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Incorporate in Barbados
$8,500.00
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 Formation and First-Year Fees – USD 8,500.00 (All included)
Note that our incorporation and annual corporate service fees are “all-included fees”, and cover all the required services to incorporate a Limited Company in Barbados, and keep it in good standing with the Corporate Affairs and Intellectual Property Office, as well as government fees and duties, disbursements such as courier fees, and assignments such as the preparation of a certificate of incumbency, and the notarization of documents, which are generally required for opening bank accounts.
- All applicable Registration and Government Fees
- Acting as the Incorporator of the Limited Company
- Preparing the Articles of Incorporation and the Bylaws
- Filing the Articles of Incorporation and Bylaws with the Registrar of Corporate Affairs
- Providing Certificate of Incorporation issued by the Registrar
- Preparing the Directors’ Resolution resolving the appointment of directors, allotment of shares, adoption of company bylaws and other related corporate matters
- Preparing the Register of Shareholders and Register of Directors
- Preparing the Share Certificates
- Preparing and Executing a Certificate of Incumbency
- Applying for and obtaining a Foreign Currency Permit
- Providing Corporate Secretary Services for one year
- Providing Registered Office Services, including business address, for one year
- Providing Notarized and Apostilled copies of the Corporate Documents
- Delivering Original, and Notarized and Apostilled copies of the Corporate Documents via Courier, inclusive of Courier fees
Time to form
It generally takes us 1-3 days to prepare and file the Articles of Incorporation, as well as to prepare post-incorporation resolutions and other documents; and 1 to 5 business days for the Registrar to issue the Certificate of Incorporation/Formation.
Bank Account Opening Services (Optional)
We assist you in opening a bank account for the Company in Barbados.
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Barbados Bank Account - USD $ 900.00
Barbados Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsRBCUSD 100,000YesMulticurrencyYesEconomic substance required.Scotia BankUSD 25,000YesMulticurrencyYesEconomic substance required.CIBC FirstCaribbean International BankUSD 25,000YesMulticurrencyYesEconomic Substance required.
Note that we can also open overseas bank accounts for Barbados companies in the following offshore jurisdictions:
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Antigua Bank Account - USD $ 300.00
Antigua Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsGlobal Bank of CommerceUSD 25,000YesUSD, EUR, GBPYesDBankUSD 10,000YesUSD, EURYesNorth International BankUSD 5,000YesUSD, EURYes
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Bahamas Bank Account - USD $ 500.00
Bahamas Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsDeltecUSD 1,000,000NoMulticurrencyYesCIBC FirstCaribbean International BankUSD 100,000YesMulticurrencyYesEFG BankUSD 1,000,000NoMulticurrencyYesCapital Union BankUSD 1,000,000NoUSDYesHigh Turnover Individuals, Family Offices, Fund Managers and Asset Managers only
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Belize Bank Account - USD $ 300.00
Belize Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsCaye BankUSD 1,000YesUSD, EUR, GBP, CAD, CHF, AUD, AED, CNY, SEK, NOKYesHeritage BankUSD 3,000YesMulticurrencyYesBelize Bank InternationalUSD 4,000NoEUR, GBP, USDYes
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BVI Bank Account - USD $ 900.00
BVI Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsVP BankUSD 250,000NoMulticurrencyYesBank of AsiaUSD 20,000NoUSD, GBP, HKDYes
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Cayman Islands Bank Account - USD $ 700.00
Cayman Islands Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsCIBC FirstCaribbean International BankUSD 25,000NoUSD, CAD, CHF, EUR, GBP, JPY, AUDYesCayman National BankUSD 100,000YesUSD, EUR, GBP, CAD, AUD, JPY, SEK, CHFYesNCB Cayman LimitedUSD 100,000YesUSD, EUR, CAD, GBPYes
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Cook Islands Bank Account - USD $ 600.00
Cook Islands Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsCapital Security BankUSD 20,000YesUSD, EUR, GBP, CAD, NZD, AUD, SGD, HKDYesClients can have a corporate account for operational purposes only if they open an investment account as well.
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Curaçao Bank Account - USD $ 500.00
Curaçao Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsCIBC FirstCaribbean International BankUSD 7,500NoMulticurrencyYesExprinter International Bank N.V.USD 100,000YesMulticurrencyYes
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Dominica Bank Account - USD $ 300.00
Dominica Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsEqiBankUSD 15,000YesUSD, EUR, GBPYes
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EMI Bank Account - USD $ 300.00
EMI Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsUK EMI AccountN/ANoEUR, GBPYesLT EMI AccountN/ANoMulticurrencyYesMT EMI AccountN/ANoEURYesCA EMI AccountN/ANoEURYesKZ EMI AccountDepending on category.NoMulticurrencyYesHK EMI AccountN/ANoUSD, EUR, GBP, HKDYesCurrently, the Neat account is available for businesses incorporated in Hong Kong, Australia, BVI, Cayman Islands and New Zealand only.IE EMI AccountN/ANoEUR, MulticurrencyYesSingapore EMI AccountN/AYesSGD, USDYesOnly companies incorporated in APAC jurisdictions.
