Barbados
NEWS
FACT FILE
Location Most easterly of the Caribbean islands.
Time Zone Greenwich Mean Time -4.
Population 287,733
Capital Bridgetown.
Airport Grantley Adams International Airport (GAIA).
Language English.
Currency BDS$ pegged to the US$ at two to one.
Dialing Code +246.
Centre's Expertise International Business, Financial Services - banking, trust, insurance, tourism.
Political System Constitutional Monarch, Parliamentary System
Legal System English.
Personal Income Tax 17.5 - 35%
Corporate Income Tax 25% Regular Company. International Business and other financial services entities potential rates are as low as 0.25%
Exchange Restrictions Not for tax entities operating in the offshore sector.
Tax Treaties For full details, please go to www.ifcreview.com/TIEA
Permitted Currencies All.
Minimum Authorised Capital Not prescribed.
Minimum Share Issues One.
Shelf Companies No.
Incorporation Time Scale Average five working days, but 24 hours possible for some urgent requests.
Incorporation Fees US$2,150.
Annual Fees These vary depending on the type of corporate entity.
Minimum Number One.
Residency Requirements None for individuals.
Corporate Directors Yes, however non-resident corporate directors not allowed.
Meetings/Frequency At least one per year.
Disclosure No disclosure of shareholders to the Registrar of Companies for domestic companies. However, IBC and SRL insurance and banking entities must disclose shareholders in their licence application forms to the Registrar.
Bearer Shares Not allowed.
Minimum Number One.
Public Share Registry No, A Company's register of shareholders is not available to the public at large.
Meetings Frequency At least one per year.
Annual Return Required for certain entities.
Audit Requirements Public companies or companies wtih gross revenue or assets exceed US$2,000,000
Registered Office Yes.
Domicile Issues An overseas incorporated company may: (i) apply to the Registrar of Companies with articles of continuance to move its business to Barbados; or (ii) apply for registration in Barbados as external company. A company migrating from Barbados must file articles of discontinuance with the Registrar of Companies
Company Naming Restrictions As defined by Companies Act.
ARTICLES
The Time For Change is Now
  Sometimes a lack of choice is a good thing. Small in size and bereft of natural resources, other than white beaches and turquoise sea, the only option for Barbados (01/06/2017)
Barbados: Recovery with a Purpose
  Sir Trevor Carmichael examines how Barbados has recovered from the financial crisis via forging new paths and consolidating proven ground. (01/08/2016)
Barbados’ Virtual Family Office: A Lure For Latin America
  Karen Perreira considers the attraction of the Barbados' virtual family office for LATAM clients. (01/08/2016)
Q&A With Francoise Hendy, Lead Negotiator, Barbados Tax and Investment Treaty Negotiating Team
  IFC Caribbean speaks to Francoise Hendy about how Caribbean IFCs have adapted to, and survived multiple initiatives designed to create a level playing field for financial services. (01/05/2016)
Barbados: Its Systems Validated
  Sir Trevor Carmichael examines how Barbados remains at the forefront of the financial services sector having weathered the economic storm. (01/05/2015)
Caribbean Offshore Financial Centres: Not All Are Created Equal
  Despite criticism of IFCs and their practices in the media, Canadian FDI into Caribbean IFCs has continued at a steady pace. Dr Walid Hejazi examines the attraction of the region. (01/02/2015)
Barbados: Mapping The Future
  Sir Trevor Carmichael QC examines how Barbados has established its reputation as a premier financial centre and how the jurisdiction has planned for future developments. (01/02/2015)
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FURTHER BACKGROUND INFORMATION
  Barbados Tax Treaties
  Barbados currently has 42 tax agreements in place comprising of 38 Double Tax Treaties and 4 Tax Information Exchange Agreements. - read more...
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