Fact File

Fact File Supplied By:

Chancery Chambers

Location

Location Most Easterly of the Caribbean Islands

Time Zone

Greenwich Mean Time -4 ("GMT")

Population

Est. 287,077

Capital

Bridgetown

Airport(s)

Grantley Adams International Airport ("GAIA")

Language

English

Currency

Currency BBD$ pegged to the US$ at two for one.

Political System

Constitutional Monarch, Parliamentary System

International Dialing Code

+246

Legal System

English

Centre's expertise

Financial Services and Tourism

Personal Income Tax

12.5%-33.5% with reduction to 28.5% effective January 1st 2020

Corporate Income Tax

5.5%-1%

Exchange Restrictions

Not for Companies holding a Foreign Currency Permit

Tax Information Exchange Agreements

For full details, please go to www.ifcreview.com/TIEA

Permitted Currencies

All

Minimum authorised capital

Not prescribed

Minimum share issue

one

Shelf companies

No

Timescale for new entities

Average five working days, but 24 hours possible for some urgent requests.

Incorporation fees

Average US$3,000.00

Annual fees

These vary depending on the type of corporate entity

Minimum directors

One

Residency requirements

None for individuals (but see "Corporate Directors")

Corporate directors

Yes. However, non-resident corporate directors not allowed.

Meetings/ Frequency

Adequate amount of meetings to suit the business purpose of the Company and the amount of decision-making required at Board level

Disclosure

No disclosure of shareholders to the Registrar of Companies. However Companies applying for a Foreign Currency Permit, Insurance and Banking entities must disclose shareholders in their licence/permit application forms to the relevant regulator. Such disclosure is treated as confidential information.

Bearer Shares

Not allowed

Minimum Number

One

Public Share Registry

Public share registry No. Subject to the comments above with respect to disclosure, a Company's register of shareholders is not filed or recorded with any Registry or any publicly accessible body.

Meetings/ Frequency

At least one per year

Annual Return

Required for certain entities

Audit Requirements

Public Companies or Companies with gross revenue or assets exceeding US$2,000,000.00. Non-Profit Companies are required to conduct an audit regardless of the size of the assets or revenue.

Registered office

Yes

Domicile issues

An overseas incorporated company may: (i) apply to the Registrar of Companies by articles of continuance to move and continue its business in Barbados as if the Company had been incorporated under Barbados Law (if the laws of the foreign jurisdiction allow); or (ii) apply for registration in Barbados as an external company. A company incorporated in Barbados may apply to an appropriate foreign public body to continue its business in a foreign jurisdiction and must give notice of this intention and file articles of discontinuance with the Register of Companies of Barbados.

Company naming restrictions

Yes. As defined by the Companies Act