Investment Authority Act 2006

1. This Act may be cited as the Investment Authority Act, 2006. Short title.

2. In this Act— Interpretation. “Authority” means the Antigua and Barbuda Investment Authority established by section 3; “Board” means the Board of Management established by section 5; “Cabinet” means the Cabinet of Antigua and Barbuda as provided under the Constitution of Antigua and Barbuda; ANTIGUA 2 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA “Director” means the person appointed as Executive Di- rector under section 8; “incentive and concession” means a relief or exemption from tax or duty specified in Schedule 1; “investment” includes a lawful contribution to establish or expand a commercial enterprise, convertible currency, lo- cal currency, tangible or intangible property, movable or immovable property, a national foreign security, a financial instrument, a receivable, a licence and a lease and a com- mercial right or concession; “investment certificate” means a certificate issued under section 16; “investor” means a natural or legal person who makes a lawful direct investment involving a commitment of capital in Antigua and Barbuda; “Minister” means the Minister of Finance; and “prescribed’ means prescribed in regulations made under this Act. THE AUTHORITY Establishment of 3. (1) There is established a body to be called the Antigua Authority. and Barbuda Investment Authority. (2) The Authority shall be a body corporate with perpetual succession and a common seal and may— (a) acquire, hold, mortgage and dispose of real and per- sonal property; (b) enter into contracts; (c) sue and be sued; (d) so far as is possible for a body corporate, exercise the rights, powers and privileges and incur the li- abilities and obligations of a natural person of full age and capacity; and No. 15 of 2006. The Investment Authority Act, 2006. 3 ANTIGUA AND BARBUDA (e) do all such things as are necessary for the purposes of its functions under this Act.

4. (1) The Authority shall advise the Government on the for- Duties of the Au- mation and implementation of policies and programmes to attract thority. investment within Antigua and Barbuda, and to promote the in- creased export of goods and services from Antigua and Barbuda. (2) The Authority shall also— (a) implement programmes and activities to promote Antigua and Barbuda as a jurisdiction in which to invest; (b) collect, compile and disseminate information on avail- able investment opportunities in Antigua and Barbuda; (c) provide information to investors and prospective investors on the legal, financial, real property, indus- trial relations and intellectual property requirements and other matters relating to the establishment of business enterprises in Antigua and Barbuda; (d) establish procedures consistent with this Act to pro- cess applications for investment projects efficiently; (e) provide local and foreign investors and prospective investors with information on potential joint venture partnerships; (f) provide trade and other support services, including, but not limited to, the provision of information on existing market opportunities, product quality require- ments, packaging and labelling standards; (g) liaise with government agencies, departments and authorities to identify and secure suitable land that may be required by investors and prospective in- vestors to implement investment projects; (h) provide services to assist investors and prospective investors to obtain such certificates, approvals, authorisation or permits as may be required by law to establish and operate business enterprises; ANTIGUA 4 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA (i) undertake activities to support and encourage in- vestment by local entrepreneurs, including, but not limited to, the training and provision of business advisory services; (j) generally facilitate and support business develop- ment, export production, and do all such things as may be lawfully done to achieve its objectives and perform its functions under this Act; (k) issue investment certificates in accordance with the provisions of this Act; and (l) issue approvals for income tax exemptions under section 10(2) of the Income tax Act, Cap. 212. (n) revoke or terminate investment certificates and cer- tify the amount of any incentives and concession that are to be repaid as a consequence. (m) revoke or terminate investment certificates, and cer- tify the amounts of any incentives and concessions that are to be repaid as a consequence. (3) The Authority shall publicise the system of registration and incentives and concessions established by this Act, and for that purpose may send information, including the Investment Code set out in Schedule 4, to prospective investors, but the issue of such information shall not constitute an offer, or a legal liability on the part of, the Government. Staff. 5. (1) The Authority may, in consultation with the Director, employ such employees as are required for the proper discharge of its functions under this Act, who shall be public officers. (2) For the performance of its functions under this Act, the Authority may employ the services of consultants or qualified professionals. Board of Manage-

6. (1) The Authority shall be governed by a Board of Manage- ment. ment and Schedule 2 shall have effect with respect to the consti- tution and proceedings of the Board. No. 15 of 2006. The Investment Authority Act, 2006. 5 ANTIGUA AND BARBUDA (2) The Board shall be responsible for the overall organisation and administration of the Authority, and for ensuring the execu- tion of the Authority’s duties. (3) The Board shall appoint a Secretary to the Authority.

7. The Cabinet may give the Authority directions of a general Cabinet to give di- nature in respect of the policies to be followed by it in the exer- rections to the cise of its powers and the performance of its functions under this Authority. Act and the Authority shall give effect to such directions.

8. (1) The Minister shall appoint an Executive Director who Appointment of shall have standing, knowledge and experience, either profes- Executive Direc- tor. sional or academic, in commerce, tourism, law, banking, finance or real estate, on such terms and conditions as the Minister may determine, subject to the provisions of this Act. (2) The Director shall be the administrative head of the Au- thority and shall perform the duties assigned to him under this Act and such other duties as the Authority may determine. (3) The Director may resign from office at any time by giving three months’ written notice to the Chairman of the Board.

9. (1) The Director shall, subject to the provisions of this Act Duties of Direc- and the general direction of the Board, be responsible for the tor. management and administration of the Authority and for— (a) the development and preparation of appropriate plans for the promotion of suitable investment strat- egies in Antigua and Barbuda; (b) the organisation and direction of the officers, em- ployees and staff of the Authority; and (c) the disbursement and accounting for all funds of the Authority and for their administration and control. (2) The Director shall monitor the progress of any investment enterprise in respect of which an investment certificate has been issued under this Act.

10. (1) The Director may be removed from office by the Board Removal of Di- for— rector from of- fice. ANTIGUA 6 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA (a) misconduct in or in connection with his office or duties; (b) failure or inability through physical, mental or emo- tional impairment to perform his duties under this Act; or (c) conviction by a court of competent jurisdiction of a criminal offence involving dishonesty or immorality or of any other crime which in the opinion of the Board is likely to bring the Authority into disrepute. (2) The Director shall not be dismissed under the provi- sions of subsection (1)(c) until the period for lodging an appeal against the conviction has expired, without such an appeal being lodged. FUNDS OF THE AUTHORITY Funds and re- 11. The funds and resources of the Authority shall consist sources of the of— Authority. (a) money appropriated by Parliament for the purposes of the Authority; (b) any money and property paid or provided to the Authority by way of grants, fees, subsidies, dona- tions, gifts, charges, rent, interest and other income derived from the investment of the Authority’s funds; (c) any money derived from the disposal of or dealing with real or personal property held by the Authority; (d) money borrowed under this Act or derived from fi- nancial accommodation extended to the Authority under this Act; and (e) all other money lawfully received by or made avail- able to the Authority. Borrowing pow- 12. (1) Subject to subsection (2), the Authority may borrow ers of the Author- money required by it for the purpose of carrying out its functions ity. under this Act. No. 15 of 2006. The Investment Authority Act, 2006. 7 ANTIGUA AND BARBUDA (2) No money shall be borrowed under this section unless the Minister approves in writing the amount to be borrowed, the source of the borrowing and the terms on which the borrowing is to be made.

