Antigua and Barbuda is a state in the Caribbean Sea, located on the islands of the same name and Redonda Island in the Lesser Antilles. This island state of the Caribbean basin attracts foreign entrepreneurs by the simplicity of opening a company, as well as a high degree of protection of capital and information about the owners of the business. Antigua – an offshore in the classic sense of the term, allowing the registration of companies on its territory to representatives of all countries in the world. The legislation of the country (including the International Business Corporations Act, which regulates the registration and operation of offshore companies) is constantly being improved. Jurisdiction is only gaining popularity among entrepreneurs wishing to open an offshore company. The most popular areas for foreign investment are air and sea ship management and gaming business. Of particular interest is obtaining licenses for online casinos, poker rooms. It is not difficult to obtain such a license and its cost is relatively low. And the online gambling sector in Antigua and Barbuda has a good reputation.
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All business companies incorporated in this jurisdiction must keep accounting records to the extent that will make it possible to judge the company’s business and will reflect the company’s financial position at a certain time.
It is important to keep all source documents and accounting records at the address of the office registered in Antigua. Documents and records can also be kept outside this jurisdiction by a resolution of directors of the company.
If source documents and accounting records are kept outside Antigua, the company must make sure that it has in its registered office:
It is not necessary to hold an annual meeting of shareholders. Meetings can take place at any time anywhere in the world, including by phone or other means of electronic communication.
International Business Corporations (IBCs) are not required to file financial statements, so the law does not contain a deadline for their preparation and filing. However, accounting records must be kept and accounting documents must be stored in order to be ready at any time to report on the company’s real financial position if a request is received from inspection authorities.
IBCs are not required to audit their financial statements.
In the case of violation of legal requirements regarding keeping accounting records and storing source documents, a penalty of 5,000 USD or imprisonment of 6 months (or both) applies.
IBCs are not required to prepare a consolidated report.
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