New legislation has recently been passed that will align Anguilla with international standards relating to tax transparency and the associated beneficial ownership and economic substance requirements, through the creation of a more modern framework and supporting reporting system.
Whilst guidance and schedules are still to be issued, below is an overview of the legislative updates and what to expect for the operation of Anguilla companies in the near future.
New legislation
The Anguilla Business Companies Act, 2022 (the ABC Act) is the new companies’ legislation that repeals and replaces the International Business Companies Act and the Companies Act, establishing a comprehensive legal structure regulating the incorporation and operation of a larger range of companies in Anguilla.
The ABC Act is to be enacted along with the Commercial Registry and Beneficial Ownership Registration Act, 2022, whilst further legislative amendments are expected around economic substance reporting requirements.
Together, the enhanced regime imposes new filing requirements and on all relevant entities under the ABC Act relating to the following:
- Beneficial ownership
- Business activity
- Economic substance
The new regime will also introduce associated penalties to facilitate enforcement of the new filing requirements.
New Registry System
In order to support the wider reporting requirements and enable more digital services, the current registry system, Anguilla Company Online Registration Network (ACORN), will be replaced by the Commercial Registry Electronic System (CRES).
What does this mean for my Anguilla company operations?
Additional information relating to ownership will need to be held by the registered agent in Anguilla, and reporting business activity of the company is to be filed through CRES. For clients that have entities based in other offshore jurisdictions, they will be familiar with these reporting exercises that have been implemented over the past few years and the new regime in Anguilla brings it in line with international standards.
Enhancements to the regime and registry system will be accompanied by Government fee increases and related filing fees.
Next steps
Marbury will contact Anguilla clients to request the relevant information once the submission details are available. Should there be any queries in the meantime, or interest in exploring other jurisdictions as options for your business, please contact your usual Marbury advisor or info@marburys.com.