Working through offshoring zones contains become an opportunity for many companies to increase their income. Small island states to increase economic indicators try to provide good conditions for corporations to create and operate legal entities. This improves their standard of living because such countries rarely enclose unpretending resources in sufficient quantity.
One such place is Antigua and Barbuda, in the West Indies. Over the past few years, the region has been industriously inventing the offshore economic sector, so many corporations do not mind getting a banking license in Antigua. At the same time, the banking industriousness in the region is quite young and has been evolving for less than half a century. But in that short time, the economic indicators are some of the highest in the West-Indies.
Today offshore bank license in Antigua is worldwide recognized and can be used not only within the region but also behind the countryside. This means that corporations that have received such a license will be able to attract deposits from other countries and issue their debit cards to non-residents.
Why you should to get a banking license in Antigua
To get a license for banking in Antigua is extremely advantageous for a legal entity that operates in this field. It allows corporations to operate in a loyal state, where there are very few conditions from the local regulator regarding corporations. That is why Antigua And Barbuda International Offshore Banks already have billions of dollars in deposit accounts.
The key is for the company to operate honestly in the marketplace and provide transparent services. If the corporation is found to be engaged in illegal activities, its license will be instantly revoked. Also, there is increased attention to operations related to money laundering in the country. Such actions could attract similar consequences for bank`s institutions.
If a corp operates cleanly and does not allow dubious transactions, your corporation in this region will prosper. There are extremely rare economic upheavals in this country and for many years the region has shown steady augmentation in monetary indicators. Therefore, if you are choosing a place to obtain banking licenses, Antigua will be one of your priorities.
Edges of Acquiring a License
As you can see, the Antigua Bank License can bring many concessions to the development of your corporation. Most often, corps operating in this region highlights the following advantages of working in such a country:
- loyalty to local legislation;
- the allotment of a document of the transnational standard;
- low prerequisites for initial cash capital (up to 1.5 million);
- no income taxing.
However, the corporation operating in Antigua is obliged to be audited annually and to hire a local director. In addition, compliance must be in place, but similar requirements exist in any other region.
Prerequisites for a license
In addition to the fact that one of the directors can be a tenant, corporations can also meet several other requirements. First and foremost, corporate`s director cannot be appointed. All management should be composed solely of individuals.
Also, applicants for the Antigua and Barbuda Offshore Banking Licence should provide:
- info about the previous activities of managers and shareholders with a share of 5% or more and the officeholders of the structure (experience check);
- details on the administrative aspects (name, type of ownership, etc.);
- the app for a license;
- info on the location of the head office in the country;
- the corporate documents and their accounting scheme;
- minutes of corporate decision-making;
- the business strategy for the next few years;
- documents regulating the interaction with the regulatory regimes of the countryside.
After the corporation provides all the necessary documents, the regulator begins to review them. Within a month, they report the completion of the review procedure and send their decision to the local director. It is possible to approve the issuance of a permit, refuse it, or need to make adjustments.
If the latter decision is made, the corporation must submit the missing documents in due time or they will be denied. The maximum deadline for a decision on an app may be six-months after the date`s of the first filing. After a denial, corporations may reapply, but not earlier than six months from the date of the denial.
Ask our staff for help
When scheduling a corporation in this region, investors can try to figure out how to open an offshore bank In Antigua on their own. But most attempts to apply on their end up, at best, with the need to make corrections. There is also a high process of rejection in obtaining permits for this format.
To avoid these situations, we recommend contacting our specialists. Every one of them has been submitting such documents for several years and understands the prerequisites of the regulator. You may consult with our manager over the phone and find out the approximate cost of such work.
Our professionals will provide a full package of services, immediately collect the necessary documentation and do everything possible to ensure that your application is accepted on the first try.