Montserrat is a British overseas territory, located on an island in the Lesser Antilles archipelago. This island 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, YB Case 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 a LLC in Montserrat and open an account in Montserrat means to open a model LLC that will offer foreign owners not only a structure that limits the liabilities of their shareholders, but also excludes the obligations of managers, including debts. Foreigners are allowed to acquire all shares (or quotas) in «Montserrat» LLC.
The Limited Liability Societies Act was passed in 2000. However, it was not perfect and the law was amended in 2002. The updated Law regulates registration and types of business, as well as liquidation of limited companies.
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 a company 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”.
Registration of a company in Montserrat includes:
- a unique name;
- a registered address;
- the name of a registered agent;
- data of the founder;
- types of shares.
WHEN YOU SEND THE DOCUMENTS TO THE REGISTRAR, YOU ALSO INDICATE THE PURPOSE AND TERMS OF REGISTRATION OF THE LLC
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.
The contribution to the LLC is made in cash, real estate and services. All contributions may be secured by promissory notes
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.
A preparation of documents and the registration can take up to 10 business days
If you decide to register a company in Montserrat, as well as to open a bank account in Montserrat, YB Case experts will provide support at every stage of this process.
Please, check with our specialists for possible solutions for your business.