Own your own bank in Antigua

An offshore bank may engage in any generally acceptable banking activities from within Antigua and Barbuda at a cost of around US$ 17,500.
 
Financial Services

Following is the range of international and offshore financial services offered by our panel of professionals while obtaining a banking license in Antigua:-  
 
• Name Clearance
• Reservation of Name
• Preparation and filing of articles of incorporation
• Preparation of incorporation charter  
• Obtaining Certificate of Incorporation
• Preparation of by-laws  
• Attendance at the organizational meeting of the directors  
• Preparation of the resolution in writing of the directors in lieu of an organizational meeting  
• Preparation of share certificates  
• Preparation of a register of shareholder(s)
• Preparation of a register of the directors  
• Opening of bank accounts  
• Provision of registered agent  
• Provision of registered office
• Maintenance of corporate records  
• Attendance at the annual meetings of the shareholders  
• Renewal of the company's IBC registration  

Products

Listed below are the services that can be offered from any offshore bank established in Antigua. These services can be customised to meet specific international transaction and banking requirements, and assets can be denominated in any foreign currency, as well as U.S. dollars. Services, in both local and foreign currencies, include

• Commercial / Executive Cheque Accounts
• Call Accounts
• Term Deposits
• Saving Accounts
• Overdrafts 
• Term Finance
• Housing Finance
• Foreign Currency Drafts
• Telegraphic Transfers
• Trade Finance Lines
• Travel Finance
• Visa & Master Card
• Merchant Facilities  
• Foreign Exchange
• Traveller’s checks

Functions

• Deposits
• Guarantees
• Letters of credit & financial instruments
• Payment services
• Safe custody services
• Credit reports
• Certificates of deposit
• Major credit cards
• Advertise worldwide
• Write credit ratings
• Solicit funds from the public
• Loans
• Bonds
• Leasing services
• Checks
• Debt collecting services
• Trading in foreign currencies
• Bank references
• Letters of recommendation
• Set up banking instruments & market insurance services
• Write bank references

Banks Set-up Regulations  

Capital

A minimum paid up capital of US$5,000,000 is required. These funds must be paid into a bank in Antigua or major international bank overseas prior to the authorities issuing an international banking license.  An offshore bank is not subject to any reserve requirements as specified under the Banking Act, which regulates the operation of local banks  Directors An international banking corporation must have at least one director and a director need not to be a natural person.

Taxation

The banking corporation is exempted from the payment of all taxes for a period of fifty (50) years. The income, profits, gains and other revenues and the funds and securities of an exempt corporation are exempt from exchange control regulations unless the exempt corporation is a resident.  Confidentiality It is a criminal offence to disclose any information pertaining to the affairs or transaction of client of a bank. Disclosure of confidential information can only be made by a court order arising from an authorized investigation. 

Government Fees

Fees charged by the government in respect of an International Banking Business are as follows:  

Initial License Fee - US$ 15,000
Annual License Fee - US$ 15,000

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