Antigua Companies

General Introductory and Offshore Tax Information

All offshore entities in Antigua and Barbuda are provided for under the IBC Act. International banking, insurance and trust business are carried out by international business companies which are licensed accordingly to function as an international bank, and international insurance or a trust. Offshore gaming is not an ‘entity’ in itself but occupies a significant part of Antigua and Barbuda’s international business sector.

All offshore entities incorporated in Antigua and Barbuda must have a registered office through which physical presence in Antigua is established. The offices set up by IBCs must be reasonably sized so that employees, of no less than two (2) people, can be comfortable and sufficient room is provided for office equipment. At least one employee must be full time and opening hours must be standard within the regular Monday to Friday, six hour working day time and hours.

People employed with Antiguan offshore business entities are expected to have the necessary qualifications and knowledge about the services offered and cognizant of the procedures and requirement of filing and reporting suspicious transactions to the Commission.

For the purpose of transparency, IBCs are required to submit their records to the Commission every month in an effort to conduct regular checks and inspection to prevent and eliminate fraudulent activity.

Antigua offshore business entities are exempt from all taxes: withholding tax on interests and dividends, income tax, corporate tax, stamp tax and capital gains tax. Exchange controls passed in Antigua do not apply to Antigua offshore business entities. All offshore entities are liable to an annual fee for renewing offshore business licenses.

Antigua Offshore Business Entities:

• Antigua International Business Company
• Antigua International Bank
• Antigua International Trust
• Antigua International Insurance Company
• Antigua Offshore Gaming Company

Antigua International Business Company

Main Features:

• Under the IBC Act, an Antigua international business company is a an offshore entity that undertakes all of its business activities outside Antigua
• The directors of an IBC do not have to be resident in Antigua and Barbuda
• By law, there must be a minimum of one Director and one Shareholder
• The documents of an Antigua international business company filed at Registrar’s office are not disclosed to the public
• The IBC Act stipulates that IBCs incorporated in Antigua must have a registered office and a registered agent
• An IBC may do its accounting in a foreign currency depending on the countries in which business is conducted
• Antiguan IBCs may issue shares at no-par value
• The members of an IBC are required to keep meetings from time to time
• There is no obligation placed on an IBC to file audited accounts

Antigua International Bank

Main Features:

• International Banks in Antigua are organised under the IBC Act
• Antiguan international are regarded as offshore business companies that are issued with special licenses to carry out international banking
• International banks fall into three major categories and are required to meet the terms and conditions under which they are regulated

Types of International Banking Licenses issued in Antigua

Class I International Banking Licence:

• Minimum paid-up capital of USD three million
• USD five hundred thousand of the paid-up capital must be deposited with the Commission
• Subject to on-site examination every year

Class II International Banking Licence:

• International banking services are only provided to a restricted list of customers
• Minimum paid-up capital of USD five hundred thousand
• USD one hundred thousand of the paid-up must be deposited with the Commission
• Subject to on-site examination every year

Class III International Banking Licence:

• International banking services are provided to an unrestricted list of customers
• Minimum paid-up capital of USD three million
• USD five hundred thousand of the paid-up capital must be deposited with the Commission
• Subject to on-site examination every year

Antigua International Trust

Main Features:

• International trusts in Antigua are created under the IBC Act
• Antigua international trusts do not have any restriction on accumulations
• There is no application of the rule against perpetuities for an international trust
• The property endowed to the trust must exist outside Antigua and Barbuda
• International trust services are to be provided only outside Antigua and Barbuda
• Tax exemptions for an international trust are granted for up to twenty (20) years

Types of Trusts Licenses issued in Antigua

Class I General International Trust Licence:

• Provides for doing trust business without restrictions
• Minimum paid-up capital of USD two hundred and fifty thousand

Class II Restricted Trusts Licence:

• Provides for doing trust business with a restricted list of customers, or as may be prescribed in the license by the Commission

Antigua International Insurance Company

Main Features:

• International insurance companies are regulated by the IBC Act
• Subsidiaries, branches or internet services must not be established by licensees without the Commission’s approval
• The established minimum paid-up capital is USD $250,000
• International insurances licenses are issued or refused by the Commission within three (3) months of receipt
• Insurance business must begin within six (6) months upon issue of licence
• An international business company licensed to provide international insurance services must have a physical presence in Antigua and Barbuda
• On-site examination of an international insurance company is done every year

Antigua Offshore Gaming Company

Main Features:

• Governed by the Interactive Gaming and Interactive Wagering Regulations
• Applications are submitted to the Commission
• Applicants are subject to a non-refundable fee of USD fifteen thousand for due diligence
• Subject to an annual licence fee of USD one hundred thousand for interactive gaming
• Subject to an annual licence fee of USD seventy-five thousand for interactive wagering
• Licensees must deposit a minimum reserve of USD one hundred thousand or securities of equivalent value with the Commission before starting operations
• License holders must be of good character and business repute
• Gaming of the underage and vulnerable must be prohibited by licensee

Types of Offshore Gaming Licenses issued in Antigua

Active Licensees:

• Licensees who are active and currently functioning
• Issued to licenses to carry out interactive gaming and or interactive wagering

Non-Licensees

• Any company that falsely purports to be licensed to carry out gaming services in Antigua and Barbuda
• Any gaming company which is not a current holder of an Antigua and Barbuda gaming licence