Anguilla is a British Overseas Territory with several islands in the Caribbean Sea lying east of Puerto Rico. It has internal self-government. Entrepreneurs who intend to register a company in the Valley or any other city in Anguilla can open a business without share capital. At the same time, a foreigner can own it alone. Opening a business in Anguilla can be done quickly.
Advantages of registering a company in Anguilla
- financial benefits due to the absence of taxes on company income;
- simple registration procedure;
- no need to conduct regular financial audits;
- keeping information about directors, shareholders, and beneficiaries confidential;
- absence of currency control restrictions;
- political stability.
To register a company in Anguilla, at least one director and one shareholder are required, who can be the same person. Their nationality does not matter.
Main forms of legal presence and doing business in Anguilla
- Anguilla Business Companies (ABC) – involve the conduct of business in the islands as well as internationally;
- International Business Companies (IBC) – are registered to do business abroad and are used by foreigners for tax optimization;
- Hybrid companies – allow to separate shareholder participants and limit the rights of shareholders and guarantors in such a way as to comply with the laws of the participant’s domicile in the most tax-efficient way;
- non-profit associations – created for charitable and social purposes;
- public companies – an organizational form that allows shares to be publicly traded;
- Limited Liability Companies (LLC) – can be established on a fixed-term or indefinite basis;
- Limited Partnership (LP) – suitable for venture capitalists. Limits participants’ exposure to management liability.
There are some restrictions for the IBC, the most popular form of opening a company for foreigners. Such organizations are forbidden:
- conduct business with Anguilla residents;
- to engage in the management of another company, banking, or trust business;
- act as an insurance company/agent/broker/manager;
- have an interest in real estate located in the country.
In this case, a foreign entrepreneur can buy a business in Anguilla, establish a new company, and redomicile the company to or from another country.
The registration procedure
To open a company in Anguilla, a foreigner must:
- Select and register a unique company name. It must have information about the legal form of the company.
- Register the company in Anguilla with the CRES Registry. To do this, you must submit the articles of association drawn up in English and have a registered office for the duration of the company’s existence.
- Get a business license from the Ministry of Finance (for some sectors).
- Open a bank account.
Legislation and regulatory environment
Anguilla’s legal system is based on English law. The Islands do not enjoy complete political independence and sovereignty. They belong to an ordinary law jurisdiction, supplemented by local laws passed by a local House of Assembly. Opening a business in Anguilla is easy since the local government seeks to attract foreign investment. There are no restrictions on moving goods and capital.
The tax system in Anguilla
The country does not apply direct taxes to residents and non-residents. Receipts of income, capital gains, inheritance, and gifts are exempt from taxation. Anguilla is offshore, where it is profitable to register your business. An international company must maintain its financial records, but filing a tax return is optional.
he creation and operation of business structures are regulated by the Commercial Companies Act of Anguilla, adopted in 2022, which replaced the regulatory act of 2004.
Opening a business in Anguilla: how the lawyers of Prifinance can assist
Buying a company in Anguilla is profitable because of the lack of tax burden. However, non-compliance with local laws can result in penalties and even forced closure of the organization. Get a detailed consultation on starting a company and doing business in Anguilla from Prifinance lawyers. Our employees will help you prepare the constituent documents package, register your legal address, and assist you in opening personal and corporate accounts.