Anguilla
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Capital:
The Valley
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Population:
13,000 (est. 2003)
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Languages:
English (official)
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Area: 102
sq. km (land area)
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Currency:
East Caribbean dollar (XCD)
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Fiscal year:
1 April - 31 March
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Independence
status: overseas territory of the
UK
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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:-
