CIL Group Ltd

• Introduction of Anguilla

Anguilla, which was formally separated from St. Kitts and Nevis in 1981, is a dependent British overseas territory that enjoys a high degree of political and economic stability with a well-regulated financial services industry. This island of 35 square miles is home to a population of just over 13,000 people who are predominantly Afro-Caribbean and is situated just over one hundred miles east of Puerto Rico, close to the British Virgin Islands.

One of the more commended features about Anguilla's company registration system is Anguilla Commercial On-line Registration Network (ACORN), which went live in 1998. It is able to facilitate the incorporation of companies such as International Business Companies (IBCs) and Limited Liability Companies (LLCs) 24 hours a day, 365 days a year, from anywhere in the world via the internet through licenced company managers and trust companies together with their approved overseas agents.

•  Law And Taxation of Anguilla company

Anguilla is a common law jurisdiction, supplemented by local statutes enacted by the local House of Assembly. In 1994, with the British Government's technical assistance and funding, corporate and financial legislation was enacted with amendments made at the end of 1998, 2000 and in 2006 when the Custody of Bearer Shares Regulations were introduced. Now businesses incorporated in Anguilla are governed by either the Companies Ordinance 1994 or the International Business Companies Act (amended in 1998 and 2000).
Anguilla is a neutral tax jurisdiction, with all companies registered benefiting from Anguilla's zero-tax situation.

• Local Infrastructure of Anguilla company

The professional infrastructure is well-developed, with major accounting firms, numerous legal practices and banks represented on the island. Communications facilities in Anguilla are well-developed with international direct dialling, cellular connections, fax, modem, internet, and dedicated email service lines available.

Chinese names are permitted and can be included on a company's Certificate of Incorporation.

IBCs are required to have at least one director, which can be an individual or company.  A company secretary is not mandatory, and there is no requirement for this office or the office of director to be held locally. IBCs may purchase or redeem their own shares. Meetings do not have to be held in Anguilla and can be done so via telephone or other electronic means. The minimum number of shareholders required is one with both registered and bearer shares being permitted.  As set out in Custody of Bearer Shares Regulations, all bearer shares of IBC incorporated before 23 November 2006 must be converted to registered shares or passed to a custodian on or before 31 December 2010.  An IBC incorporated on or after 23 November 2006 that issues a bearer share shall deliver the share to a custodian who has agreed to hold the share.  All companies must have a Registered Office and a Registered Agent in Anguilla.  IBCs do not have to file any annual returns, only an annual fee needs to be paid. Details of directors and shareholders are not on any public record, however, these details must be kept at the Registered Office of the company.

Although Anguilla ordinary resident companies can be used for offshore purposes, IBCs are generally more preferable over ordinary resident companies when it is not intended to carry out business in Anguilla because of their ease of formation and limited reporting requirements.