Formation of Banks and Insurance Companies

The Antiguan Offshore Bank can accept deposits in any legal tender except those of the Caricom region (mainly English speaking Caribbean countries) The capital requirement is US$5,000,000.00 or its equivalent and quarterly audited reports must be filed.

The Antiguan Insurance Corporation can issue policies to persons to provide protection against loss from any internationally recognized risk. Capitalization requirement which must be maintained with a local commercial bank is US$250,000.00 or its equivalent in any currency.

Information required for both Banks and Insurance Companies include:

a.    The financial status and history of the persons making the      application, proposed directors and affiliates;

b.    Experience and character of the proposed principals;

c.     The adequacy of capital for the proposed business;