Anguilla, Commercial Registry

INTERNATIONAL FINANCIAL SERVICES
Enlightened KNOWLEDGEABLE AWARE CONFIDENT
STRONG Stable ABLE UNDERSTANDING ASSURED
RESPONSIVE REASSURING OPPORTUNE Expert
WELL-GOVERNED Insightful ACCOMPLISHED
VERSATILE WISE ACCOMMODATING Responsive
TRUSTWORTHY Professional MATURE DEPENDABLE
SECURE SUPPORTIVE CONSISTENT BALANCED
PASSIONATE PROFICIENT
Talented SKILLED
Established ATTENTIVE SUCCESSFUL EFFICIENT
ANGUILLA
BVI
Puerto Rico
USVI
Anguilla
St Martin
St Barts
St Kitts
Nevis
Montserrat
Guadeloupe
Barbuda
Antigua
COMPANY FORMATION
& MANAGEMENT
WELCOME TO ANGUILLA
For over two decades Anguilla has provided innovative financial and
commercial solutions to a diverse range of local and international clientele,
including corporates, governments and individuals. We operate under English
law and the Island’s currency, the Eastern Caribbean Dollar, is tied to the US
dollar, offering clients flexibility and ease of accounting.
In today’s challenging environment of global markets, volatile economies and
complex human issues, our time-tested abilities and range of services have
become even more critical.
CAPTIVE INSURANCE
BANKING
We have proven to be an ideal choice for those involved with Company
Management, Trusts and Estates, Banking and Money Services, Insurance,
Mutual Funds and Real Estate.
Within this brochure you will find information on all our service lines. We can
also supply jurisdictional reviews to aid in your search for the best offshore
jurisdiction to match your particular requirements. We hope that you’ll agree
that it is Anguilla.
If you require further information please do not hesitate to contact Anguilla
Finance on +1-264-729-2793 or email us at [email protected] .
TRUSTS
& FOUNDATIONS
MUTUAL FUNDS
We are here to help you find the best advice. And to find it here on Anguilla.
YOUR NEXT STEP
COMPANY FORMATION &
MANAGEMENT
To find in one place the combination of professionalism, integrity,
efficiency, stability and tax neutrality, coupled with company formation and
management legislation that is second to none.
CHALLENGE
Anguilla offers all these qualities, together with a sophisticated cadre
of local managers and overseas agents who are highly professional and client
focused.
SOLUTION
Anguilla has become recognised as a prime jurisdiction of choice for
company management purposes by some of the world’s most discriminating
advisers and its reputation continues to grow.
RESULT
In Anguilla, the operations of registered agents, also known locally as
company managers, are governed by the Company Management Act
2000 under which they are licensed. This legislation allows corporate
service providers to serve as registered offices and provide corporate
director and nominee services and other ancillary services.
COMPANY FORMATION
Anguilla’s Commercial Registry manages the Commercial Online
Registration Network (ACORN), a state of the art companies’
registration system developed in Anguilla with assistance from the UK
Government. Using the latest technology, ACORN enables instant and
secure electronic incorporation and registration of Anguillian entities
including:
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International Business Companies
Limited Liability Companies
Limited Partnerships
Trust Companies
Protected Cell Companies
Foundations
ACORN allows companies to be incorporated instantly from anywhere
in the world 24-hours a day, 365 days a year. ACORN also enables
all other corporate registration activities permitted under the relevant
legislation to be undertaken online. Effectively it has done away with
paper. Users can file anything from Articles of Incorporation in a variety
of languages to the payment of annual fees.
Incorporations are effected immediately, with ACORN providing a copy
of the company’s Certificate of Incorporation instantly online. Hard
copies of all Certificates generated are also provided through the local
licensed company manager. The system enables users to call up online
reports, detailing transactions already undertaken and the costs and
dates of those transactions. This system is technology at its very best.
