The list of offshore tax havens luring Hong Kong, mainland and regional companies is growing, and one can add to it Anguilla, a small British-governed Caribbean island.
Representatives from Anguilla have made periodic trips to Hong Kong to familiarise local companies with the British territory.
Even Victor Banks, when he was finance minister, visited Hong Kong with his top officials to promote a new online company registration system.
Anguilla is determined to boost awareness of its tax-free zone and has identified Hong Kong as a major source of offshore company registrations. Nearly a third of all companies registered in such offshore tax havens are owned by Hong Kong corporations and investors.
According to offshore consultants, Anguilla has a simple incorporation requirement and overseas firms can register within one day.
Julia Connolly, a consultant at Sovereign Trust (Hong Kong), says that what sets Anguilla apart from other offshore destinations is its newly completed network. Anguilla's Commercial Online Registration Network (Acorn) allows firms from anywhere in the world to register in the territory.