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Antigua’s Conducive Conditions
In or around 1982, Antigua passed the International Business Corporations (IBC) Act, which played a pivotal role in establishing the country as an offshore financial services jurisdiction
and then later an online gambling hub.
In those days, the Antigua International Business Corporation (IBC) offered advantages that would bring fear to a compliance officer these days:
- Foreign Ownership: All shareholders can be foreigners.
- Tax Exempt: IBCs are exempt from taxes, but individuals subject to global income taxation must report their income.
- Confidentiality: Disclosing information about an IBC is a criminal offense.
- Privacy: Beneficial owners and shareholders’ names are not publicly disclosed. The IBC’s assets are private.
- Quick Formation: IBCs can be formed in one day.
- Minimal Requirements: Only one shareholder and one director are needed, with no minimum capital.
- English Language: Antigua’s official language is English.
IBCs are prohibited from engaging in certain licensed activities such as banking or insurance without a license. They can engage in a wide range of international activities, including asset protection, global investments, and shipping registration, but cannot conduct business within Antigua. Strict banking confidentiality laws also apply, with severe penalties for violations.
Online gambling was not specifically mentioned, and also not specifically prohibited. This meant that the IBC could operate under a de-facto world-wide license to offer gambling to anyone, anywhere, except where the IBC is registered.
To register an IBC, two Antigua citizens (including one attorney) must file the Articles of Incorporation and an application for an International Business Charter. Shareholders and directors can be from any country, with nominee shareholders allowed for privacy. There is no requirement for minimum authorized capital.
Critically, every IBC must have a local registered agent and office. So, despite the restrictions related to doing business in Antigua, you actually need a physical office in Antigua. Therefore you could have a bank account and could employ local staff and contractors.
Servers could be located there and decent internet connections were available.
All excellent. So, now you have a tax-free environment which was safe (mostly).
Then things get a little hazy…
The Free Trade Zone Act of 1994 reinforced the IBC 1982 Act but didn’t add any specific regulations regarding online gambling.
To accommodate the offshore gambling companies that took advantage of the IBC situation, the regulator initially classified them as “Financial Services” companies.
However, unlike other IBCs, they were recognized as offshore gambling companies and their supervision was the responsibility of the Free Trade and Processing Zone.
Formal regulation did not really exist until the Interactive Gaming and Interactive Wagering Regulations were enacted in 1999. Supervision of offshore gambling then passed to the Financial and Regulatory Services Commission.
Initially, without formal regulation, the early online gambling industry in Antigua relied heavily on trust and reputation to attract players. Since there were no official licensing bodies or specific regulations, players had to rely on the reputation of the operators and word-of-mouth to determine whether a site was trustworthy.