13. The funds of the Authority shall be applied towards— Application of the funds of the Authority. (a) the performance of its functions under this Act; and (b) the payment of salaries, wages, fees, allowances, gratuities and other similar benefits of the employ- ees of the Authority.

14. (1) Subject to subsection (2) the Authority shall cause to Accounts and au- be kept proper books of accounts and other books or records in dit. which shall be recorded all financial transactions of the Authority and shall cause to be prepared within two months of the Authority’s financial year a financial statement for that financial year. (2) The accounts of the Authority shall be prepared according to accepted international accounting standards and shall be au- dited annually by the Director of Audit or by such person as the Director of Audit may appoint. (3) The Board, the Director and all employees of the Authority shall afford the Director of Audit or other auditor appointed by the Director of Audit, access to all books, documents cash and securities of the Authority and, on request, shall give the Direc- tor of Audit or other auditor appointed by the Director of Audit any information within his knowledge.

15. The Authority shall send a quarterly written report of its Authority to sub- activities to the Prime Minister on the first day of March, June, mit regular re- September and December in each year, and on the first day of ports. June in each year shall send an annual written report to the Cabi- net summarising the previous four reports and containing such advice in accordance with section 4(1) as it considers appropri- ate, which report shall be laid on the table of the House of Repre- sentatives by the Prime Minister. REGISTRATION OF INVESTMENT ENTERPRISES

16. (1) No investor or prospective investor who intends to Registration of invest in an enterprise in Antigua and Barbuda may benefit from investment enter- prise. ANTIGUA 8 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA any incentives or concessions applicable to such an investment under any law in force unless he has applied for and received an investment certificate in accordance with this section. (2) An application for an investment certificate shall be sent to the Authority at its main place of business, shall be in such form as may be specified by the Authority from time to time and shall include— (a) the name and address of the existing or proposed business enterprise, its legal nature, and the name, address and nationality of each shareholder, partner or stakeholder; (b) the nature of the existing or proposed business ac- tivity and the intended level of foreign investment; (c) the source of funding whether from Antigua and Barbuda or elsewhere; (d) the number of persons estimated to be employed and the categories of jobs to be created; and (e) such other information as may be prescribed. (3) The Director may request the applicant to provide such further information or clarification or explanation as he or the Board may require. (4) Subject to subsection (5) the Board shall consider an application and shall approve or reject it within one calendar month of its receipt by the Authority and, if the application is approved, shall make such recommendations to the Minister in relation to the grant of incentives or concessions as it considers appropriate. (5) The Board may either generally or as otherwise provided by the instrument of delegation, delegate any of the powers con- ferred on it by subsection (4) to the Director. (6) In the case of an application being approved the Authority shall send an investment certificate in such form as may be speci- fied by the Authority from time to time to the applicant within seven days of the approval. No. 15 of 2006. The Investment Authority Act, 2006. 9 ANTIGUA AND BARBUDA

17. (1) Subject to subsection (2) the Board or, if the power of Board may attach delegation referred to in section 14(5) has been exercised, the conditions to a certificate. Director may attach to any investment certificate such condi- tions as it or he may consider necessary and appropriate. (2) An investment certificate shall specify its period of validity. (3) The holder of an investment certificate shall submit to the Director an annual progress report of the enterprise during the first five years of its operation subsequent to the grant of the certificate. (4) The holder of an investment certificate shall allow to the Director or his agents unhindered access to the premises of the enterprise to inspect any books, equipment, machinery or any other facility used in the operation of the enterprise, provided that the Director shall have good cause so to do and give due notice there of.

18. (1) An investment certificate shall entitle the holder during Entitlement to in- the period of its validity to incentives and concessions in re- centives and con- spect of the investment enterprise to which the certificate re- cessions. lates. (2) The Minister shall specify the incentives and concessions to which the holder of the certificate shall be entitled.

19. (1) The holder of an investment certificate shall not change, Changes in the alter or amend the nature of the enterprise to which the certificate nature of the en- relates without the prior written consent of the Authority. terprise. (2) The holder of an investment certificate who wishes to alter the nature of his enterprise shall give to the Authority thirty days’ notice in writing of his intention to make any changes in the ownership, structure or nature of the enterprise or in the scope or activity of the business enterprise in respect of which the certificate was issued. (3) The Authority shall consider the changes proposed and if it consents to them shall issue an amended certificate to reflect the changes to which it consents.

20. An investor who, having submitted— Complaints. ANTIGUA 10 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA (a) an application for an investment certificate under section 16; or (b) a notice under section 19, and not having been notified of the decision of the Board within six weeks of submission of the application or notice, may lodge a complaint in writing with the Minister, who shall investigate the complaint and inform the applicant of the result within thirty days of the lodging of the complaint. Revocation of 21. (1) The Authority may revoke an investment certificate if— certificate. (a) the holder has not complied with a condition attached to the certificate; (b) the holder has not commenced operation of the en- terprise within ninety days, or such other period as may be agreed by the Authority, and notified to the holder in writing after receipt of the certificate; or (c) the holder has not complied with a requirement of this Act or of regulations made under this Act. (2) Where the Director has reasonable grounds to believe that an investment certificate has been issued on a false or fraudulent representation, or on incorrect information, or that one of the grounds for revocation set out in subsection (1) exists, he shall give written notice to the holder of the certificate, requiring the holder to show, within one month of receipt of the notice, why the investment certificate should not be revoked. (3) Where the Authority is satisfied that the holder of an in- vestment certificate has failed, without reasonable excuse, within the period of one month specified in subsection (2) to show cause why a certificate should not be revoked, the Authority shall revoke the investment certificate. (4) Subject to section 23, the holder of an investment certifi- cate which has been revoked shall cease to be entitled to any of the incentives or concessions to which the certificate entitled him. Notice of inten- 22. Where the owner or operator of a business enterprise tion to terminate enterprise. which is registered under this Act intends to terminate the opera- No. 15 of 2006. The Investment Authority Act, 2006. 11 ANTIGUA AND BARBUDA tion of the enterprise, he shall give to the Authority thirty days prior written notice of his intention, and the investment certifi- cate which applies to the enterprise shall automatically be termi- nated on the date that the notice is received by the Director.

