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Barbados
NEWS
  Islamic US mutual funds flocking to Malaysia seeking returns on 16/08/2010
  Bahamas to host OECD meeting on 06/07/2010
  Barbados and Panama sign double taxation agreement on 24/06/2010
  Canada TIEA may contain 'double tax' reciprocity on 16/06/2010
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FACT FILE
Location Most easterly of the Caribbean islands.
Time Zone Greenwich Mean Time -4.
Population 270,000.
Capital Bridgetown.
Airport Grantley Adams International Airport.
Language English.
Currency Bds$ pegged to the US$ at two to one.
Dialing Code +246.
Centre's Expertise Banking, trust, insurance, international business companies.
Political System Westminster model.
Legal System English.
Personal Income Tax Between 20% and 35%.
Corporate Income Tax 25%.
Exchange Restrictions Not for tax entities operating in the offshore sector.
Tax Treaties Austria, Botswana, Canada, CARICOM, China, Cuba, Finland, Malta, Mauritius, Mexico, The Netherlands, Norway, Sweden, Switzerland, the United Kingdom, the United States, and Venezuela
Permitted Currencies All.
Minimum Authorised Capital Not prescribed.
Minimum Share Issues One.
Shelf Companies Yes.
Incorporation Time Scale Average 5 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.
Corporate Directors 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 Only for certain entities.
Audit Requirements Audit is required where gross revenue or assets exceed $500,000.
Registered Office Required.
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.
Company Naming Restrictions As defined by Companies Act.
ARTICLES
Barbados: Combatting the Global Recession
  2009 overview of Barbados by Dr. Trevor A. Carmichael, Q.C., Chancery Chambers (04/02/2010)
Barbados: a proposed new regulatory framework
  Dr. Trevor A. Carmichael looks at the potential benefits of regulatory consolidation under the FSC. (01/11/2009)
Barbados: Growth and stability
  In this year’s overview, Trevor Carmichael assesses the use of the Society with Restricted Liability (SRL) as a wealth planning vehicle before reviewing Barbados’s network of tax treaties. (06/01/2009)
Barbados: Infinite variety
  Dr Trevor Carmichael provides an overview of the regulatory and legislative framework in the jurisdiction. (07/01/2008)
Barbados: Where are we now?
  Yolande Bannister documents Barbados's tax treaty network, before moving on to provide a legislative update on the jurisdiction. (01/09/2007)
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