Anguilla is one of Britain's Overseas Territories in the Caribbean and as such it enjoys a high degree of political stability. All political parties are strongly committed to the growth of Anguilla as a quality financial services centre.
Although the country is essentially self governing, its legislature is the democratically elected House of Assembly. The Constitution gives the British appointed Governor certain fundamental reserve powers. All legislation must be assented to by the Governor as H.M. The Queen's representative.
The significant growth in Government revenues earned from the financial services sector over the last few years is a testament to the success of the policies to date. Anguilla is well positioned as a major player in the international arena.
Anguilla is a common law jurisdiction. Its judicial system is administered by the Eastern Caribbean Supreme Court the appeal process culminates with the Privy Council. The Court system is serviced by a number of firms of fully qualified and experienced lawyers.
The professional infrastructure is well developed, with major accounting firms represented on the island. The telecommunications system is of a world standard providing direct access worldwide.
Unlike many financial services centres, Anguilla is truly a neutral tax jurisdiction. There are no income, capital gains, estate, profit or other forms of direct taxation on either individuals or corporations, whether resident in Anguilla or not. This makes Anguilla a very attractive location for financial services professionals to base themselves. The Government recognises the desirability of expanding Anguilla's professional infrastructure and has very recently established a new programme allowing for multi-year work permits of up to four years duration and relaxed residency rules.
There are no exchange controls in Anguilla. Although the official currency is the Eastern Caribbean Dollar the United States Dollar is commonly used.
Anguilla has three types of companies:
Companies must be incorporated through a local agent all of whom, are licensed under the new Company Management Ordinance and regulated by the Inspector of Company Managers. The Government and private sector are working closely together to establish best practice guidelines for company managers. These will be designed to ensure that through the application of due diligence procedures and the adoption of high standards of practice, Anguilla attracts the best business and that its reputation is maintained.
The relevant IBC, LLC, Limited Partnership and Trust Ordinances all provide a statutory exemption from all forms of corporate, income withholding or other like taxes in respect of international Anguilla Companies business. Companies are usually formed instantly using the ACORN system.