Company Formation in Barbados

Business Opportunities to set up a Company Formation in Barbados with Enterslice

If you are considering setting up a business in the North American Caribbean islands, then Barbados is one of the most stable locations for company formation, and choosing the right type of company will help your business grow. The small island nation has a skilled and cheaper labour force and political and social stability. The country offers a supportive environment for foreign investors. There are no limitations on the foreign ownership of businesses in Barbados. The government here makes the registration process of your business in Barbados easy. Barbados's modern and well-equipped infrastructure in the form of rail, road, and air is another attractive factor for investors seeking company formation in Barbados. We at Enterslice help our clients by providing hassle-free company formation in Barbados. We are a one-stop solution for all your curiosities and shall help you set up your company in Barbados. The process is quite straightforward, and with our assistance, you can be stress-free and devote your energy to other important aspects of your business while we take care of your company formation Barbados procedure through our company registration services in Barbados.

Types of Company for Company Formation in Barbados

Our team of proficient experts at Enterslice has drafted a comprehensive guidebook that you can have a look at to solve XYZ queries related to company formation in Barbados. There are 6 major types of business entities in Barbados.

Regular Barbados Companies (RBCs)

These companies are set up under the Companies Act of Barbados and are permitted to establish international business entity activities only with the permission of the Central Bank of Barbados. The corporate tax at the rate of 25% is charged to these companies. Some pre-requisites to incorporate a Regular Barbados Company for business registration are mentioned hereunder

• One shareholder
• One Local Resident Director
• There is no minimum stated capital of the company. 
• Local Registered Office within Barbados. 
• The company may have a Registered Agent.

Societies with Restricted Liability (SRLs)

These companies are set up under the Societies with Restricted Liability Act. They are permitted to carry out international business activities only with the permission of the Central Bank of Barbados. Some pre-requisites to incorporate a Societies with Restricted Liability are mentioned hereunder

• One shareholder
• One Local Resident Director
• No minimum capital is required
• Local Registered Office
• Registered Agent

An SRL is not subject to exchange controls and withholding taxes on distributions to non-residents. However, it is required to undergo an annual audit if its assets and/or gross revenue exceed BDS$500,000, and it must also file annual returns.

International Societies with Restricted Liability (ISRLs)

International Societies with Restricted Liability (ISRLs) are established following the Societies with Restricted Liability Act (SRL Act) of Barbados and are also required to seek approval from the Minister responsible for International Business to obtain an International Business Licence for Barbados international business company.

An International Society with Restricted Liability ("ISRL") is specifically intended for international transactions. It is prohibited to engage in business with citizens and residents of Barbados and acquire land in Barbados.

As a result, an ISRL is not permitted to purchase or own land in Barbados, except for land necessary for the business held through a lease or tenancy agreement, and is also not allowed to conduct business with any Barbados residents.

International Business Companies (IBCs)

Any person or business wanting to establish an IBC in Barbados should first set up a company and obtain permission from the Minister of Industry and International Business to obtain a license to carry out international business.

Some pre-requisites to incorporate an International Business Company are mentioned hereunder

• One shareholder
• One director ( need not be a Local Director)
• No minimum capital is required
• Local Registered Office
• Registered Agent

Some Compliances to be followed by IBC

• Annual audit if its assets and/or gross revenue exceed BDS$500,000.
• Filing Annual Returns
• Paying the annual license Fee

External Company

An External Company is defined in Section 324(1)(a) of the Companies Act as any company formed under the laws of a country other than Barbados.

Some necessary papers required to incorporate an External Company are mentioned hereunder

• Fees of BDS $3,000.00
• Statement in Form 28 should be filed with the Registrar
• Statutory declaration by any 2 directors of the company to verify the company particulars mentioned in the statement

Non-Profit Company

Form 2 has to be filled for non-profit company formation in Barbados. A non-profit company, as defined under the Companies Act of Barbados, is one that has no share capital.

A non-profit must have at least three (3) Directors, while there is no restriction on the number of members based on its articles or by-laws.

A non-profit company must limit its operation to religious, patriotic, charitable, literary, scientific, educational, artistic, social, and professional activities.

Some necessary papers required to incorporate a non-profit Company are mentioned hereunder

• Name Reservation Form 33
• Registered Address Form 4
• Notice of Directors Form 9
• Articles of Incorporation Form 2
• Declaration by shareholders to the Articles of Incorporation

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Benefits of Company Formation in Barbados

Strategic Location

Barbados is 4.5 hours away from New York, 5 hours from Toronto, and 8 hours from London by air. Therefore, the geographic location of Barbados and its proximity to nearly all the major financial hubs make it very attractive for company formation.

