Fact File

Fact File Supplied By:

Chancery Chambers.

Location

Most Easterly of the Caribbean Islands.

Time Zone

Greenwich Mean Time -4 (GMT).

Population

287,711.

Capital

Bridgetown.

Airport(s)

Grantley Adams International Airport (GAIA).

Language

English.

Currency

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

Political System

Constitutional Monarch, Parliamentary System.

International Dialing Code

+246.

Legal System

English.

Centre's expertise

Financial Services and Tourism.

Personal Income Tax

28.5%.

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%.

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.

Incorporation fees

Average US$3,000.

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. 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.

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

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.

Audit Requirements

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.

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.