Antigua is an island republic made up of two major islands, Antigua and Barbuda, and a number of nearby smaller islands. It is situated between the Caribbean Sea and the Atlantic Ocean. Saint Kitts & Nevis, Montserrat, Guadeloupe, and the Atlantic Ocean all encircle it (east). It has a population of around 89,000 and has St. John as its capital. The head of state of Antigua is now Queen Elizabeth II, and the vice-regal representative of the Commonwealth member state is the Governor-General. The country is governed by a unitary parliamentary representative democratic monarchy. More than half of this country’s Economy comes from the tourist industry, which is its primary economic sector. The legal system is founded on English common law and the English legal system. The IBC (International Business Company) Act 1982 (amended 2018) and the LLC (Limited Liability Corporation) Act 2000 provide guidance for services relating to company creation and registration. The Eastern Caribbean dollar is the official currency (XCD). The International Financial Sector Authority is the body in charge of regulating IBC in this country (IFSA).
Types of companies that can be incorporated in Antigua and Barbuda
The following are the types of companies that can be registered in this country:
Limited liability companies
Businesses that conduct business there are known as Limited Liability Companies (LLCs), whether they are private or public. Limited liability protects shareholders, directors, and/or owners from being held liable for the LLC’s debts and responsibilities.
Nonprofit organizations
A non-profit must focus on one of the following to be eligible: patriotism, religion, philanthropy, charity, education, science, literature, history, the arts, social interaction, professional development, fraternity, sport, or athletics.
International business corporations
Businesses or investors that established a branch of their international activities in Antigua and Barbuda are known as International Business Corporations (IBCs). Its presence may be tangible or merely exist on paper. These organizations are unrestricted in their ability to transact business globally. A 25 percent income tax rate is applied to companies that organize in Antigua and Barbuda with the goal of conducting business or making profits on the local market.
Antigua’s requirements for company registration
- Memorandum and Articles of Organization.
- Articles of Incorporation.
- Appointment of company directors.
- Letter of acceptance from the Director.
- First board resolution.
- Name reservation request.
- Registry of members and directors.
- Share certificate(s).
- Legal address and registered agent of the company.
Fill up and submit the names reservation form once it is assured that the proposed company name is unique and does not conflict with any legal restrictions. During ninety days, the firm name will be held in reserve. The name must be reapplied if the business does not launch operations within this time frame. The business itself or a lawyer at law can handle it. Company name reservation, notification of registered Oce, a notice of directors, Articles of incorporation, and statutory declaration are among the paperwork that must be prepared. When linking the documents, the statutory declaration must be made under oath in front of an attorney, and the stamp fee must be paid. If legal counsel is used to draft the paperwork, the corporation should budget EC$2,500 for legal expenditures. Businesses could need a seal for regular transactions. The top stationery retailers can create custom company seals for you. An individual seal can be created for between EC$150 and EC$250. All businesses are required to register with the Inland Revenue Department (for a tax ID), the Social Security Administration, the Office of Medical Benefits, and the Board of Education (for an Education Levy).
In Antigua and Barbuda, every registered business has an annual obligation in the form of annual returns. It helps authorities determine whether the business is legitimate and in good standing.
