Fact File

Fact File Supplied By:

Invest Barbados.


Most Easterly of the Caribbean Islands.

Time Zone

Greenwich Mean Time -4 (GMT).






Grantley Adams International Airport (GAIA).




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

Political System

Republic, Parliamentary System.

International Dialing Code


Legal System

English Common law.

Centre's expertise

Financial Services and Tourism.

Personal Income Tax

12.5% on the first US$25,000 and 28.5% on income above US$25,000.

Corporate Income Tax

Barbados’ general corporation tax rate is 9%, effective January 1, 2024.

Exemption From Foreign Exchange Control

All business entities earning 100% of their income in foreign currency are entitled to receive a Foreign Currency Permit (FCP), and are exempted from foreign exchange control, among other benefits.


3 November 2011.


3 November 2011.

Faroe Islands

3 November 2011.

South Africa

17 September 2013.


25 November 2014.

Permitted Currencies


Minimum authorised capital

Not prescribed for regular companies. Insurance companies have a minimum capital requirement.

Minimum share issue


Shelf companies


Timescale for new entities

Average five working days.

Incorporation fees

US$390 for government registration fees, plus US$625 if the company qualifies for an FCP license. Annual government fees are US$62.50 (Annual Return) or US$500 (FCP). Additional fees apply where the company needs to engage a licensed Corporate and/or Trust Services Provider. Total Setup fees range from US$3,000 to US$5,000.

Annual fees

These vary depending on the type of corporate entity.

Minimum directors


Residency requirements

None for individuals (but see "Corporate Directors").

Corporate directors

Non-resident corporate directors are allowed.

Meetings/ Frequency

Adequate amount of meetings to suit the business purpose of the company.


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


Public Share Registry

No, but there’s a requirement for the company to have an updated register of beneficial owners under the Companies Act. This isn’t public but it must be maintained in Barbados.

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 are required to have an audit conducted by a member of the Institute of Chartered Accounts in Barbados.

Recent Legislation

• Companies (Economic Substance) (Amendment) Act, 2023
• Amendment to corporate income tax rate for income year 2024 to 9 per cent
• Duties, Taxes, and other Payments (Exemption) Act, 2023

Registered office


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.

Company naming restrictions

Yes. As defined by the Companies Act.