As the region has been industriously establishing the offshore economic sector in recent years, numerous firms do not mind obtaining a banking licence in Antigua and Barbuda. At the same time, the region’s banking industry is relatively new, having evolved in less than a half-century. However, in that short time, the economic indicators are among the best in the West Indies.
Today, an offshore bank licence in Antigua and Barbuda are globally recognised and can be used not only inside the region but also outside its borders. This means that organisations that have got such a licence will be able to accept deposits from other nations and provide debit cards to non-residents.
Antigua and Barbuda, are islands that form an autonomous state in the Lesser Antilles in the eastern Caribbean Sea, at the southern end of the Leeward Islands series. There is only one dependent, the little island of Redonda.
According to Worldometer’s elaboration of the most recent United Nations data, the current population of Antigua and Barbuda is 100,238 as of Thursday, May 11, 2023. According to UN data, the 2020 population of Antigua and Barbuda is predicted to be 97,929 people at the middle of the year.
Antiqua and Barbuda’s official language is English. Approximately 10,000 people speak Spanish.
The Banking Act 2015 was drafted in the context of the ECCU building a single banking environment. The ECCB is the banking sector’s licencing authority, and a single licence allows a financial institution to operate in the space as a branch subject to approval of new business premises site.
|License:||International Bank License|
|Timeframe for Approval:||Approx. 6 months|
|Regulator:||Financial Services Regulatory Commission (FSRC)|
|Local Director:||At least one director|
|Local Shareholder:||At least two shareholders|
|Local Registered Office:||Required|
|Local Staff:||At least two staff members|
|Corporate Tax Rate:||25%|
|Currency:||The local currency is the Eastern Caribbean Dollar (XCD) but the US Dollar (USD) is accepted over the counter.|
|Minimum Paid-up Capital:||US$5 million|
|Tax Structure:||Zero (0%) Percent Tax on Offshore Profits|
(including but not limited to directors, shareholders and beneficial owners)