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- Since the enactment of a comprehensive package of financial services legislation in 1994, the financial services industry in Anguilla has experienced a period of steady growth. Government revenue from the sector has increased by more than 250% since 1994 and the number of companies incorporated in Anguilla has increased each year.
- The Anguilla Commercial Online Registration Network (ACORN) became operational towards the end of 1998 (see webpage at www.anguillaoffshore.com). ACORN has resulted in a significant increase in the number of company formations in Anguilla.
- ACORN is a state of the art companies registry system, developed by the Anguilla Financial Services Department, with financial assistance from the UK Government and technical assistance from the UK Companies Registry. It allows Ordinary Companies, International Business Companies, Limited Liability Companies, and Limited Partnerships to be established and registered in Anguilla electronically via the Internet. Companies can be incorporated 24 hours a day, 365 days a year, from anywhere in the world. In addition to company registrations, ACORN also enables all other companies registry activities, which are either required or permitted under the relevant legislation, to be undertaken online. The system is available to all practitioners in Anguilla who are duly licenced under the provisions of the Trust Companies and Offshore Banking Act, and to their overseas agents. Overseas agents are required to be registered with the Financial Services Department of the Government of Anguilla in order to access the Registry´s services directly. There is no charge for becoming a registered agent or for access to the system.
- ACORN allows users to undertake electronically any business otherwise transacted in paper form with the Anguilla Companies Registry. Registered users are provided with software that enables them to have secure digital encrypted access to the system, supplemented by individual user password controls. The ACORN menu presents a user friendly list of administrative functions, name search and name reservation, and all necessary facilities for forming and registering the above mentioned three types of corporate vehicles and limited partnerships.
- While developing ACORN, the Anguilla Companies Registry worked closely with the supplier to ensure that security, reliability and regulatory issues were fully addressed. Additionally, the system is able to handle company names written in foreign characters.
- As an added attraction, Government has introduced a standard fee of US$250.00 for all incorporations under the International Business Companies Act, regardless of share capital or structure. In addition, the government fee for continuation of companies into Anguilla under the Act has been reduced to US$100.00, provided the articles of continuation, to redomicile the company in Anguilla, are filed via ACORN. This concessionary fee will be credited against the annual licence fee.
- The Companies Registry Act is the statutory authority for the filing of electronic documents under ACORN and specifically covers the functions and powers of the Registrar of Companies.
- All of the entities described in Section 3 above, including limited partnerships, can be established and registered through ACORN via the Internet.
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