COMPANY MANAGEMENT
Company Management involves for the most part incorporating
companies, providing registered office services, acting as registered
agent, filing registry documents and providing directorship and nominee
shareholder services. The corporate vehicles which can be incorporated
in Anguilla include: Local Companies (COCs), International Business
Companies (IBCs), Limited Liability Companies (LLCs), Limited
Partnerships (LPs) and Anguilla Foundations.
International Business Companies: The Anguilla IBC Act provides an
innovative and flexible framework for a cost-effective corporate entity. A
simple registration procedure combined with streamlined filing formalities
is designed to ensure subsequent administration is as straightforward
as possible. Companies incorporated in any other jurisdiction may be
continued in Anguilla as an IBC.
Limited Liability Companies: Anguilla is one of the few jurisdictions
to have a specific LLC Act. Although this is based on the original
Wyoming, USA legislation, the Act has developed many features not
found in the original legislation. These include, among others, provisions
enabling the term of an Anguilla LLC to be perpetual or as otherwise
provided for in the LLC agreement and the power to structure Anguilla
LLCs so as to ensure that they possess less than three of the four
corporate characteristics recognised by the US Internal Revenue
Service, viz. (i) continuity of life; (ii) limited liability; (iii) centralised
management; and (iv) free transferability of interests. LLCs may,
therefore, be structured to provide their members with both limited
liability as well as the rights to/liabilities for income and losses.
Company management is very administrative and strong interpersonal
skills are an asset for dealing with clients. With this varied array
of services, Company Managers have to be aware of changes in
legislation and procedures to assist and advise their clients properly.
Company management also requires efficient systems to be in place for
client information, due diligence procedures, maintenance of corporate
files, receiving and dealing with enquiries and annual billing. Clients
will differ in their corporate requirements. Some clients know exactly
want they need but others will rely on the company manager to advise
them on such matters as issuance of shares, restrictions on transfer of
shares or number of directors to appoint.
The most important aspect of company management is compliance
with the ‘Anti-Money Laundering/Know your Customer’ due diligence
requirements, which must be adhered to in accordance with the AntiMoney Laundering and Terrorist Financing Code 2009 and other
legislation. It is important to have well drafted Client questionnaires
which clearly set out for the client the due diligence information that
is required. In most cases clients are happy to comply with the
requirements, especially when it is explained that the company will not
be incorporated until all due diligence requirements have been satisfied
Company management requires thorough and regular review of
corporate files to ensure that information is updated. This is especially
important for share registers, as clients sometimes require a Registered
Agent Certificate, also known as a Certificate of Incumbency, which
is a certificate issued by the registered office confirming details of the
company’s status, its shareholders and directors.
As the Registered Agent, the Company Manager is responsible for
paying the company’s annual fees on ACORN, so it is imperative that
a good accounting system is in place for billing clients and generally
keeping track of clients’ funds.
CAPTIVE INSURANCE
To find a jurisdiction that has a great reputation, good legislation,
considerable experience and an efficient and effective captive regime.
CHALLENGE
With a responsive, forward thinking Financial Services Commission
and excellent captive insurance managers, Anguilla offers a dynamic well
regulated domicile with good international legislation for both existing and
potentially new captive insurance companies.
SOLUTION
Anguilla has become recognised as a prime offshore jurisdiction of
choice for small to mid size captive insurance companies. It has grown
to become the 5th largest captive domicile in the world and its reputation
continues to grow.
RESULT
Since 2008, the global economic downtown has had a detrimental
effect on the financial world. However, Anguilla’s financial services
sector continues to buck the trend, and has steadily evolved into a
leading domicile, particularly for captive insurance vehicles. In fact,
over the last five years, Anguilla has firmly established itself as a new
and dynamic force in the captive industry, building a fine reputation that
has attracted a plethora of small to medium sized captives to its shores.
This has been endorsed by the press, not least by one of the industry’s
leading publications, “Captive Review”. Captive Review currently
ranks Anguilla as the world’s fifth largest domicile (by number of
licensed insurance entities). Although it may still be some way away
from catching the long-standing “big three” of Cayman, Bermuda and
Vermont on premium and asset volume, Anguilla’s niche market growth
is undeniably impressive and certainly provides a platform to access
even more market share in the future.
