Anguilla offers maximum flexibility, having three types of company, all of which are statutorily exempt from all forms of corporate, withholding or other taxes in respect of offshore business. Brief details of the various types of company are given below. More detailed summaries of each type of company are available on request.
CORPORATE VEHICLES AVAILABLE
The International Business Company ("IBC")
The Anguilla IBC Ordinance provides an innovative and flexible framework for a cost-effective corporate entity. A simple registration procedure combined with streamlined filing formalities is designed to ensure subsequent administration is as straightforward as possible. Companies incorporated in any other jurisdiction may be continued in Anguilla as an IBC, whilst an Anguilla IBC may, where the laws of another jurisdiction permit, redomicile to such jurisdiction.
The Limited Liability Company ("LLC")
Anguilla is one of the few jurisdictions to have a specific LLC Ordinance. Although this is based on the original Wyoming, USA legislation, the Ordinance has developed many features not found in the original legislation. These include, among others, provisions enabling the term of an Anguilla LLC to be perpetual or as otherwise provided for in the LLC agreement and the power to structure Anguilla LLC's so as to ensure that they possess from two to four of the corporate characteristics recognised by the US Internal Revenue Service, viz.
(i) continuity of life;
(ii) limited liability;
(iii) centralised management; and
(iv) free transferability of interests.
LLC's may, therefore, be structured to provide their members with both limited liability as well as the rights to/liabilities for income and losses.
The Companies Ordinance Company ("CapCo")
As a result of Anguilla's zero tax regime, companies incorporated under the Anguilla Companies Ordinance may be used both within Anguilla or as offshore vehicles. The Ordinance contains many innovative features such as
(i) enabling companies to be incorporated by one incorporator and to have one director;
(ii) the abolition of the doctrine of ultra vires;
(iii) allowing companies to acquire, purchase or own their own shares;
(iv) the introduction of a special class of Specific Private Companies that are exempted from some record keeping and accounting requirements; and
(v) streamlined filing formalities.
Companies must be incorporated through a local agent all of whom, from 1 July 1995, have had to be licensed under the Company Management Ordinance 1994 and regulated by the Inspector of Company Managers.
Anguilla also offers a form of statutory limited partnership. If you would like further information on this, or on the various corporate vehicles available in Anguilla or details of how Harney Westwood & Riegels can help you with your incorporation enquiries, please contact J Alex Richardson or Fiona Bada in Anguilla.
Harney Westwood & Riegels also provide information and advice on the British Virgin Islands. To view this information Click Here
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.
For further information please contact us.