How long does it take to incorporate a Barbados company?
An incorporation may usually be achieved within five business days after submission of the application to the Barbados Registrar of Corporate Affairs. The Certificate of Incorporation will be dated the exact date of the filing of the Articles of Incorporation.
What is the process to register a Barbados company as an IBC?
An application for an IBC licence may be made after incorporation of a Barbados company. The application for an IBC licence must include a description of the intended business of the company, the name and address of the shareholders and the percentage of shares to be held by each shareholder. Specified due diligence information must also be supplied with the application. The application fee is US$125.00. Approval is generally granted within five to seven business days after submission of the application.
An IBC licence must be renewed annually on or before the 31st day of December. The annual licence fee is US$500.00 and must be paid when submitting the annual return by no later than December 31st each year.
What is the minimum number of directors required for a company?
Under Barbados law, a company must have at least one director.
Is a company required to have a Registered Office in Barbados?
Yes, a company is required at all times to have a Registered Office address in Barbados.
Why does the Company require an audit?
Under the Companies Act Cap. 308 of Barbados, a statutory audit must be performed by a local firm of Chartered Accountants once the company has gross assets or gross revenues in excess of four million Barbados dollars (US$2million).
Must the Company file a corporation tax return?
Yes; an annual corporate tax filing is required by the company, whether the company is active or not. Audited financial statements (for companies requiring an audit) or unaudited management accounts need not accompany the tax filing but must be retained in the event the Barbados Inland Revenue Department requests copies at a later date.