ANTIGUA OFFSHORE BANKING

An IBC may apply for a banking licence. There is a minimum capital requirement of U.S. $5 million payable into a local or major international bank prior to the grant of the licence. Offshore banks are not subject to any reserve requirements under the Banking Act. Banks are required to file quarterly returns with the Supervisor of Banks. All transactions and business affairs of clients are confidential and disclosure is a criminal offence punishable by imprisonment except upon a court order in connection with a criminal offence triable in Antigua.

Prior to the grant of a licence to conduct offshore banking business, biographical information of each proposed director, officer and subscriber to five percent or more of the IBCs stock must be filed with the Director of IBCs. The biographical information shall include their qualifications, banking experience and criminal record. Additionally, the financial statements of the organizer, whether it be an individual or corporation, must be filed with the application.

Note that one director must be a resident and citizen of Antigua. Corporate and Trust Services (Caribbean) Ltd. can provide the local director at a cost hereinafter set out.

The process of licensing and incorporation is accomplished in one month once the appropriate authority is satisfied that all the prescribed requirements have been met. Financial statements of the banking corporation must be submitted before approval is granted.

Directors
An international banking corporation must have at least one director and a director need not to be a natural person. At least one director must be a citizen and resident of Antigua and Barbuda or a corporation licensed under the Act.

Reporting Requirements
The International Business Corporations Act requires an offshore bank to submit to the Supervisor of Banks and Trust Corporations a quarterly return providing an analysis of customers' liabilities in respect of loans, advances and other assets and a statement of assets and liabilities. The quarterly return must be submitted no later than twenty one (21) days after the end of the quarter to which it relates.

Annual audited financial statements must be submitted to the Supervisor of Banks and Trust Corporations within six (6) months of the bank's year end.

What we will do for your offshore bank

Corporate and Trust Services (Caribbean) Limited provides full service corporate, administrative, and management services to facilitate the successful completion of your bank application and licence plus the provision of ancillary services. These include :

  • Incorporation
    • Preparation and filing of articles of incorporation and by-laws
    • Preparation of incorporation charter
    • Obtaining Certificate of Incorporation
  • Corporate Secretarial Services
    • Facilitating at the organizational meeting of the directors
    • Preparation of share certificates, resolutions and other corporate documents
    • Preparation of a register of shareholder(s)
    • Preparation of a register of the directors
    • Opening of bank accounts
    • Provision of registered agent and office
    • Maintenance of corporate records
    • Attendance at the annual meetings of the shareholders
    • Payment of annual licence and renewal fees
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