Anguilla is an island situated in the Eastern Caribbean and is a British Overseas territory. Established in 1980, it's capital is The Valley. Anguilla appears to be one of the most popular locations for foreigners to set up a company there. It is favourable 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 a company in Anguilla remotely.
There are a lot of advantages in 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 Anguilla. This article deals with details about offshore and shelf companies and also discusses the benefits and process of incorporating such companies in Anguilla. As Anguilla is an island the main business there includes fishing, manufacturing of boats and also processing fish. The service sector on the island consists of tourism and financing. The tourism sector contributes 40 % of the GDP in Anguilla. Exporting involves fish, salts, rum etc.
What Are Shelf Companies?
A company which does not have any assets or liabilities and has not done any business at all is known as shelf companies. 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. The procedure of forming offshore shelf companies in Anguilla is similar to the formation of an offshore company in Anguilla. This section discusses the process and benefits of setting up an offshore shelf company in Anguilla.
Procedure To Set Up An Offshore Shelf Company
The process to open an offshore shelf company in Anguilla requires few steps, and they are as follows-
- 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.
- 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 licence to do the same. The company/ person will then act as a registered agent for our company.
- DOCUMENTATION- 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.
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 is tax-free for offshore companies. 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.
- 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 a 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.
Ask The Experts
Every field requires experts' advice to ace in that particular field. Setting up a business at any place is not an easy task for a layman, professionals can help you do the work faster and in a more straightforward way also. There are many other reasons to hire professionals for setting up an offshore company. Some of them are-
- Professionals will give you clarity about all the pros and cons of setting up a business in a particular jurisdiction.
- They know the procedure, laws and details better and can help you understand everything in a much simpler way.
- They can suggest better options as their research work is more vast.
- It will be a convenient way to set up a business anywhere.
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.