Antigua Offshore Companies
Antigua is an island in the Eastern Caribbean. It is approximately 108 square miles and is home to approximately 65,000 people. Coupled with it under the same legal system is the island of Barbuda which is approximately 75 square miles and home to approximately 1,500 people. Together the two comprise the territory of the nation whose capital, St. John’s, is on the island of Antigua.
The stability of Antigua includes the transportation system as well. Six major airlines serve the country. Flights are available to Europe, North America and the Caribbean. Many of the world’s major cities are less than a five hour flight from Antigua. Communication systems within the nation are comparable in quality and reliability to those in developed areas such as the United States. Mail and courier services are available and include some of the major service providers that are known worldwide including Federal Express, UPS and others.
The basis for the legal system is the English Common Law. In addition Antigua and Barbuda enjoy membership in the Eastern Caribbean Central Bank. Within the nation the American dollar is commonly found as well as the official currency, the Eastern Caribbean dollar. Funds can be freely moved on and off the island.
The nation’s economy is chiefly reliant on tourism and light manufacturing. Government revenue is generated through various indirect taxes including duties on imported goods.
Antigua has been recognized as an independent nation since 1981. It is an English speaking country in the Caribbean. It is considered a politically stable and private location for offshore companies and offshore bank accounts.
The International Business Corporations Act (IBCA) of 1982 is one that preserves the privacy of business entities both within and outside of Antigua. The IBCA applies to all business transactions that are created within Antigua and Barbuda. There are fewer requirements for disclosure among businesses and companies that are incorporated under the Act are exempt from income tax. This includes payments made to individuals not residing in Antigua or Barbuda.
This does not imply that Antigua is a haven for criminal activity. Under the Proceeds of Crime Act, passed in 1993, co-operation with other countries, specifically the US and the UK, was established. Antigua’s co-operations include conventions on drug offenses and money laundering. In addition in 1995 an extradition treaty was signed with the US. This treaty references cases of dual criminality. An act to target money laundering was also passed in 1996. This treaty established guidelines to govern offshore banking.
Among the appealing aspects of Antigua for businesses is the fifty year tax exemption. This exemption includes forms of income such as dividends, interest and royalties paid by and to foreigners. The rules governing the function of IBC’s are lenient as well. For example, IBC’s may change authorized capital by amending their Articles of Incorporation. IBC’s may also have a single share holder making them, in essence, simply the property of an individual. There are no citizenship or residence requirements either. No audited statements are required to maintain IBC status either.
