The stunning twin-island country of Antigua and Barbuda in the heart of the Caribbean is not only renowned for its captivating natural beauty, but is also increasingly attracting foreign investors all over the world. The lucrative tourism and hospitality industry, real estate sector, various indigenous industries, and a notably supportive government are some of the key reasons why setting up a business in Antigua and Barbuda is a compelling prospect.
Despite being relatively small countries, these islands boast a robust economy with a GDP of approximately $2.4 billion. They’re also part of the Caribbean Community (CARICOM), providing businesses with the opportunity to tap into larger markets within the Caribbean region.
If you are a foreigner looking to register a company in Antigua and Barbuda, the following guidelines will walk you through the entire process.
Eligibility and Legal Framework
Non-Resident Businesses: By law, foreigners are allowed to set up non-resident businesses in Antigua and Barbuda. Conversely, if a business wants to become resident, it must have at least 5% of the shareholding owned by residents of the twin island countries.
International Business Corporations (IBC): A popular choice among foreigners is registering their companies as International Business Corporations. For the IBC registrations, the Non-Citizen Land Holding Regulation should be followed. This is because it allows for favorable tax undergoings and complete foreign ownership.
Steps to Company Registration
1. Company Name Reservation: The first step to setting up a company in Antigua and Barbuda is to reserve a unique company name, which must be approved by the Registrar of Companies.
2. Preparing Documents: Secondly, prepare the necessary documents which typically include the Article of Incorporation, the Register of Shares, Directors and Secretaries, and a notice of the company’s registered office.
3. Statutory Fee Payment: Next comes the payment of a statutory fee. The costs depend on the company type and other specific requirements.
4. Incorporation and Registration: Lastly, submit the prepared documents and the confirmation of the paid fees to the Registrar’s office for incorporation and registration of your company.
Banking and Taxation
After the registration, the company can set up a commercial account in a bank in Antigua and Barbuda. It allows for both US Dollar and Eastern Caribbean Dollar transactions. The country has a favorable tax rate, with IBCs usually enjoying tax exemption for the first 50 years of operation.
Fulfilling all these requirements can take up to 2 weeks for IBCs, whereas local companies might need up to 4 weeks. Swift communication with authorities can speed up the process.
It’s strongly recommended that foreigners wishing to start a business in Antigua and Barbuda seek legal counsel to ensure correctly following all the legal procedures involved. In all of this, it’s safe to say that the process of setting up a business in Antigua and Barbuda, while fairly straightforward, demands due diligence and prudence on the part of the foreign investor.
In conclusion, establishing a company in the paradise of Antigua and Barbuda is not just about witnessing the breathtaking blue seas and enjoying the Caribbean lifestyle. It’s also about becoming part of an economy that is, in itself, growing and thriving with endless potential and opportunity. This guide is meant to alleviate the hurdles in your journey and make it smoother and rewarding.
Suggested related links about Registering a Company in the Tropical Paradise of Antigua and Barbuda: A Comprehensive Guide for Foreigners:
Government of Antigua and Barbuda
Antigua and Barbuda Investment Authority (ABIA)