Crypto Licensing - Antigua

About Antigua

Antigua is a Caribbean country well-known for its tourism and offshore financial activities. The country has a good level of living, a well-educated workforce, and a long life expectancy on average.

Antigua is also an offshore financial centre, with a favourable legislative and tax environment for the formation of International activity Companies, which are totally tax exempt if no activity is conducted within the country. Antigua also has an Economic Citizenship Programme, through which a second passport can be obtained by an investment.

Antigua is an island in the Lesser Antilles, in the eastern Caribbean Sea, at the southern end of the Leeward Islands series. It is made up of three islands: Antigua, Barbuda, and Redonda (which is uninhabited) and covers 442.6 km2.

According to Worldometer’s elaboration of the most recent United Nations data, the current population of Antigua and Barbuda is 100,234 as of Tuesday, May 9, 2023. According to UN data, the 2020 population of Antigua and Barbuda is predicted to be 97,929 people at the midpoint of the year.

Antiqua’s official language is English. Roughly 10,000 people speak Spanish.

In Antigua, the legal system is based on English common law, as the country was formerly a British colony.

Here are some of the potential benefits of an Antigua crypto licence:

1. Regulatory Structure

Obtaining a crypto licence in Antigua might provide regulatory clarity and legitimacy for bitcoin firms. It displays conformity with applicable laws and regulations, which can increase users’ and potential investors’ trust and credibility.

2. International Market Access 

Antigua and Barbuda is an international offshore financial centre, and having a cryptocurrency licence in the country may allow enterprises to access global markets and serve worldwide clientele. It may make cross-border commerce and partnerships easier.

3. Business-friendly Environment

Antigua and Barbuda has long been regarded as a business-friendly nation, particularly in the offshore financial services industry. The country has enacted legislation and programmes targeted at attracting foreign investment and encouraging innovation, perhaps creating a favourable atmosphere for crypto-related firms.

4. Tax Benefits

Certain industries, especially offshore financial services, have received tax breaks and perks from Antigua and Barbuda. Crypto-related enterprises licenced in Antigua may be eligible for tax breaks, but specifics must be validated with the appropriate authorities.

5. Government Assistance

Antigua and Barbuda has declared a desire to embrace blockchain technology and investigate its possible applications. The government has expressed a desire to encourage blockchain and cryptocurrency activities, which might include providing assistance, infrastructure, or resources to licenced cryptocurrency enterprises.

General

License: Digital Asset Business License
Timeframe for Approval: 3 months
Regulator: The International Organization of Securities Commissions (IOSCO)

Company Structure

Local Director: At least one director is required (may be a natural person or a legal entity and may be non-resident)
Local Shareholder: Minimum of 1 shareholder, who can be an individual or a corporation and may be non-resident
Local Registered Office: Required
Local Staff: Required
Compliance Officer: Required
AML/KYC: Required
Audit: Required
Economic Substance: Required
Corporate Tax Rate: 0%
Currency: The local currency is the Eastern Caribbean Dollar (XCD) but the US Dollar (USD) is accepted over the counter.
Minimum Paid-up Capital: There is no established minimum capital requirement. The authorized share capital is usually US$50,000.
Capital Requirement: US$100,000
Gov. App Fee: US$16,800

The following are the steps in the crypto business registration process:

  1. Identifying the types of transactions that investors want to carry out through an Australian cryptocurrency company
  2. Optional organizational-legal structure
  3. The selection of names for the future crypto corporation, as well as verification and reservation.
  4. Information and consents from shareholders and corporate authorities, as well as information regarding the firm’s beneficiaries, are gathered.
  5. Selecting a legal address for the upcoming business
  6. Creating constituent and registration paperwork
  7. The creation of a registration bundle of documents
  8. Direct business registration through the Business Registration Service (BRS) of the Australian Government
  9. Registration is required for tax and employment purposes
  10. Establishing a current bank account for a cryptocurrency corporation
  • Cryptocurrency exchange services
  • Digital wallet services
  • Initial Coin Offerings (ICOs) and token sales
  • Over-the-counter (OTC) trading
  • Payment services
  • Advisory and consulting 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)

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 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 regulatory authorities.
  10. Respond and draft responses to regulatory authority application inquiries.
  11. Facilitate and consummate bankcard relationship with prepaid card program managers
  12. Preparation and drafting of policy agreements and related documents.
  13. Facilitate and consummate IBAN and correspondent bank relationship
  14. Provide for required physical presence and local director
  15. Preparation and review of client agreements, website disclosures and related agreements.