MAKING A DIFFERENCE
A number of factors can be attributed to this growth, both of an internal
and external nature. While other jurisdictions have been implementing
significant and sometimes overwhelming legislative and regulatory
changes, Anguilla has simply made necessary amendments and
enhancements, allowing the regulators to keep the legislation current,
whilst remaining focused on maintaining the service and application
turnaround levels that have helped build its reputation. As a result,
the jurisdiction continues to enjoy both natural growth and an influx of
existing captives migrating from other domiciles.
As the growth figures indicate, Anguilla prides itself on having an
approachable and responsive Financial Services Commission (“The
Commission”), whose staff has worked extremely hard to combine the
increasing standards and demands of international regulatory oversight
with a commercial outlook. The Commission is cognizant of the everchanging demands of the international business community, and
has responded by expanding into new premises and employing new
experienced staff to maintain the high standards to which both licensed
captive managers and owners have become accustomed.
To further highlight Anguilla’s improved global reputation, the Caribbean
Financial Action Task Force (CFATF) recently placed Anguilla alongside
the BVI and Cayman Islands as a centre of excellence for compliance
in the region. With stringent due diligence requirements for new
business and many monitoring procedures in place, the myth that
offshore domiciles are an easy target for money laundering can be
firmly dispelled.
OFFSHORE VS ONSHORE
Each captive insurance company must engage an insurance manager
that is domiciled in Anguilla and licensed by the Commission. Anguilla
boasts a number of suitably qualified insurance managers, many of
which are independently owned, including multi-jurisdictional practices,
which again highlights the fact that the industry has duly recognised the
attractiveness and growing importance of Anguilla as a jurisdiction.
There are a number of reasons why captives are formed offshore
rather onshore, with the primary advantages relating to cost, low or zero
local taxes and favourable legislation. Generally speaking, offshore
regulations relating to initial capital requirements and the required
margin of solvency are far less stringent when compared to many
onshore counterparts, as well as offering a wider range of investment
opportunities.
licensed entity’s name.
It is obviously important for the regulators and the insurance managers
in any jurisdiction to ensure that capitalisation is sufficient to support
the net written premium and anticipated exposure levels, particularly
when third parties are exposed. However, for small to medium-sized
single parent captives, the non-discriminatory requirements of offshore
domiciles can have a significant impact on a risk manager’s feasibility
assessment.
Furthermore, due to Anguilla’s moderate and flat fee system, its
captives are not subjected to fee increases of other jurisdictions that are
directly linked to the success of the business and, therefore, can only
be described as punitive. Again, this forms part of the reason Anguilla
has firmly established itself as a leading choice for prospective captive
owners, especially for smaller, family owned structures which need to
ensure cost-efficiency and stability to remain viable.
WHY ANGUILLA?
In summary, as the friendly, welcoming and non-intrusive nature of
the Anguillian people attracts a diverse array of international visitors,
the pragmatic, professional and commercial approach of the local
financial services sector, private and public, attracts equally important
international visitors to Anguilla’s shores.
With regard to new business, whilst the application review process is
extremely detailed, the Anguilla regulators constantly strive to work to
turn around all applications in a timely manner.
In a similar vein, Anguilla is unburdened by the restrictive regulations
of other jurisdictions. For example, unlike other domiciles, there are
no requirements to appoint local directors; there are no requirements
to hold annual general meetings in Anguilla; nor is it mandatory to
establish bank accounts there. Therefore, if a proposed captive’s parent
has an existing banking relationship in place, albeit offshore or onshore,
the Commission will permit further accounts to be opened in the newly
A prudent approach regarding the annual audit requirement is also
taken. Should the parent company have existing audit relationships, the
Commission allows applications to be made for “non-admitted overseas
auditors” to become approved.
BANKING
To find a jurisdiction with good banking facilities and services that
offer the full range of banking activities to encourage international financial
services activities.
