
Fact File Supplied By:
Chancery Chambers.
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
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.
Denmark
3 November 2011.
Greenland
3 November 2011.
Faroe Islands
3 November 2011.
South Africa
17 September 2013.
Colombia
25 November 2014.
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
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 intention.
Company naming restrictions
Yes. As defined by the Companies Act.