Business & Banking, Manufacturing In Antigua and Barbuda

Banks

AMERICAN INTERNATIONAL BANK
Heritage Quay
P. O. Box 1673
St. John's
Antigua

ANTIGUA AND BARBUDA DEVELOPMENT BANK
P. O. Box 1279
St. Mary's Street
St. John's
Antigua

ANTIGUA AND BARBUDA INVESTMENT BANK LIMITED
P. O. Box 1679
High Street
St. John's
Antigua

ANTIGUA OVERSEAS BANK LIMITED
P. O. Box 1679
High Street
St. John's
Antigua

ANTIGUA AND BARBUDA INVESTMENT BANK TRUST LIMITED
P. O. Box 1679
High Street
St. John's
Antigua

ANTIGUA COMMERCIAL BANK
P. O. Box 95
Thames Street
St. John's
Antigua

ANTIGUA INTERNATIONAL TRUST LIMITED
c/o Swiss American National Bank
P. O. Box
High Street
St. John's
Antigua

BANK OF ANTIGUA LIMITED
P. O. Box 315
High Street
St. John's
Antigua

THE BANK OF NOVA SCOTIA
P. O. Box 342
High Street
St. John's
Antigua

BARCLAYS BANK PLC
P. O. Box 225
High Street
St. John's
Antigua

CANADIAN IMPERIAL BANK OF COMMERCE (CIBC)
P. O. Box 28
High Street
St. John's
Antigua

CARIBBEAN BANKING CORPORATION LTD
P. O. Box 1324
High Street
St. John's
Antigua

ROYAL BANK OF CANADA
P. O. Box 252
High Street
St. John's
Antigua

SWISS AMERICAN BANK LIMITED
P. O. Box1302
High Street
St. John's
Antigua

Manufacturing:

The seventies ushered in an era of industrial growth for the islands of Antigua and Barbuda; today the manufacturing establishments are classified in nine different categories, ranging from essential commodities for local use, like food, beverages and clothing to the more sophisticated manufacturing of electronic products.

The closure of the sugar industry hastened the review of the country's economic activity, and although today sugar is again being produced for local consumption, the main thrust has been to diversify the tourism oriented economy by attracting investment through the Fiscal Incentives Act, the provision of factory shells, and a Government training programme for factory workers.

Currently, most of the large factories are enclave industries which ship their finished products to the USA and Canada. The medium size and small factories manufacture goods for the Caribbean Common Market. Under the LOME Convention opportunities are also available to ship goods manufactured in Antigua and Barbuda to the European Common Market Countries.

The past seven years have proved the available manpower capable of adapting to factory conditions; the infrastructure is sufficiently developed to permit expansion; utilities such as water and electricity are efficient and communications and transport by sea and air to all parts of the world are excellent.

For more info please visit Antigua and Barbuda Money and Business Guide

Offshore Financial Centre

Shortly after Independence - November 1, 1981, the Government of Antigua and Barbuda decided to establish itself as an Offshore Financial Centre.

The Government of the new twin island state proceeded cautiously as it wanted the international community to accept the final legislation. Towards this end it engaged a law firm specializing in offshore legislation in order to assist the Ministry of Finance and the Attorney General's office in drafting the legislation. In addition, a special committee supported by the European Development Fund (EDF) drafted recommendations for changes and regulations for implementation.

On December 2, 1982, one year after beginning the project, the legislation passed through the House of Representatives and on December 21, 1982, the Senate. The Bill was assented into law by the Governor-General on December 31, 1982. In furtherance of its commitment to establish Antigua and Barbuda as an Offshore Financial Centre, the Government made a bold move - it informed the United States of its decision to repeal the U.S. Tax Treaty. This decision to become a tax free jurisdiction has since proven to be a wise decision.

The. U.S. Government on July 4, 1983, announced it will cancel effective January 1, 1984, eighteen tax treaties with former British and Belgian Colonies after having canceled a similar treaty with the British Virgin Islands effective January 1, 1983. The U.S. Government also continues to negotiate a revised treaty with the Netherlands Antilles.

The new Offshore Legislation is one of the most up to date and modern laws in the Caribbean and provides investors with an interesting option to Bahamas, Barbados, Cayman Islands, Panama and Turks and Caicos.

Investors will not only use Antigua and Barbuda for the sophistication of its Offshore Legislation but also because telephone and fax communications are excellent, travel to and from the island is easy, the island is economically and politically stable, good legal and accounting services are available and the Antigua and Barbuda Constitution prohibits the confiscation of private property.

Outlined below are the salient concepts of the legislation which includes provisions for Offshore Companies, Banks and Insurance Companies. The overall goal in drafting the legislation was to provide a legal framework of regulation which, while consistent with the public interest, affords maximum flexibility.

Offshore Corporations

In and out transfers of charters.
No minimum capital requirements.
Nominal or no par value shares.
Bearer or registered certificates.
A minimum of one shareholder.
Only one Director required.
20 year tax free guarantee.

Offshore Banks

No reserve requirements
Total exemption from foreign currency controls and levies.
Confidentiality of information
Capital requirements set to attract only well-established banks.
20 year tax free guarantee.

Offshore Insurance Corporations

Low reserve requirements.
Complete flexibility of operations subject to regulatory supervision when necessary.
20 year tax free guarantee

As the newest Offshore Centre in the Caribbean, a competitive fee structure for incorporation and maintenance for Offshore companies, banks and insurance companies has been established.

Further information can be obtained from the Director of International Business Corporations Thames Street, John's, Antigua or from the private sector.

More Antigua and Barbuda business resources will be found:

Antigua and Barbuda Govt. business services, activities
Antigua & Barbuda Investment Authority (ABIA)
U.S. Department of State's Antigua and Barbuda business Information
Offshore Business in Antigua and Barbuda
Strategic approach to tourism as an export
Antigua and Barbuda Offshore Gaming
Antigua and Barbuda Department of Tourism
Antigua and Barbuda Tourism and Trade
Antigua & Barbuda World Bank business report
Trade Policy of Antigua and Barbuda

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Business & Banking, Manufacturing In Antigua and Barbuda

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Offshore Financial Centre

Offshore Corporations

Offshore Banks

Offshore Insurance Corporations

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Antigua & Barbuda: Money / business guide

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