Excellent Infrastructure

Barbados has meticulously planned and has well-developed seaports, airports, and road networks.

Labour Force

There is an adequate supply of skilled and unskilled labour in Barbados.

Tax Incentives

The island nation offers attractive tax incentives. Additionally, Barbados has signed many tax treaties with the USA, Canada, the UK, Switzerland, and China.

Requirements for Company Formation in Barbados

One or more competent individuals, known as "incorporators," may incorporate a company.

Competent individuals and corporate bodies can apply for company formation by signing and filing articles of incorporation with the Registrar of Companies. An incorporator, whether an individual or a corporation, can incorporate a company with its shareholders, officers, and directors, who are completely separate individuals from the incorporator.

Under Barbados law, "one-man" companies are allowed, as a single incorporator can apply for company formation and also serve as the sole director, officer, and shareholder of that company. Incorporators are responsible for organizational tasks such as filing the articles of incorporation and appointing the company's initial directors, who will take on the company's responsibilities upon its incorporation. Section 4(1) of the Companies Amendment Act 2021 specifies that one or more persons can establish a company by signing and submitting articles of incorporation to the Registrar along with a statutory declaration from each signatory stating that they are not individuals described in subsection (2).

Under the Companies Act of Barbados, the following individuals are prohibited from company formation in Barbados

• If they are under 18 years of age
• If they are bankrupt
• If they are of unsound mind and have been so declared by a competent tribunal in Barbados or elsewhere.

Pre-Registration Process to register a company in Barbados

Company Name Reservation for company registration in Barbados

Our team shall help with your company registration in Barbados within 2 weeks. Our team will search for the availability of your chosen company name and reserve it with the Corporate Affairs and IP Office of Barbados. Form 33 has to be filled out for the company name registration in Barbados. The company name must have a suffix, "Ltd." for control and management from Barbados.

Company registration in Barbados

Form 1 has to be filled out for the company registration in Barbados.

Company Director Appointment for company registration in Barbados

You require at least one director who can be of any nationality.

Company Shareholder Appointment for Company Registration in Barbados

You require at least one company shareholder who can be of any nationality.

Local Registered Address for company registration in Barbados

Your company must have a local registered address in Barbados.

Capital Requirement for Company Registration in Barbados

There is no minimum capital requirement for company formation in Barbados.

Steps for Company Incorporation in Barbados

Eligibility Check

Before registering your company, our team will ensure it falls within the eligibility list prescribed by the Company Act of Barbados. We will get back to you within 24 hours of checking your eligibility.

Business Model Analysis

Our team of experts at Enterslice will first evaluate your business needs, values, and future vision, based on which we will provide you with the most suitable service package and a personalized business model for your new company.

Company Incorporation in Barbados

Enterslice specializes in effortless global expansion, offering expert company registration in Barbados services. Our in-depth knowledge of international regulations guarantees rapid and compliant setups across the Globe.

Bank Account Opening after company incorporation in Barbados

At Enterslice, we provide consultation, necessary paper Preparation, Resolution Drafting, Due Diligence, Account Signatory Services, Merchant Account Support, Compliance Checks, and Local Representation to hasten your corporate bank account opening.

Coverage

We aim to cover all the areas and jurisdictions of Barbados for your company incorporation.

Maintaining Confidentiality

We shall keep all your records safe. Rest Assured!!

Other Services

We provide you with the trademark and patent registration.

necessary papers Required for Company Formation in Barbados

You must have the following necessary papers handy while engaging in company formation in Barbados with the Company's Corporate Affairs and Intellectual Property principal office to complete the company registration process.

• Certificate of Incorporation of the company
• Memorandum of Association
• Articles of Association
• Acceptance letter from the director
• Appointment of a Company Secretary
• Registered official address in Barbados. 
• Minutes of first meetings
• Share certificates
• Shareholders register
• Directors Register

Corporate Services for Company Formation in Barbados

Business Structure evaluation

Our highly qualified experts shall help you select appropriate business incorporation models according to your business needs so that you can easily incorporate a company in Barbados.

Company Formation in Barbados

We have successfully incorporated 1000+ companies and branches in Barbados. Global investors prefer our company due to our highly efficient services and consultancy.

Legal Representation

We represent our clients in front of any legal authority and ensure legal implications of company formation in Barbados if any case arises.

Corporate and secretarial support services

We provide our clients with the maintenance of their companies' statutory records, accounting and tax compliance services, liquidation services, tax consultancy services, and payroll services.

Legal Consultation for Company formation in Barbados

Our robust panel of lawyers assists our clients in registering a company in Barbados.

Accounting Services after Company Incorporation in Barbados

Our accounting services are based on accuracy and precision because Barbados companies must keep accounting records, so we provide a wide range of high-class accounting services tailored to our clients' business needs.

