Company Formation Survey 2008


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		1. Company law	Companies Act, Cap 358 (for domestic companies); International Business Corporations Act, 1982 (for IBCs). A new set of regulations for the Companies Act 1995 was adopted 1997.
		2. Types of company:	Local and international business corporations.
		(a) type of company preferred for international transactions:	International business corporations as trading and holding companies.
		(b) shareless companies:	Only available for domestic companies doing business in Antigua.
		3. Capital requirements:	Capital may be anything from one share of no par value upwards. For domestic companies, there is no minimum; shares are without nominal or par value. For offshore companies, there is no minimum except for companies requiring a banking, trust or insurance licence; shares can be with or without nominal or par value.
		4. Costs to incorporate, excluding government fees:	Varies between USD750-1,200 with the average being USD950.
		5. Fees paid to authorities to incorporate:	Domestic companies pay USD85; offshore companies pay USD300.
		6. Annual fees paid to authorities:	Domestic companies pay USD75; offshore companies pay USD300.
		7. Taxation rates applied to companies generally:	Domestic companies: 35%. IBCs: nil.
		(a) the taxation of companies in 2 (a)	Articles of the proposed company require filing, along with notice of directors and notice of the address of the registered office. IBCs also need to submit an IBC application charter.
		8. Method of incorporation:	For domestic companies, there is a minimum of one incorporator, with no citizenship restrictions. For offshore companies, incorporation must be by any two citizens of Antigua and Barbuda, one of whom must be a barrister or solicitor, or an authorised trust corporation.
		9. Who may incorporate - specify what, if any, local representatives/ professionals required?	For domestic companies, there is a minimum of one incorporator, with no citizenship restrictions. For offshore companies, incorporation must be by any two citizens of Antigua and Barbuda, one of whom must be a barrister or solicitor, or an authorised trust corporation.
		(a) are ready made companies available?	Shelf companies are not permissible under the Act.
		10. Length of time to incorporate:	Twenty-four hour turnaround for IBCs.
		11. Minimum members:	One.
		12. Registered office:	The registered office must be situated in Antigua.
		(a) Can the registered office be a bank/ lawyer/ accountant's office (brass plate)?	Yes, at the office of accountants, lawyers and trust companies. Financial institutions must maintain a physical office with employees.
		13. Directors and secretary:	One director, who may also be the secretary.
		(a) Must a director/ secretary be resident?	No (except offshore banks, trust and insurance companies, which require at least one resident director).
		(b) Are Corporate Directors allowed?	Yes.
		14. Appointee directors/ secretary possible?	Yes.
		15. Amount of fees payable to appointee directors/ secretary:	USD300/ USD1,000 per annum for non-licensed IBCs.
		16. Meetings:	Annual directors/ shareholders meetings required.
		17. Annual return:	Filed for domestic companies and licensed IBCs.
		(a) Must financial statements of a company be audited?	Applicable to banks, trusts, insurance and gaming companies only.
		18. Is disclosure of profits required by filing balance sheets with annual returns?	Applicable to banks, trusts, insurance and gaming companies only.
		19. Are there any exchange control or other financial restraints imposed upon a company?	None for IBCs. For domestic companies, there are none up to USD37,000, but exchange approval is required for larger amounts.
		20. Companies formed in the last year:	15,148.
		21. Number of companies on the company register altogether:
S I T E M A P BACK TO TOP		22. How, if any, is migration into and out of the jurisdiction achieved?	Migration into Antigua is permitted by filing similar documentation as for incorporation. A fee of USD300 payable on immigration or emigration.
		23. Is migration out of your country provided for?	Yes.
		24. Any amendments to company law over the last 12 months:	The IBC Act amended, No. 10 of 2007.
		25. Anticipated amendments to company law over the next 12 months:	New Legislation: International Foundation Act, Limited Liability Act, International Trust Act. Proposed New Legislation: Company Management and Trust Act, Services and Providers Act, Segregated Cell Accounts, Limited Partnerships.