Mutual Funds, Captive Insurers and Protected Cell Companies in Anguilla
The Government of Anguilla has just implemented three new pieces of legislation designed to strengthen the island's offerings for the provision of international financial services. The three new acts - the Mutual Funds Act 2004, the Insurance Act 2004 and the Protected Cell Companies Act 2004 - came into force on 1st October 2004.
Of particular interest are the mutual funds and captive insurance opportunities. One will now be able to register public funds in Anguilla to be used by investors abroad. Private and professional funds will also be recognized in Anguilla thus allowing knowledgeable fund investors to operate these types of entities.
Anguilla will now be able to offer captive insurance with the coming into force of the new insurance act and protected cell companies act. Captive insurance is a growing market which allows companies to self-insure through their own captive insurance company. Medical practitioners and other professionals are particularly active in the area.
Three amendment acts that were enacted at the same time also come into force on 1st October 2004. They include the Proceeds of Criminal Conduct (Anguilla) (Amendment) Act 2004; the Criminal Justice (International Co-operation) (Anguilla) (Amendment) Act 2004 and the Drug Trafficking Offences (Amendment) Act 2004.
The new statutes increase the attractiveness of Anguilla as a corporate forum. Anguilla is already known for providing among the most cost-effective and efficient offshore companies in the world. Please see http://www.ibcf.com/anguilla.htm for more information on forming an International Business Company or Limited Liability Company in Anguilla. As a licensed offshore agent of Anguilla, IBCF can form your company within hours.
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