Fact File Supplied By:
Location Most Easterly of the Caribbean Islands
Greenwich Mean Time -4 ("GMT")
Grantley Adams International Airport ("GAIA")
Currency BBD$ pegged to the US$ at two for one.
Constitutional Monarch, Parliamentary System
International Dialing Code
Financial Services and Tourism
Personal Income Tax
12.5%-33.5% with reduction to 28.5% effective January 1st 2020
Corporate Income Tax
Not for Companies holding a Foreign Currency Permit
Tax Information Exchange Agreements
For full details, please go to www.ifcreview.com/TIEA
Minimum authorised capital
Minimum share issue
Timescale for new entities
Average five working days, but 24 hours possible for some urgent requests.
These vary depending on the type of corporate entity
None for individuals (but see "Corporate Directors")
Yes. However, non-resident corporate directors not allowed.
Adequate amount of meetings to suit the business purpose of the Company and the amount of decision-making required at Board level
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.
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.
At least one per year
Required for certain entities
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.
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