OFFSHORE BANKS When permitted by its Articles of Incorporation, an IBC may apply for an international banking licence. The Articles of Incorporation and the prescribed fees must be accompanied by an application for a licence. These documents are to be submitted to the International Financial Sector Authority for approval. Please note the aforesaid fees are non-refundable. In order to obtain a banking licence, a minimum capital requirement of FIVE MILLION UNITED STATES CURRENCY (US$5,000,000.00) of which ONE MILLION FIVE HUNDRED THOUSAND UNITED STATES CURRENCY (US$1,000,000.00) must be held in a licenced financial institution domiciled in Antigua & Barbuda. Said funds cannot be withdrawn from the licenced financial institution without the consent of the authority. However, the authority shall immediately grant consent when the business of the licenced IBC institution is wound up in accordance with the governing Act. There must be prima facie evidence confirming the aforementioned funds have been so deposited. An IBC conducting the business of Banking must have at least one director. All directors must be natural persons(s) and at least one director must be a citizen and resident of Antigua & Barbuda. As part of the application for a banking licence, biographical data/resume (duly signed), inclusive of marital status, dependents, qualifications and experience in the banking field; professional and bank references of all directors, officers and shareholders, including photocopies of passport pages showing pictures, personal data and signatures, and a police report. The Authority will not issue a licence to an institution whose ownership is held directly or indirectly in "bearer shares" or otherwise unknown. It is required by the IBC Act that an IBC conducting the business of Banking must file quarterly returns with the Supervisor of Banks and Trust Corporations with a financial analysis of customers liabilities and a statement of Assets and Liabilities. This report must be filed within 21 days of the end of each quarter. Annually an audited return in the English language and calculated in United States Dollars, prepared by an auditor approved by the Board and providing an analysis of the customers liabilities to the corporation in respect to loans, advances and other assets of the corporation. A Profit & Loss Statement, a Balance Sheet and Statement of Assets and Liabilities must be submitted to the Supervisor of Banks and Trust Corporations not later than ninety days after the end of the year to which it relates. The annual returns shall remain confidential except that the balance sheet shall be published in the Gazette, at the cost of the banking corporation. An annual certification attesting to the ownership, directors and officers of the institution must also be submitted. An IBC conducting banking business must maintain a ratio of Equity to Assets of 5% or greater. No licenced institution shall open a subsidiary or branch in a foreign country without the prior approval of the Authority. No licenced institution shall offer Internet Services of any type without the prior approval of the Authority. The fees associated with the licencing and regulation of an IBC conducting banking business are US$25,000.00 which includes US$15,000.00 licencing and filing fees. Each subsequent years annual renewal fee is US$20,000.00 which also includes US$15,000.00 licencing and filing fees. Professional fees include the following services: Preparation and filing of the application. Preparation of the Standard Articles and Memorandum. Statutory filings and notices. Provision of a local director. Maintaining a registered office and agent. Issuance of share certificates and maintenance of register. General Legal Advice. We also provide additional services including management services which costs depend upon nature of work to be performed and will be agreed upon. The application process, including licencing and incorporation, takes about one month once all requirements have been satisfied. All transactions of an IBC bank are kept confidential and disclosure is prohibited except in the case of a criminal investigation in Antigua relating directly to the privy information. Antigua Offshore Inc. will be able to provide all services required to facilitate the above transactions in a professional, confidential and reliable manner.