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Anguilla’s Offshore Industry: Company Services Sector Overview
Industry Overview
The company services sector has been a significant growth area for Anguilla’s offshore industry. The island’s tax-neutral status and ease/flexibility of incorporation have made it an attractive destination for companies.
Key Statistics (as of October 2002)
- Licensed Company Managers: 29
- Trust Companies: 12
Company Registration
A total of 4,642 companies and partnerships had been registered as of August 2002. The breakdown is as follows:
Types of Registered Entities
- International Business Companies (IBCs): 3,041
- Ordinary Companies: 1,466
- Limited Liability Companies (LLCs): 128
- Limited Partnerships: 7
Online Registration System
Anguilla’s Commercial Online Registration Network (ACORN) enables instant electronic incorporation and registration of corporate entities. Developed with assistance from Companies House UK and the UK Government.
Securities Business
There is only one entity engaged in securities business on the island, operating under a trust license. Additionally, there is one unit trust that operates under this license.
Regulatory Framework, Oversight, and Market Integrity Arrangements
The Financial Services Department (FSD) regulates international financial services. The FSD’s main functions include:
Key Functions of the FSD
- Licensing Recommendations
- Compliance and Inspections
- International Supervisory Initiatives
- Legislative Initiatives
Financial Services Commission (FSC)
Draft legislation to transform the FSD into an operationally independent FSC is under consideration. The original intention was for the FSC to be established by the end of 2002, but this has been postponed to September 2003. The FSC will assume key functions, including:
Key Functions of the FSC
- Supervising all Licensees
- Considering and Deciding on License Issuance
- Monitoring Anti-Money Laundering Regulations
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