23. (1) Subject to subsection (2), revocation or termination of Pre-existing obli- an investment certificate shall not affect the rights or liabilities of gations and repay- the enterprise in respect of any pre-existing obligation. ment of incen- tives and conces- sion. (2) Notwithstanding subsection (1), on revocation of an in- vestment certificate under section 21 the Authority shall specify, taking into account all the circumstances of the case, the amount of the incentives and concessions which have been granted un- der this Act to the holder of the investment certificate that shall be repaid to the Government, and shall inform the holder of the investment Certificate and the Attorney General in writing of the amount to be repaid. (3) The amount to be repaid under subsection (2) shall be recoverable by the Government as a civil debt from the holder of the investment certificate, the business enterprise and the owner of the enterprise jointly and severally. (4) Application for a caution under section 127 of the Regis- tered Land Act, Cap. 374 shall be lodged by the Attorney General in respect of the amount to be repaid under subsection (2) against any land, lease or charge, the proprietor of which is a person liable to the Government under subsection (3).

24. The Authority shall maintain a register in which shall be Register to be recorded details of issued, amended and revoked investment maintained. certificates and of incentives and concessions granted under this Act. MISCELLANEOUS

25. (1) A person or body to whom this section applies shall Limitation of li- not be liable in damages for anything done or omitted in the ability. performance or purported performance of any functions of the Authority conferred by or under this Act or any other enactment, or any other functions conferred by or under this Act, unless it is shown that the act or omission was in bad faith. (2) This section applies to— ANTIGUA 12 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA (a) the Minister or any person who is, or is acting as, an officer, employee or agent of the Minister, or per- forming any function on behalf of the Minister; (b) the Authority or any person who is, or is acting as, an officer, employee or agent of the Authority or perform- ing any function on behalf of the Authority; and (c) the Board, or any member of the Board, or any per- son who is, or is acting as, an officer, employee or agent of the Board or performing any function on behalf of the Board. Protection of the 26. No act done or proceeding taken under this Act shall be Authority. questioned on the ground of the existence of any vacancy in the membership of the Board nor on the ground of any omission, defect or irregularity not affecting the merits of the case. Regulations and 27. (1) The Minister may by regulations make provision for Orders. the purpose of carrying this Act into effect and for the better carrying out of the objects and purposes of this Act, and, in particular, but without prejudice to the generality of the forego- ing, for or with respect to any matter that may be prescribed under this Act by regulations. (2) The Minister may— (a) by regulations amend paragraphs 1 to 6 (inclusive) and 10 of Schedule 2; and (b) by Order amend Schedule 4. (3) Regulations under this Act may— (a) make different provision in relation to different cases or circumstances; (b) apply in respect of particular persons or particular cases or particular classes of persons or particular classes of cases, and define a class by reference to any circumstances whatsoever; and (c) contain such transitional, consequential, incidental or supplementary provisions as appear to the Minis- No. 15 of 2006. The Investment Authority Act, 2006. 13 ANTIGUA AND BARBUDA ter to be necessary or expedient for the purposes of the regulations.

28. (1) From the date of commencement of this Act all lands, Transitional pro- buildings, equipment and all other forms of property whether visions. real or personal and all interests therein of whatsoever nature belonging to and used exclusively for the purposes of the Indus- trial Development Board shall be vested in the Authority and managed by the Authority. (2) The right to manage the real and personal property of the Authority shall include the right to upkeep, maintain, dispose of or sell that property. (3) From the date of commencement of this Act the benefits and burdens of any contract for or in connection with the Indus- trial Development Board or to which the Industrial Development Board was a party (including the right to receive all monies due and payable to the Industrial Development Board) which sub- sists or was in force immediately before the commencement of this Act, shall be deemed to have been transferred from the In- dustrial Development Board to the Authority. (4) From the date of commencement of this Act, any agree- ment respecting any property whether real or personal, and whether in writing or not, which affected the Industrial Develop- ment Board and whether or not the rights and liabilities and obli- gations thereunder could be assigned, shall have effect as if the Authority were a party thereto or affected thereby instead of the Industrial Development Board, and as if every reference therein were a reference to the Authority in place of the Industrial Devel- opment Board. (5) Any proceedings pending or in course immediately be- fore the coming into force of this Act to which the Industrial Development Board was a party shall be continued as if the Authority was a party to those proceedings instead of the In- dustrial Development Board. (6) On the coming into force of this Act all pensions being paid to former employees of the Industrial Development Board shall be paid by the Authority and the amounts of those pen- sions shall be increased from time to time in all respects as though those pensions were granted under the Pensions (Non-estab- lished Government Employees) Act, Cap 310. ANTIGUA 14 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA (7) On the coming into force of this Act the Authority shall— (a) cause to be prepared the final accounts and a final report in relation to the business of the Industrial Development Board up to the date of the coming into force of this Act, and sections 15, 16 and 17 of the Industrial Development Board Act (Cap 215) shall apply to those accounts and report despite the re- peal of that Act; and (b) cause to be transferred all the records of the Indus- trial Development Board to them. (8) The Minister may by regulations made under this Act pro- vide for such further transitional and saving provisions to have effect in connection with the coming into operation of any provi- sion of this Act as is necessary or expedient. (9) Regulations made under subsection (8) may be given ret- rospective operation to a day not earlier than the day this Act comes into force. (10) Subsections (8) and (9) shall expire one year after they come into force. Consequential 29. The enactments specified in Schedule 3 are amended in Amendments. the manner indicated in that Schedule. Repeal. 30. The Industrial Development Board Act (Cap 215) is re- pealed. Section 2 SCHEDULE 1 INCENTIVES AND CONCESSIONS

1. For a new or established business which— (a) has a capital investment of up to $1,000,000; or (b) employs up to 26 persons who are citizens of, or lawfully resident in, Antigua and Barbuda, and in either case has at least one director or owner lawfully resident in Antigua and Barbuda, the following incentives and concessions may be provided— No. 15 of 2006. The Investment Authority Act, 2006. 15 ANTIGUA AND BARBUDA (i) Exemption from or reduction of payment of duty under the Cus- toms Duty Act, 1993 on the importation or purchase of raw mate- rials, building materials, furniture, furnishings, fixtures, fittings, appliances, tools, spare parts, plant, machinery and equipment for use in the construction and operation of the business; (ii) Exemption from or reduction of payment of duty under the Cus- toms Duty Act, 1993 on the importation or purchase of vehicles for use in the operation of the business; (iii) Reduction of property tax under the Property Tax Act, 2000 of up to 10% in respect of land and buildings (other than residential premises) used in the operation of the business; (iv) Exemption from or reduction of payment of income tax under section 5 of the Income Tax Act, Cap. 212, on the income of the business, for a period of up to 3 years from the grant of the concession, with an ability in respect of that period to carry forward losses for periods of 1 year for each tax year; (v) Reduction of stamp duty under the Non-citizens Land Holding Regulation Act, Cap. 293, and of stamp duty payable by the purchaser or transferee, and by the vendor or transferor, under the heading “CONVEYANCE or TRANSFER ON SALE of any property” in the Schedule to the Stamp Act, Cap 410, of up to 10% in respect of land and buildings (other than residential pre- mises) used in the operation of the business; and (vi) Exemption from or reduction of payment of tax under section 40 of the Income Tax Act, Cap. 212, for a period of up to three years from the grant of the concession.

