Anguilla is an island situated in the Eastern Caribbean and is a British Overseas territory. Established in 1980, its capital is The Valley.
Anguilla appears to be one of the most popular locations for foreigners to set up a company there. It is favorable to the people looking to open an offshore or a shelf company in any foreign jurisdiction because of its tax-friendly and liberal laws. The formation of an offshore company is regulated by the International Business Companies Act, 2000. According to the Act, it allows foreigners the opportunity to start an offshore company in Anguilla remotely.
There are a lot of advantages to incorporating a company in Anguilla. The confidentiality of the shareholders has been protected under the International Business Companies Act 2000. The country charges zero per cent tax on offshore and shelf companies, which is another significant benefit of incorporating an offshore shelf company in such a tax-haven jurisdiction. This article deals with details about offshore and shelf companies and also discusses the benefits and process of incorporating such companies in Anguilla
What are Shelf Companies?
A company that does not have any assets or liabilities and has not done any business at all is known as shelf company. These are registered companies with all the formalities completed but just waiting for a buyer to buy them. It helps the seller earn some profits, and the buyer saves a lot of time and energy as they are registered companies.
These types of companies are known as ready-made companies. They are sold after all the hectic work for incorporation has been completed. Also known as aged companies, they are registered companies, but there is not even a single activity which took place on behalf of the company.
Offshore Shelf Company in Anguilla
Offshore shelf company in Anguilla is based on the International Business Companies Act 2000. An International Business Company (IBC) is one of the highly recommended business entities in any offshore jurisdiction. The procedure of forming an offshore shelf companies in Anguilla is similar to setting up an offshore business entity in Anguilla.
What is the Process of Starting an Offshore Company in Anguilla?
The process to open an offshore shelf company in Anguilla requires few steps, and they are as follows-
1.Select the Name of the Company
The first step is to decide the name of the company. The name should not be similar to any other company. Further, the name of the company should end with something which describes the structure of the company. For example, if a company is a limited one, then the name should end with names like limited, corporation etc.
2.Select A Registered Agent
The next step involves finding a registered agent and then submitting the registered address, mailing address and the registered address of the registered agent. The other requirement is to keep the registered office active through a company/ person which has the license to do the same. The company/ person will then act as a registered agent for our company.
3.Be Ready with the Documentation Process
The next step is to submit all the required documents for the registration of a company. It involves Article of Association and incorporation documents to be filed with the registry. The language to file the same is in English. The required set must include:
- A duly filled application form
- Passport size photo of the shareholder(s) and director(s)
- Copy of Memorandum of Association (MOA)
- Copy of Articles of Association (AOA)
- Identity proof of the director(s) and shareholder(s)
- Address proof of the director(s) and shareholder(s)
- Detailed business plan
- Selected names of the business entity (One must hold at least three alternatives)
What Are the Benefits of An Offshore Shelf Company in Anguilla?
There are a lot of benefits of setting up an offshore shelf company in Anguilla. Some of the benefits are-
- The country falls under the category of “tax-free countries”. It means a person does not need to pay any tax on such companies.
- The second benefit is that the formation of such a company does not require any paid-up capital. Therefore, the establishment of such a company becomes a lot cheaper in Anguilla.
- Confidentiality is another advantage as the IBC Act protects the name of directors and shareholders of the company.
- The shareholders can proceed ahead for offshore bank account process.
- A person does not need to submit an annual report of auditing or anything to the government, which will save a lot of time and money.
- One reason to buy a shelf company is that it will save a lot of time, and a person doesn't need to go through the time-consuming process of incorporating a company.
- As people prefer to do business with an old company than a new one, a shelf company will add this benefit as it is an already registered company.
- It will also leave a good impression on the customers and clients due to the period of establishment.
- The longevity will also help in getting corporate credits conveniently.
Setting up an offshore company is not an easy task as it involves a lot of legal formalities and can take a lot of time and energy of a person who is not familiar with such a process. It is not easy to understand the procedure, and some people don't have the time to do so. It is where people look for experts who can help them set up a company wherever they want to save their time, energy and money.
Professionals will give you clarity about all the pros and cons of setting up a business in a particular jurisdiction. Here’s a guide on the Core Reasons for Hiring an Offshore Business Consultant, which will help you to grab the insights of hiring one.
Business Setup Worldwide is a team of experts and professionals for incorporating companies in different parts of the world. Therefore, if you are looking for people to help you with company incorporation, feel free to contact us-we’d be glad to assist!