CalvinAyre.com says – Few Governments go to bat for online gaming companies under their license than Antigua. The Antigua Government went head to head with the US Government and won. The cost of doing business in Antigua is a little more than others but the governmental support and no market restrictions make Antigua a good option for online gaming companies.
Antigua and Barbuda in the Caribbean practice a tradition of English Common Law. Their legal procedures are patterned after the British parliamentary system. In 1982, legislation enacted under Amendments to the International Business Corporations Act in 1984 and 1985 have made Antigua and Barbuda a favorable jurisdiction for international banking.
Antigua and Barbuda were involved in a dispute with the United States. Antigua argued that the US violated the General Agreement on Trade Services (GATS). In 2004, the World Trade Organization (WTO) ruled in favor of Antigua and the United States was given a year to comply with GATS. With the US still non-compliant in 2007, Antigua won the WTO ruling and a USD $3.4 million claim. An agreement was still not reached after the final meeting in January 2009 between Antigua’s Finance Minister and US Trade Relations representatives.
The licensing and regulation of online gambling services on the islands of Antigua and Barbuda are handled by the Financial Services Regulatory Commission’s Division of Gaming (FSRC).
In June 2010, the Kahnawake Gaming Commission and the FSRC for Antigua and Barbuda signed a Memorandum of Understanding (MOU) that established a regulatory relationship between the two commissions. The 2010 MOU allows an operator that holds a “Primary License” in either jurisdiction to apply to the other for an “Inter-Jurisdictional Authorization.” The holder of the Inter-Jurisdictional Authorization is entitled to be hosted in either jurisdiction
Type of Company Entity Available for iGaming Firms:
Corporation, private company, partnership.
Corporation Tax Rate:
Corporation tax of domestic companies is levied at a rate of 35%, but is not applied to international business companies
Minimum Share Capital for an iGaming Company:
5%
Security Requirements/Indemnity for Players Deposits:
Operators must register and verify the identities of players before allowing participation in wagering. Operators are required to provide the name, date of birth and place of residence of registering players and in accordance with privacy laws, player identities must remain confidential.
License Fee:
- $15,000 non-refundable application fee.
- Interactive gaming license: £100,000.
- Interactive wagering license: $75,000 plus $5,000 annual renewal fee.
- To have a monitoring system, the fee is $25,000 for one license, $45,000 for two.
License Duration:
1 year
Do Local Banks Process Online Gaming Transactions:
Yes
Bandwidth Type Available:
Three Network Providers, Lime, ACT, Digicell, offer network access
Software Testing Requirements:
Each software component shall include a description of the functional security or other features of that component, such that all gaming functionality is described.
Reporting Requirements to the iGaming Regulators and/or Financial Regulator:
Accounting records. Financial statements. A semi-annual statement of assets and liabilities, calculated in United States Dollars shall be submitted no later than thirty (30) days after the end of the semiannual date to which it relates. An annual audited return in the English language and calculated in United States Dollars, prepared by an auditor approved by the Board, after consultation with the appropriate official, and providing an analysis of customer liabilities to the corporation in respect of assets of the corporation, a profit and loss statement, balance sheet, and a statement of assets and liabilities, which return shall be submitted no later than ninety (90) days after the end of the financial year to which it relates.
Anti-Money Laundering Policy for iGaming Firms:
Anti-Fraud and Money Laundering Regulations in place function to foster honest play and ensure that account wagering systems cannot be used by players to launder money.
Restrictions on Jurisdictions from which you can take Wagers:
None
Contact Details of Government Department or Regulator:
[email protected]
Financial Services Regulatory Commission’s Division of Gaming
2nd Floor – West Wing
First Caribbean Financial Centre
Old Parham Road
St. John’s
Antigua and Barbuda
