FAQ General
Here are the answers to common questions about the Anguilla Business Company (ABC).
Counsel Limited recommends the use of an ABC for most offshore structures. It is similar to most North American and British entities and does not attract the negative attention usually associated with International Business Companies (IBCs). Additionally, there are no tax consequences to using the ABC since Anguilla is truly a Tax Neutral Territory deriving all its Government revenues from non-direct taxes such as customs duties and room taxes.
These answers are not intended to be comprehensive nor to be construed as legal advice and should not be relied upon to be so. Professional advice should be taken based on the facts of any specific case.
GENERAL QUESTIONS
GENERAL QUESTIONS
What is the Governing legislation for Anguilla Companies?
The appropriate legislation is The Companies Act 2000, as amended.
What are the reporting requirements of an Anguilla Business Company?
• name of company
• registered office and agent
• number of authorised no par value shares
• names and residences of the directors (but these may be corporate)
• upon filing of annual return, must disclose names of shareholders
Must the company have a registered presence in the territory of incorporation (i.e., Anguilla)?
Yes, an ABC must at all times have a registered office in Anguilla.
How are meetings held?
Meetings may be held anywhere, by telephone or other electronic means.
Are Accounts required to be kept?
No financial audit or statements are specifically required to be kept or registered but a company must keep accounting records that—
(a) are sufficient to record and explain the transactions of the company; and
(b) will, at any time, enable the financial position of the company to be determined with
reasonable accuracy
What records must be maintained in the territory and are they available to public inspection?
The articles and by-laws, and any amendments thereto, a copy of the share register and an imprint of the company seal must be kept at the registered office.
These are not available for public inspection.
Can companies be transferred to and from Anguilla?
Yes. On continuation in Anguilla of a company previously incorporated elsewhere, the government registration fee is credited against its next year's license fee.
Can an ABC be used in conjunction with a trust?
Yes
Is an ABC Internationally acceptable?
Yes. An ordinary Anguillian company is not subject to the disapproval of the United Nations Report on Financial Havens, Banking Secrecy and Money-Laundering and less vulnerable to attack under OECD and other unfair tax competition initiatives.
Are there territorial business restrictions on an ABC?
No, unlike an IBC the ABC is permitted to do business anywhere i.e. within and outside Anguilla
Is an IBC required in order to secure freedom from Anguilla taxation?
No. Anguilla is a true zero-tax jurisdiction. An ABC, entitled to do business both within and outside Anguilla, will also be free of any taxation in Anguilla.
How long does it take to incorporate a company?
It can take as little as one hour since the process is totally electronic and on line.
What are the regulations governing availability of names?
One of the following descriptions, or an abbreviation thereof, must be included in the name of an ABC:
"Limited", "Corporation", "Incorporated", "Sendirian Berhad", "Sdn Bhd", "Société à Responsabilité Limitée", "SARL", "Sociedad Anonima", "S.A.", "Besloten Vennootschap", "B.V.", "Naamloze Vennootschap", "NV", "Gesellschaft mit beschrankter Haftung", "GmbH".
However, the Registrar has discretion to permit other indicia of limited liability.
It is also unacceptable to use words that are indecent, offensive, misleading, or the name of an existing company.
Are there any restrictions on words within the name?
Words such as "Assurance", "Bank", "Royal", "Trust", "Fund", “Insurance”, Broker” will require justification.
What are the documents filed upon incorporation?
Articles of Incorporation.
Are details of beneficial owners required to be disclosed before incorporation?
No. But must be submiited on the first annual return.
What are the powers of a company, and restrictions on activities?
A Company has the power to undertake any business activity except where it requires statutory permission or license or it is restricted by its Articles of Incorporation. (Section 17 of the Act)
WHAT OTHER CORPORATE STRUCTURES ARE AVAILABLE ?
*Guarantee companies *Hybrid companies
*Hybrid companies*IBCs *Limited Partnerships
*Limited Partnerships*Limited Liability Companies (LLCs) *Public Companies.
Please contact us to receive more information.
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