Anguila

Atlas Panama - Yatch and Ship Registration Anguilla is known as a zero-tax offshore jurisdiction, with a stable political and economical environment, with a state of the art company's registration system and an increasing tourist industry.

POPULATION

13,254

CAPITAL

The Valley

POLITICAL STRUCTURE

Chief Minister, in charge of Lands, Physical Planning, Information And Broadcasting, Environment, Gender Affairs, Human Rights, Immigration, Labor and Home Affairs.

Minister of Finance, Tourism, Economic Development, and Commerce.

Minister of Infrastructure, Communications, Utilities, and Housing.

Minister of Social Development, Education, Health, Sports, Youth and Culture.

Parliamentary Secretary, with responsibility for Water, Fisheries, and Agriculture.

ECONOMY

Atlas Panama - Yatch and Ship Registration According to the 2005 Anguilla's Budged Address appropriately titled "Anguilla Incorporated (Inc), Open for Business", Anguilla's GDP for 2004 was of 295.2 million in relation to the 36.9 million of 1984.

LANGUAGE

English

CURRENCY

East Caribbean dollar (XCD) Exchange: US1.00 = XCD 2.70

TYPE OF LAW

Common Law

PRINCIPAL CORPORATE LEGISLATION

The International Business Company Act probably provides the best advantage of the region; nevertheless the Anguilla’s Business Companies Act and Limited Liability Companies Act are very popular.

COMPANY FORMATION

Atlas Panama - Yatch and Ship Registration TYPE OF COMPANY FOR INTERNATIONAL TRADE OR INVESTMENT

International Business Company

About the Anguilla's International Business Companies

The continuous international pressure of better corporate governance policies directed to the most competitive offshore jurisdictions of the region, has made Anguilla’s regulators increasingly aware of the need to balance the flexibility of Anguilla's commercial vehicles with the international corporate governance needs. The answer of the Anguillian model is to allow shareholders to decide on their own governance practices, seeing by Anguilla’s regulators as a responsibility rather than a choice.

This is becoming less and less common in offshore companies due to the pressure imposed by the Combined Code on Good Governance, which currently rules the London Stock Exchange, and the very strong influence of the United States of America with the well-known Sarbanes-Oxley Act.

Knowing the benefits of incorporating in Anguilla, Pardini & Associates offers you the possibility of owning an International Business Company under Anguilla's jurisdiction with the benefits and flexibility of Anguilla but as comfortable as if you were incorporating in Panama City. It is important to take into account that an Anguillian IBC is not allowed to conduct business in Anguilla or with Anguillian nationals unless these businesses refer to administrative activities.

If you wish to form an Anguillian IBC, it is important for you to know that the Anguillian Registrar takes seriously the violations to the restrictions on business permitted to an IBC, if such breach takes place, the Registrar will strike the company off the register. This also applies in case the company fails to pay its mandatory fees.

Registering an IBC in Anguilla comes with many benefits such as an ease formation and reporting requirements limited to the name of the company, registered office and agent, and authorized capital, and the only document you need to add to that are the articles of incorporation. Other interesting features of the Anguillian IBC are the following:

1. An IBC may have one or more directors, who might be nominees like a company, a trust or a partnership

2. Anguilla posses the ACORN system or Anguilla's commercial online registration network. This system allows private access to the Anguilla's company registry making it possible to incorporate companies 24-hours a day, online and with such characteristics it becomes very competitive with similar jurisdictions; also is less expensive due to its efficiency. It is important to point out that IBC's fees are lowest than other company forms.

3. Regarding shares and shareholders an IBC has many advantages:

3.1. For started an IBC may purchase and redeem its shares at any point.

3.2. Also share register inspection is limited to registered shareholders.

3.3. Even though the IBC has the obligation to keep a share register at the Registered Office, the company is not obligated to register details of the members with the Registrar of Companies.

3.4. Another plus is that in the International Business Companies case is possible to incorporate without shareholders and there is no maximum number of shareholders established by the IBC Act, but it is required upon commencement of business to ensure limited liability.

3.5. Another interesting aspect of an IBC is that you can choose the classes of shares that are most convenient for your business, such as preference, redeemable, bearer, par value, no par value shares, etc.

3.6. You might be interest in knowing that there are no residency requirements for shareholders or shareholders’ meetings, which can be held anywhere and with the use of the electronic means available or by phone, and there are no capital requirements either.

Atlas Panama - Yatch and Ship Registration According to the IBC Act, these types of companies have all the powers you need to maintain a successful business, they are allowed to benefit from, carry on or undertake any business of activity and the subsequent transactions, including make secured and unsecured loans. There are no limits relating the company's borrowing powers, due to the fact that there are no debt/equity ratios under the IBC Act. An IBC may contract within the basic contract regulations; the only limitations to the company’s capacity to contract are limited to the doctrine of ultra vires, which basically means that if your IBC enters into a contract that is clearly beyond the scope of is powers, the contract is illegal.

In an IBC, corporate directors are permitted, there is no residency or nationality requirements or any other qualifications and it may have a sole director. There is no maximum number of directors according to the Act; in fact, an IBC can be formed without directors. The IBC Act does not establish a public register of directors, although optional registration is allowed and the articles or by-laws may impose a limit on the number of directors if desired.

It is required for the IBC to keep accounting records that are clear on the transactions of the company and must be sufficient to determine with accuracy the financial situation of the company at any point, although there are no provisions on audit within the IBC Act.

Another important fact that you must keep in mind when registering an Anguillian IBC, is that these companies must have a registered office in Anguilla at all times. This office have to keep an archive with the articles of incorporation, the by-laws and all its amendments, as well as a copy of the share registered, and imprint of the company seal.

If you think that an Anguillian IBC may be what you are looking for, please do not hesitate to contact us and we will be glad to answer all your questions.

For information about prices, please contact us
Offshore Panama