Corp; Limited

  • Anguilla companies must refrain from doing business which is not allowed in or contrary to their Articles of Association

    Anguilla Offshore Foundation

    Main Features:

  • Legislation — Anguilla Foundation Act, 2008

  • The Act is comprehensive and regulates both onshore and offshore Anguilla foundations

  • Anguilla offshore foundations can be established by at least one natural (individual) and or legal person (body corporate)

  • To form an Anguilla offshore foundation, a testamentary declaration as stated in the Wills Act can be prepared by a single founder or a declaration of establishment can be issued by at least one founder

  • The declaration of establishment of an Anguilla offshore foundation gives the foundation’s objective(s), name, name and address of the registered agent, Secretary and guardian if appointed, and the names and addresses of the members of the council, procedures for designating and altering council members, and the names and addresses of the beneficiaries

  • The initial patrimony must be at least $10,000, which is required to be put in the care of the registered agent

  • All foundations must have registered agents in Anguilla

  • Anguilla offshore foundations are not permitted to offer financial services unless if issued with the necessary license

  • In addition to managing its assets, a foundation can buy and sell assets in keeping with the Foundation Act

  • The name of an offshore foundation can be reserved before it is registered, and altered after registration

  • A foundation council must be formed and consist of at least one person, legal or natural

  • A guardian may be appointed; if there is more than one guardian both persons are required to act together

  • A foreign offshore foundation is able to continue to Anguilla by filing Articles of Continuance as prescribed by the Act; foreign foundations which have been successfully continued to Anguilla are issued a Certificate of Continuance. Likewise, an Anguilla offshore foundation may continue to a foreign jurisdiction.

    Anguilla Offshore Banking

    Main Features:

  • Legislation — Trust Companies and Offshore Banking Act 2006

  • Any licensee which is not a domestic bank must maintain a minimum paid-up share capital of $250,000; this amount may be increased by the Governor as determined by the Inspector

  • An application to operate as an Anguilla offshore can be submitted by a company, an IBC or a foreign company

  • Any branch, office or agency administered by an Anguilla offshore bank outside of Anguilla’s jurisdiction must be done with the prior authorization of the Inspector

  • Name changes, share/interest transfers and issuance must be approved by the Inspector

  • Anguilla offshore banks must not operate with less than 2 directors

  • Annual fees are payable on or before December 31 yearly

  • Offshore banking books and records are to be kept in Anguilla

  • Licensees are protected by strict confidentiality laws

    Anguilla Offshore Trust

    Main Features:

  • Legislation — Trust Companies and Offshore Banking Act 2006

  • Two main offshore trust licenses are issued, namely, general trust company license and restricted trust company licenses

  • License may be revoked by the Governor in accordance with the provisions of the Act for revocation

  • All Anguilla offshore trust companies must designate an authorized agent in Anguilla

  • A registered office must be kept in Anguilla

  • Any branch, office or agency administered by an Anguilla offshore trust outside of Anguilla’s jurisdiction must be done with the prior authorization of the Inspector

  • Name changes, share/interest transfers and issuance must be approved by the Inspector

  • Anguilla offshore banks must not operate with less than 2 directors

  • Annual fees are payable on or before December 31 yearly

  • Offshore trust company’s books and records are to be kept in Anguilla

  • Licensees are protected by strict confidentiality laws

    Anguilla General Trust Company License

  • Anguilla general trust company licenses are not issued to IBC’s

  • Application may be made to include subsidiaries which are wholly owned by the applicant

  • Applications including subsidiaries must state the subsidiary’s name, written evidence that the entity is wholly owned and nature of business carried or intended to be conducted by the subsidiary

  • Holders, with the exception of domestic banks, must have a minimum paid-up share capital of $250,000

  • Share capital may be increased by the Governor upon recommendation of the Inspector

    Anguilla Restricted Trust Company License

  • Holders of restricted trust licenses are unable to do trust business with persons who are not listed in the license application

  • Minimum paid-up share capital is variable and is prescribed by the Governor

  • Share capital may be increased by the Governor upon recommendation of the Inspector

    Anguilla Offshore Insurance

    Main Features:

  • Legislation — Insurance Act 2004

  • The Act regulates both domestic and offshore insurance business in Anguilla

  • Six general types of Anguilla offshore insurance licenses are issued: Class ’A’ Insurer’s Licence; Class ’B’ Insurer’s Unrestricted Licence; Class ’B’ Insurer’s General Licence; Class ’B’ Insurer’s Association Licence; Class ’B’ Insurer’s Group Licence; Class ’B’ Insurer’s Single Licence

  • Depending on the activities of an insurer, offshore insurance licenses are issued to carry out insurance business as insurance agents, insurance sub-agents, insurance brokers, insurance managers and principal representatives

  • An insurance licensee may be called to increase its paid-up capital by the Commission

  • Offshore insurance business is carried on only outside Anguilla’s jurisdiction

  • Anguilla offshore insurance companies are only allowed to engage in either long-term or general insurance business, unless otherwise permitted by the Commission to be able to undertake both types of insurance businesses

  • Shares held by an insurer can be owned by a trustee of any trust established and governed by the Trusts Act

  • Annual license fees are due on or before January 15 of every year

    Anguilla Protected Cell Company (PCC)

    Main Features:

  • Legislation — Protected Cell Companies Act 2004

  • Companies engaged in insurance and other business as approved by the Commission are able to apply to be registered as protected cell companies

  • An application for registration as an Anguilla PCC must include the company’s name, incorporation date, nature of business, and a statement from the articles of association stating that the company is a PCC, the name and address of the PCC’s registered address, a statement indicating that the company intends to administer protected cell accounts

  • Anguilla protected cell companies must designate an Anguilla based registered agent and office

  • Anguilla protected cell companies are allowed to create and issue more than one class of security for securities related to a particular protected cell account

  • Protected cell companies which are not mutual funds are able to distributes assets r liabilities between two or more protected cell accounts and the company’s general account

    Anguilla Limited Liability Company (LLC)

    Main Features:

  • Legislation — Limited Liability Company Act

  • Different to, but rooted in the Wyoming legislation for LLC’s

  • Anguilla offshore LLC’s are managed and controlled by its members; there is no board of directors

  • Each member makes a contribution towards the company’s capital; shares are not issued

  • Anguilla LLC’s are limited liability companies, and the liability of e ach member is limited to his ir her capital contribution

  • LLC’s can be established to have limited duration or to be perpetual

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