Antigua and Barbuda
Antigua and Barbuda is an independent Commonwealth country comprising its 2 namesake islands and several smaller ones. Positioned where the Atlantic and Caribbean meet, it's known for reef-lined beaches, rainforests and resorts. Its English Harbour is a yachting hub and the site of historic Nelson's Dockyard. In the capital, St. John's, the national museum displays indigenous and colonial artefacts.
Banking in Antigua
Antigua is a major offshore financial jurisdiction, which offers maximum confidentiality, a modern banking infrastructure, and excellent stability. SFM is closely partnered with all of the top tier banks in the region and can offer clients unrivaled support in setting up an offshore bank account in Antigua.
History
The islands achieved independence from the United Kingdom in 1981, becoming the nation of Antigua and Barbuda. However, it remains part of the Commonwealth of Nations, and remains a constitutional monarchy, with Queen Elizabeth II as Queen of Antigua and Barbuda.
In 1997, Prime Minister Lester Bird announced that a group of ecologically sensitive islands just off Antigua's northeastern coast, previously proposed for national park status, were being turned over to Malaysian developers. The Guiana Island Development Project deal, calling for a 1000-room hotel, an 18-hole golf course and a world-class casino, sparked widespread criticism by environmentalists, minority members in parliament, and the press. The issue came to a head when a local resident shot the PM's brother. Today, the proposed development is mired in lawsuits and politics.
The ALP won renewed mandates in the general elections in 1984 and 1989. In the 1989 elections, the ruling ALP won all but two of the 17 seats. During elections in March 1994, power passed from Vere Bird to his son, Lester Bird, but remained within the ALP which won 11 of the 17 parliamentary seats. The United Progressive Party won the 2004 elections and Baldwin Spencer became Prime Minister, removing from power the longest-serving elected government in the Caribbean.
Antigua has not suffered as many other countries did during the international economic crisis, and its banks remained stable and profitable, adding to its excellent reputation.
Banking Institutions
The financial system in the Eastern Caribbean Currency Union (ECCU) comprises domestic banks, International Financial Services Sector banks, credit unions, insurance companies, national development foundations, development finance institutions, building and loan associations and finance companies.
The regulatory framework of the domestic banking system has two main legislative components. First, there is the ECCB Agreement Act, 1983 and its amendments, which under Article 3 paragraph 2(e) of the ECCB Agreement Act gives the Eastern Caribbean Central Bank the power to “regulate banking business on behalf of and in collaboration with Participating Governments.” Second, there are the Banking Acts of the various territories of the Participating Governments which govern the regulation of banking business in those territories.
Laws and Regulations
Antigua is a well-known and respected offshore banking jurisdiction. The Financial Services Authority of Antigua and Barbuda is the main governing and regulatory body of banks registered in the Eastern Caribbean. Furthermore, as Antigua is a member the Commonwealth of Nations, and banking deposits are stable.
Bank Secrecy
Antigua was ranked at the 65th position worldwide by the 2015 Financial Secrecy Index, as a calculation that has been based on its share of the global market for offshore financial services.
Banking Facilities
SFM has a relationship with an extensive network of private and major bank in Antigua.
All of the banks we refer our customers to offer a full international banking platform, with multi-currency accounts (£, € & $) as well with online banking and debit/credit cards.
Once your order has been completed, you will be assigned a dedicated account manager that will guide you through the bank account opening procedure. Then, we will carefully select with you a bank from one of our leading partners, that perfectly fits your requirements like a tailored suit.
Which documents are needed to open a bank account?
The Bank is required to confirm the identity and address of all clients opening bank accounts. The following documents are required for each signatory and beneficial owner and will be treated as confidential:
- Notarised Passport copy
- Certified Utility Bill (not older than 3 months)
- Original Bank Reference Letter (not older than 3 months)
In case of corporate bank accounts, the bank will also request a set of certified corporate documents consisting of:
- The Certificate of Incorporation
- The Memorandum and Articles of Associations
- Register of Shareholders and Directors
- A Certificate of Good Standing or Certificate of Incumbency if the company is older than 12 months
- Latest Audited Account/Corporate Profile, if available
The bank can request any additional information and/or documents at its discretion such as Business plan, CV, Invoices, Agreements/Contracts of existing company and the Client must comply with the bank requirements.
Depending on the language of the documents, the bank might also ask translation of the documents as well. In that case, translation should be done after the certification of the documents
We will send you the additional bank forms necessary for opening the account by email, as an attachment, for you to sign and return to us preferably by special courier ( DHL, FedEx or Chronopost), along with the other documents mentioned above.
