Since its independence in 1981, the twin-island state of Antigua and Barbuda in the Caribbean has continued to practice a tradition of English Common Law. Located less than 300 nautical miles Southeast of Puerto Rico, in the Leeward Islands, its legal procedures are structured in accordance with strong democratic principles of good governance, patterned after the British parliamentary system. In 1982, legislation was enacted under the International Business Corporations Act, with subsequent amendments in 1984 and 1985, to make Antigua and Barbuda a choice jurisdiction for offshore banking. Operations under this Act are controlled by the Ministry of Finance in Antigua.
The prevailing offshore legislation provides for speedy formation of international business corporations (IBCs) at very competitive charges. The formation can be carried out by a locally registered trust company or by an accountant or attorney. Formation can usually be completed within 24 hours and full corporate and trust services are available to both private and corporate investors including:
- Registration and maintenance of corporate charters for offshore companies;
- Reception, management, and disbursement of the assets of offshore companies;
- Provision and maintenance of a registered office;
- Maintenance of the company’s records and statutory register;
- Preparation of all necessary corporate returns and reports to the Director;
- Provision of directors and officers on request;
- Incorporation and management of offshore banks and captive insurance companies; and
- A full range of traditional trust services.
Some of the benefits provided to offshore companies formed under the IBC Act include the full exemption of all direct taxes in respect of any international trading, investment or commercial activity including withholding taxes and stamp duties. For banking there is a 3% tax on gross income (i.e. interest income and fees derived from the operations and investments of the banking business minus interest expense). No minimum capital is specified for an IBC and shares may have a nominal or no par value. The transfer of the charter of an IBC to a foreign jurisdiction, or vice versa, is explicitly permitted. The board of directors of a corporation may consist of a single member. In the case of banking, trust and insurance corporations, at least one director must be a citizen and resident of Antigua and Barbuda.
Antigua and Barbuda Online Gambling Licensing
As part of its economic development and diversification strategy, the Antiguan government took a series of steps commencing in 1994 to provide a framework for the development of a remote gaming industry on the island.
By the late 1990s, Antigua had enacted a comprehensive regulatory scheme for companies providing remote gambling services. The island’s reputation as a well-regulated jurisdiction for remote gambling operators contributed to a dramatic growth in its domestic gaming industry. Alongside the remote gambling services sector, other “offshore” services were developing in Antigua at the same time, particularly financial institutions and trust companies.
Antiguan regulation provides for two kinds of gambling and betting licences – interactive gaming and interactive wagering. The gaming licence is for casino-style gambling and the wagering licence is for sports betting.
The remote gambling operators in Antigua offer what is called “account betting” where a player must fund an account with money before being able to enter into wagers. The amount of a wager cannot exceed the funds on deposit in the account and players are not offered credit on which to gamble. If a wager is lost, the amount of the bet is taken from the player’s account for the benefit of the operator. If the player wins, the winnings are credited to the account. Players may request that all or any portion of the funds in their account be directed back to them.
The Antigua gaming regulations include:
- Strict Licensing Requirements. All licensed operators must meet a number of requirements and are subjected to a thorough due diligence review in order to be licenced.
- Player Account Regulations. There are a number of regulations governing player accounts. These regulations require operators to fully register and verify the identities of players before allowing participation in wagering. Operators must also confirm the name, date of birth and place of residence of registering players. Player identity must remain confidential.
- Age Limitations. Operators are not permitted to allow persons under the age of 18 to either participate in the conduct of the gaming operations or to participate as players or contestants in games.
- Responsible Gaming. Operators are required to display on their web sites a warning of the addiction possibilities of gambling and information on sites to assist compulsive gamblers. Operators are also required to exclude players from website access upon the player’s request.
- Anti-Fraud and Money Laundering Regulations. The regulations ensure honest play and that account wagering systems cannot be used by players to launder money.
The annual licence fee for interactive gaming is USD $75,000 and the annual licence fee for interactive wagering is USD $50,000. Key person licences are USD $1,000 the first year, and USD $250 in renewal years. There is an annual USD $5,000 renewal application fee for online gaming and sports betting licences, with additional charges if investigation fees exceed that amount.
Who to Contact?
Please contact the our specialist who will be pleased to assist with your enquiry:
|
|||||||||||||||||||||
| Back to top |
