In 1982, legislation was enacted under the International Business Corporations Act, with subsequent amendments in 1984 and 1985, to make Antigua and Barbuda a choice jurisdiction for offshore business. Operations under this Act are controlled by the Ministry of Finance in Antigua.

International commercial banking has been conducted on Antigua for many years. Offshore banking is more recent, having started in 1983. Since that time the industry has grown rapidly. Working in co-operation with the private sector, the Government has improved Antigua's offshore company and banking environment through the introduction of new foreign residency, trust, and partnership legislation.