Antigua formation company benefits(IBC):
The Government official responsible for regulating the operations of IBCs is the Executive Director of the International Financial Sector Authority (IFSA).
Among the benefits that are specifically enjoyed are the following:
- Complete exemption from tax. This generally applies to income tax, capital gains tax, taxes on dividends, interest and royalties, withholding tax, asset transfer tax and estate taxes.
- Complete exchange control exemptions. An IBC can open and operate bank accounts freely anywhere it wishes without restraint by the Government of Antiuga and Barbuda.
- Automatic exemption from tax for fifty (50) yearsfrom the date of incorporation. The Government guarantees this tax-free status.
- There is no minimum capital requirement. This facilitates share a flexible share structuring which can cater to the varying needs of a wide spectrum of potential investors and owners.
- There is no statutory requirement to do audits for standard IBCs. International Insurance, International Banks, and International Trusts are, however, required to do audits.
- Exemption from payment of custom duties on imported items will apply in certain instances.
- Generally, Bearer Shares and Registered Shares are permitted. A holder of Bearer Shares is assured of complete anonymity, as his/her name will not appear anywhere in any official records as a "registered" shareholder. This encourages financial privacy. International Banks, Trusts and International Insurance corporations are not permitted to issue "Bearer" shares.
- Shares may be issued with or without par value.
- Corporate mobility is allowed by way of inward or outward re-domiciliation. A company incorporated in another offshore jurisdiction can move its operation to Antigua and Barbuda vice versa.
- There is an absence of any "exchange of information" Agreements with any other countries.
- Single shareholder and single director IBCs are allowed.
- Corporate shareholders and corporate directors are permitted. Generally there are no Antigua residence requirements for these shareholders, directors or officers of an IBC unless it is engaged in International Banking, Trust or International Insurance business.
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