Company Formation in Antigua & Barbuda
Updated on Friday 22nd November 2024
Rate this article based on 1 reviews
Company formation in Antigua & Barbuda is open to both local and foreign investors. In fact, this country is well-known as a top offshore destination, therefore it is also available for foreign investors who are interested in offshore company formation.
One of the most popular ways to incorporate a business here is by registering an International Business Corporation (IBC), which can be established as a licensed or non-licensed entity. Our consultants in company incorporation in Antigua & Barbuda can assist businessmen during the registration formalities applicable to an IBC.
What are the incorporation requirements for an IBC in Antigua & Barbuda?
The IBC in Antigua & Barbuda refers to a type of company that has the characteristics of a limited liability company. This legal entity can be incorporated, as said earlier, as a licensed or non-licensed structure.
According to the Financial Services Regulatory Authority, licensed IBCs are the ones that are registered as international banks, insurance companies, gambling and gaming businesses or trusts. Regardless of the type of IBC investors will set up, local legislation requires the payment of yearly registration fees.
Here, there is a significant difference between the fees charged to non-licensed entities compared to those imposed to licensed IBCs (the latter have to pay much higher fees) and this should be taken into consideration by those who plan to open a company in Antigua & Barbuda, as they have to adjust their capital to comply with these requirements.
Below, our consultants have prepared a short list of basic characteristics of the IBC:
- the process of company formation in Antigua & Barbuda can be completed in 24 hours (for non-licensed companies);
- investors must appoint 1 director;
- the company’s trading name must abide by the rules of the IBC Act 2004;
- investors must pay a $300 registration fee, which is paid on a yearly basis;
- however, for licensed companies, the annual licensing fees are ranging from $10,000 (for insurance companies) to $50,000 (for international banking institutions).
Among other obligations the company must comply with we mention that it is necessary to secure a registered address in Antigua & Barbuda and to appoint an individual or a company as a registered agent.
Who can complete the process of company incorporation in Antigua & Barbuda?
Although in many countries foreign investors can complete the incorporation of a legal entity by themselves (provided that the are accustomed to the process), in Antigua & Barbuda it is mandatory to appoint a local resident who has relevant work experience and education in the field of company formation.
Thus, foreign investors can set up a company in Antigua & Barbuda only if they are legally represented by a local, trusted party, who can be an accountant, a lawyer or our team of specialists.
Are IBC companies required to complete audit formalities?
Usually, in countries that allow offshore incorporation, investors can benefit from a more relaxed legislation, which can also apply to the accounting and audit obligations of a business.
In Antigua & Barbuda, foreign businessmen can be exempt from audit obligations, as long as the company is registered as a non-licensed company. For licensed businesses, such as banks and insurance companies, audit is mandatory.
There are other obligations an IBC should comply with and our consultants can provide an extensive presentation on all the legal procedures applicable to this company type. Of course, our team can offer step-to-step assistance during the incorporation of this business form.
Investors can also rely on us for professional assistance on opening an offshore bank account and completing any offshore company setup formalities.