Anguilla is an island in the Caribbean which was colonized by Britain and today remains part of Britain’s overseas territories. In order to break away from being totally dependent on the mother land countries such as Anguilla have tried to developed strategies to generate income and boost their economies. To make itself more independent Anguilla developed an offshore financial center in 1994 and since then has become a leading offshore jurisdiction and tax haven. In 1994 Anguilla introduced its first Limited Liability Company Act; since then the Act has been revised and was reintroduced in 2000. The Anguilla Limited Liabilities Company Act is based on that of the United States LLC which was first passed in Wyoming.
A limited liability company in Anguilla is owned by individuals called members and these members are not personally responsible for the debts incurred by the Anguilla company. A member of an Anguilla LLC only becomes personally responsible unless he or she personally expresses that wish and a decision has been agreed upon by all the members. This type of Anguilla Company normally uses its members as managers and has no requirement for a director or a board of directors. An Anguilla limited liability company can have one member according to the Act. In Anguilla there are local limited liability companies and Anguilla limited liability offshore companies. The Limited Liability Act of 2000 provides the law which regulates the registration and functioning of both types of companies in Anguilla.
An Anguilla limited liability company must have a registered office and agent. The name of the agent must be stated in the articles of formation of the company and the agent must hold a valid license to carry out agent services. In order to register a limited liability company in Anguilla the Articles of Formation must be filed with the Registrar. The Articles of Formation should enclose the following details: the name of the Anguilla company accompanied by the words limited liability company or the necessary abbreviation – LLC / L.L.C., address of the registered office and the address of the agent, if the LLC will be formed on a particular date, that date should be stated and if the LLC plans to dissolve, the date by which the Anguilla company plans to dissolve must also be included. If the documents submitted are satisfactory to the Registrar a Certificate of Formation is then issued to the limited liability Anguilla company. The Articles of Formation for an Anguilla LLC company can be amended at any time with the Registrar. All name changes with regard to the Anguilla LLC must be requested through the agent and approval is sought from the Registrar who records the new name.
The members of an LLC by choice may sign a written agreement concerning the conduct of business before or after the signing of the Articles of Formation. The agreement can have different classes of members each with different determined rights, duties and powers. The members of an Anguilla LLC are persons who have acquired interest in that company. The members of a limited liability company in Anguilla make contributions to the company in any of the following forms or any form otherwise prescribed in the company’s agreement: services, promissory notes, cash, property, real estate or any obligation to contribute cash. The responsibilities of a manager of an Anguilla LLC are stated in the agreement signed by its members. The manager can also be a member making contributions and shares in the company’s profit or loss. The penalties for the manager if he or she does not comply with the terms and conditions of the LLC agreement are also stated in the agreement.
Anguilla LLC’s or limited liability companies which do not conduct business in Anguilla or with residents of Anguilla are exempted from taxes such as income tax, corporate taxes or any similar taxes. These persons who own interest in LLC companies in Anguilla but do not reside in the country pay no estate tax, gift, inheritance or succession taxes. LLC Anguilla Companies registered in Anguilla but do not transact business there pay no stamp duty on transfer of assets or property and debt obligations.
Copyright © www.anguillacompanies.net 2007-2015 All Rights Reserved.