Bank Licensing - Antigua and Barbuda

About Antigua and Barbuda

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.

  • Obedience to local legislation
  • The distribution of a global standard document
  • Low initial cash capital requirements (up to 1.5 million)
  • There is no income taxation.


License: International Bank License
Timeframe for Approval: Approx. 6 months
Regulator: Financial Services Regulatory Commission (FSRC)

Company Structure

Local Director: At least one director
Local Shareholder: At least two shareholders
Local Registered Office: Required
Local Staff: At least two staff members
Compliance Officer: Required
AML/KYC: Required
Audit: Required
Economic Substance: Required
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
Capital Requirement: US$1,500,000
Tax Structure: Zero (0%) Percent Tax on Offshore Profits
  1. Submit an application form, along with the required Articles of Incorporation or Continuance and fees.
  2. The Supervisor of International Banks and Trust Corporations has the authority to investigate the applicant corporation, its actual or planned directors and officers, its financial conditions, and its connections and partners. The applicant is responsible for the costs of this due diligence, which must be paid in advance.
  3. The licence must be issued or refused within three months of application, or within fourteen days of receipt of the data if additional information is required.
  4. If a licence is denied, the applicant has 30 days to file an appeal with the Board. If the Board also declines the permit, a 30-day request to the minister can be submitted. The minister’s decision is final.
  • Traditional Banking Services
  • Wealth Management and Private Banking
  • Correspondent Banking
  • Offshore Banking
  • Electronic Banking
  • International Business Services
  • Fiduciary Services
  • Investment Banking
  • Treasury Services

Documents required by all involved individuals

(including but not limited to directors, shareholders and beneficial owners)

  • Passport copy (Notarised)
  • Utility Bill issued within the last 3 months (Notarised)
  • CV or Resume for each involved individual
  • Two professional reference letters
  • Qualifications (Notarised)
  • Business Plan
  • Statements Of Physical Presence
  • Statement Of Financial Relationships
  • Declaration Of Legal Representative
  • Statement On Bank’s Proposed Online Presence
  • Marketing Material Disclosure

For Corporate Shareholders

  • Articles of Association in English
  • Registered office address documents (Notarised)
  • Company Register of director/s
  • Company Register of UBOs (shareholder register, or incumbency certificate, or share certificates)
  1. Formation of Antigua and Barbuda international business corporation
  2. Preparation and drafting of shareholder and officer agreements.
  3. Preparation and drafting of narrative business plan.
  4. Prepare five year financial projections.
  5. Preparation and drafting of current financial statements
  6. Preparation and drafting of personal financial statements for owners.
  7. Identification and draft letters naming principal representative and auditor.
  8. Draft and prepare required bank charter and prospectus
  9. Preparation and drafting application with Antigua Financial Services Regulatory Commission
  10. Respond and draft responses to AFSA application inquiries
  11. Facilitate and consummate bankcard relationship with Visa & Mastercard
  12. Preparation and drafting of policy agreements and related documents.
  13. Facilitate and consummate IBAN/SWIFT and correspondent bank relationship
  14. Provide for required physical presence and local director
  15. Preparation and review of bank deposit, loan and related agreement