2. For a new or established business which— (a) has a capital investment of over $1,000,000; (b) employs over 26 persons who are citizens of, or lawfully resident in, Antigua and Barbuda; and (c) has at least one director or owner lawfully resident in, Antigua and Barbuda, the following incentives and concessions may be provided— (i) Exemption from or reduction of payment of duty under the Customs Duty Act, 1993 on the importation or purchase of ANTIGUA 16 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA raw materials, building materials, furniture, furnishings, fixtures, fittings, appliances, tools, spare parts, plant, machinery and equip- ment for use in the construction and operation of the business; (ii) Exemption from or reduction of payment of duty under the Cus- toms Duty Act, 1993 on the importation or purchase of vehicles for use in the operation of the business; (iii) Reduction of property tax under the Property Tax Act, 2000 of up to 20% in respect of land and buildings (other than residential premises) used in the operation of the business; (iv) Exemption from or reduction of payment of income tax under the Income Tax Act, Cap. 212, on the income of the business, for a period of up to 5 years from the grant of the concession, with an ability in respect of that period to carry forward losses for peri- ods of 2 years for each tax year; (v) Reduction of stamp duty under the Non-citizens Land Holding Regulation Act, Cap. 293, and of stamp duty payable by the purchaser or transferee, and by the vendor or transferor, under the heading “CONVEYANCE or TRANSFER ON SALE of any property” in the Schedule to the Stamp Act, Cap 410, of up to 20% in respect of land and buildings (other than residential pre- mises) used in the operation of the business; and (vi) Exemption from or reduction of payment of tax under section 40 of the Income Tax Act, Cap. 212, for a period of up to 5 years from the grant of the concession.

3. For a new or established business which— (a) has a capital investment of over $10,000,000; (b) employs over 51 persons who are citizens of, or lawfully resident in, Antigua and Barbuda; and (c) has at least one director or owner lawfully resident in, Antigua and Barbuda, the following incentives and concessions may be provided— (i) Exemption from or reduction of payment of duty under the Cus- toms Duty Act, 1993 on the importation or purchase of raw mate- rials, building materials, furniture, furnishings, fixtures, fittings, No. 15 of 2006. The Investment Authority Act, 2006. 17 ANTIGUA AND BARBUDA appliances, tools, spare parts, plant, machinery and equipment for use in the construction and operation of the business; (ii) Exemption from or reduction of payment of duty under the Cus- toms Duty Act, 1993 on the importation or purchase of vehicles for use in the operation of the business; (iii) Reduction of property tax under the Property Tax Act, 2000 of up to 30% in respect of land and buildings (other than residential premises) used in the operation of the business; (iv) Exemption from or reduction of payment of income tax under the Income Tax Act, Cap. 212, on the income of the business, for a period of up to 10 years from the grant of the concession, with an ability in respect of that period to carry forward losses for peri- ods of 3 years for each tax year; (v) Reduction of stamp duty under the Non-citizens Land Holding Regulation Act, Cap. 293, and of stamp duty payable by the purchaser or transferee, and by the vendor or transferor, under the heading “CONVEYANCE or TRANSFER ON SALE of any property” in the Schedule to the Stamp Act, Cap 410, of up to 30% in respect of land and buildings (other than residential pre- mises) used in the operation of the business; and (vi) Exemption from or reduction of payment of tax under section 40 of the Income Tax Act, Cap. 212, for a period of up to 10 years from the grant of the concession.

4. For a new or established business which— (a) has a capital investment of over $25,000,000; (b) employs over 75 persons who are citizens of, or lawfully resident in, Antigua and Barbuda; and (c) has at least one director or owner lawfully resident in, Antigua and Barbuda, the following incentives and concessions may be provided— (i) Exemption from or reduction of payment of duty under the Cus- toms Duty Act, 1993 on the importation or purchase of raw mate- ANTIGUA 18 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA rials, building materials, furniture, furnishings, fixtures, fittings, appliances, tools, spare parts, plant, machinery and equipment for use in the construction and operation of the business; (ii) Exemption from or reduction of payment of duty under the Cus- toms Duty Act, 1993 on the importation or purchase of vehicles for use in the operation of the business; (iii) Reduction of property tax under the Property Tax Act, 2000 of up to 40% in respect of land and buildings (other than residential premises) used in the operation of the business; (iv) Exemption from or reduction of payment of income tax under the Income Tax Act, Cap. 212, on the income of the business, for a period of up to 12 years from the grant of the concession, with an ability in respect of that period to carry forward losses for peri- ods of 4 years for each tax year; (v) Reduction of stamp duty under the Non-citizens Land Holding Regulation Act, Cap. 293, and of stamp duty payable by the purchaser or transferee, and by the vendor or transferor, under the heading “CONVEYANCE or TRANSFER ON SALE of any property” in the Schedule to the Stamp Act, Cap 410, of up to 40% in respect of land and buildings (other than residential pre- mises) used in the operation of the business; and (vi) Exemption from or reduction of payment of tax under section 40 of the Income Tax Act, Cap. 212, for a period of up to 12 years from the grant of the concession.

