Frequently Asked Questions
- What is meant by the term ‘physical presence’?
- Are bearer shares permitted?
- Can a person come into the Commission to conduct a company search?
- What is a corporate status report?
1. What is meant by the term ‘physical presence’?
Any corporation in Antigua and Barbuda licensed under the IBC Act is required to maintain a physical presence. The physical presence requirement provides that licensed corporations must conform to the following minimum requirements:
- A licensed corporation must have its own separate office large enough to comfortably accommodate a staff of at least two (2) persons, computer equipment and facilities to accommodate clients
- The time of the opening of the corporation may be flexible but it must open each day, Monday to Friday, for a minimum of six (6) hours per day. Opening hours should be posted outside the corporation notifying any interested person of the schedule.
- Licensed corporations must have at least one (1) full-time employee. The local director and the person charged with maintaining the physical presence must be two distinct persons.
- The person mentioned above, or at least one other person employed with the corporation, must have relevant experience, that is, capable of understanding the operation of the corporation. The person must be responsible enough to recognize the process or otherwise of due diligence so as not to be unwittingly caught up in money laundering.
- Finally, physical records are to be remitted at the latest on a monthly basis to Antigua and Barbuda and stored in a manner that can be easily reproduced. This would facilitate inspection of transactions in the event of an inquiry. In addition, the facility to avail of current information must be established.
Finally, physical records are to be remitted at the latest on a monthly basis to Antigua and Barbuda and stored in a manner that can be easily reproduced. This would facilitate inspection of transactions in the event of an inquiry. In addition, the facility to avail of current information must be established.
2. Are bearer shares permitted?
The IBC Act permits bearer shares for IBCs incorporated in the jurisdiction. However, the resident agent must maintain a register of the following: The resident agent is responsible for keeping the record and register. Failure to do so is punishable with a fine of US$50, 000.
- the total number of bearer shares issued;
- the name of the beneficial owner; and
- the number identification and date of issue of each bearer certificate.
3. Can a person come into the Commission to conduct a company search?
For a prescribed fee, a person can conduct a search of an IBC’s public documents during normal working hours.
4. What is a corporate status report?
Anyone may request a corporate status report which includes the following information:
- incorporation date and IBC number
- name of director(s)
- name and address of registered office and resident agent
- authorized capital
- company status (for example, outstanding issues)