
Fact File Supplied By:
Peter Chase, Chancery Corporate Services Limited.
Location
Most Easterly of the Caribbean Islands.
Time Zone
Greenwich Mean Time -4 (GMT).
Population
Est. 288,023.
Capital
Bridgetown.
Airport(s)
Grantley Adams International Airport (GAIA).
Language
English.
Currency
BBD$ pegged to the US$ at two for one.
Political System
Republic, Parliamentary System.
International Dialing Code
+246.
Legal System
English.
Centre's expertise
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%.
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 for regular companies. Insurance companies have a minimum capital requirement.
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
Required.
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.