To supports the need for full compliance with the standards established by the Financial Action Task Force (FATF) of increasing the tax transparency, the Government of Anguilla has passed and gazetted a new Business Companies Act, 2022 and Commercial Registry and Beneficial Ownership Registration Act, 2022 which came into effective on 1 July 2022. The new Business Companies Act repeals and replaces the International Business Companies Act and the Companies Act.
New Legislation
The new legislation has imposed new requirements for all relevant entities related to Beneficial Ownership, Business Activities and Economic Substance to bring Anguilla in the line of the international standard.
Client now requires filing the information of directors, shareholders, ultimate beneficial owners, business activities and location to the Anguilla government new system – Commercial Registry Electronic System (CRES). Also, it is required to file an annual return and economic substance report on a yearly basis.
We will continue to keep you informed upon we got any guidelines and explanations on the legal update from the Regulator.
If you are requiring further information or would like to discuss about the new legislation and business solution, please get in touch with your contact persons in Kaizen.
