Company registration is the process of formalizing the status of a legal entity in accordance with the laws of a certain country. During this process, the company is officially recognized as a legal entity with its own legal capacity.
To receive this status, it is necessary to provide certain documentation and fulfill the requirements established by the state authorities. Due to registration, the entity is able to conduct commercial activities, conclude contracts, participate in court proceedings and perform other legally significant actions.
If you plan to start a business in the Caribbean region, Antigua and Barbuda is an excellent choice for registering your company. The Manimama team has conducted in-depth research, analyzed the main subtleties of incorporating in Antigua and Barbuda, and is ready to share its results and help you choose the right jurisdiction.
What are the main advantages of incorporating a company (business) in Antigua and Barbuda?
- Promising location
Antigua and Barbuda, a small island chain located in the eastern Caribbean Sea, serves as an ideal gateway to the markets of both the Americas and Europe. Its well-developed transportation infrastructure ensures convenient access to international trade routes, enabling efficient logistics and business operations.
- Favorable tax regime
The country offers unique tax advantages, including exemptions from capital gains tax, corporate tax on certain types of income, and dividends. The absence of currency controls allows investors to move capital freely, providing maximum financial flexibility for international businesses.
- Sound legal framework and stability
Antigua and Barbuda boasts a well-regulated legal environment that safeguards investor rights and ensures transparency in business operations. Its stable economy, driven by tourism and financial services, offers a secure foundation for conducting business in the Caribbean region.
- International orientation and ease of doing business
English is the official language, so communication is seamless for international enterprises. Moreover, shareholders and company directors are not required to be residents, offering flexibility in the composition of management teams and simplifying collaboration with global partners.
- Modern infrastructure and business support
The country continues to invest in developing its financial and telecommunications infrastructure, creating a business-friendly environment. Access to professional services, including legal support, accounting, and consulting, streamlines business management and growth processes.
How to register a company in Antigua and what are the main requirements for such registration?
Step 1. Initial setup
- Initiating a preliminary project assessment, assessing risks, choosing the type of company, preparing the necessary documents and obtaining the necessary permits, determining the time frame, budget, and resources required to complete the process.
- Preparation and filing of the package of documents.
Step 2. Company registration
- Verificate and reserve the company name;
- Draft Articles of Incorporation;
- Open of a bank account;
- Appoint a Registered Agent;
- Register for taxes purposes;
- Submit Incorporation Documents.
Requirements for registering a company in Antigua on the example of an International Business Corporation (IBC):
- Shareholders: at least one shareholder.
- Director: at least one director.
- Minimum share capital: there is no minimum capital requirement.
- Legal address: a company must have a registered address in Antigua.
- Registered Agent: yes.
- Liability: the liability of members is limited to any amount unpaid on a share held by the shareholder.
- Audit requirements: is mandatory.
What do you have to know about taxes when registering a company in Antigua?
Corporate income tax (CIT):
- General CIT rate is 25%.
- Unincorporated businesses tax is applied on a sliding scale with rates ranging from 0% to 25% of gross income, whether it is local or worldwide income derived from other countries.
- Non-resident companies are liable to unincorporated business taxation on income derived from within Antigua and Barbuda only. Unincorporated business tax is due quarterly instead of annually.
Personal income tax (PIT):
There is no personal income tax in Antigua and Barbuda.
Value-added tax (VAT):
- Antigua sales tax is similar to VAT.
- Antigua and Barbuda sales tax (ABST) is generally fixed at 15%.
- There are exceptions to this Antigua tax, however. Sales tax lowers to 10.5% when it comes to hotels and holiday accommodations incur a 12.5% sales tax. These are exempt supplies.
For readers
Manimama provides assistance in choosing the right jurisdiction for company incorporation and in registering a business specifically in Antigua and Barbuda. We have a good understanding of the tax and legal peculiarities of specific jurisdictions, which helps our clients make an informed choice based on their unique needs and development strategies. In our work, we take into account factors affecting the business environment, such as the level of competition, access to financial and human resources, as well as opportunities for further growth and development in different jurisdictions.
By choosing our company formation service in Antigua and Barbuda, you are working with a law firm that values integrity, competence, and client satisfaction. Let us help you set up a company in Antigua and Barbuda and pave the way for your business success!
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The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.