CHALLENGE
Anguilla has four banking entities that, for a significant time, have
honed their services to facilitate effective solutions to the needs of clients,
both in Anguilla and throughout the world.
SOLUTION
RESULT
Anguilla’s banks make doing business easy and effective.
DOMESTIC BANKING
Domestic banking business is banking conducted with residents of
Anguilla or banking conducted in the Eastern Caribbean Dollar (XCD).
Domestic banks are licensed under the Banking Act and regulated by
the Eastern Caribbean Central Bank (ECCB), based in St. Kitts. The
ECCB serves as the Central Bank to all member states of the Eastern
Caribbean Currency Union, including Anguilla, and is responsible, inter
alia, for regulating and supervising all domestic banks within member
states. There are currently four domestic banks, two of which are
locally owned, namely National Bank of Anguilla Limited (NBA) and
Caribbean Commercial Bank (Anguilla) Limited (CCB). The other two
domestic banks, CIBC FirstCaribbean International Bank and Scotiabank
(Anguilla) Limited, are either branches or subsidiaries of well-known
international banks. NBA is also a licensed Broker-Dealer in the
Eastern Caribbean Securities Market. The Broker-Dealer operations are
regulated by the Eastern Caribbean Securities Regulatory Commission.
Domestic banks provide a wide variety of services. These services
include, but are not limited to:
• deposit accounts, which are chequing, savings and term deposit
accounts for personal and commercial customers. Non residents
of Anguilla are permitted to open Eastern Caribbean Dollar
denominated accounts at domestic banks.
• personal loans, for example overdrafts, home mortgage loans and
student loans.
• commercial loans, which include loans to businesses for working
capital, loans for land purchase, the purchase of inventory and/or
equipment, or finance to construct commercial buildings.
• foreign exchange services, which include the purchase and sale of
foreign currencies, international wire transfers, cash advances and
the sale of international drafts in multiple currencies.
• Visa branded debit cards, which are offered to deposit customers
and linked to their savings and chequing accounts.
• Visa and MasterCard branded credit cards.
• merchant account services, which provide business customers the
ability to accept payments from debit and credit cards.
• investment services, whereby customers are able to invest in bonds,
notes and treasury bills issued by governments and corporations.
All domestic banks open deposit accounts denominated in Eastern
Caribbean Dollars (XCD) or United States Dollars (USD) and the
ATMs on Anguilla dispense both XCD and USD currencies. Deposit
accounts denominated in other currencies, such as Great Britain
Pounds, Canadian Dollars and Euros may also be opened by Anguillian
residents.
Domestic banks are required to comply with the applicable Laws
and Regulations relating to Anti Money Laundering and Combating
Terrorist Financing (AML/CFT). The most significant update to the
AML legislation in Anguilla occurred in 2009 with the enactment of
the Proceeds of Crime Act 2009 and the Anti Money Laundering and
Terrorist Financing Code 2009, with more recent amendments following
a review of the legislation. These regulations require the banks to
conduct due diligence checks prior to opening accounts and also require
ongoing monitoring of transactions within existing accounts. This may
entail the Bank requesting additional documentation from customers, to
confirm the source of funds.
OFFSHORE BANKING
Persons interested in opening accounts must submit a completed
application to the bank. Due diligence requirements are approached on
a risk basis, however. When opening a personal account in Anguilla,
all customers can expect to be required to provide a copy of their
passport, proof of address, personal references and banking references.
When opening corporate accounts, additional documents are required,
including company registration documentation, directors’ resolutions,
business plans and confirmation of the source of funds of the corporate
client and its beneficial owners.
