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The country is a completely tax-free once a permanent residency is acquired. The cost of living is slightly higher as much of the goods are imported, although the local perception suggests that it is among the low cost avenues available.
| Company |
International Business Corporation (IBC) |
| License fee (initial and annual) |
US$15,000 |
| Formation/Incorporation fee |
US$300 |
| Annual Returns filing fee |
N/A |
| Minimum requirements and/or size |
US$5,000,000 |
| Shareholders/Members |
One (minimum) |
| Directors/Managers |
One (minimum) |
| Bearer shares for overseas/local investors |
N/A |
| Submission of annual returns and accounts |
Quarterly Returns; Annual audited accounts |
| Corporate Directors/Managers |
N/A |
| Company Secretary |
Not required |
| Local Directors and meetings |
One local director (minimum) |
| Company |
Offshore bank |
| License fee (annual) |
N/A |
| Formation/Incorporation fee |
N/A |
| Annual Returns filing fee |
Not required |
| Minimum requirements and/or size |
N/A |
| Shareholders/Members |
One (minimum) |
| Directors/Managers |
One (minimum) |
| Bearer shares for overseas/local investors |
N/A |
| Submission of annual returns and accounts |
Not required |
| Corporate Directors/Managers |
N/A |
| Company Secretary |
Not required |
| Local Directors and meetings |
One local director |
| Company |
International Insurance |
| License fee (initial and annual) |
US$10,000 |
| Formation/Incorporation fee |
US$300 |
| Annual Returns filing fee |
Not required |
| Minimum requirements and/or size |
US$100,000 |
| Shareholders/Members |
N/A |
| Directors/Managers |
Incorporated by one resident director |
| Bearer shares for overseas/local investors |
N/A |
| Submission of annual returns and accounts |
Annual audited financial statements |
| Corporate Directors/Managers |
N/A |
| Company Secretary |
Not required |
| Local Directors and meetings |
Citizens of Antigua & Barbuda only |
| Currency |
European Currencies or US Dollars |
| Taxation |
|
| Income Tax |
NONE |
| Inheritance
Tax |
NONE |
| Capital
Gains Tax |
NONE |
| Cost
of Residence |
Annual Levy of US$20,000 |
| Work Permit |
Required under the Labour Code 1975 |
Residence
The Immigration and Passport Act and the Income Tax Act of Antigua & Barbuda allow a person to obtain a Permanent Residence Certificate – renewable for each year – at an annual fee of US$20,000, provided the applicant has resided in the country for at least 30 days to 1 year. Once the certificate is issued, a person can purchase or rent property in Antigua and Barbuda. For non-residents, the majority of the services and facilities offered by the country are tax-free, but they have to suffer tax on capital gains and any property that may have been acquired.
Business
The International Business Corporations (IBC) Act 1982 governs the legal framework for offshore businesses in Antigua & Barbuda. In order for a company to be incorporated, it must consist of two (2) founding directors who must be citizens of the country and must be resident on the island. At least one of the two directors must be a practicing attorney.
The IBC Act elaborates on company formation guidelines and states the following advantages that companies incorporating in Antigua & Barbuda have.
-
Single shareholder or member or director (except for financial institutions)
-
Shareholding in corporations and trusts
-
Non-disclosure of company beneficiaries (except for financial institutions)
-
Low set-up and renewal costs
-
No requirement to file or submit accounting records and audit reports
-
No minimum capital requirements for companies of any kind
-
Maintaining registered office and agent in the country
-
Tax exemptions for 50 years
-
Double-tax treaty with the United Kingdom
-
No agreement on exchange of information
A Certificate of Incorporation and Good Standing is then issued by the authority of Antigua & Barbuda proving that the company is IBC registered in the jurisdiction of the country and is authorised to conduct an offshore business in accordance with the Articles of Incorporation and the by-laws of the
state.
An offshore bank may also be established by residents or non-residents. The International Business Corporations (IBC) Act 1982 provides for the legal framework for the formation and operation of such an organisation in Antigua and Barbuda. A banking license is required prior to commencement of business, which may be obtained at the office of the Supervisor of Banking and Trust Corporations.
The application for an offshore banking license must consist of
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The name and the registered office of the proposed financial institution
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The authorised number of ordinary and preference shares, where appropriate
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The capital of the bank
-
The names, addresses and history of each director and officer being appointed
The bank is required to have at least one director, individual or company, and must have at least one director who is a citizen of the country. The bank must also submit its returns on a quarterly basis, with an analysis of the disbursement of customers’ funds, advances, loans and a draft balance sheet. In addition, it should also submit an annual set of audited financial statements to the Supervisor of Banks and Trust Corporations.
The government of Antigua and Barbuda allows a 50-year tax exemption for banking corporations; all incomes, expenses and other forms of revenues are exempt from all forms of exchange control regulations. Furthermore, the government ensures the confidentiality of company information unless forced in a judicial proceeding.
An International Insurance Corporation may be formed, insuring risks outside the country. The IBC Act requires the company to be incorporated by 2 citizens of Antigua & Barbuda, the license applied with the Superintendent of Insurance which may accepted or rejected within 3 months of application. The documentation required for registration are:
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The name and the office of the proposed insurance company
-
The number of authorised common and/or preference shares, if any
-
The capital being contributed in the company
-
Names, addresses and a profile of the directors and shareholders of the new company
-
A business plan
Under the IBC Act, an offshore insurance company is exempted from tax for a period of 50 years, including capital gains, withholding and property tax.
Entry requirements
Citizens of Canada and USA are allowed to enter the country without a passport, but must carry with them some form of identification of document, for example a birth certificate, driving license with a photograph, a social security card etc. Citizens of other countries require a valid passport for entry, which must be valid for at least 6 months beyond the intended period of stay. |
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