DOING BUSINESS IN BARBADOS IN 2017
Since 2003, Healy Consultants Group PLC has assisted our Clients with business registration in Barbados. Our services include i) Barbados business registration (offshore and onshore) ii) government license registration iii) international or Barbados corporate bank account opening iv) employee recruitment v) employee visa strategies and vi) virtual office services.
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Advantages of Barbados company registration
- Incorporating in Barbados may allow our Clients certain benefits including:
- Barbados companies can be easily incorporated with 1 director and 1 shareholder within 2 weeks. Furthermore, there is no minimum share capital mandated under the law. Lastly, our Client will not be required to travel to Barbados to complete the company registration process;
- An international business company (IBC) will allow our Clients to establish use their Barbados operations to cater to customers from other parts of the world. Such an entity will allow tax benefits including i) low corporate tax rate between 1% and 3% ii) capital gains tax exemption iii) withholding tax exemption on remittances to non-resident entities and iv) import/export duty exemption;
- Our Clients, who only need a Barbados entity for a limited time period, may choose to incorporate an international society with restricted liability (ISRL). An ISRL will have 2 members (shareholders), who will enjoy limited liability with regards to the entity’s losses. Furthermore, this entity will allow our Clients to enjoy the same benefits as an IBC.
- Our Clients may choose to setup manufacturing operations in Barbados because:
- Under the Fiscal Incentives Act, local companies approved by the Barbados Investment and Development Corporation (BIDC) are eligible for tax holidays for up to 15 years. The determination will be made in accordance with the value added of the local economy;
- Barbados companies has concluded trade agreements with several jurisdictions including the United States, Canada and European Union nations. Consequently, Barbados resident companies will enjoy preferential access to their local markets;
- Barbados is also an excellent location for Clients who wish to register their companies for i) offering international banking and insurance services ii) setting up mutual funds and iii) owning and operating ships. Furthermore, our Clients may also choose Barbados to setup trust entities.
Disadvantages of Barbados company registration
- Barbados may be perceived as an offshore tax haven;
- Offshore banks, exempt insurance companies and foreign sales corporations are not eligible for Barbados IBC status;
- Following Barbados company registration, a registered office must be maintained in Barbados at which articles, bylaws, minutes, and resolutions are kept.
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- Time to incorporate: Six weeks
- Cost to set up: US$11,725
- Minimum capital: US$0
- Physical office required: No
- Shareholders: 1
- Directors: 1
- Company secretary: No
- Resident director: No
- Corporate tax rate: 2.5%
- Corporate tax base: Worldwide
- Shelf companies: Unavailable
- Main company type: IBC
Useful links for Barbados
Government and public authority websites:
- Barbados Tax Authority
- Company Registrar
- Central Bank of Barbados
- Barbados Stock Exchange
- Investment Authority
- Chamber of Commerce
- Barbados Airport
- Visiting Barbados
- PWC – Paying taxes, 2014
- Companies Act
- Barbados International banks – PWC
- A Guide To Doing Business In Barbados – Invest In Barbados
- Guide For Establishing Business in Barbados
- Migration & The Barbadian Standard of Living – Central Bank
- Barbados – KPMG