Banking in Antigua
Facts about Antigua & Barbuda
Antigua & Barbuda are small islands in the Eastern Caribbean region located east-southeast of Puerto Rico. Antigua & Barbuda are known for tourism, annual yacht regattas and expanding international financial services industry (primarily private international banks).
Financial system of Antigua & Barbuda
Commercial banks are supervised by Eastern Caribbean Central Bank (based in St Kitts & Nevis) and presently 8 commercial banks are operating in Antigua. As of 31 March 2013, 13 offshore banks were registered in Antigua and they are supervised by the Financial Services Regulatory Commission (based in Antigua & Barbuda). Financial Services and Regulatory Commission also supervises 26 insurance companies as well as 6 Credit Unions.
Lots of efforts have been undertaken by the authorities of Antigua in order to increase attractiveness of Antigua as the international financial centre. Such steps include:
- Implementation of a robust Corporate Governance Framework
- Strengthening Legislation Supervision
- Training of Regulators
- Limiting political level influence and encouraging transparency
- Financial Education and Awareness
- Institutional Risk Management
- Implementation of a Deposit Protection Scheme
Banking profile of Antigua
Banking for international clients started in Antigua in 1983 after enactment of International Business Corporation Act (1982). Antiguan international banks have strong expertise in provisioning of financial services for European and Latin American clients. Banks in Antigua can generally offer the following services:
- Interest-bearing accounts for fixed term accounts
- Multi-currency accounts (USD, EUR, GBP and CAD)
- Correspondent banking relationships with global banks
- Online banking systems
- Payment cards
Banking products and services
The bank we would like to introduce offers a wide range of services and products that are flexible in catering to the needs of its customers for secure investment and convenient access to their funds.
OPERATING ACCOUNTS: Minimum Opening Balance – $5,000. Statement issued monthly and via internet banking. Non-interest bearing.
MONEY MARKET ACCOUNT: Minimum Opening and monthly Balance – $20,000. Statements issued and interest payable quarterly.
GOLD SAVINGS ACCOUNT: Minimum Opening Balance – $10,000. Statements issued and interest payable monthly.
CLASSIC SAVINGS ACCOUNT: Minimum Opening Balance – $5,000. Statement issued bi-annually and interest payable quarterly.
GOLD BOND ACCOUNT: A Certificate of Deposit (CD) with minimum value of $25,000. May be fixed for a minimum of three (3) months to five (5) years.
PAYMENT CARDS: The bank offers payment cards for all its account holders.
INTERNET-BANKING SOLUTION: Modern and secure online banking platform allowing the bank’s client to manage their finances online.
Target groups. Documents for opening offshore bank account
This bank is suitable for small and mid-size international businesses or expats looking for simple banking solution in the Caribbean region. IT professionals, offshore contractors as well as trading companies are key-clients of this bank.
Due diligence and corporate documents to be submitted to the bank:
Authorized Signatories to the Account(s) are required to provide:
- Notarised copy of valid passport for picture identification (also required for Beneficial Owners and Directors) or any other form of government issued identification
- Copy of current utility bill for verification of physical address (also required for Beneficial Owners and Directors)
- Original Personal banker’s reference
- Completed and signed Account Opening Application Form
- Specimen of Signature(s) in the space(s) provided
- Completed and signed Appointment of Bankers Mandate provided in the Account Application Form
- Completed Account Activity Information Form
Notarised copies of the following are to be enclosed:
- Certificate of Incorporation
- Certificate of Good Standing (required annually)
- Memorandum and Articles of Association
- Subscribers’ appointment of initial directors and any amendments thereafter