5. For a new or established business which— (a) has a capital investment of over $75,000,000; (b) employs over 100 persons who are citizens of, or lawfully resident in, Antigua and Barbuda; and (c) has at least one director or owner lawfully resident in, Antigua and Barbuda, the following incentives and concessions may be provided— (i) Exemption from or reduction of payment of duty under the Cus- toms Duty Act, 1993 on the importation or purchase of raw mate- No. 15 of 2006. The Investment Authority Act, 2006. 19 ANTIGUA AND BARBUDA rials, building materials, furniture, furnishings, fixtures, fittings, appliances, tools, spare parts, plant, machinery and equipment for use in the construction and operation of the business; (ii) Exemption from or reduction of payment of duty under the Cus- toms Duty Act, 1993 on the importation or purchase of vehicles for use in the operation of the business; (iii) Reduction of property tax under the Property Tax Act, 2000 of up to 50% in respect of land and buildings (other than residential premises) used in the operation of the business; (iv) Exemption from or reduction of payment of income tax under the Income Tax Act, Cap. 212, on the income of the business, for a period of up to 15 years from the grant of the concession, with an ability in respect of that period to carry forward losses for peri- ods of 5 years for each tax year; (v) Reduction of stamp duty under the Non-citizens Land Holding Regulation Act, Cap. 293, and of stamp duty payable by the purchaser or transferee, and by the vendor or transferor, under the heading “CONVEYANCE or TRANSFER ON SALE of any property” in the Schedule to the Stamp Act, Cap 410, of up to 50% in respect of land and buildings (other than residential pre- mises) used in the operation of the business; and (vi) Exemption from or reduction of payment of tax under section 40 of the Income Tax Act, Cap. 212, for a period of up to 15 years from the grant of the concession.

6. For a new or established business which— (a) has a capital investment of over $100,000,000; (b) employs over 150 persons who are citizens of, or lawfully resident in, Antigua and Barbuda; and (c) has at least one director or owner lawfully resident in, Antigua and Barbuda, the following incentives and concessions may be provided— (i) Exemption from or reduction of payment of duty under the Cus- toms Duty Act, 1993 on the importation or purchase of raw mate- ANTIGUA 20 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA rials, building materials, furniture, furnishings, fixtures, fittings, appliances, tools, spare parts, plant, machinery and equipment for use in the construction and operation of the business; (ii) Exemption from or reduction of payment of duty under the Cus- toms Duty Act, 1993 on the importation or purchase of vehicles for use in the operation of the business; (iii) Reduction of property tax under the Property Tax Act, 2000 of up to 75% in respect of land and buildings (other than residential premises) used in the operation of the business; (iv) Exemption from or reduction of payment of income tax under the Income Tax Act, Cap. 212, on the income of the business, for a period of up to 20 years from the grant of the concession, with an ability in respect of that period to carry forward losses for peri- ods of 7 years for each tax year; (v) Reduction of stamp duty under the Non-citizens Land Holding Regulation Act, Cap. 293, and of stamp duty payable by the purchaser or transferee, and by the vendor or transferor, under the heading “CONVEYANCE or TRANSFER ON SALE of any property” in the Schedule to the Stamp Act, Cap 410, of up to 75% in respect of land and buildings (other than residential pre- mises) used in the operation of the business; and (vi) Exemption from or reduction of payment of tax under section 40 of the Income Tax Act, Cap. 212, for a period of up to 20 years from the grant of the concession. Section 6 SCHEDULE 2 CONSTITUTION AND PROCEEDINGS OF THE BOARD The governing body of the Authority

1. (1) The Board shall consist of— (a) two representatives of the Ministry of Finance, one being the Financial Secretary, the other being a person to be nominated by the Minister; (b) a representative of the Ministry of Tourism who shall be nominated by the Minister of Tourism; No. 15 of 2006. The Investment Authority Act, 2006. 21 ANTIGUA AND BARBUDA (c) a representative of the Ministry of Foreign Affairs who shall be nomi- nated by the Minister with responsibility for foreign affairs; (d) a representative of the Ministry of Agriculture who shall be nominated by the Minister of Agriculture; (e) a representative of the Chamber of Industry and Commerce who shall be nominated by the Chamber; (f) a representative of the Antigua and Barbuda Industrial and Small En- terprise Association who shall be nominated by the Association; (g) a member of the National Economic and Social Council who shall be nominated by the Council; and (h) one person representing the private sector nominated by the Minister after consultation with such persons and organisations operating in the private sector as appear to him to be appropriate. (i) a representative from the trade unions nominated by the Minister after consultation with the trade unions. (2) The Minister shall appoint one of the persons referred to in subparagraph 1(a) to be Chairman of the Authority and the other to be Deputy Chairman. TENURE

2. The persons appointed under paragraph 1 who are not appointed by virtue of their office shall be appointed in writing by the Minister for a term of two years and may at the expiration of such term be reappointed by him for a further term not exceeding two years in accordance with the nomination of the Minister or organisation responsible for so doing. RESIGNATION OF AMEMBER OF THE BOARD

3. A member of the Board who is not a member by virtue of his office may resign his office at any time by letter addressed to the Chairman, and the resignation shall take effect from the date that the letter is received by the Chairman. APPOINTMENT OF BOARD MEMBERS TO BE PUBLISHED IN THE GAZETTE

4. The Minister shall cause the names of the members of the Board as first constituted and any changes in membership to be published in the Gazette. ANTIGUA 22 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA SEAL OF THE AUTHORITY

5. (1) The common seal of the Authority shall be affixed to all deeds, documents and other instruments requiring the common seal of the Authority only after a resolution of the Board in each case authorising such action. (2) The common seal of the Authority shall be authenticated by the signature of the Chairman or in his absence, the Deputy Chairman, and the Secretary of the Authority. (3) The common seal of the Authority shall be kept in the custody of the Secre- tary of the Authority. MEETINGS OF THE BOARD

6. (1) The Board shall meet at least once every month and at such other times as may be necessary or expedient for the transaction of its business. (2) The quorum at meetings of the Board shall be six. (3) Subject to subparagraph (4) each member of the Board shall be entitled to one vote. (4) The decisions of the Board shall be by a majority of votes, and in the event the votes are equal, the chairman presiding at the meeting shall have an additional casting vote. (5) The Minister may appoint a person to act temporarily in the place of any member of the Board who may be temporarily absent or unable to act. (6) The Chairman may invite a Minister or his nominee to attend meetings of the Board for consultation in respect of a proposed investment on which the advice of his Ministry is considered essential or which might have a significant impact on the sector of the economy which is the responsibility of his portfolio. (7) The Chairman shall invite the Chairman of the Barbuda Council or his nomi- nee to attend meetings of the Board for consultation in respect of any proposed investment for Barbuda. (8) Subject to this Act, the Board may regulate its own procedure in respect to meetings. (9) Minutes of each meeting of the Board shall be recorded by the Secretary and shall be confirmed by the Board at its next meeting and signed by the Chairman. No. 15 of 2006. The Investment Authority Act, 2006. 23 ANTIGUA AND BARBUDA CONFLICT OF INTEREST

