Barbados is an island in the Caribbean. It is situated in the western area of the North Atlantic, east of the Windward Islands, Saint Vincent and the Grenadines, and the Caribbean Sea, and northeast of Trinidad and Tobago. Barbados is both a constitutional monarchy and a parliamentary democracy, with Elizabeth the II as the head of state. The capital city is Bridgetown, and the currency is the Barbadian Dollar. English is the main language. The economy traditionally depended on the production and export of sugarcane, although in recent years, it has expanded into manufacturing and tourism. It has developed in recent years as a financial centre. It is a member of Caricom (the Caribbean Common Market).
- TYPE OF COMPANY: International Business Company (IBC)
- COMPANY LAW: International Business Companies Act (IBC Act) 1991 and Companies Act Cap 308 (as amended)
- SUFFIX TO DENOTE LIMITED LIABILITY: Limited, Incorporated or Corporation
- DIRECTORS: Minimum one who can be of any residency or nationality, either natural persons or corporate bodies – we can provide
- SECRETARY: Local secretary required – we can provide
- SHAREHOLDERS: Minimum of one who can be of any residency or nationality, either natural persons or corporate bodies – we can provide
- CLASSES OF SHARE: Registered
- CAPITAL REQUIREMENTS: Minimum US$1
- OWNERSHIP: 100% Foreign ownership allowed
- TIME TO INCORPORATE: 2 days with a further 2 – 3 weeks for the Registrar to release the documents
- REGISTERED OFFICE: Required in Barbados – we can provide
- ANNUAL RETURN: No
- ACCOUNTS: Yes (audited if income exceeds $500,000)
- DISCLOSURE: No
- TAXATION: Varies between 1% and 2.5%
- GOVERNMENT LICENCE FEE: US$ 425
- DOUBLE TAXATION TREATIES: Yes
- LANGUAGE OF DOCUMENTATION: English
If you would like further information on setting up a company in Barbados or the formation of a Barbados company or other Barbados corporate entities or require professional advice relating to taxation or the structuring and requirements of a Barbados company, please contact us. We can also provide advice on establishing a subsidiary, joint venture or foreign company to carry on business in Barbados.
We can provide a wide range of support and administration services, bank introductions, nominee directors, nominee shareholders, virtual offices, accountancy and legal services. We can also advise on compliance with all the regulatory and statutory requirements.