DOING BUSINESS IN ANGUILLA IN 2023
Since 2003, Healy Consultants Group PLC has assisted our Clients with starting their company in Anguilla. Our services include i) Anguilla international business registration, ii) government license registration, iii) international or Anguilla business bank account opening, iv) employee recruitment strategies, v) visa strategies and vi) office rental solutions.
|Compare different Anguilla entities||Tax-resident LLC||Legally tax exempt IBC||Foreign exchange company||Foundation||Trust|
|Also known as||Onshore company||Offshore company||Forex company||Private foundation||Trust|
|Best use of company?||All products and services||International trading||Currency exchange||Estate planning||Wealth protection|
|How soon can you invoice Clients/sign sales contracts?||2 weeks||2 weeks||4 weeks||4 weeks||Not allowed|
|How soon can you hire staff?||2 weeks||2 weeks||4 weeks||4 weeks||Not allowed|
|How soon can you sign a lease agreement?||1 week||1 week||1 week||1 week||Not allowed|
|How long to supply corporate bank account numbers?||2 months||2 months||2 months||2 months||2 months|
|How long to supply company registration/tax numbers?||2 weeks||2 weeks||4 weeks||4 weeks||4 weeks|
|Corporate tax rate on annual net profits?||0%||0%||0%||0%||0%|
|Limited liability entity?||Yes||Yes||Yes||Yes||No|
|Government grants available?||Yes||Yes||Yes||Yes||No|
|Government approval required for foreign owners?||Yes||Yes||Yes||Yes||Yes|
|Resident director/partner/manager/legal representative required?||Yes||Yes||Yes||Yes||Yes|
|Minimum paid up share capital?||US$1||US$1||US$1||US$10,000||US$1|
|Can bid for Government contracts?||Yes||Yes||Yes||Yes||Not allowed|
|Corporate bank account location?||Scotiabank||First Caribbean International Bank||National Commercial Bank of Anguilla||Royal Bank of Canada||Maduro and Curiel's Bank|
|Can secure trade finance?||Yes||Yes||Yes||No||No|
|VAT payable on sales to local customers?||0%||0%||0%||0%||Not allowed|
|Average total business set up engagement costs?||US$7,950||US$8,050||Request a proposal||Request a proposal||Request a proposal|
|Average total engagement period?||1 month||1 month||1 month||1 month||1 month|
Anguilla company registration summary
Press the link headings below to read detailed, relevant, up to date information.
Advantages of Anguilla company registration
- If properly structured, Anguilla company can legally house international tax-exempt profits;
- Up to 100% foreign corporate ownership is permitted. A minimum of one shareholder and one director is required for Anguilla companies, but they need not be residents in Anguilla. Corporate shareholders and directors are permitted. Following registration, shareholders and directors’ details are not available on a public register;
- Anguilla entity is cost effective and fast, as there are no minimum capital requirements;
- It is not necessary to submit an annual tax return or financial statements to the government;
- It is easy to open global corporate bank accounts to support the Anguilla company. Healy Consultants works with internationally recognised banks such as HSBC, Standard Chartered, and Citibank to provide corporate bank account services;
- An Anguilla company can perform all business activities under one commercial license through a doctrine of “ultra vires.”;
- Anguilla is a lesser known UK territory with a highly regulated financial services industry. Consequently, fees, services and real estate are cheaper than the provinces of Isle of Man or BVI. Financial services companies based in Anguilla benefit from the island’s reputation, British company law, and being in the same time zone as New York markets;
- Anguilla’s legal system is not complicated since it is based on the English law;
- The government promotes Anguilla as having world-class telecommunications services, hoping to make it an attractive center to conduct IT-related businesses, which are continually growing;
- There are no foreign exchange control restrictions in Anguilla.
Disadvantages of Anguilla company registration
- The lack of public registers makes proof of ownership challenging. Anguilla entity is therefore not recommended for high profile trading operations;
- Anguilla agrees to cooperate with the Organisation for Economic Cooperation and Development (OECD) and share information on bank account holders at Bermudan banks with account holders’ governments;
- Anguilla companies might be deemed to be of low credibility due to the nation’s reputation as a tax haven;
- All business licenses must be renewed at the end of the year since they are valid until December 31st of the year received;
- The import duties of Anguilla are relatively high as they range between 15% and 25%.
- Effective 1 January 2019, locally-incorporated Anguilla entities, foreign entities registered in Anguilla and limited partnerships engaging in i) holding company activities ii) banking business iii) distribution and service centre business iv) finance and leasing v) fund management vi) headquarters business vii) insurance viii) intellectual property holding and ix) shipping are required to employ local staff and lease a physical office.
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Useful links for Anguilla
Government and public authority websites:
- Central Bank of Anguilla
- Government of Anguilla
- Anguilla Chamber of Commerce
- Anguilla Ministry of Finance
- Anguilla Doing Business
- Anguilla Commercial Registry
- Tax Justice Network – Report on Anguilla 2013
- Anguilla International Business Companies Act
- Anguilla Financial Services Commission
- Anguilla KPMG – Thinking Beyond Borders
- Limited Liability Company Act
- Anguilla Profile – IFRS
- Anguilla Ministry of Finance – Consultation Paper on Beneficial Ownership