Free consultancy session

We briefly analyze your company's needs through our expert call.

Preparing checklist for Company incorporation in Barbados

We will help you prepare a checklist of necessary papers that you will need to register your company in Barbados.

Risk Assessment

We shall provide our clients with monthly and quarterly reports to assess the risk of the proposed company.

License and Permits after Company formation in Barbados

Our team will make sure that your proposed company acquires all the licenses and permits that

Services for Company Incorporation in Barbados

Our company incorporation service package has everything that you require to register a company in Barbados. You can trust our foreign business incorporation desk to provide you with a seamless experience regarding your company formation in Barbados. Enterslice will help you evaluate your business needs and choose an appropriate business model in Barbados catering to your business’s long-term vision. With our Business Incorporation Helpdesk, we can provide you with end-to-end assistance throughout the business incorporation process of your company in Barbados.

We provide you with the following business incorporation services

• Company formation with the Commercial Register of Barbados
• Appointment of a Local company secretary to form a company.
• Registered Company Address in Barbados
• Opening up Corporate bank accounts is a company formation requirement.
• Obtaining Licenses and permits
• Trademark Registration Services
• End-to-end Assistance in all Business Formats
• Reducing Compliance Burden for forming a company in Barbados.
• Assistance in the Preparation of Statutory necessary papers
• Streamline all the company formation processes of Barbados in 2023.

Why should you consider company formation in Barbados?

There are many reasons for considering your company formation in Barbados

• To create a separate legal entity
• The limited liability companies limiting the personal liability of shareholders or members will make investments more attractive.
• Creation of a legal entity with the rights and powers of an individual.
• Creation of a legal entity with a perpetual existence for the incorporation of a company. 
• To get the incentives of a small business under the Small Business Development Act of 1999.
• Double Taxation Agreements (DTAs) with high-taxation countries
• There is no requirement to be a resident in Barbados or incorporate a business in Barbados.
• Minimal Taxation

Corporate Bank Account Opening for Company Formation in Barbados

Typically, it takes about 4 weeks to open a corporate bank account in Barbados. Directors and shareholders usually do not need to travel, but if they do, a representative will accompany them to the bank meeting. Alternatively, our team will negotiate with the banks for a conference call or request a waiver.

Nominee Directors are required to set up your corporate bank account. We can provide you with a suitable nominee director. The bank meeting may be conducted in the Bermudan language. In such cases, our team will send a representative to help overcome any potential communication barriers.

Once your corporate bank account is successfully opened, Enterslice shall courier the Internet banking token and access codes to your given address.

Company Formation Requirements or necessary papers for opening bank account during Company Formation in Barbados

Each shareholder and director of the company must have the following necessary paper to open up the business bank account post your company formation in Barbados for ease of doing business.

• An identification card issued by the Government of Barbados
• Barbados company holds residency proof.
• Tax Identification number issued from country of residence
• Reference Letter from the bank
• Income Proof
• Source of funds
• Minimum deposit requirement
• Address proof
• Reason for opening business bank account in Barbados
• Certificate of incorporation of the company
• Certificate of good standing
• Address proof in the country of business operation
• Description of your business ties to Barbados
• Financial statements of the company

Some additional business necessary papers are required to be submitted by the company

• Business activities detailed description
• Client and Suppliers List
• Transaction activities of the company
• Company objective for banking in Barbados

Business Bank Account Services for Company Registration in Barbados

We at Enterslice give you access to the following bank account opening services in Barbados to carry on any business type of company.

• Insights on choosing the best bank in Barbados as per your requirements
• Step-by-step guidance on opening up business as well as offshore bank accounts in Barbados
• Resolving your queries related to the banking services in Barbados

Best Regions for Company Registration in Barbados to perform business in Barbados

• Bridgetown- The largest city of Barbados and the commercial hub, it offers lucrative opportunities for company formation in Barbados.
• Warren- This town is known for its business parks and commercial spaces.
• Holetown- This place is known for its commercial activities and tourism.
• Speightstown- Another significant town, Speightstown, is known for its commercial parks and business activities.

Company Registration in Barbados by Foreigners to set up a company

The Government of Barbados, through its regulatory body, Barbados Investment and Development Corporation (BIDC), promotes foreign investment in Barbados, especially in industries that create jobs and earn foreign currency.

The government has streamlined the country's legislation to make it easier for foreign investors to establish international business units of entities and maximize their returns. Invest Barbados (IB) is a government agency responsible for attracting foreign investments and offers a range of facilities and services to foreign investors looking for company formation in the country.

There are no restrictions on foreign direct investment, so entities can be 100% owned by foreigners. Foreign investors can also operate under the International Business Company (IBC) status, which is common among offshore operations in Barbados.

