In the country, there are two major islands – Antigua and Barbuda, and many other small islands. Their government rule is that of a unitary parliamentary representative democratic monarchy, with Queen Elizabeth II being their head of state. The country depends on tourism, contributing more than 50 percent of its GDP. Since English is their official language, their judiciary system is English based, and they have rules that guide the formation and registration of companies.
The International Business Company (IBC) Act 1982, amended in 2018, and the Limited Liability Company (LLC) Act 2000 directs the legal bodies on the formation and registration of businesses. The IBC is a tax- exempt organization that needs only a single shareholder and a director from any country to stand in during the process. Therefore, it is possible for foreigners to own corporate shares. The laws governing the IBC allows fast registration, 100 percent tax exemption, and total control foreigners.
Types of Companies Available for Company Formation in Antigua
A representative office or a foreign branch
International Business Company
Public and Private Limited Liability Companies
The benefits of an IBC
Economically and politically stable jurisdiction
Having a modern offshore financial sector
All shareholders can be foreigners
Exemption for paying taxes, except for foreigners that are subject to global income taxation, such as US taxpayers, who have to let their government know their incomes
Confidentiality, since it is illegal for any information regarding banking details to any third party
They have a liberalized economy free of currency exchange control
Privacy of the shareholders and owners are not included in public records
Your assets will be protected as they are not made known in public records and will remain in the possession of the IBC as separate bodies
Only one shareholder or director is required for the registration process
There is no minimum capital requirement
Their banking system is well-equipped and has strict laws regarding confidentiality
No financial reports filing or annual audit requirements
It is required for all IBCs to select a business name different from other legal entities in Antigua. Additionally, it is prohibited to make use of names that are misleading without having the proper licenses.
The International Business Company does not pay any corporate tax, capital gains tax, withholding taxes, income tax, estate taxes or stamp duties. Also all shareholders can get dividends paid from the income fee of income taxes from the IBC.
No annual financial report filing, statutory audit and annual return filing. Businesses are not subjected to present annual financial statements to state tax authorities. Although the yearly audit and accounting reports are not needed, it is important to keep such documents or records at your legal office.
Uses of an IBC
The International Business Company can be created to carry out various investment or business activities such as:
Protection of the assets or wealth of a family
Holding the shares of a corporate company in international companies
Leasing global assets
International trust activities
The flag registration of vessels in Antigua
Specificity of the registering
The following documents and steps must be accomplished prior to registration:
Articles and memorandum of association
Appointment of the director(s) of the company
The director’s acceptance letter
Request for name reservation
First board resolution
The register of directors and other members
Certificates of shares owned
Legal address of the company
A company registered in Antigua does not require a minimum capital.
Term of registering
An International Business Company can be formed within a day, including preparing the application for international business charter, government registration and articles of incorporation.
For more detailed information on company formation in Antigua please contact our specialists!