Anguilla is the most northerly of the Leeward Islands and is located in the northeastern Caribbean, approximately 950 miles south east of Miami, Florida. There is an estimated population of 12,000 inhabitants and a land area of 91 square kilometers.
The Island is an Overseas Territory of the United Kingdom with a legal system based upon English common law with local modifications. The Island is governed by an Executive Council appointed by the governor from amongst the elected members of the House of Assembly. The United Kingdom is responsible for the defense and foreign affairs of Anguilla.
Highlights Of Anguilla Companies
Anguilla IBCs are formed pursuant to the International Business Companies Ordinance of 1994 (amended in 2000) which includes all the most desirable aspects and features of this modern type of legislation. The Anguillan IBC is an extremely flexible product which provides for minimal reporting, no requirements to file financial statements, no requirements to disclose beneficial ownership, no requirement to hold meeting on the islands and provides that meetings may be held in person, by telephone or by other electronic means.
ACORN (Anguilla’s Commercial Online Registration Network), allows overseas licensed agents to incorporate online to streamline the incorporation process of Anguilla IBCs. These registered agents have secure, encrypted access to the system.
Besides from IBC, the corporate Ordinances provide for limited liability (or limited life) companies and ordinary companies which, due to Anguilla’s true zero tax status, can be used as domestic or offshore vehicles. Companies limited by guarantee, hybrid companies and nonprofit companies are all permitted.
The Confidential Relationship Ordinance of 1981 makes it an offense punishable by a maximum fine of US$10,000 for professionals and banks or anybody else to reveal confidential information, including details of the owners and directors, of an Anguillan IBC Company.
Although commercial confidentiality is ensured by this legislation, the authorities in Anguilla will cooperate fully with law enforcement agencies and regulators in other jurisdictions in the case of illegality. In common with other reputable jurisdictions the Department of Financial Services is able to share regulatory information with overseas regulatory authorities.
Movement Of Funds
Currency is the EC Dollar but the US Dollar circulates freely; there are no foreign exchange controls. The EC Dollar is pegged to the US Dollar and controlled by the Eastern Caribbean Central Bank. The EC Dollar is exceptionally stable, its rate against the US Dollar having remained virtually unchanged in the last fifteen years.
Name: The following words cannot be used either in English or any other language: ‘Assurance’, ‘Bank’, ‘Building Society’, ‘Common- wealth’, ‘Co-operative Society’, ‘Fidelity’, ‘Friendly Society’, ‘Fund’, ‘Guarantee’, ‘Indemnity’, ‘Insurance’, ‘Reinsurance’, ‘Trust’, ‘Trustee’, ‘Underwriter’, ‘Royal’, ‘Imperial’, ‘Empire’, ‘Municipal’ and ‘Chartered’ or any derivatives of any of these words without the written con- sent of the relevant department of the local government. The name of an IBC must indicate that the company is Limited.
Capital / Shares: There are no minimum or maximum capital requirements. The authorized capital of an international business com- pany may be stated in any currency approved by the Registrar and the par value of shares with a par value, if any, shall be expressed in the same currency.
Shareholders: An exempted company needs to have one shareholder and shares can be issued in registered form. There is no requirement to file the details of shareholders on any public record. Bearer shares needs to be held by an authorized custodian.
Registered Office / Agent: As a matter of local company law the company must maintain a registered office address within Anguilla and a registered agent as well.
Directors / Officers: A minimum of one director is required and corporate directors are permitted. There is no requirement to file the details of directors on any public record.
Register of Members: A copy of the share register must be kept at the Registered Office commencing from the date of registration of the Company.
Books, Records, and Seal: There is no requirement to file accounts or an annual return. The only requirement is that the company must pay the relevant fee to the local government on the anniversary date of incorporation. The Books and records required to be kept at the registered office of the international business company or at such other place as the directors may, by resolution, deter- mine. The IBC Company shall have a common seal and an imprint thereof shall be kept at the registered office of the company.
