For investors, today, especially entrepreneurs seeking fresh chances, establishing an overseas business is no longer a novel idea. It is regarded as a perfect location and has attracted numerous businesses in recent years. Before deciding to establish an offshore company in Anguilla, you can use the information in this article to fully understand why doing business there is so alluring to foreign investors.
Overview of Anguilla’s location
The population of the country, which is 35 square miles long and elongated, is roughly 15,000 people. Despite being a small Caribbean island, Anguilla has stunning natural beauty. The tiny island of Anguilla, which has 33 immaculate white beaches and coconut trees, is one of the most distinctive places in the world. It is encircled by crystal-clear blue waters and magnificent coral reefs. Additionally, Anguilla is just 10 to 20 minutes from the United States, Canada, and Europe.
The exclusivity of this island, however, sets it apart from other islands in the region. Anguilla stands apart as a calm natural reserve reserved only for people who wish to appreciate nature in comparison to the other islands, which draw hundreds of millions of tourists annually. Anguilla draws a lot of really wealthy visitors from Wall Street and Hollywood every year with its stunning beaches, first-rate spas, and serene ambiance. If you want to start a business in Anguilla or want to dive deeper into the luxury travel market, this could be your ideal opportunity.
Anguilla’s rapidly growing economy
Businesses operating in Anguilla benefit from political stability, an advantageous corporate tax structure, and a laid-back work climate because the island is a British Overseas Territory. Anguilla, a very small island when compared to other islands, was among the top regions with the greatest growth index in the 1980s. Anguilla has maintained its position as one of the most significant financial hubs in the world since the early 1990s. Anguilla’s total GDP for 2019 was an impressive US$ 307 million, and its GDP per person was above US$ 20,000. Transportation contributed 2.1%, Tourism stood for 30.5%, and Other Services accounted for 67.4% of all foreign trade in services. The United States, Chile, Guyana, South Korea, and Uruguay will be the top 5 commercial partners of Anguilla in 2020.
Anguilla has few natural resources and unfavorable topography, which prevents agriculture and agricultural product processing from developing as rapidly as they could in other regions. As a result, the economy of Anguilla is primarily dependent on the service sector, luxury travel for the wealthy and super-wealthy, remittances from migrants, and especially offshore banks and enterprises. Anguilla’s leaders and officials consistently work to develop the offshore financial sector because it makes up a sizable portion of the country’s economy. Economists have found that while there isn’t a lot of capital in the sector currently, it is expected to grow significantly in the coming years.
Benefits of doing business in Anguilla
Because Anguilla is a UK Overseas Territory, it serves as a base for businesses looking to grow in the UK or across Europe. Additionally, it has a solid yet adaptable legal framework built on the English Common Law system, with incredibly advantageous rules and regulations for companies looking to do business there. The Anguilla Youth Entrepreneurship Foundation, which was officially inaugurated by Global Entrepreneurship Week 2020, is the most recent and well-known support initiative. This initiative was started to encourage young people all around the world to realize their potential as entrepreneurs and self-starters. Here are some additional benefits of conducting business in Anguilla in addition to the highly advantageous programs for companies and investors described above.
1. A place with strict rules designed to protect wealth
Anguilla, in the British Caribbean, is an offshore jurisdiction with a long history of managing businesses, trusts, and estate planning, as well as funds, captive insurance, and mutual funds. This location will offer the best security for the assets of you or your business due to its numerous illustrious consulting businesses, a wide range of financial services, and extensive knowledge.
2. One of the world’s most alluring tax systems
Tax laws in this region are incredibly benevolent for Anguilla business owners. There are no corporation taxes, direct taxes on income, capital gains, or inheritance. The Anguilla government runs this territory with almost no taxes at all primarily on customs duties. The beneficiaries of these tax classifications are individuals who apply for the estate/contribution residency choices.
3. You stay connected with modern communication networks
Although Anguilla’s pace of life may be a little slower than other areas, the infrastructure, and telecommunications network there are up-to-date and dependable. For the island to have high-speed Internet, many providers have made fiber optic connections available. This makes it simple for you and your business to conduct business in Anguilla without any issues.