$1950
ANTIGUA
OFFSHORE INCORPORATIONS
Antigua and Barbuda is an independent, English-speaking country in
the Eastern Caribbean. It is a politically stable, safe and private
jurisdiction for offshore companies and offshore bank accounts. As
a former British colony, Antigua's legal system embodies the principle
of English statutory and common law, making it particularly attractive
for certain transactions not easily structured under civil law systems.
The International Business Corporations Act of 1982 (as amended)
provides excellent confidentiality and privacy. The Act prohibits
the disclosure of information imparted under conditions of business
or professional confidence. The Act applies to banks and professionals
(including attorneys, accountants, government officers, secretaries,
etc.)and includes all commercial transactions arising in Antigua and
Barbuda and continues to apply whether inside or outside of Antigua
and Barbuda.
Bearer shares are allowed and there is no requirement for disclosure
of the beneficial ownership. There is also no requirement for filing
audited accounts or annual statements of any kind.
A company incorporated under the Act is exempt from income tax for
all payments by the company to persons not resident in Antigua and
Barbuda. There are no real estate, inheritance, succession, gift taxes,
or duty, payable by persons not resident in Antigua and Barbuda with
respect to any shares, debt obligations or other securities of a company
incorporated under this Act.
Because Antigua and Barbuda is an independent nation, it is not affected
by the UK/EU regulations concerning the tax status of the British
Dependent Territories.
While Antigua and Barbuda does have a double taxation agreement with
the UK, there are no tax information exchange treaties with any country.
Mutual legal assistance treaties were signed in 1996 with both the
US and the UK, providing assistance in criminal matters but excluding
pure tax information.
Antigua and Barbuda is party to various conventions on drugs and
money laundering issues. The Proceeds of Crime Act, passed in 1993,
established areas of co-operation with the US and the UK. An extradition
treaty with the US was signed in 1995, providing for extradition in
cases of dual criminality. A Money Laundering Act was also passed
in 1996, establishing guidelines for offshore banking.
Offshore Legislation
The nation of Antigua and Barbuda provides the traditional services
of an Offshore Financial Center, including the formation of offshore
companies, banks and the provision of financial services.
Incorporations in Antigua are governed by the International Business
Corporations Act, passed in 1982, with recent amendments. The advantages
of incorporating an offshore company in Antigua are:
There is a fifty year tax exemption. This exemption applies to most
forms of income, dividends, interest and royalties paid by and to
foreigners. There are no exchange controls and the unrestricted operation
of bank accounts is permitted. An IBC benefits from the absence of
capital gains and estate taxes in Antigua. An IBC is not subject to
mandatory auditing. There is no minimum capital requirement and shares
may have a nominal or no par value. Bearer shares may be issued. An
IBC may increase or reduce its authorized capital by way of an amendment
to its Articles of Incorporation. An IBC may have a sole shareholder.
An IBC may have a sole director and directors need not be natural
persons. There are no citizenship or residence requirements for directors,
officers or shareholders. Meetings of directors and shareholders may
be held outside Antigua. Shareholders may vote by proxy. There are
no requirements to file any audited statements or corporate reports
with the government. The company's records and its operating office
may be located anywhere. There are inward and outward domiciliary
provisions.
General Information on Antigua and Barbuda
Antigua and Barbuda is an English speaking independent nation in
the Eastern Caribbean. Antigua is the main island, covering about
108 square miles, with a population of 65,000. Lying to the north
of Antigua and covering 75 square miles, is the island of Barbuda
with a population of about 1,500. The nation's capital, St. John's,
is situated on the island of Antigua.
Antigua was discovered in 1493 by Christopher Columbus, who named
it Santo Maria de la Antigua. The Island was occupied by the French
for six months in 1652, but remained British thereafter until its
independence on November 1, 1981.
The infrastructure of the island of Antigua is well developed. Six
major airlines serve the country with regularly scheduled flights
to Europe, North America and the Caribbean. Antigua is 3-1/2 hours
from New York, 2-1/2 hours from Miami, 4-1/2 hours from Toronto and
8 hours from London.
Some of the world's largest cruise ships dock at the Deep Water Harbor
or at the Heritage Quay Pier in St. John's, allowing their passengers
to enjoy the attractions of Antigua at the duty free shopping center
and other tourist locations. Apart from cruise ships, eleven shipping
lines also call at Antigua, providing shipping services to North America,
Europe, the Caribbean and Central America.
The telephone system is as good as any in North America, with undersea
fibre optic cable providing long distance, Internet and data transmission
services. Express courier service by Federal Express, UPS and others
is readily available to and from Antigua.
Antigua has the highest per capita income of the Eastern Caribbean.
The lack of a personal income tax results in higher levels of disposable
income than in most Caribbean territories.
The Antiguan economy is based on tourism, light manufacturing and
the offshore industry. The island has an industrial estate, which
provides fully serviced factory space. Attractive fiscal incentives
are offered to investors in the manufacturing area. There is also
a new Free Trade Zone.
Government revenues are derived for the most part by various indirect
taxes which includes duties on imported goods, tourist related taxes
and licensing fees.
Government
Antigua and Barbuda became independent of the UK on November 1, 1981.
The government system is a democracy based on the English model. There
is a Governor General appointed by the Queen. The Prime Minister and
Cabinet exercise executive power and there is both a Legislative Assembly
with elected members and a Senate with appointed members. The current
governing party has been in power since 1967, except for a five-year
period following the 1971 general election.
There is universal suffrage with democratic elections being held
at least every five years.
Antigua and Barbuda is a member of the British Commonwealth, the
United Nations and other international institutions.
Legal System
The legal system is based on English Common Law. Legislation governing
offshore companies is contained in the International Business Corporations
Act of 1982, with amendments.
Monetary Systems & Exchange Controls
Antigua and Barbuda is a member of the Eastern Caribbean Central
Bank. The local currency is the Eastern Caribbean dollar which is
pegged to the US dollar (US$1 equals E.C.$2.6882). US currency is
also widely used and is accepted everywhere.
There are no exchange controls on the monetary transactions of Antigua
International Business Corporations (IBC's). Funds can be freely moved
on and off the island.
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