- The International Business Company
- The Limited Liability Company
- The Ordinary Company
Companies must be incorporated through a local agent all of whom, are licensed under the new Company Management Ordinance and regulated by the Inspector of Company Managers. The Government and private sector are working closely together to establish best practice guidelines for company managers. These will be designed to ensure that through the application of due diligence procedures and the adoption of high standards of practice, Anguilla attracts the best business and that its reputation is maintained.
The relevant IBC, LLC, Limited Partnership and Trust Ordinances all provide a statutory exemption from all forms of corporate, income withholding or other like taxes in respect of offshore business.
Companies are usually formed within 5 minutes of the application being lodged.
The International Business Company
The International Business Company is based on the traditional model and provides for the easy incorporation and subsequent administration of a flexible and cost effective corporation.
Companies incorporated in any other jurisdiction may be continued in Anguilla as an IBC. An Anguilla IBC can, where the laws of another jurisdiction permit, redomicile to such jurisdiction.
The Limited Liability Company
Anguilla is one of the few jurisdictions to have an Act or Ordinance dealing specifically with limited liability companies. Although the LLC Ordinance has its roots in the original Wyoming legislation, Anguilla LLCs have developed the concept much further.
An Anguilla LLC can readily be structured so that it possesses less than three of the four corporate characteristics recognized by the U.S. Internal Revenue Service, namely (a) continuity of life, (b) limited liability, (c) centralized management and (d) free transferability of interests. In such case the LLC will be treated as a partnership. Properly structured, therefore, an Anguilla LLC will provide its members with limited liability, but provide the advantages of income and losses passing through to the members.
The Anguilla LLC Ordinance has many features not found in the original Wyoming legislation, including a provision that its term can be perpetual or as otherwise provided for in the LLC agreement.
The Ordinary Company
The ordinary company, which can be used both within Anguilla and as an offshore vehicle, is governed by the new Companies Ordinance. The Ordinance contains many attractive features:
- Companies may be incorporated by one incorporator and have one director.
- Companies may be limited by shares, by guarantee or by both shares and guarantee.
- The Ordinance abolishes the doctrine of ultra vires.
- Companies may acquire, purchase or own their own shares.
- Filing formalities have been streamlined.
- Companies may continue in or out of Anguilla.
- A special class of Specific Private Companies that are exempted from some record keeping and accounting requirements.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.