An IBC can be easily set up with just 1 director and 1 shareholder, and there is no minimum capital requirement. Additionally, IBCs enjoy the benefits of low corporate tax and exemptions. Furthermore, an IBC is required to have a local company secretary.

Company Registration in Barbados Accounting Services in Barbados

We at Enterslice will help you by providing annual accounting for the international business and financial services sector after your company formation in Barbados

• Filing Annual Financial Return
• Conducting an audit if your company's profit exceeds USD 500,000.

Compliance for Company Incorporation in Barbados

• Filing annual tax returns along with the company's financial statements by 31^st January of each year.
• Requirement of audit if the company's gross revenue exceeds 2,000,000 Barbados Dollars.
• Registering for the tax identification number
• Registering for VAT number

Company Name Registration Process for Company Incorporation in Barbados

Before your company formation in Barbados, you must register your business name with the Registrar for which you require the following necessary papers

• Name of the proposed company
• Description of the nature of the business
• Place of the business
• Full Name, Address, Nationality, and Occupation of each director and shareholder
• Registered Office address of the company

If the firm, individual, or corporation required to be registered in Barbados operates as a general agent for any foreign firm, the following additional particulars are required in addition to the necessary papers mentioned above

• The business name and address of the firm or person acting as an agent for whom the business is conducted.
• If the business is conducted as an agent for three or more foreign firms, it must specify the countries in which these foreign firms operate.

Offshore Bank Account Services for Company Incorporation in Barbados

Barbados is considered an attractive place for offshore banking services due to its attractive tax regime, tax exemptions, and income tax concessions.

Eligibility for obtaining offshore company in Barbados for banking license

• At least one director of any nationality
• At least one shareholder of any nationality
• Paid-up capital of USD 2,000,000

Procedure to register a company in Barbados

• Submitting license application
• Registration of Business entity in Barbados
• Appointing a local resident director
• Local Registered address
• Corporate bank account opening

Errors to be avoided during Company Incorporation in Barbados

The given mistakes need to be avoided while performing company incorporation in Barbados.

Choosing the wrong business structure

There are 6 types of business structures prevalent in Barbados. It would be best if you did thorough research before choosing any business structure.

Staying Compliant

After successful company formation in Barbados, you must be vigilant and follow all the post-compliance steps, such as registering for your tax identification and VAT numbers.

Bookkeeping

Bookkeeping services are sine qua non for any kind of business structure so that you can comply with the tax regulations and file your tax returns on time.

necessary paperation

You must prepare all the accurate Paper works so that while submitting the necessary papers to the relevant authority for your company incorporation in Barbados, your application doesn’t get rejected.

Barbados Taxes Benefits of Company Incorporation in Barbados

Barbados's Tax benefits to newly set up businesses in its jurisdiction are among the primary reasons investors find Barbados attractive for their company formation.

• The corporate tax rate in Barbados is 2.5%
• The corporate tax rate for IBC is in the range of 1%-2.5%
• VAT rate of 17.5%
• The personal income tax rate is 12.5% on the first 50k Barbados Dollars of taxable income and 28.5% after that.
• Ten-year tax holiday for newly set up companies. Barbados taxes for ten years for the companies to pay tax at the rate of 2.5%.
• Barbados has Double taxation treaties and tax information exchange agreements with over 40+ countries.
• Import duty exemptions for businesses in the manufacturing sector

Why is a Registered Agent needed for company incorporation in Barbados?

You require a registered agent for your company incorporation in Barbados because there are some hindrances that you may get during your company incorporation in Barbados, which include

• Determining the correct form of business structure for your company
• Determining an appropriate business name for your company
• Strictly adhering to Regulatory compliances, Annual tax filing, Post Registration Compliances
• Maintaining necessary papers/checklist for company incorporation in Barbados
• Opening up a bank account in the name of the company in Barbados
• Getting appropriate licenses and permits after your company's incorporation in Barbados

Our Foreign Business Incorporation desk and Registered Agents at Enterslice shall help you resolve these challenges and create a seamless registration experience.

Why should you choose Enterslice for company incorporation in Barbados?

• Tailor-made incorporation plans
• Successfully incorporated 500+ Companies in Barbados
• Solid Network of 50,000+ Lawyers/Attorneys/CAs/CPAs
• Partner Base of 40,000+ Auditing and Law Firms Globally
• Maintained Consistency with 7% of Client Recommendations
• 100+ Queries for Company Formation in Barbados Daily
• Worked with over 30,000+ Entrepreneurs across the Globe
• AI-powered Service Delivery Platform ensuring Timely Support
• Zero paperwork
• Dedicated Foreign Investment Desk with 200+ Client Representatives