ANGUILLA - BUSINESS COMPANIES ACT, 2022 AND NEW GOVERNMENT FEES.
- VISS
- Feb 24, 2023
- 1 min read
Anguilla's IBCs have had some changes in the past months. Some of the most significant changes can be summarized as follows:
Business Companies Act, 2022
Please be advised that the Business Companies Act, 2022 has repealed and replaced the Companies Act, International Business Companies Act, and Protected Cell Companies Act to establish a new framework for the registration, operation and regulation of companies; and for related matters was passed in the House of Assembly on the 12th of April 2022 and came into force on the 19th of April 2022.
Kindly note that, as previously indicated, you will be required to file the Economic Substance Return on the date the Annual Return is due for filing.
Also, International Business Companies (IBCs) are now regulated under the Business Companies Act after these changes.
Commercial Registry and Beneficial Owner Registration System Act, 2022
Please be advised that the Commercial Registry and Beneficial Owner Registration System Act, 2022 was passed on the 12th of April 2022 and came into force on the 19th of April 2022 to establish an electronic system for the Commercial Registry and specific customer due diligence and beneficial ownership information. This electronic system referred to as CRES, now replaces Acorn. In addition, CRES now includes a Customer Due Diligence Register (CDD) and a Beneficial Owner Register that requires Registered Agents to file client due diligence information and beneficial ownership information.
For your easy reference, you can read the Business Companies Act, 2022 and the new legalization changing the IBC to an ABC, which includes the latest government fees.
Should you require additional information, please get in touch with us at Contact@viss.com.hk.