mARCH 2012 42 Legal Expert Board www.lawyer-monthly.com

Offshore Companies Anguilla

As part of Lawyer Monthly’s Legal Expert Board on Offshore Companies, we take a look at the country of Anguilla, speaking to Jeremy Leese, Head of Corporate and Commercial at Anguilla-based law firm, webster Dyrud Mitchell.

Webster Dyrud Mitchell has provided innovative legal advice for over 25 years to a diverse international clientele, including multi-national corporations and global financial institutions, governments and high net worth individuals. In today's challenging environment of unpredictable markets, volatile economies and complex human issues, our time-tested role as a trusted advisor to provide practical, commercial solutions to a wide range of legal problems has never been more critical. The depth and breadth of our lawyers' expertise and experience, combined with a well-founded reputation for responsiveness and efficiency, enables Webster Dyrud Mitchell to effectively service the needs of clients around the world regarding all aspects of the laws of Anguilla, Nevis and the British Virgin Islands, from offices in Anguilla and Nevis.

Q I am Head of the Corporate &

Commercial team here at WDM. Following training with a magic circle firm in London and four years as a corporate finance lawyer in the UK, I moved offshore in 1999 and, since then, I have worked in Bermuda, Hong Kong, Jersey and the BVI, before moving to Anguilla in early 2011.

Please introduce yourself and firm.

Q

what are the main benefits for companies choosing to invest in offshore jurisdictions?

The advantages of using offshore investment

structures include

confidentiality, asset protection, tax efficiency and flexibility. Some or all of these factors may be considered important by those who choose to utilise offshore vehicles.

With regard to confidentiality, in

Anguilla there is no filing of director or shareholder information with the Registrar of Companies, nor is there a need to audit or file accounts. A local registered agent retains the company books and will only release information to a third party with its client’s consent. This can be attractive to clients who do not wish to publicise their affairs or draw attention to their business dealings.

The strong asset protection provisions

of Anguilla’s legislation may also prove appealing for certain clients, where the non-applicability of the rule against perpetuities, the unenforceability of foreign judgments with regard to assets settled in an Anguilla trust and the protection of the corporate veil an Anguilla foundation provides can sway high net worth individuals to utilise these Anguilla vehicles in their succession planning.

Anguilla’s tax neutrality is, of course, a

central reason why many clients choose to use the jurisdiction’s vehicles. Provided no Anguilla land or residents are part of a structure, it should be tax free for participants, with no tax on distributions, dividends, gifts, return of capital, profits or capital gains.

Q

Offshore companies have long been a popular option for businesses making the most of attractive tax, financial and legal frameworks around the world. However, the recent global financial crisis has led to several

legislative

attempts recently by governments

globally,

aiming to limit the benefits that are available to companies looking to take advantage of such opportunities. In your opinion, what do you think was the most important legislative change for this sector?

I think the implementation of anti-money laundering/proceeds of crime legislation in accordance with the onshore regulators’ requirements has been very important in the leading offshore