Corporate Law at Antigua and Barbuda
Here’s an overview of Corporate Law in Antigua and Barbuda:
Corporate Law in Antigua and Barbuda
1. Legal Framework:
Corporate law is primarily governed by the International Business Corporations Act, 2015 (IBC Act).
The Act regulates the formation, operation, and regulation of both domestic and international business corporations.
Additionally, the Companies Act covers local companies and general corporate matters.
2. Types of Companies:
International Business Companies (IBCs): Popular for offshore business activities, offering flexibility and confidentiality.
Domestic companies: Incorporated under the Companies Act, used primarily for local business.
Limited Liability Companies (LLCs): Allowed under the law for certain business structures.
Other forms include partnerships and sole proprietorships.
3. Incorporation:
Companies are incorporated by filing necessary documents (Memorandum and Articles of Association) with the Registrar of Companies.
Incorporation procedures are straightforward, especially for IBCs, facilitating international business.
The registered office must be maintained in Antigua and Barbuda.
4. Corporate Governance:
Companies are managed by directors appointed according to their Articles of Association.
Shareholders hold the power to make major decisions and appoint/remove directors.
Annual returns and financial statements must be filed, but reporting requirements for IBCs are relatively minimal compared to onshore companies.
5. Share Capital and Securities:
Companies can issue shares with or without par value.
No minimum capital requirements for IBCs.
Shares can be transferred freely unless restricted by the Articles.
6. Transparency and Compliance:
Beneficial ownership information is required to be maintained but may not be publicly accessible, especially for IBCs, supporting confidentiality.
Companies must comply with anti-money laundering (AML) and know-your-customer (KYC) regulations.
7. Liquidation and Dissolution:
Companies may be dissolved voluntarily or involuntarily.
Liquidation procedures are outlined in the Act, providing for orderly winding up of affairs.
Summary
Antigua and Barbuda’s corporate law framework is well-suited for both local and international business, with the International Business Corporations Act, 2015 providing an attractive environment for offshore companies. The legal regime balances ease of incorporation, flexibility, and confidentiality while ensuring compliance with international standards.
RELATED Blog
0 comments