Offshore banking licenses are granted under the Trust Companies and
Offshore Banking Act (TCOBA). Offshore banks are supervised by the
Financial Services Commission (“The Commission”) in collaboration with
the supervisory authority of the home jurisdiction of its parent bank or
company. Under the TCOBA, an offshore banking license is required
to conduct offshore banking business, which is defined as banking
business in a currency other than Eastern Caribbean dollars with nonresidents of Anguilla. There are currently three offshore banking licenses
issued by the Commission. Two offshore banks are wholly owned
subsidiaries of domestic banks, National Bank of Anguilla (Private
Banking and Trust) Limited (PB&T), which is a wholly-owned subsidiary
of NBA, and the Caribbean Commercial Investment Bank Ltd (CCIB) a
wholly-owned subsidiary of CCB.
As with the domestic banks, offshore banks are required to comply with
the applicable laws in Anguilla related to the global effort to combat
money laundering and terrorist financing. Due to the nature of offshore
banking business, confirmation of the due diligence information may be
more difficult to achieve, depending on the home country of the account
signatories and the beneficial owners. The full participation of all
persons affiliated with the account in the due diligence process is critical
to the speed at which the process can be completed and the account
activated and available for use.
For more information on the requirements for opening offshore
accounts, please visit the websites of the offshore banks.
TRUSTS AND FOUNDATIONS
To find in one place the combination of professionalism, integrity,
efficiency, stability and tax neutrality, coupled with trust and foundation
legislation second to none.
CHALLENGE
Anguilla offers all these qualities, together with a sophisticated court
system and a unique alternative means of dispute resolution if needed.
SOLUTION
Anguilla has become recognised as a prime jurisdiction of choice for
wealth management purposes by some of the world’s most discriminating
advisers and its reputation continues to grow.
RESULT
ANGUILLA TRUSTS
THE ANGUILLA FOUNDATION
Trusts are created under the Trusts Act, enacted in the mid 1990s,
which has its roots in English trust law but provides a more flexible
framework. The Act permits commercial or charitable purpose trusts,
unit trusts, spendthrift trusts, asset protection trusts and what are
termed variant trusts. The provision for variant trusts permits a settlor
to create a trust (in whatever form and by whatever name) of a type
recognized by the law or rules of his religion or nationality or which is
customarily used by his community.
An Anguilla Foundation is established under the Anguilla Foundation
Act. The Anguilla Foundation is a hybrid entity, having the
characteristics of both a corporation and a trust. Like a corporation, it is
a separate legal entity that can buy and sell property, sue and be sued,
enter into contracts and hold assets in its own name, whereas a trust
does not of itself have a legal personality.
Any person who, under Anguilla law, can own or transfer property may
be a settlor, and the settlor may also be a beneficiary, trustee and
protector.
The Trusts Act provides for the optional registration of trusts with
the Registrar of Companies. The Rule Against Perpetuities has been
abolished and accumulation of income throughout the full term of a trust
is permissible.
The Anguilla Foundation offers the private foundation (a civil-law
concept) as an alternative to the common-law trust. The Anguilla
Foundation is very flexible and is the vehicle of choice for persons
residing or domiciled in civil-law jurisdictions. It may be established by
one or more natural or legal persons by a declaration of establishment
in writing during their lifetime or (by a single founder) by will. An initial
property endowment (which can subsequently be increased) of at least
US$10,000 must be placed under the control of the intended registered
agent of the foundation. Assets endowed upon an Anguilla Foundation
constitute an estate independent from that of the founder(s).
Subject to the Anguilla Foundation Act and the declaration of
establishment, an Anguilla Foundation may be established for any
purpose which is lawful, moral, not contrary to public policy and capable
of fulfilment. A feature distinguishing it from its competitors is
that it can carry out any kind of civil or commercial transactions apart
PROTECTION AGAINST FOREIGN JUDGMENTS
from activities prohibited in Anguilla or any financial services business
(unless the required licence has been obtained). The majority, if not all,
of competing foundation laws do not permit commercial activities.
An Anguilla Foundation is administered for the benefit of its
beneficiaries and/or purposes in accordance with contractual rather
than fiduciary principles. It is irrevocable and not subject to any
perpetuity periods. The Anguilla Foundation has the protection of the
corporate veil which, in many cases, makes it a more appropriate
solution than a trust for high net worth families seeking an estateplanning and/or asset-protection solution. Entrepreneurs seeking to
provide for the welfare of successive generations can provide continuity
for their business after death by holding shares in the family company,
or a separate class of voting shares, in an Anguilla Foundation. An
Anguilla Foundation has the option of registration or deposit.
