The following activities are prohibited with IBCs:
Anguilla IBC Act doesn’t require specific number of directors. However, the minimum of director/shareholder need to be at least one, and can be the same person.
The registers of directors/shareholders are not made available to the public. In addition, an IBC can elect to file with the Registrar or not, but the information must be kept with the registered agent through due diligence process.
Meetings of company directors/shareholders can be organized in any manner and places that the director considers necessary or desirable.
Yes, director of an IBC can be individual or the body corporate.
An IBC is allowed to issue almost all types of share such as registered shares, non-voting shares, bearer shares, shares with a par and no par value, shares with special privileges related to dividends, redemption.
All shares issued must be paid up in full.
An Anguilla IBC has to maintain its financial records, but don’t have to file financial statements, annual return or tax return.
Final Rules of BVI Economic Substance Released
For those who are BVI legal entities, it should be noted that amendments have been made on The Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA) which was enacted in the British Virgin Islands on 31 December 2018 and came into effect on 1 January 2019.
