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Anguilla - More on Offshore Jurisdiction

Anguilla

Capital: The Valley
Population: 13,000 (est. 2003)
Languages: English (official)
Area: 102 sq. km (land area)
Currency: East Caribbean dollar (XCD)
Fiscal year: 1 April - 31 March
Independence status: overseas territory of the UK
 

BACKGROUND
ANGUILLA is the most northerly of the Caribbean Leeward Islands, located approximately one and a half hours south east of Miami, Florida. It has a land mass of 36 square miles, which supports an estimated population of 9,000. The official language is English and the main industries are tourism, financial services, boat building and fishing. Anguilla is a stable society and strong democracy. It is a British Dependent Territory. Britain maintains responsibility for defence and foreign affairs.

Legal System
Anguilla's legal system is based upon English Common Law, with local modifications, including the introduction and adoption of numerous pieces of modern financial services legislation. These laws were drafted with the involvement of all elected legislators, with the advice of the private sector practitioners, and the consent of British Government representatives.

Currency
The share capital of International Business Companies ("IBC") is usually expressed in United States dollars (USD) although any major currency may be used, but the share capital of local companies is usually expressed in the local currency, the Eastern Caribbean dollar ("XCD"). The exchange rate between the US dollar and the XCD dollar is fixed at 2.6882 XCD to 1.00 USD.

Confidentiality
The confidentiality Relationship Ordinance #10 of 1981, prohibits the unauthorised disclosure of information relating to a person or a corporation business affairs on Anguilla. Neither the Registrar nor Registered Agent may reveal confidential information without a Gazette order to do so, under the penalty of law. It must be noted that the Ordinance does not offer protection with regard to the investigation of crimes which are offences under Anguillan Laws (e.g. drug related offences etc). The common law duty of confidentiality of a banker, lawyers, accountant, or company manager, towards a client is rigorously applied in Anguilla.

Taxation
Anguilla has no taxes. New International Business Company ("IBC") is getting full exemption of taxes locally, but the IBC cannot trading or doing business with residents of Anguilla or in restricted areas like banking or trust etc.. which special license is required. As of December 1995 there were over 4,700 registered enterprises, including approximately 75 banks.

New Legislations
The Anguillian government understands that the cornerstone of any offshore sector is the legislation regulating companies incorporated in that centre. New legislation is enacted to run businesses more efficiently:-
  • International Business Companies Act [virtually identical to the IBC Acts enacted in the Bahamas (1989), Belize (1990) and the BVI (1984)]
  • Insurance Act.
  • Trusts Act.
  • Fraudulent Dispositions Act.
  • Limited Liability Companies Act.
  • Limited Partnership Act.
  • Partnership Act.

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