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ANGUILLA’S COMMERCIAL REGISTRY
PRESENTATION10 Years & beyond
Commercial RegistryREGISTRY BACKGROUND & RECENT DEVELOPMENTS:Presented by Lanston Connor, Registrar ofCommercial Activities
REGISTRY PERFORMANCE & FUTURE DEVELOPMENTS:Presented by Ketsia Harrigan, Deputy
Registrar
Mission StatementOur mission is to continuously promote Anguilla as an industry leader in the provision of a 24-hour online company registration and related services. We aim to provide these services in the most efficient and timely manner through our ACORN system and our highly trained and motivated staff.
COMMERCIAL REGISTRYPreviously known as the Financial Services
Department
Administrators of: Companies, Trademarks, Patents, Intellectual Properties, Trade Union and Foundations Acts.
Department incorporated in the Ministry of Finance
Consists of (7) seven staff members
Home of the one & only, ACORN
COMMERCIAL REGISTRYDepartment within the Ministry of Finance
Headed by the Registrar of Commercial Activities. (Statutory position)
Regulated by FSC with regards to regulated
sectors. ie Companies & Foundations & MOF with departmental administration
Organizational ChartMinistry of Finance
Registrar of Commercial Activities
Intellectual Property Officer
Clerical OfficerACORN Administrative Assistant
Deputy Registrar
ACORN Administrative Officer
Fujitsu ICL
ACORN’s VisionOur vision is to use the latest technology to maintain the modernization of the commercial registration process. The future of ACORN will continue to be a successful one and all information will be made available to our clients in a proficient and resourceful manner.
Commercial Registry – Recent Developments
Licensing requirements to act as registered office /agent (Sec. 1) Company Management Act)
Bulk purchase Discount Policy
Foundations ACT
Licensing of ACORN (pending)
Statutory Body (pending)
Commercial RegistryBULK PURCHASE
OPTIONS AMOUNT UNIT COST INCORP PERIOD
A 100 $200 1 MONTH
B 250 $175 3 MONTHS
C 500 $125 6 MONTHS
D 750 $75 9 MONTHS
E 1000 $25 1 YEAR
Marketing Marketing Budget 2009 $300,000.00
Utilization of OT Group Status within industry.
Bulk purchase discounts
Bi Annual Road shows to Asia Europe and Central America.
Conferences: STEP, ITPA, AOA, CCLW, INTA, Heckerling, CICA, WCF, CCAA WOC
2009 C R Marketing plansHeckerling Conference in January
Road trip to ASIA in March CICA, AOA
STEP Conference in May
CCLW Conference in August
Road Trip to Asia in October AOA, WCF,WOC
CCAA Conference in December.
ACORN’s HighlightsYear 2007 2008
Revenue EC$6.1 MEC$6.1 M EC$6.5 MEC$6.5 M
Budget EC$1.4MEC$1.4M EC$1.5 MEC$1.5 M
ROI 308%308% 333.33%333.33%
Incorporations 2,6062,606 2,5022,502
Company Managers 6464 6666
Overseas Agents 102102 110110
Revenue Performance
$2,359,718.00$2,704,626.00
$3,116,203.75
$3,353,946.02
$3,334,173.00$3,474,221.37
$4,179,044.71
$5,030,545.61
$6,109,139.78
$6,557,965.27
$0.00
$1,000,000.00
$2,000,000.00
$3,000,000.00
$4,000,000.00
$5,000,000.00
$6,000,000.00
$7,000,000.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Revenue
* Projected
Financial Performance: RevenueYear / Month 2006 2007 2008
January $ 438,141.87 $ 443,362.13 $ 496,866.61
February $ 251,742.09 $ 445,261.69 $ 412,576.81
March $ 533,239.73 $ 668,009.41 $ 743,116.12
April $ 380,008.25 $ 436,034.29 $ 531,237.41
May $ 282,987.81 $ 396,177.79 $ 333,078.63
June $ 535,864.37 $ 740,919.93 $ 672,920.36
July $ 357,291.87 $ 419,988.93 $ 674,974.95
August $ 375,900.43 $ 313,808.35 $ 577,960.88
September $ 514,587.42 $ 545,721.73 $ 555,748.75
October $ 447,781.45 $ 509,442.68 $ 409,368.40
November $ 391,945.09 $ 432,289.92 $ 362,485.25
December $ 521,055.23 $ 758,122.93 $ 787,631.10
TOTAL REVENUE (EC$) $ 5,030,545.61 $ 6,109,139.78 $ 6,557,965.27
* Projected Revenue
Financial Performance – Revenue Breakdown
Financial Performance: Budget
Financial Performance: Budget Breakdown
Supplies & Materials 3%
International Travel &
Substinenece 10%
Personal Emoluments 23%
Advertising 20%
Professional & Consultant
Services 38%
Training
Local Travel & Subsistence
Allowances
Subscriptions, Periodicals & Books
Maintenance of Buildings
Communications Expenses
Wages
Supplies & Materials
International Travel & Subsistence
Personal Emoluments
Advertising
Professional & Consultant Services
Financial Performance: ROI
79.40%
92.06%
86.99%
137.41%
192.93%
214.09%
271.35%
308.56%
333.33%
0.00%
50.00%
100.00%
150.00%
200.00%
250.00%
300.00%
350.00%
FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 est.Fiscal Year
Operational PerformanceCompany Registrations
An average of (217) two-hundred & seventeen companies per month and (2,604) two thousand-six hundred & four companies per year
There’s an average monthly increase of 25%
There’s an average yearly increase of 18%
Total Yearly Incorporations by Type
Companies FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008
IBC 568 867 704 569 898 1734 2781 2140 2152
Overseas IBC 70 154 47 76 114 73 116 75 30
Domestic Companies
193 178 202 168 194 301 275 301 211
LLC 14 23 27 39 41 43 59 74 89
Other 17 16 7 8 9 19 23 16 20
Total 862 1238 987 860 1256 2170 3254 2606 2502
% Change 43.62% -20.27% -12.87% 46.05% 72.77% 49.95% -21.14% -2.49%
* Projected Incorporations
Operational Performance: Agent Overview
One Hundred & Ten (110) Overseas Agents from over 30 Countries in Total- There were Eight (8) OS Agents Registered in 2008
Sixty-Seven (67) Onshore Agents in Total– There were Three (3) Onshore Agents Registered in 2008
Top Performing Overseas Agents by Location
205
131
119
53
32
BVI
Taiwan
Hong Kong
Netherland Antilles
Hong Kong
Opportunities for ACORN Being relatively new to the industry, we are able to learn from the mistakes
of other jurisdictions and improve on their performances.
ACORN uniqueness and sophistication allows us to provide efficiency in corporate registrations which is second to none. We will need to maintain this advantage.
The government’s realization that the provision of financial services is a viable solution to the government’s wish to diversify the economy with little or no cost to the Islands infrastructure and natural resources.
Our willingness to be flexible in responding to industry needs as opposed to
the entrenched practices of other established jurisdictions.
The global acceptance of e-commerce as a viable means of doing business.
Our relationship with some of the world’s largest and most respected financial centers as a BOT.