Financial Services

Advantages

There are a number of reasons why people decide to ‘go offshore’ — here are a few reasons you should consider making Antigua and Barbuda your offshore jurisdiction of choice:

Confidentiality: Client information is confidential. Confidentiality is expressly preserved in legislation. The law provides criminal penalties for illegal disclosure. Disclosure can only be obtained under limited circumstances, including:

An order of the High Court of Justice sitting in Antigua and Barbuda;
By consent of the client;
Pursuant to a treaty obligation; and
Where there is sound evidence regarding the conduct of an alleged criminal offence, if that offence can be prosecuted in Antigua and Barbuda (or would have been had it occurred in Antigua and Barbuda).

Asset Protection: Antigua and Barbuda offers an enabling environment in which to protect your assets. Antigua has very strong asset protection laws such as:

The abolition of all Statute of Elizabeth provisions;
The non-applicability of the rule against perpetuities;
The non-recognition of forced hiership rights; and
The non-recognition of foreign judgments.

Because we aspire to be a market leader in asset protection, we monitor these advantages to ensure that we continue to offer the best in asset protection.

Convenient Location, Convenient Time Zone: Antigua and Barbuda is strategically located in the center of the Lesser Antilles chain — “the heart of the Caribbean.” Antigua is within the same time zone as major destinations such as New York, Miami, and Toronto; and four hours behind London, England (-4GMT), making it convenient to conduct international transactions.

Stable Jurisdiction: Antigua and Barbuda is an independent nation state with a stable Westminster-style democratic government. General elections are constitutionally due every five (5) years.

Antigua is a member of the Organization of Eastern Caribbean States (OECS), and is one of the fastest growing economies in that region. The currency is the Eastern Caribbean dollar, which is pegged to the US dollar at a rate of EC$2.7 to the dollar.

Well-Regulated: Offshore financial services are regulated by the Financial Services Regulatory Commission (FSRC). The FSRC licenses and regulates international banks, international trust companies, international insurance companies and interactive gaming and wagering companies. These companies are required to submit quarterly financial returns, and an annual audited statement. The FSRC performs an annual onsite examination to test the safety and soundness of the institution. In 2004, the IMF found that Antigua and Barbuda was largely compliant with all applicable Basel standards. Antigua and Barbuda is also compliant with all AML/CFT best practices.

Professional Services: It is Antigua’s aim to distinguish itself by providing the customer with superior service. There are a number of experienced professional service providers who do just that, including offshore bankers, trust managers, corporate managers, accountants and attorneys..

Technological Infrastructure: Antigua offers high quality telecommunications facilities. These include telephone, facsimile, broadband and wireless internet services. One can easily transfer funds via an electronic funds transfer.

Legal System: The legal system is based on English common law, with the highest court of appeal being the Privy Council, which sits in London, England. The constitution protects the independence of the judiciary.

Taxation: Offshore activities are exempt from taxation in Antigua and Barbuda. An offshore company may be required to pay tax in Antigua and Barbuda only in respect of specific activities performed locally such as the purchase of real estate.

Our Services: Antigua offers the following products and services:

International Business Corporations, commonly referred to as ‘offshore companies’
International trust services
International banking services
International insurance services
Interactive gaming and wagering

Products

Banking

Antigua offers the discriminating customer a favorable jurisdiction in which to do well regulated international banking business. There are three (3) classes of international banks. Class 1 is a general unrestricted banking licence. Capital requirements are determined by the regulator, the Financial Services Regulatory Commission (“FSRC” or “Commission”); however the statutory minimum is US$3,000,000; US$500,000 of which must be deposited with the FSRC or in a manner approved by the FSRC.

The Class 2 licence is a concept that bears striking resemblance to the concept of the captive bank. The holder of this licence can only conduct international banking business with a restricted list of customers, as approved by the FSRC. While capital requirements are set by the Commission, the minimum requirement is US$500,000, of which US$100,000 must be deposited with the Commission or kept in a manner approved by the Commission.

A Class 3 banking licence is a composite bank and trust licence, allowing the holder to conduct both general unrestricted banking and trust business in one operation, without the need for two separate licences. Capital requirements are the same for that of a Class 1 bank.

Trust Services

Antigua and Barbuda licence international trust companies operate under very supportive legislation for international trust business. The capital of an international trust company is determined by the FSRC, but the statutory minimum paid up capital is US$250,000.

Trust companies are subject to similar prudential requirements as that of the international banks.

The trust law in Antigua provides for private trust companies to manage a small group of related trusts (up to three trusts). Private trust companies are used frequently in wealth management for high net worth families. The law also accommodates trusts for commercial purposes.

The asset protection provisions of the International Trusts Act 2004 inter alia abolishes the Statute of Elizabeth and the rule against perpetuities, disregards foreign judgments and provides for an elevated standard of proof to prove a fraudulent transfer.

Antiguan IBCs

Antigua has been registering international business corporations (IBCs) since 1982. IBCs remain the preferred company type for international transactions in Antigua, although the Parliament has recently passed the Limited Liability Companies (LLC) Act, 2007.

There are no minimum capital requirements for non-licenced companies and shares may have nominal or no par value. Shares may be registered or bearer, however, the bearer shares are required to be held in some form of safe custody by the registered agent. There are no requirements for filing audited accounts or statements, and all offshore entities enjoy a tax exempt status. Shelf companies are available from registered agents.