Incentive Programs

For information about applying for incentives, click here.

Concessions

  • Exemption from or reduction of payment of duty on the importation or purchase of raw materials, building materials, furniture, furnishings, fixtures, fittings, appliances, tools, spare parts, plant, machinery and equipment for use in the construction and operation of the business
  • Exemption from or reduction of payment of duty on the importation or purchase of vehicles for use in the operation of the business
  • Reduction of property tax of up to 75% in respect of land and buildings used in the operation of the business
  • Exemption from or reduction of payment of income tax on the income of the business for a period not exceeding five years. After the end of the mentioned five-year period, a reduction of up to 10% of income tax payable on the income of the business for a specified period
  • Exemption from or reduction of payment of withholding tax for a period of up to three years from the grant of the concession
  • Exemption from or reduction of stamp duty on documents required for loans for the business or security for those loans
  • Reduction of stamp duty payable under the Non-Citizens Land Holdings Regulation Act, and of stamp duty payable by the purchaser/transferee, and by the vendor/transferor of up to 75% in respect of land and buildings other than residential premises used in the operation of the business
  • The Government will, as far as is feasible, reserve at least 25% of the procurement of its goods and services for small businesses registered under the Act

Loan Guarantee Scheme

Under the Small Business Development Act 2007, the government of Antigua and Barbuda will provide eligible business persons with access to easy financing through the Credit Guarantee Scheme, also referred to as the Loan Guarantee Scheme. Under section eight (8) of the Act it states:

Sec 8 Loan Guarantee Scheme

  1. An approved small business may apply for a loan guarantee cover under the Credit
    Guarantee Scheme through
    1. a commercial bank operating in Antigua and Barbuda by virtue of a licence issued under the Banking Act, 2005, No 14 of 2005;
    2. a financial institution other than a bank to which access to the Credit Guarantee
      Scheme has been granted by the Development Bank; or
    3. another institution or organization approved by the Development Bank as being
      eligible to access the Credit Guarantee Scheme.
  2. Where a small business is incapable of providing full security for a loan the
    development Bank may, under the Credit Guarantee Scheme, guarantee the insufficiency of the security, but not in excess of $100,000.00

The Loan Guarantee Scheme was designed to allow business owners and potential business owners to access credit from a lending institution of choice that will be backed by the government of Antigua and Barbuda through the Antigua and Barbuda Development Bank (ABDB).