Anguilla Offshore Guide
Anguilla is a highly preferred place to offshore company formation. Anguilla is in the northern part of the Leeward Islands in the Lesser Antilles. It is situated at the east of Puerto Rico. The main island of Anguilla is approximately 16 miles (26 kilometers) long with a width of 3 miles (5 kilometers). The Valley is this island’s capital. Its total land area is 39.4 square miles (102 square kilometers). It has a population of more or less 13,500 in 2006. Most of Anguilla’s cays and small islands are still not inhabited.
Although Anguilla was not lucky enough to have good vegetation and rich planting soil, it is immensely blessed with overwhelming coral reefs and breathtaking white sand beaches. Anguilla has a thin and arid soil that is not suitable for agriculture. However, its good fishing and tourism industry compensate for it. This island also has a rich and colorful culture. Sailing has always been their national sport. Locally designed and built regattas sail through their perfect waters.
Anguilla’s economy is also on the rise. The island’s tourism industry, in partnership with various multi-national companies, takes in a lot of income. The economic boom that this island is currently experiencing began lightly during the year 2005. To take control of their consistently roaring economic growth, a moratorium on foreigners, which they call “non belongers”, buying properties in Anguilla was imposed. The East Caribbean dollar is its official currency but the US dollar is also accepted. In addition, Anguillan banks also accept pounds sterling and other foreign currencies. There is no exchange or currency control in this island.
Setting up an Anguilla offshore company is easy. In the formation, only one shareholder is required. The directors and the shareholders should also be the same persons. However, they can either be natural persons or a corporate body. A resident secretary is not anymore required. The requirements in shares and capitals are also very flexible. Shares can be freely issued without par value. The issuance of shares could be done in any recognizable currency provided that it is approved by the official registrar. There is also no minimum or maximum share capital requirement.
Every offshore company inside Anguilla is required to keep an accounting record that can sufficiently explain every transaction of the company. It should also be able to determine the company’s financial position accurately. Aside from financial records, they must also keep all the directors’ and shareholders’ minutes of the meeting. They shall also have a common Anguillan seal that should be kept at their registered office.
On the other hand, Anguilla also imposes restriction to its offshore companies. Offshore companies should not do business with Anguillian residents. Also, offshore business concerning banking, insurance, reinsurance, and company management are prohibited. They are also not allowed to hold an interest in properties inside the perimeters of Anguilla aside from the property used as office.
However, offshore companies in Anguilla can have professional relationships with local accountants, lawyers, and investment experts. They can also conduct shareholders and directors’ meetings inside Anguilla. In addition, they can also acquire and manage sea vessel. With these advantages, Anguilla is indeed a good place for offshore companies.