In the Atlantic Ocean, among the Lesser Antilles, the island state of Barbados is located. It is worth noting, that America has entered into a tax treaty with the state of Barbados. The Barbados Companies Act (IBC), adopted on the island of Barbados in 1991, regulates the activities of companies, that are active on the island. If you want to open a company in Barbados, you will be served by about forty banks, that are ready to work with non-residents. The state of Barbados is a member of the Caribbean Market Society. Barbados is a stable jurisdiction and has a strong reputation for registering a company in the Caribbean.
It is possible to open a company in Barbados, that can conduct its business activities in the following business structures, as:
- a Limited Liability Company;
- companies, that conduct a charity work;
- a mutual insurance company.
Despite the fact, that the official currency of the state of Barbados is the Barbados dollar (BDS), you can open an account in Barbados in USD. Although Barbados legislation does not set a starting capital for registered companies in Barbados, Barbados banks still ask for a minimum amount of initial capital. A initial capital for registered companies in Barbados must deliver at least $1,000. To set up a commercial firm in Barbados, the company must be a resident of Barbados. In order to open an enterprise in Barbados, a company must consist of at least one shareholder. You will need to conclude an agreement with your local registration agent. Also, a company secretary is required to register a company on the island of Barbados. To establish a firm in Barbados, it is not necessary to hold Boards of Directors or a Shareholders Meeting. A registered company in Barbados must obtain a license on the island of Barbados from the Ministry of International Business and Trade.
In order to register AN ENTERPRISE in Barbados, you must provide such following documents:
- A company charter;
- The information about leaders;
- The legal address of the company;
- An application for the company registration.
In order to open a company in Barbados, the amount of the corporate tax must be taken into account. Planning to register a commercial company in Barbados, pay close look to the taxation:
- Companies with an income of up to $5,000 pay 2,5%;
- Companies with the income of $5,000-$10,000 pay 2%;
- Companies with an income of $10,000-$15,000 pay 1,5%;
- Companies with the income over $15,000 pay 1%.
Registered companies in Barbados receive a special form of tax exemption for a company called the International Business Company (IBC), which operates in connection with the jurisdiction of Barbados.
To open a company in Barbados quickly, contact YB Case experts. And, if you still decided to register an enterprise on the island of Barbados, then competent specialists of YB Case will provide you with advice on opening the enterprise in Barbados.
Please, check with our specialists for possible solutions for your business.