7. (1) If a member of the Board has any pecuniary interest, direct or indirect, in any investment project in respect of which an application for a investment certifi- cate has been made, or any contract, proposed contract, licence or other matter and is present at a meeting of the board at which the application, contract, proposed contract, licence or other matter is the subject of consideration, he shall at the meeting and as soon as practicable after its commencement disclose the fact and shall not take part in the consideration or discussion of the application, contract, proposed contract, licence or other matter or vote on any question with respect to it and shall be excluded from the meeting for the duration of the consideration, discussion and voting procedure. (2) If any person fails to comply with the provisions of subsection (1) he shall be guilty of an offence and liable— (a) on summary conviction to a fine not exceeding $20,000 or imprison- ment for a term not exceeding 2 years, or both; or (b) on conviction on indictment to a fine not exceeding $50,000 or impris- onment for a term not exceeding 5 years, or both, unless he proves that he did not know that the application, contract, proposed contract, licence or other matter in which he had a pecuniary interest was the subject of consideration at that meeting. (3) A disclosure under subsection (1) shall be recorded in the minutes of the Board. (4) No act or proceeding of the Board shall be questioned on the ground that a member of the Board has contravened this section. PECUNIARY INTERESTS FOR THE PURPOSES OF PARAGRAPH 7

8. (1) For the purposes of paragraph 7, a member of the Board shall be treated, subject to the following provisions of this paragraph and to paragraph 9, as having indirectly a pecuniary interest in an application, contract, proposed contract, li- cence or other matter if— (a) he or any nominee of his is a member of a company or other body with which the contract was made or is proposed to be made or which has a direct pecuniary interest in the application or other matter under con- sideration; ANTIGUA 24 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA (b) he is a partner, or is in the employment of a person with whom the contract was made or is proposed to be made, or who has a direct pecuniary interest in the application or other matter under consider- ation; or (c) he, or any partner of his is a professional adviser to a person who has a direct or indirect pecuniary interest in an application, or other matter under consideration. (2) Subsection (1) does not apply to membership of or employment under any public body. (3) In the case of married persons the interest of one spouse shall be deemed for the purpose of paragraph 7 to be also the interest of the other. REMOVAL OR EXCLUSION OF DISABILITY, ETC.

9. (1) The Minister may at his discretion and subject to such conditions as he may think fit appoint persons to act as members of the Board for any specified period, in any case in which the number of members of the Board disabled by paragraph 7 at any one time would be so great a proportion of the whole as to impede the transaction of business. (2) Nothing in paragraph 7 precludes any member of the Board from taking part in the consideration or discussion of, or voting on, any question whether an appli- cation should be made to the Minister for the exercise of the powers conferred by subparagraph (1). (3) Paragraph 7 does not apply to an interest in an application, contract, pro- posed contract, licence or other matter which a member of the Board has as a member of the public or to an interest in any matter relating to the terms on which the right to participate in any service is offered to the public. (4) Where a member of the Board has an indirect pecuniary interest in an appli- cation, contract, proposed contract, licence or other matter by reason only of a beneficial interest in securities of a company or other body, and the nominal value of those securities does not exceed $5,000 or one-thousandth of the total nominal value of the issued share capital of the company or other body, whichever is the less, and if the share capital is of more than one class, the total nominal value of shares of any one class in which he has a beneficial interest does not exceed one- thousandth of the total issued share capital of that class, paragraph 7 shall not prohibit him from taking part in the consideration or discussion of the application, contract, proposed contract, licence or other matter or from voting on any question with respect to it, without prejudice, however, to his duty to disclose his interest. No. 15 of 2006. The Investment Authority Act, 2006. 25 ANTIGUA AND BARBUDA REMOVAL OF A MEMBER OF THE BOARD

