Anguilla has had a financial services industry for a number of years.
However, the Government only recently embarked upon a progressive program to launch Anguilla as an up-market, well regulated and exclusive financial services centre.
In 1994 Anguilla established its financial services center and has seen a steady growth in financial services providers based on the island. The significant growth in government revenues earned from the financial sector is a testament to the success of the policies to date.
The present legislation is designed to afford flexibility to practitioners and contains many innovative provisions. The Corporate Ordinance provides for International Business Companies (IBCs), limited liability companies and ordinary companies which, due to Anguilla's zero-tax status, can be used as domestic or international vehicles.
The Financial Services Department’s decision in the late 90’s to launch Anguilla’s Commercial Online Registration Network (ACORN), an online system allowing instant company registration within minutes was a major factor in the development of the financial sector. ACORN, the world's first online, instant company registration system, went online in 1998 and ever since, companies can be incorporated virtually instantaneously 24 hours a day by internet.
The Companies Registry Ordinance, enacted in 1998, provides the practical legal framework for ACORN's operation by enabling the filing of documents in electronic form and the recognition of electronic signatures. |
