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Registering a company in Montserrat in 2020
The main advantages of doing business in this jurisdiction:
- A possibility of 100% foreign ownership;
- The exemption from taxes and dividends for non-residents and companies, that do not conduct a business in this jurisdiction;
- A limited liability of owners for company debts;
- A minimum package of documents for registration;
- Bearer shares are permitted.
Support in company registration is € 2500
Approximate terms of company registration from 7 daysDetailed information
Montserrat is a British overseas territory, located on an island in the Lesser Antilles archipelago. This island site is also called the British West Indies. Christopher Columbus discovered this island in 1493. The United Kingdom has directly controlled the island since 1632. Montserrat, however, has a significant autonomy. The official language is English.
If you intend to open a business in Montserrat, IQD Consulting specialists draw your attention to the fact, that the island offers foreign beneficiaries a company form such as LLC, although you can also establish an IBC in Montserrat. By the way, only IBC can issue bearer shares.
To register an LLC in Montserrat and to open an account in Montserrat means opening a model LLC, which will offer foreign owners not only a structure, that limits obligations of their shareholders, but also excludes obligations and responsibilities of its managers, including and debt. Foreigners are allowed to purchase all shares (or quotas) at Montserrat LLC.
In 2000, there was a Law on Limited Liability Companies on the island. However, as IQD Consulting experts note, it turned out to be imperfect, therefore, amendments to this law were made in 2002. The updated Law regulates the formation, types of business and the dissolution of all LLCs.
If you decide to register a company in Montserrat, you can have the following benefits as a foreign owner of the company:
- a full foreign membership (LLC shares may be wholly owned by non-residents);
- LLC and their members do not pay any taxes;
- only one member forms an LLC;
- there is an opportunity for a self-government or the appointment of one individual as a manager, who may also be a participant;
- only the beneficiary and a manager are marked in public registers;
- LLC members' obligations are limited to contributions to the authorized capital. The personal responsibility of the manager is also limited.
If you intend to set up an offshore in Montserrat and to open a bank account in Montserrat, you will need to choose a unique name for the company, which must end with the word “Limited” or the abbreviation “LLC”.
- a title;
- a registered address;
- the name of a registered agent;
- a data of the founder;
- types of shares.
Note: a local law does not require the information about the number of shares of participants and/or the founder, as well as the information on shares. In addition, the law also does not require the information about its new members, the information about a beneficial ownership is not provided to the Registrar, but is stored in a closed registered office.
To set up an LLC in Montserrat, you need only one member, who can be a citizen of any country and reside anywhere in the world.
If you are planning to open a company in Montserrat and to open a current account in Montserrat, please note, that unless otherwise specified in the Memorandum of Association, the adoption of a new member by law requires the consent of all members. In this case, the transfer (the assignment) of interest will also be valid and registered, however, such a participant will not be able to manage the enterprise. The Law provides for the possibility of appointing an individual (a manager), who will be the only manager. If this option is not implemented, the council manages the enterprise, in which each participant votes in proportion to the share in the profits.
If you intend to register a business in Montserrat while your company does not operate on its territory, it is exempt from all taxes (from an income to the corporate). Non-residents of the island also receive the exemption from taxes on dividends, etc.
However, US residents must disclose all global income to the Internal Revenue Service. The annual income is submitted in the form of a report to the regulatory authorities.
Each document submitted to the Registrar is open for a public review only for first 6 years, but all further changes are closed.
If you decide to register a company in Montserrat, to establish an offshore Montserrat, as well as to open a bank account in Montserrat, IQD Consulting lawyers will be able to help at every stage of this procedure, as well as advise you on how to open an offshore in the Caribbean.
The information posted in the article is current at the time of its publication.
Please, check with our specialists for possible solutions for your business.