Antigua Offshore Companies

ANTIGUA OFFSHORE COMPANIES

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.

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.

ANTIGUA OFFSHORE COMPANY FEES

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OFFSHORE LEGISLATION

The nation of Antigua and Barbuda provides the traditional services of an Offshore Financial Center, including the formation of Antigua 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 & 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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