Anguilla Aligns with International Tax Transparency Standards

Introduction of New Legislation Enhances Tax Compliance Framework

The island of Anguilla has made significant strides in enhancing its tax transparency and compliance framework by enacting new legislation. The Anguilla Business Companies Act, 2022 (ABC Act) and the Commercial Registry and Beneficial Ownership Registration Act, 2022 have been passed, introducing a more modern framework for regulating companies in Anguilla.

Key Provisions of the New Legislation

• Replaces the International Business Companies Act and the Companies Act
• Provides a comprehensive legal structure governing the incorporation and operation of a wider range of companies in Anguilla
• Aligns with international standards, mirroring reporting exercises implemented by other offshore jurisdictions over the past few years

Enhanced Filing Requirements

• All relevant entities will be required to file information relating to beneficial ownership, business activity, and economic substance through the Commercial Registry Electronic System (CRES)
• Registered agents in Anguilla must hold additional information relating to ownership
• Businesses must file reports on their business activity through CRES

Penalties for Non-Compliance

The introduction of penalties aims to ensure that companies adhere to the new filing requirements.

Supporting the Transition

Marbury will be in touch with clients to request necessary information once submission details are available. Clients interested in exploring alternative jurisdictions for their business or seeking guidance on navigating Anguilla’s new regulatory landscape can contact Marbury advisors at info@marburys.com.