Success tips when doing business in Barbados in 2023
- The normal business dress code in Barbados is suits for men and dressy outfits for women, including pantsuits. Sleeveless shirts should be avoided in business contexts;
- In Barbados, it is not recommendable to call people by their first names if you have not been introduced formerly;
- In a business meeting, a handshake with your business partners is the proper etiquette. Hugs and kisses should be reserved for families and friends only.
Interesting facts about Barbados
- “Pride and Industry” is the Motto of Barbados;
- Barbados is located in the Eastern most part of the Caribbean and is also considered to form part of the Lesser Antilles;
- Barbados was first called Los Barbados, which means ‘the bearded ones’. Pedro Campos, the Portuguese explorer name the country Los Barbados, because the fig trees in this country have hanging, aerial roots, looked like they had beards;
- Caribbean countries with an economy heavily dependent on tourism and offshore banking;
- Hubert Ingraham became prime minister in May 2007 after his Free National Movement, an opposition party, won parliamentary elections;
- Barbados is known as ‘the land of the flying fish’ because of the abundance of flying fish in its waters;
- Barbados boasts of being the only island in the Caribbean that enjoys the luxury of having daily flights to Canada, England, and the United States of America;
- Barbados was chosen by Tiger Woods as the location for his wedding in 2004.
Frequently asked questions
Is it easy to open a corporate bank account in Barbados?It is very easy to open a corporate bank account with a reputable international bank in Barbados.
Am I required to visit Barbados to incorporate a company there?No. Healy Consultants can legally incorporate your Barbados company without you needing to travel.
What is the minimum number of directors required for a Barbados company?A Barbados company needs a minimum of one director.
Is a resident director required?A resident director is not required.
What is the minimum number of shareholders required for a Barbados company?A Barbados company requires a minimum of one shareholder. Corporate shareholders are also permitted.
Are shareholder/director details available for public viewing?No.
What are the minimum capital requirements for a Barbados company?There is no minimum capital requirement to set up a company (SRL – International Societies with Restricted Liability) in Barbados.
Do I need to maintain a registered office in Barbados?Yes, a registered office must be maintained in Barbados. Furthermore articles, bylaws, minutes, and resolutions should be kept.
Is a Barbados company required to submit an annual return and/or financial statements?No, a Barbados company is not obliged to submit an annual tax returns and audited financial statements.
How much tax does a Barbados company pay?A properly structured Barbados company pays a maximum corporation tax of 2.5% on all international income. Dividends received and distributed by a Barbados IBC are also tax-exempt. In addition there are no capital gains taxes and no inheritance taxes.