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A nation consisting of two islands situated close to where the Atlantic Ocean and Caribbean Sea meet. Historically, the British have had a huge influence over many of the islands situated in the Caribbean. This influence has had an enduring impact on Antigua and Barbuda, with the country retaining certain legal ideals since it obtained independence in 1981.
As a result, Antigua and Barbuda has a very solid parliament based on the system in the UK. In just a couple of years after independence, the country formed and altered its International Business Corporations Act. The aim of this piece of legislation was to draw business to the islands in the form of international finance, much like some of the other islands in the Caribbean.
Antigua and Barbuda entices international companies on the basis that great rates are offered to them to conduct business. The legal process to setting up on the islands can be completed within a speedy window of 24 hours, in most cases. There are various trusts, accountants or attorneys that can guide international companies through the process.
Online gambling operators that locate in Antigua and Barbuda can, in some instances, receive complete exemption from all of the direct taxation incurred. Taxes can include international trading, investment, commercial activity as well as stamp duties. In terms of banking, Antigua and Barbuda has a basic 3% that is applied to gross income.
International business corporations (IBCs) formed in Antigua and Barbuda can transfer charters to foreign jurisdictions. It is only the case of financial IBCs that one of the directors has to be resident in the country and a citizen of it. This helps form the appeal for gambling operators setting up as an IBC in the country.
The Financial Services Regulatory Commission (FRSC) of Antigua & Barbuda has a gaming division to oversee the licensing of online gambling operators. Two types of licenses are awarded to operators, with the first named interactive wagering and the second named interactive gaming. It is the wagering licenses needed for providing online betting services from the islands.
Operators applying to be licensed in the jurisdiction need to stump up an initial $15,000 sum to cover investigation costs. Annual licensing costs in Antigua & Barbuda are rather expensing. An interactive wagering license costs $75,000 for the year, while an interactive gaming costs $100,000.
A Memorandum of Understanding (MOU) exists between the gaming division of the FRSC and the Kahnawake Gaming Commission. The MOU was initiated in 2010 and entitles primary operators within each jurisdiction to obtain inter-jurisdiction authorisation. Such authorisation would enable an operator to host their operations in either jurisdiction. This gives operators within these jurisdictions unparalleled choice when it comes to enjoying the best flexibility in providing their online gambling services.