10. The Minister may remove a member of the Board from office on being satis- fied that the member— (a) is unable, due to physical or mental impairment, to exercise his func- tions; (b) is guilty of misconduct which, in the opinion of the Minister, is likely to bring the Authority into disrepute; (c) is convicted of an offence involving dishonesty or immorality; (d) fails within one year without reasonable excuse to attend and partici- pate in three successive meetings of the Board; (e) fails to disclose a personal interest in an investment project which is being or has been considered by the Board; or (f) is an undischarged bankrupt. Section 29 SCHEDULE 3 ENACTMENTS AMENDED THE CUSTOMS DUTY ACT 1993 The Customs Duty Act, 1993 is amended in section 4— (a) by numbering the existing provision as subsection (1); and (b) by adding at the end the following subsection— “(2) No customs duty shall be charged on the importation of such goods, and by such persons, as may be specified by the Minister of Finance in accordance with section 18 of the Investment Authority Act, 2006.”. THE PROPERTY TAX ACT, 2000 The Property Tax Act, 2000 in amended in section 13 by inserting after subsection (3) the following subsection— ANTIGUA 26 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA “(3) The Minister may reduce the rate of tax to be paid by such persons, and for such lands, as may be specified by him in accordance with section 18 of the Investment Authority Act, 2006, up to a maximum of 75%.”. THE NON-CITIZENS LAND HOLDING REGULATION ACT, CAP 293 The Non-citizens Land Holding Regulation Act, Cap 293, is amended in section 23— (a) by numbering the existing provision as subsection (1); and (b) by adding at the end the following subsection— “(2) The Minister of Finance may reduce the rate of stamp duty payable under section 18 by such persons, and in respect of such land, as may be specified by him in accordance with section 18 of the Investment Authority Act, 2006.”. THE INCOME TAX ACT, CAP. 212 The Income Tax Act, Cap. 212 is amended— (a) in section 8(1) by adding at the end the following paragraph— “(q) income to such an extent, and of such persons, as may be speci- fied by the Minister of Finance in accordance with section 18 of the Investment Authority Act, 2006.”; (b) in section 10(2) by repealing the word “Cabinet” and substituting “In- vestment Authority”; and (c) in section 40 by adding after subsection (6) the following subsec- tion— “(6a) The Minister of Finance may remit tax payable under this section for such period as he may specify under section 18 of the Investment Authority Act, 2006.”. THE STAMP ACT, CAP 410 The Stamp Act, Cap 410, is amended in the Schedule by inserting after the item headed “CONVEYANCE or TRANSFER ON SALE of any property” the follow- ing— No. 15 of 2006. The Investment Authority Act, 2006. 27 ANTIGUA AND BARBUDA The Registered Land Act, Cap. 374 is amended in section 127 by inserting after subsection (1) the following subsection: (la) The Attorney General may, on behalf of the Government, lodge a caution with the Registrar in respect of a debt due to the Govern- ment under section 23 of the Investment Authority Act, 2006, forbidding the registration of dispositions in respect of the land, lease or charge concerned and the making of entries affecting the same”. “EXEMPTIONS Conveyance or Transfer on Sale to such an extent as may be specified by the Minister of Finance in accordance with section 18 of the Investment Authority Act, 2006.”. Section 4 SCHEDULE 4 INVESTMENT CODE This Code provides guidance on the conditions for investment in Antigua and Barbuda and on the rights privileges and responsibilities of investors under a Scheme of Incentives and Concessions established by the Investment Authority Act 2006. The incentives available under the Act may be fiscal or non fiscal induce- ments and concessions, including tax relief in the form of exemptions or conces- sionary rates to which an investor may be entitled. To become eligible for consideration under the Scheme it is necessary to make an investment of capital in Antigua and Barbuda. “Investment” means an asset com- mitted by the investor in a business established or to be established in Antigua and Barbuda and includes: (a) movable and immovable property and any other rights such as mort- gages, liens or pledges, and similar rights; (b) shares, stock, securities and debentures of a company or any other form of participation in a company; (c) claims to money or to any activity having an economic value directly related to an investment; (d) intellectual property rights, including copyright and related rights, trade marks, geographical indications, drawings, models and industrial de- signs, patents, layouts-designs, distinctive signs and know-how; ANTIGUA 28 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA (e) rights conferred by law or under contract, to undertake any economic and commercial activity, including any rights to search for, cultivate, extract or exploit natural resources; (f) a loan to an enterprise where the enterprise is an affiliate of the inves- tor; (g) an interest in an enterprise that entitles the owner to share in income or profits of the enterprise; (h) an interest in an enterprise that entitles the owner to share in the assets of that enterprise on dissolution, other than a debt instrument or a loan; (i) real estate or other property rights, acquired or used for the purpose of economic benefit or other business purposes; and (j) interests arising from the commitment of capital or other resources to the development of economic activity, such as under contracts involv- ing the presence of an investor’s property in Antigua and Barbuda, including concessions or construction or turnkey contracts; or con- tracts where remuneration depends substantially on the production, revenues or profits of an enterprise; The following assets are not eligible for inclusion as investments or as part of investments: • a debt instrument; • claims to money that arise solely from commercial contracts for the sale of goods or services • portfolio investment or investment that is equivalent to less than 10% of the assets committed to an enterprise • any intangible asset or other claims to money, that do not involve at least one of the types of interests as set out in paragraphs (a) - (j) above. EQUALITY OF TREATMENT Both “foreign” and “local” investors are eligible for consideration under the Scheme. No. 15 of 2006. The Investment Authority Act, 2006. 29 ANTIGUA AND BARBUDA The Government will treat foreign investors and local investors entirely equally with respect to the establishment, acquisition, expansion, management, conduct, operation, and sale or other disposition of investment in its territory. APPLICABILITY AND LIMITATIONS The Scheme does not apply to any measures adopted by Antigua and Barbuda to limit the participation of the investments of an investor for reasons of national security or public order; any investment made with capital or assets of illicit origin; or any enterprises to be conducted in the Free Trade and Processing Zone estab- lished pursuant to the Free Trade and Processing Zone Act No. 12 of 1994. Potential investors should note that foreign investment in economic activity is subject to such laws in force in Antigua and Barbuda as are applicable to that sector of economic activity. The Scheme is also subject to the provisions of international treaties and agreements. The Scheme is also subject to any measures the Government may take to: • protect public morality; • prevent crime and maintain public order; • maintain its essential security interests; • protect human, animal and plant life and non-living exhaustible natural resources; • protect the balance of payments and react to balance of payments difficulties; • secure compliance with laws or regulations relating to the prevention of deceptive and fraudulent practices, money laundering, narco-traf- ficking and terrorism and the effects of a default on contracts; • secure compliance with laws relating to taxation; • ensure or guarantee compliance with the penal, labour and tax laws and judgements; • secure compliance with laws or regulations relating to the protection of the privacy of individuals in relation to the processing and dissemina- tion of personal data and the protection of confidentiality of individual records and accounts; ANTIGUA 30 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA • protect national treasures of artistic, historical, anthropological, palaeontological and archaeological value; • give effect to international obligations including treaties on the avoid- ance of double taxation; • give effect to benefits granted as a result of agreements establishing customs unions, common markets, economic or monetary unions, or similar arrangements. PERSONNEL ISSUES Subject to the provisions of the Antigua and Barbuda Labour Code, which in- cludes provisions relating to work permits and trade union recognition as well as statutory conditions relating to employment in Antigua and Barbuda, a foreign investor may employ such number of foreign nationals in the management of a business enterprise as may be required. Where foreign nationals are employed in a business enterprise pursuant to section (1) the foreign investor is required to ensure that employees who are citizens of Antigua and Barbuda understudy the foreign nationals and that provision is made where appropriate in the enterprise for the transfer of skills to such employees within a reasonable time. TRANSFERS OF FUNDS A foreign investor may without delay and on a non-discriminatory basis transfer into and out of Antigua and Barbuda, in a freely convertible currency, funds relat- ing to an investment, including funds for: • repayment of foreign loans or interest on foreign loans; • payment of dividends of non citizen shareholders, or to citizens of Antigua and Barbuda who reside abroad; • payment of royalties or fees in respect of an agreement for the transfer of foreign technology; • payments of emoluments and other benefits to foreign staff employed in Antigua and Barbuda or in connection with the enterprise; • transfer abroad of profits or proceeds derived from the sale, disposal or termination of the enterprise, or capital assets derived from the enter- prise. No. 15 of 2006. The Investment Authority Act, 2006. 31 ANTIGUA AND BARBUDA However, the Government retains the right, under circumstances of exceptional or serious balance of payments difficulties, to limit transfers of funds temporarily, on a fair and non-discriminatory basis. The government also has the right to prevent a transfer of funds under laws relating to bankruptcy; insolvency; creditors’ rights; criminal offences; the reporting of transfers of currency or other monetary instru- ments; or the enforcement of judgments. PROTECTION OF PROPERTY Investments in Antigua and Barbuda will not be nationalised, expropriated or sub- ject to indirect measures having an equivalent effect, except where any such mea- sures are adopted for the public good and in accordance with due process of law, on a non-discriminatory basis and accompanied by prompt, adequate and effective compensation. Compensation in such cases will amount to the fair market value of the expropriated investment immediately before the expropriation or the impending expropriation became public knowledge, whichever is earlier. It shall include interest from the date of dispossession of the expropriated property until the date of payment. Compen- sation will be paid without delay, in convertible currency, and will be effectively realisable and be freely transferable. COMPENSATION FOR LOSSES A foreign investor in Antigua and Barbuda who suffers losses on his investment as a consequence of war, armed conflict, revolution, state of emergency, natural disas- ter, insurrection or civil disorder or as a result of requisition or destruction of its investment by the Government’s forces or authorities which was not required by the necessity of the situation will receive, in respect of resources made available for reparation, restitution, indemnification, compensation or other settlement, treat- ment no less favourable than that accorded to local investors. However, in the case of a natural disaster, the Government can only undertake to use its best efforts in respect of resources made available for compensation and its distribution. INCENTIVES AND CONCESSIONS An investor shall be entitled to be considered for the following incentives and concessions: √ Exemption from payment of Customs Duty √ Reduction of Property Tax ANTIGUA 32 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA √ Exemption from Income Tax √ Reduction of Stamp Duty √ Exemption from Withholding Tax The amount of such incentives and concessions will depend on the amount of the investment and the number of employees in the proposed business. There may also be incentives and concessions under particular laws that relate to particular types of business. TRANSPARENCY The laws, regulations, administrative practices and procedures of general applica- tion, and judicial decisions that affect or pertain to investments or investors in Antigua and Barbuda are promptly published. Where the government establishes policies that affect or pertain to investments or investors which are not expressed in laws and regulations or by other means listed in this paragraph, the Government will make them publicly available. As far as possible, the Government provides interested persons a reasonable time for comment on any proposed measures and publishes in advance such laws, regulations, administrative practices and procedures of general application that it proposes to adopt. On request by a member of the public the Government will provide, in a timely manner, information and responses to questions pertaining to any actual or pro- posed laws, regulations, administrative practices and procedures of general appli- cation, or pertaining to any judicial decision. However, the government will not disclose or allow access to any confidential or proprietary information, including information concerning particular investors or investments, the disclosure of which would impede law enforcement, be contrary to its laws protecting confidentiality, or prejudice the legitimate commercial interests of investors. DISCLOSURE REQUIREMENTS An investor will be required to furnish certain information on the nature of the activities and mode of operations, in keeping with the particular laws and regula- tions of the Government and the need for transparency. However, an investor will not be required to disclose confidential or proprietary information that could preju- dice legitimate commercial interests. No. 15 of 2006. The Investment Authority Act, 2006. 33 ANTIGUA AND BARBUDA CORPORATE SOCIAL RESPONSIBILITIES Investors will be required to recognise the economic and social objectives and the policies and priorities of the Government as well as the goals of the CARICOM Single Market and Economy (CSME); observe workers’ rights relating to collective bargaining; and safeguard the environment. They will not be permitted to engage in unethical practices or corrupt activities. It should particularly be noted that the Government will not waive or otherwise derogate from its domestic environment laws, nor will it waive or otherwise dero- gate from its domestic labour laws in order to encourage the establishment, acqui- sition, expansion or retention of an investment in its territory. EXPEDITING THE PROCESS The period between submission of an investment application by an investor and approval or denial by the Government will not exceed eight weeks. Similar time limits apply to other permits and licences. However, in exceptional cases, especially ac- tivities requiring environmental impact assessment or detailed scrutiny, the Gov- ernment may stipulate that more time than normal not exceeding eight additional weeks is required for the project proposal to be evaluated. REGISTRATION An investor must apply for investment registration under the Antigua and Barbuda Investment Authority Act and obtain an investment certificate before his eligibility for incentives and concessions can be considered. DISPUTE RESOLUTION Disputes between an investor and the Government regarding the eligibility of a foreign investment for registration will be resolved first by means of negotiation with a view to an amicable settlement. However, disputes which are not settled by such negotiations may be submitted by either party to arbitration pursuant to any of the following methods as may be agreed between the investor and the Govern- ment: (a) any arbitration laws in force; (b) any specific arbitration procedures that may otherwise be agreed be- tween the investor and the Government; (c) any bilateral or multilateral agreement or investment protection treaty to which the Government and the country of which the investor is a citizen are parties; ANTIGUA 34 The Investment Authority Act, 2006. No. 15 of 2006. AND BARBUDA (d) the Convention on the Settlement of Investment Disputes between States and nationals of Other States of October 14th 1966 or any other international agreement for the settlement of investment disputes to which Antigua and Barbuda is a party; Where no method or procedure for arbitration of an investment dispute is agreed between the Government and the investor, either party may apply to the High Court for a determination of any question arising from the dispute including the right of the parties to submit the dispute to arbitration in a given venue. Where any interest in or right over property or investment is compulsorily taken possession of or compulsorily acquired, an investor may apply to the High Court for a determination of: (a) the legality of the taking of possession or compulsory acquisition; (b) the nature, value and extent of the property interest or right so taken or acquired; (c) the amount of compensation to be paid in respect of the taking or acquisition; (d) the period within which compensation is to be paid; and (e) the right to promptly repatriate such compensation without hindrance and without deduction of taxes after settlement of all outstanding obligations; Passed by the House of Representatives Passed by the Senate this this 7th day of September, 2006. 13th day of October, 2006. D. Giselle Isaac-Arrindell, Hazlyn M. Francis, Speaker. President. Yvonne Henry, Yvonne Henry, Clerk to the House of Representatives. Clerk to the Senate. ________ Printed at the Government Printing Office, Antigua and Barbuda, by Eric T. Bennett, Government Printer — By Authority, 2006. 800—12.06 [ Price $ 13.10 ] No. 15 of 2006. The Investment Authority Act, 2006. 35 ANTIGUA AND BARBUDA ANTIGUA AND BARBUDA THE INVESTMENT AUTHORITY ACT, 2006 ARRANGEMENT OF SECTIONS Sections