Taxation & Fees
Anguilla is a major no tax haven. There are no direct taxes such as income tax, corporation tax, capital gains tax, profit tax, gift tax or death duties, except for an annual license fee of:
a) US$200 for authorized capital up to US$50,000, no par value or both;
b) US$200 for authorized capital in excess of US$50,000;
c) US$200 if there is no authorized share capital and all shares have no par value
The annual fee to be tendered along with the annual return filing is US$636 for exempt companies and US$490 for ordinary (non-resident) companies, for a capital of no more than $50,000.
Annual License Due Date And Penalties
Annual license due 10% surcharge 50% surcharge struck‐off from registry anniversary date three months after the anniversary date from the fourth up to the sixth month from the anniversary date six months after the anniversary date.
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Accounting and VAT services in Cyprus
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The Panamanian corporation is a kind of legal entity particularly suited for holding the title of assets and/or business concerns of any description, while at the same time ensuring confidentiality and security in any circumstances, a fact that becomes even more convenient when the anonymity of the owner of property/wealth may offer advantages in respect of governmental controls and taxes, personal protection, and ease of transfer and other forms of disposal.
The advantages of the corporation in any modern legislation are well known, but the advantages of the Panamanian corporation are always worth looking into even though they are a subject that requires no discussion among the most important law firms in the entire world. They have held an extremely prominent position in legislation tailored for offshore use since 1927, and they have been one of the major tools for investing and/or owning assets outside of the jurisdiction of the party in interest regardless of nationality or domicile.
Among many of its possible applications, it is worthwhile noting that it is an expedient for avoiding inheritance complications and probate proceedings.
The Office of the Public Registry in the Republic of Panama has earned worldwide repute for the protection it offers to corporations and their shareholders.
To make the Panamanian legal landscape even more attractive, over the past score of years other institutions have been added to complement the corporation through the Panamanian law on private foundations, which is ideally suited for estate management, among other things.
Communications in Panama city are on the same technological level as any of the most important cities in the industrialized countries, English among the lawyers in the top law firms is almost on a par with Spanish, and the U.S. dollar is the only paper currency recognized as legal tender by the Constitution, and is the subject matter of a bilateral treaty between the Republic of Panama and the United States of America almost one hundred years ago.
For limited liability company (GmbH):
A statutory share capital of € 35.000 is needed, of which at least € 17.500 – has to be paid in. After the registration of the company the share capital can be used as working capital.
For Austrian Private Foundation:
A minimum capital to be paid in amounting to € 70.000 is needed, after the registration of the private foundation these funds can be used for making investments too.
There are no any capital requirements.
Structure of an Austrian company
Annual meeting, auditing and reporting
Austrian companies are obliged to have books of accounts and have to file annual accounts and tax returns as well as report to the competent court of registration.
In the case of a limited liability company (GmbH) compulsory audit is not necessary, only if certain thresholds regarding the number of employees, the assets value and the turnover are exceeded. The Austrian private foundation is obliged to have an audit of its books annually.
Fees associated with the company incorporation
The fees usually are in a range between €4.000 and €6.000, whereby this includes the cost for drafting the articles of association, the notarial deed, the bank compliance and obtaining a taxpayer’s identification number and a VAT identification number.
Furthermore 1% capital transfer duty has to be paid for the effectively paid in share capital as well as court duties in a range between €400 and €600.
General taxation rate for incorporated companies
Austrian corporations have to pay a flat 25% corporate income tax on their worldwide income whereby material tax exemptions are granted for foreign source dividends and foreign source capital gains, even if there is no tax treaty existing with the other country.
Austrian companies can also obtain tax-free dividends and tax-free capital gains from off-shore companies under certain circumstances.
The regulatory authorities can request information about the background and identify of the company officers, or company accounting information, provided that this information is requested and required to assist investigations or prosecutions in case of serious crimes such as money laundering, terrorism or fraud. Such information can be shared with other jurisdictions provided that there was a criminal prosecution initialized by a regular court in the other country.