Antigua’s financial centre enacted in 1982, the International Business Corporations Act. It governs the operation of various types of formal structures often required to support wealth structuring solutions, including the establishment of trusts and foundations and the incorporation of international businesses and limited liability companies. It is recognized generally as the most modern and attractive piece of legislation of its kind in the Caribbean and is tailor-made to meet the needs of international businesses.
W2A has developed an important network within an experienced and professional sector comprised of attorneys-at-law and licensed company providers that can assist you in the clearing of names, filling of corporate structures and referring of asset managers and custodian banks in the Caribbean region.
W2A is uniquely positioned to introduce you to our local partners who will provide you with best in it's class private banking services.
Our partners, locally based asset management companies, have their heritage going back to Swiss Private Banking that started its history before the World War II. These locally based companies continue the Swiss tradition, confidentiality, and experience acquired over the years to assist our clients in analyzing the investment profile, assessing the political and economical risks, as well as personal risk that our clients may be exposed to.
Based on this comprehensive analysis of our clients personal circumstances while taking into consideration outside factors such as political and economical risks, our partners will make recommendation on preferred jurisdiction where client's assets should be booked in order to protect our clients from broader risks and protect their assets.
Recent amendments to the Immigration and Passport Act and Income Tax Act allows for the offer of permanent residence to high net-worth individuals and their families upon the following terms: Purchase or lease of property in Antigua Physical presence in Antigua for an annual minimum of 30 days in aggregate Holding a Permanent Residence Certificate by payment of an annual immigration levy of not less than US$20,000.00.
This application is subject to the approval of Cabinet who shall determine the amount of levy to be paid. The benefits to the scheme arise from the fact that it operates in a jurisdiction free from personal income tax, capital gains tax, inheritance tax and wealth tax. Further the Permanent Resident's income will not be subject to tax by the Antigua tax regime whether the income is remitted or not.
The advantages offered by the Antiguan Act are hereinafter set out: An IBC is granted a guaranteed fifty year tax exemption, an exemption which applies to most forms of IBC income, dividends, interest and royalties paid by an IBC to foreigners. An IBC is exempt from exchange controls and the unrestricted operation of bank accounts is permitted. An IBC benefits from the absence of capital gains and estate taxes in Antigua. An IBC is not subject to mandatory auditing or minimum capital requirements.
An IBC is not subject to Tax Treaties or Exchange of Information Agreements with any country other than the United Kingdom. An IBC may issue bearer shares and its stock may be issued with or without par value. An IBC may increase or reduce its authorized capital by way of an amendment to its Articles of Incorporation. An IBC may have a sole shareholder. An IBC may have a sole director and directors need not be natural persons. The officers and directors of an IBC need not be shareholders. There are no citizenship or residence requirements for directors, officers or shareholders. Meetings of directors and shareholders may be held outside Antigua (Annual meeting of the directors and shareholders must be however convened in Antigua). Ordinary shareholder resolutions are carried by single majority of votes cast whereas certain extraordinary resolutions require approval of a two-thirds majority. Shareholders may vote by proxy.
The International Business Corporation may be used as a vehicle through which the registration of ships and pleasure crafts under the Antiguan Flag may be accomplished. Once ownership of the vessel is vested in the IBC, the Company may apply to have the vessel registered under the Antiguan Flag.
The unprecedented development of the art market over the past few years has resulted in the ‘financialisation’ of the art market. Art is now seen not only as an object of pleasure, however, also as a new alternative asset class with interesting business opportunities. W2A is proud to annonce its collaboration with an international art expert with a dedicated advise on potential investments in art works.