Business relocation generally takes place for a number of reasons, mostly due to favorable conditions that could help your company and its employees reach its highest potential. Depending on where you run your business from, you will be subject to different laws, tax systems and of course different ways of life.
Relocate Antigua guides you to incorporate your company locally while enjoying all the perks of Antigua and Barbuda. Allowing you to give your company a recharge in the right direction while you relax on the glorious Caribbean beaches. Reach out to Relocate Antigua for a clear vision of your business’ future.
An International Business Corporation (IBC) is a tax-neutral business entity that is able to operate international activities from the jurisdiction it falls under; this term is often interchangeable with the term offshore company.
It is important to note that while all IBCs are considered offshore companies; not all offshore companies are IBCs. An IBC is a company that operates away from the location in which they conduct business.
The IBC Act was first introduced in 1982 when international business services in Antigua began. Since its creation, many provisional laws were established to facilitate the formation of IBCs; these took shape into the International Business Corporations Act.
Business relocation to Antigua and Barbuda comes with many benefits for your enterprise; some of which include:
- Better tax rates: tax provisions for IBCs in Antigua and Barbuda; including exemption from;
- Income Tax
- Capital Gains Tax
- Sales Tax (ABST – Antigua and Barbuda Sales Tax)
- Corporate tax allowance: IBCs do not have to pay corporate tax for 50 years after their incorporation – during this time they are not required to file tax returns
- Extra concessions: certain industries are also able to get ‘tax holidays’ or ‘tax credits’ under the Fiscal Incentives Ordinance in addition to the above tax benefits
- Lower operation costs: the average salary in Antigua and Barbuda are likely to be lower than the average salary in your current country of operation; this means you will be able to pay higher salaries than the average employer; retain local experts and keep your costs at an all time low.
- Speed and minimalism: relocating to Antigua and Barbuda holds many benefits, here are a few;
- On average it takes 24 hours to incorporate a company
- Only one company director is required
- The director does not have to reside in Antigua and Barbuda
- One shareholder is sufficient when incorporating a company
- Names of shareholders are never disclosed to the public, guaranteeing top privacy standards
The benefits of relocation to Antigua and Barbuda are clear, both on the business front and on a personal level. Relocating to the Caribbean is a great idea; but before you pack your bags and set sail, here’s a walk through for setting up an International Business Corporation in Antigua and Barbuda.
A business can only be set up through a local resident agent, this process happens in three steps and usually takes a day for completion – contracting Relocate Antigua for this process will guarantee all documents are filed correctly; creating a swift and seamless transition.
Agent submits a request for name approval. This name must reflect the corporate purpose of the company.
Once approved, the agent needs to submit the Articles of Incorporation documents in triplicate. These must include:
- The approved name of the proposed corporation
- Details about the registered office and resident agent
- The authorized number of shares (minimum one)
- The number of directors (minimum one)
- A restriction to the corporate purpose clause,
- The signatures of two incorporators, one of whom must be a practicing attorney in Antigua and Barbuda,
- The application for International Business Charter, consistent with the Articles of Incorporation ,
- Notice of change of registered office/agent Notice of Directors, and
- Optional by-laws
Finally, a certificate of Incorporation is issued.
While relocating your business to Antigua is an exciting and fulfilling experience; it would be unfair to think that there won’t be any factors you’ll need to consider before you make the big move. Some points to bear in mind include:
- Initial set up costs that are needed to transfer your business operations to Antigua; such as the incorporation fee and additional licensing costs
- Separate licensing for banking, insurance or trust activities that can be further explained with the Antigua and Barbuda Financial Services Regulatory Commission website or directly through Relocate Antigua
- Choosing your company name requires some thought; there are a few restrictions on name choices, certain abbreviations are necessary in the company name and other particulars that the experts at Relocate Antigua can share for your peace of mind.
- Limitations on operations signifies that an IBC based in Antigua and Barbuda can only run international business outside the country state. Refer to the Antigua and Barbuda Business Corporations Act, section 4 for more details on international business.
Relocating to Antigua and Barbuda comes with many benefits; some of the business perks have been noted above; but of course there are also lifestyle benefits that we need to consider when shipping our life over to the Caribbean.
Adding together the tax residency options, international banking landscape, experts at Relocate Antigua and the sunny beaches; Antigua and Barbuda might be the perfect spot for you and your business’ needs.