Perhaps the most innovative and unique feature of the Anguilla
Foundation is a provision enabling the founder to specify a dispute
resolution procedure to apply to the foundation so that, for example,
a founder from a civil-law jurisdiction could, if he wished, specify that
a civil-law type procedure (or indeed a procedure of his own devising)
should apply in a place of his choosing.
Both the Trusts Act and the Anguilla Foundation Act provide express
protections against foreign judgments and orders, including any claim
under the law of another jurisdiction or the order of another Court in
respect of personal or proprietary consequences of marriage or its
termination; succession rights, including the fixed shares of spouses or
relatives; or the imposition of any foreign tax or duty. The same applies
to the claims of creditors unless the settlor of the trust or the founder of
the foundation was insolvent at the time of the disposition or became
so as a result of it and provided that the creditor commences his action
within three years of the disposition.
MUTUAL FUNDS
To find the right jurisdiction to set up your mutual fund brings with it
many challenges. Set up time and costs, annual maintenance costs, growth
and investment, efficient operational flexibility, tax and regulation are all key
factors in choosing the right location.
CHALLENGE
Using an offshore jurisdiction such as Anguilla takes away many
of those challenges. Anguilla is politically stable, with good infrastructure,
modern and flexible legislation, a true zero tax jurisdiction, low set up and
annual maintenance costs and minimal regulation.
SOLUTION
The Anguilla Mutual Funds Act provides for the establishment of either
a public, private or professional fund. Low set up and annual maintenance
costs, efficient operational flexibility, zero taxes and less red tape all make
Anguilla a choice offshore jurisdiction for your mutual fund.
RESULT
The purpose of the Anguilla Mutual Funds Act (the “Act”) is to
regulate mutual funds and managers and administrators who provide
administrative support services to mutual funds. The objective is to
attract mutual funds business to Anguilla by providing a reasonable
regulated environment.
rights, thus allowing for the creation of umbrella funds and master/feeder
structures. The use of an Anguillian domestic company also allows for
the use of companies limited by guarantee, or limited by guarantee and
shares, as well as private companies whereby the articles restrict the
number of shareholders to 11.
FUND TYPES
STRUCTURING
The Act provides for three types of funds, namely public funds, private
funds and professional funds.
The client, a brokerage firm for example, could create a product or
series of products to cater for its wide range of investors. For the small
investors who do not generally invest US$100,000 in one product, a
private fund would be ideal. Several private funds of 99 investors each,
with a low minimum subscription, could be created in a “cookie-cutter”
fashion. Thus each private fund could issue a similar prospectus,
use the same functionaries with the same or similar agreements and
basically negotiate on legal and other fees. The costs for establishing
and operating each fund of 99 small investors would decrease
dramatically, thus avoiding any adverse impact on performance or
undue burdens on the fund manager.
A public fund is defined as one making an invitation to the public, or
any section thereof, to purchase shares and which is not a private or
professional fund.
A private fund is defined as one with a limited number of investors and
whose constituent documents specify that the invitation to purchase
shares is to be made on a private basis.
A professional fund is one whose shares are available for purchase only
to professional investors; defined by the Act as persons whose ordinary Unlike the private fund, which has a maximum number of investors,
business involves dealing in investments.
a professional fund does not have that restriction, but instead has
a minimum subscription as stated above. This is ideally suited for
SPECIAL PURPOSE AND CORPORATE VEHICLES FOR MUTUAL
wealthier investor clients. In fact a firm could market a professional
FUNDS
fund to an unlimited number of its investor clients, but, from a
practical viewpoint, the use of several professional funds in a masterAn Anguillian fund may be in the form of an Anguilla domestic company, feeder structure would be more efficient in terms of managing and
an international business company, a limited liability company, a limited administering the structures and assets under management.
partnership, a partnership, a unit trust or a protected cell company/
protected cell accounts (segregated portfolio company/segregated
Alternatively, a firm could create a public fund or indeed several
portfolio accounts). The corporate entities are extremely useful because public funds for its investor clients. This, of course, would allow all
they allow for the issuance of series or classes of shares with different clients to invest without issues of investment size or investor numbers.
