Incorporate in Barbados
Set up a company in Barbados
Barbados has been a popular jurisdiction for incorporating international businesses – especially for Canadians who enjoyed certain benefits under DTAs. However, the jurisdiction has also gone through several legislative amendments to avoid being classified as having a ‘harmful preferential tax regime’ by the OECD / EU.
Under these amendments, the International Business Companies (IBC) Act has been abolished, and the Societies with Restricted Liabilities Act has removed preferences to International Societies with Restricted Liability (ISRL).
IBCs and ISRLs licensed after October 17, 2017, have been converted to regular Barbados companies and societies, and are subject to local corporate taxation. Those incorporated and licensed before October 17, 2017, will be grandfathered until June 30, 2021 – at that point, they will need to be converted to regular Barbados companies.
Note that Barbados companies earning 100% of their income in foreign currency would be able to apply for a Foreign Currency Permit under the Foreign Currency Permits Act, 2018, to avoid capital controls under the Exchange Controls Act.
The Income Tax Act has been also amended. Since January 1, 2019, all Barbados entities, except those that are grandfathered are taxed on a sliding scale from 5.50% (for taxable income below BBD 1 million) to 1% (for taxable income over BBD 30 million). Previously, IBCs and ISRLs were subject to tax on a sliding scale between 2.5% and 0.25% and local companies were subject to tax at a 25% rate.
Barbados Companies are powerful tools for international trading and commerce, manufacturing operations and holding company for investments in foreign subsidiaries.
Learn more about incorporating in Barbados:
Barbados Limited Company – USD 7,950.00 (All included)
We pride ourselves in providing the best possible professional service which includes our honest hassle-free “No Hidden Fee” policy. Your incorporation package includes:
- All Applicable Registration and Government Fees
- Certificate of Incorporation
- Memorandum & Articles of Association
- Appointment of Company Director(s)
- Director(s) Acceptance Letter
- First Board Resolution
- Register of Members
- Register of Directors
- Share Certificate(s)
- Registered Office & Registered Agent Service including all fees for the calendar year
- Corporate Documents’ Courier Delivery
Time to form: 3 to 4 weeks.
All our incorporation services include a yearly consulting session, a dedicated account manager and access to our global network of trusted business services, including introductions to accountants, financial, tax and legal advisors at no cost.
Bank Account Opening Support Services (Optional)
Bank Account Options:
- Barbados Bank Account (Remotely) – USD 500.00
- Offshore Bank Account* (Remotely) – USD 300.00
- Bahamas Bank Account (Remotely) – USD 500.00
- Labuan (Malaysia) Bank Account (Remotely) – USD 500.00
- Curaçao Bank Account (Remotely) – USD 500.00
- Mauritius Bank Account (Remotely) – USD 500.00
- Singapore Bank Account (In-person) – USD 900.00
- Hong Kong Bank Account (In-person) – USD 1,200.00
- Cayman Islands Bank Account (Remotely) – USD 900.00
- Cyprus Bank Account (In-person) – USD 1,200.00
- Bulgaria Bank Account (In-person) – USD 1,200.00
- Armenia Bank Account (Remotely) – USD 1,200.00
- Turkey Bank Account (Remotely) – USD 1,200.00
*Offshore Bank Accounts: Belize, Puerto Rico, Nevis, Antigua, Saint Lucia. Other bank account options may be available depending on business profile and turnover.
Our Bank Account Opening Support Service includes:
- Introduction to the Bank Manager
- Bank Account Opening Process Management
- Assistance and advice in filling out Business Questionnaires, KYC Forms and Bank Account Application Forms.
- Certified Copies of Constitutional Documents with Apostille
- Corporate Seal
Our banking service is not just a mere introduction to the bank. We assist you in filling out the business plan forms appropriately and help you understand and provide business details, commercial information and purpose/use of the bank account that a given bank wants to know in order to approve your account application.
Banks want certainty and clarity on how the account will be used. Everything must be watertight. We will work with you to make sure there is minimal ‘back and forth’ and a smooth account opening process.
Annual Fees (2nd year) – USD 3,900.00
Preparing and filing license renewal
Government fee for license renewal
Registered agent & registered office fee
Audit fees – from USD 7,000.00 to USD 20,000.00 per year
Tax compliance – from USD 1,500.00 to USD 4,500.00 per year
Independent local resident director – USD 3,000.00 per year