Fact File Supplied By:
Stephanie Massay, Chancery Chambers.
Most Easterly of the Caribbean Islands.
Greenwich Mean Time -4 (GMT).
Grantley Adams International Airport (GAIA).
BBD$ pegged to the US$ at two for one.
Republic, Parliamentary System.
International Dialing Code
Financial Services and Tourism.
Personal Income Tax
12.5% on first $50,000 and 28.5% on income above $50,000.
Corporate Income Tax
5.5%-1%; Insurance Companies with a Class 1 licence are taxed at 0%, Class 2 and 3 Licensees are taxed at 2%.
Not for Companies holding a Foreign Currency Permit.
3 November 2011.
3 November 2011.
3 November 2011.
17 September 2013.
25 November 2014.
Minimum authorised capital
Not prescribed for regular companies. Insurance companies have a minimum capital requirement.
Minimum share issue
Timescale for new entities
Average five working days.
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. Resident Companies are also required to be in compliance with our Economic Substance Legislation which stipulates, in part, that meetings of the Directors are to be held with a quorum physically present in Barbados.
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
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.
Annual Returns are required to be filed with the Corporate Registry for all Domestic Companies with income of less than US$500,000. Companies with income of more than US$500,000 are exempt from the Annual Return filing but are required to file a Notice of Appointment of Corporate and Trust Service Provider; External Companies (incorporated in a jurisdiction other than Barbados but have registered a branch in Barbados) are required to file Annual Returns with the Corporate Registry and are required to file a Notice of Appointment of Corporate and Trust Service Provider. Annual Returns are a separate filing from Corporation Tax Returns which are required to be filed with the Barbados Revenue Authority by all entities registered in Barbados regardless of assets or revenue.
Public Companies or Companies with gross revenue or assets exceeding US$2,000,000.00 are required to have an audit conducted by a member of the Institute of Chartered Accountants in Barbados. Non-Profit Companies are required to conduct an audit regardless of the assets or revenue in any financial year.
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.