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Compliance


Filing Annual Returns

Companies have a deadline of April 1 every year to file their Annual Return. Failure to comply with this rule will result in them being penalized. Section 194 of the Companies Act.

Notice of Change of Directors

It is important to remember that A Notice of Change of Directors must be filed when there is a change in Directors within fifteen days of the change in a company as per section 77 of the Companies Act 1995.

Copies of resignation letters of directions are to be lodged at the Registry.

Registered Offices

Companies in Antigua and Barbuda are required are required to have an address within the jurisdiction of Antigua and Barbuda as per section 175 of the Companies Act, 1995.

Removals and Restorations

The result of not filing Annual Returns on time can be that a Company is struck off the Register and have legal consequences. This can however be remedied, but the process will cost the Company to restore as well as to file outstanding documents. The Cost of Restoration as listed in the Companies Regulations is EC$200.00.

Closure

A Business (as opposed to a company) may be closed and removed from the Register by a notice in writing to the Companies Registry and the payment of the prescribed $50.00.
Where a partnership is concerned and is being closed all partners must consent to the same.

Winding Up

Companies may be wound up voluntarily by its shareholders or involuntarily by the Courts on an application by the Registrar or an interested party.

Non-Profit companies

1. A non-profit company is exempted from sections 149 to 156 of the Act but the company must within fifteen days after its annual meeting, send to the Registrar a copy of its manual financial statement showing:(a) The assets and liabilities of the company in the form of balance sheet.

(b) The revenue and expenditure of the company since the date of incorporation or the date of the previous financial statement.

2. The annual financial statement mentioned in sub-regulation (1) must be accompanied by the report of the auditor of the company and must be approved by the directors of the company and the approval must be evidenced by the signature of one or more directors.