Anguilla
|
Capital: The Valley
|
|
|
Population: 13,000
(est. 2003)
|
|
Languages: English
(official)
|
|
Area: 102 sq. km
(land area)
|
|
Currency: East Caribbean
dollar (XCD)
|
|
Fiscal year: 1 April
- 31 March
|
|
Independence status:
overseas territory of the UK
|
| |
BACKGROUND
ANGUILLA is the most northerly of the Caribbean Leeward
Islands, located approximately one and a half hours
south east of Miami, Florida. It has a land mass of
36 square miles, which supports an estimated population
of 9,000. The official language is English and the main
industries are tourism, financial services, boat building
and fishing. Anguilla is a stable society and strong
democracy. It is a British Dependent Territory. Britain
maintains responsibility for defence and foreign affairs.
Legal System
Anguilla's legal system is based upon English Common
Law, with local modifications, including the introduction
and adoption of numerous pieces of modern financial
services legislation. These laws were drafted with the
involvement of all elected legislators, with the advice
of the private sector practitioners, and the consent
of British Government representatives.
Currency
The share capital of International Business Companies
("IBC") is usually expressed in United States dollars
(USD) although any major currency may be used, but the
share capital of local companies is usually expressed
in the local currency, the Eastern Caribbean dollar
("XCD"). The exchange rate between the US
dollar and the XCD dollar is fixed at 2.6882 XCD to
1.00 USD.
Confidentiality
The confidentiality Relationship Ordinance #10 of 1981,
prohibits the unauthorised disclosure of information
relating to a person or a corporation business affairs
on Anguilla. Neither the Registrar nor Registered Agent
may reveal confidential information without a Gazette
order to do so, under the penalty of law. It must be
noted that the Ordinance does not offer protection with
regard to the investigation of crimes which are offences
under Anguillan Laws (e.g. drug related offences etc).
The common law duty of confidentiality of a banker,
lawyers, accountant, or company manager, towards a client
is rigorously applied in Anguilla.
Taxation
Anguilla has no taxes. New International Business Company
("IBC") is getting full exemption of taxes
locally, but the IBC cannot trading or doing business
with residents of Anguilla or in restricted areas like
banking or trust etc.. which special license is required.
As of December 1995 there were over 4,700 registered
enterprises, including approximately 75 banks.
New Legislations
The Anguillian government understands that the cornerstone
of any offshore sector is the legislation regulating
companies incorporated in that centre. New legislation
is enacted to run businesses more efficiently:-
