FORMATION OF IBCs The corporate vehicle of the IBC is governed by the International Business Corporation Act No. 28 of 1982 with amendments. An ordinary IBC, an IBC with a banking licence, an IBC with a trust licence or an IBC with an insurance licence may each be formed. Ordinary IBC For an ordinary IBC, there are no requirements to have a paid-in capital, and there is no time limit in which the authorised capital must be fully paid. The IBC may change its authorised capital by simply amending its Articles of Incorporation. Share certificates may be issued in either nominative or bearer form and with or without par value. No requirements exist for the filing of corporate reports regarding the activities of an ordinary IBC. Only one Director is required for an ordinary IBC. The Director could be of any nationality and may be resident outside of Antigua and Barbuda. A corporation may also serve as a Director. As for the Director, no citizenship or residence requirements exist for Officers, Shareholders or Incorporators. Officers and Directors need not be shareholders, and there is no public disclosure of beneficial ownership of shareholders. Company Name There is a free choice of the name of the company provided that the name is not that of an existing registered company. The name must end in Ltd., Inc., or Corp. Application Information required for an ordinary IBC: biographical data/resume duly signed marital status and dependents professional and bank reference for all directors, shareholders and officers photocopies of passports' pages of the aforementioned showing pictures, personal data and signatures police report for all directors, shareholders and officers If the shareholder is a holding company, the following additional information is also required: the latest audited financial statements, three year business plan including pro forma balance sheet and income statement Certificate of Good Standing from the Registrar of Companies resolution of the Board of Directors authorising the incorporation