The Anguilla public fund is required to submit a prospectus prior to
being registered, and to present audited annual financial statements
as well as a certificate of compliance from the jurisdictions where it is
marketing and or operating outside of Anguilla.
REQUIREMENTS FOR RECOGNITION OR REGISTRATION
law of a jurisdiction other than Anguilla may be recognized in Anguilla
upon submission of an application providing evidence that it falls within
the definition of either of those terms, is lawfully constituted under the
laws of another jurisdiction and pays the requisite fee. This is similar
to the regime in, say, Singapore, which allows approved funds from
other jurisdictions to be registered there by the Monetary Authority of
Singapore.
All applicants, whether a private, professional or public fund, must
submit a completed application in the form set out in the Mutual Funds REGULATORY OVERSIGHT, FLEXIBILITY AND TAX EXEMPTION
Regulations (the “Regs”). The procedures for securing fund approval
under the Regs are quite streamlined. Barring complications, approval is The Anguilla Financial Services Commission (“the Commission”)
obtainable within a short period of time.
regulates the domiciliation of funds in Anguilla. It is an independent body
free from political influence and its members are appointed by the British
For public funds, the Act provides detailed provisions on the
Governor. Under the Act, there are several provisions which allow for
requirements for publishing a prospectus, as well as specifying
flexibility in the Commission exercising its functions. For example, under
requirements for an annual audit and other manual filings with the
section 14, a private or professional fund which is maintained by a
Registrar of Mutual Funds.
group of family trusts for the sole purpose of facilitating investment and
without any solicitation being made for the sale of a right to participate
Applications for private and professional funds are straightforward and
in the fund, is exempted from recognition, while under section 31 the
considerably less onerous than for public funds. It should be possible
Commission may choose not to apply any provision of the Act if it would
to obtain approval for a private or professional fund within three weeks not be prejudicial to the public interest.
of application. The Act provides for some flexibility for private or
professional funds whereby a private or professional fund is allowed to An Anguilla fund is exempt from all forms of taxation, including stamp
carry on business from within Anguilla for a period of 14 days without
duty and corporate, dividends and withholding taxation, among others.
being recognized.
This is specifically enshrined in the Act.
Administrators and Managers of funds must also apply for licenses –
essentially a background check and their qualifications.
DUAL RECOGNITION
A private and professional fund which is registered or licensed under the
CONCLUSION
Anguilla is an up and coming domicile for mutual funds because of
its business friendly approach to regulation and legislation. It is well
positioned to service this growing industry.
YOUR NEXT STEP
TALK TO A FINANCIAL SERVICES PROFESSIONAL
For a complete list of market participants please contact us on
+1-264-729-2793 or [email protected].
Alternatively, market participants’ details can be obtained by viewing the
Financial Services Commission’s website on: www.fsc.org.ai .
Details of entities not regulated by the Financial Services Commission (law
firms, accountancy practices and overseas agents) can be obtained from
Anguilla Finance directly.
We hope that you will find that Anguilla is the best offshore jurisdiction to
match your particular requirements.
We are here to help you find the best advice. And to find it here on Anguilla.
Located in the Eastern Caribbean, Anguilla is the northernmost island in the Leeward chain, less than 10 miles
north of St. Martin and just a few hundred miles away from Puerto Rico. Anguilla offers postcard-perfect beaches
with the privacy and seclusion that have attracted celebrity visitors ranging from Bill Clinton to Michael Jordan.
Photography courtesy of the Anguilla Tourist Board
Anguilla Finance
BRITISH WEST INDIES