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Gibraltar Bank Account - USD $ 1,200.00
Gibraltar Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsTuricum Private BankUSD 200,000NoUSD, EUR, GBPYesMoneycorp Bank Limitedcase-by-caseNoMulticurrencyYes
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Hong Kong Bank Account - USD $ 2,000.00
Hong Kong Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsDBS BankHKD 200,000YesHKD, USD, MulticurrencyYesA business nexus in Hong Kong is strictly required, in the form of clients, suppliers, employees or other counterparties.
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Isle of Man Bank Account - USD $ 1,200.00
Isle of Man Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsCapital International BankN/ANoUSD, EUR, GBPYes
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Labuan Bank Account - USD $ 500.00
Labuan Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsBank IslamUSD 10,000NoUSD, JPY, SGD, EUR, GBPYesMayBank International Labuan BranchUSD 25,000NoUSD, EUR, CAD, CHF, GBP, HKD, SGD, JPY, THB, AEDYesCitibankUSD 250,000NoMulticurrencyYes
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Liechtenstein Bank Account - USD $ 1,200.00
Liechtenstein Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsAlpinumCHF 250,000NoMulticurrencyYesCompanies conducting commercial activities (as opposed to only holding assets) must have a physical presence in the form of offices and employees in the country where it is incorporated or tax resident.Bendura BankUSD 500,000NoMulticurrencyYes
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Luxembourg Bank Account - USD $ 1,200.00
Luxembourg Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsEast West United BankN/AYesUSD, EUR, GBP, RUB, CHFYesCompanies conducting commercial activities are expected to conduct at least 30 incoming / outgoing transactions per month.
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Mauritius Bank Account - USD $ 600.00
Mauritius Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsBank OneUSD 25,000YesMulticurrencyYesCompanies must have some form of business connection to Africa in the form of clients, suppliers or investments.InvestecUSD 50,000YesMulticurrencyYes
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Panama Bank Account - USD $ 1,200.00
Panama Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsMMG BankUSD 10,000YesUSD, EUR, CHF, GBP, CADYesCredicorpUSD 50,000YesUSD, EURYesCapital BankUSD 20,000YesUSDYes
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Puerto Rico Bank Account - USD $ 300.00
Puerto Rico Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsFV BankCase by caseYesUSDYesStrategic BankUSD 100,000NoUSDYesArival BankN/ANoUSDYesCB International Bank LLCN/ANoMulticurrencyYes
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Saint Lucia Bank Account - USD $ 300.00
Saint Lucia Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsPROVEN BANK (Former BOSLIL)USD 5,000YesUSD, EUR, GBP, HKDYes
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Seychelles Bank Account - USD $ 500.00
Seychelles Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsAl SalamUSD 25,000YesUSDYes
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Singapore Bank Account - USD $ 900.00
Singapore Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsOCBC BankUSD 30,000YesUSD, SGD, AUD, CAD, HKD, NZD, GBP, EUR, JPY, CHFYesNexus in the form of client/supplier/partner/contractor in Singapore required.RHBSGD/USD 30,000NoMulticurrencyYesNexus in the form of client/supplier/partner/contractor in Singapore required.DBS BankSGD 250,000YesMulticurrencyYesNexus in the form of client/supplier/partner/contractor in Singapore required.UOB BankSGD 350,000YesMulticurrencyYesNexus in the form of client/supplier/partner/contractor in Singapore required.Credit SuisseUSD 3,000,000NoUSD, SGDYesBank of ChinaSGD 100,000NoUSD, SGD, EUR, GBP, NZD, RMB, AUD, JPY, HKD, CHF, CADYesNexus in the form of client/supplier/partner/contractor in Singapore required.
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Switzerland Bank Account - USD $ 1,200.00
Switzerland Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsmbaerCHF 5,000NoMulticurrencyYesCompanies must have an expected turnover of at least CHF 3,000,000SygnumCHF 3,000,000NoMulticurrencyYesDeposit must be maintained in crypto assets held through the bank's custody services.Credit SuisseCHF 1,000,000YesMulticurrencyYes
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USA Bank Account - USD $ 1,400.00
USA Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsUSA Bank AccountN/A (USD 250,000 preferred)NoUSDYes
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Vanuatu Bank Account - USD $ 500.00
Vanuatu Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsPacific Private BankUSD 1,500NoEUR, GBP, USDYesOutgoing USD transactions cannot be facilitated.
Our bank account opening 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 – USD 3,900.00 (payable one year after incorporation, and annually thereafter)
- Preparing and filing Company Renewal and Annual Return
- Renewing the Foreign Currency Permit
- All applicable Government Annual Fees and Duties
- Maintaining the Minute Book, Registers and Statutory Records
- Preparing and Filing the Annual Return
- Providing Corporate Secretary Services for one year
- Providing Registered Office Services, including business address, for one year
Additional Services
- Accounting and Tax Services
- Audit Services
- Local Director Services
- Economic Substance Services (Local Directorship, Physical Office, Outsourcing of CIGA, etc.)
Please, contact us for further information.