1. Short title.

2. Interpretation. THE AUTHORITY

3. Establishment of Authority.

4. Duties of the Authority.

5. Staff.

6. Board of Management.

7. Prime Minister to give directions to the Board.

8. Appointment of Executive Director.

9. Duties of Director.

10. Removal of Director from office. FUNDS OF THE AUTHORITY

11. Funds and resources of the Authority.

12. Borrowing powers of the Authority.

13. Application of the funds of the Authority.

14. Accounts and audit.

15. Authority to submit regular reports. REGISTRATION OF INVESTMENT ENTERPRISES

16. Registration of investment enterprise.

17. Board may attach conditions to a certificate.

18. Entitlement to incentives and concessions.

19. Changes in the nature of the enterprise.

20. Complaints.

21. Revocation of certificate.

22. Notice of intention to terminate enterprise.

23. Preservation of pre-existing obligations.

24. Register to be maintained. MISCELLANEOUS

25. Limitation of liability.

26. Protection of the Authority.

27. Regulations and orders

28. Transitional provisions.

29. Consequential Amendments

30. Repeal.

SCHEDULE 1: Incentives and Concessions

SCHEDULE 2: Constitution and Proceedings of the Board.

SCHEDULE 3: Enactments Amended.

SCHEDULE 4: Investment Code.