Search and reserve company name
Agency: Intellectual Property & Commerce Office (IPCO)
The company name search is performed at the Intellectual property & Commerce Office (IPCO). Upon assurance that no other company goes by the proposed name, a form is submitted to reserve the name for three months.The form will be signed by all the company directors.
The IPCO is implementing the online company registry where sevaral services could be perform online.
Time and cost: 3 days, EC 25
Retain a lawyer to prepare the incorporation documents
Agency: Lawyer
The minimal cost of EC 150 is charged by a lawyer or justice of the peace to prepare a declaration attesting that the company owner is not bankrupt, is mentally sound, and is over 18 years of age. This is the only document that requires an attorney’s intervention by law. However, the general practice is that an attorney will prepare all incorporation documents: notice of address, notice of directors, and articles of incorporation. In this case, the average attorney fee averages EC 3,000. All the necessary documents are forms from the Company Act and are completed by filling in blanks. The cost of this procedure is incorporated into Procedure 3, as typically the notary will file the prepared documents with IPCO on behalf of the company.
Time and cost: 1 day, included in procedure 3
Register with the Intellectual Property and Commerce Office and receive the Certificate of Incorporation
Agency: Intellectual Property & Commerce Office (IPCO)
The registration fee with IPCO is EC 200, plus the statutory declaration (stamp fee) of EC 10. Attorney fees average around EC 3000 for preparing all the documents to be filed with IPCO.
Time and cost: 7 days, EC 3210
Make a company seal
Agency: Various Office Supply Businesses
Company seals are not required by the Company Act but are in practice required for everyday company transactions. The cost will depend on the quality of the seal.
Time and cost: 5 days, EC 200
Apply for a taxpayer identification number (register the company for taxes)
Agency: Inland Revenue Department
The taxpayer identification registration is done at the Inland Revenue Authority. Application for Registration is done after the company has been incorporated and there is a Certificate of Incorporation. The registration form is available on the Government website and can be printed but cannot be registered online.
Time and cost: 3 days (simultaneous with previous procedure), no charge
Register for VAT and obtain an ABST identification number
Agency: Inland Revenue Department
The company can register for VAT at the Inland Revenue Authority. The Registration Form is available on the Government website and can be printed but cannot be registered online. Registration is done only after the company has been incorporated and there is a Certificate of Incorporation. The Inland Revenue Authority will analyze the expected annual volume of sales and they will assign to the company the ABST identification number.
Pursuant to the Antigua & Barbuda Sales Tax Act 2006, the company must register for VAT if its revenues exceed EC 300,000 annually.
Time and cost: 1 day (simultaneous with previous procedure), no charge
Register for medical benefits
Agency: Medical Benefit Scheme
Both the employer’s and the employee’s monthly contribution to medical benefit are the same at 3.5% of the employee’s basic monthly wage. There is no maximum contribution.
Time and cost: 1 day, no charge
Register for social security
Agency: Social Security Scheme
The company registers with Social Security first and once a registration number is received this is taken to the Board of Education in order to register there.
Time and cost: 1 day, no charge
Register for education levy
Agency: Board of Education
The education levy is only payable by the employee but the employer is required to deduct the education levy from the employee’s wages and submit to the Inland Revenue Department on the prescribed form monthly. The employer’s contribution to social security is 6% of the employees’ basic monthly wage up to a maximum of EC 390 per month. The employee’s contribution is 4% up to a maximum of EC 260.
Time and cost: 1 day, no charge
