Register company in Barbados

Fionza Consultants specializes in facilitating the seamless registration of international companies with the Barbados Company Registry. Our comprehensive service package encompasses Barbados company registration, offering the provision of a local nominee director, and facilitating the opening of corporate bank accounts in Barbados. Trust Fionza Consultants as your all-in-one solution to initiate legal business operations in Barbados.

Barbados

Company Registration – 2 Week
Local Director? – No
Bank Account Opening – 4 Weeks
Travel Required – No

Register company in Barbados

Registering a company in Barbados becomes a hassle-free endeavor when armed with the right information and all necessary documents in place. Fionza Consultants streamlines the process, allowing you to focus your time and energy on crucial aspects of your company.

Over the last three decades, Barbados has diligently cultivated an enticing environment for foreign investment and international business under successive governments. Beyond offering appealing tax concessions and incentives, the island boasts an extensive network of tax treaties with key nations such as the USA, Canada, UK, Switzerland, and China.

Our comprehensive service package covers all your needs for registering a company in Barbados, including:

Company registration with the Commercial Register of Barbados managed by the Corporate Affairs and Intellectual Property Office.
Provision of a local company secretary and registered address.
Corporate bank account opening.
Financial license applications.

With our efficient and focused approach, you can trust our expert team to guide you seamlessly through the entire company registration process in Barbados. Our ultimate objective is to ensure your Barbados company is operationally ready within the stipulated timeframe.

How long does it take to register company in Barbados and open a corporate bank account?

Fionza Consultants ensures swift Barbados company registration within a mere 2 weeks. Once we receive the necessary due diligence documents from directors and shareholders, we promptly conduct a name availability search and reserve your preferred company name with the Corporate Affairs and Intellectual Property Office.

Notably, our streamlined registration process eliminates the need for your physical presence in Barbados. Following the successful registration of your Barbados company, you can anticipate receiving essential documents, including the certificate of formation, memorandum, articles of association, and the register of directors and shareholders.

Within 4 weeks post-registration, Fionza Consultants facilitates the opening of a corporate bank account at a reputable local or international bank. As a result, you can initiate operations and issue invoices with your Barbados company in just 6 weeks from the commencement of our services.

For those eager to delve deeper into the process, Fionza Consultants provides a comprehensive step-by-step guide to Barbados company registration. Discover the efficient path to establishing your business presence in Barbados with Fionza Consultants.

What are the benefits of registering a company in Barbados?

Barbados corporations reap numerous advantages, making it an appealing jurisdiction for businesses:

Low Corporate Tax Rate: Enjoy a remarkably low corporate tax rate of 2.5%, setting Barbados apart from other jurisdictions. The island also grants tax exemptions on capital gains and withholding taxes.
Ten-Year Tax Holiday: Corporations benefit from a unique “ten-year tax holiday,” exempting them from Barbados taxes for a decade. Subsequently, a 2.5% tax rate applies. Note that U.S. citizens and residents of countries taxing worldwide income must declare all income to their respective tax authorities.
Import Duty Exemption: Corporations engaged in manufacturing and processing goods receive a valuable import duty exemption.
Minimal Shareholder Requirement: The incorporation process requires a minimum of one shareholder.
Low Authorized Share Capital: Barbados imposes a minimal authorized share capital requirement of BDS$0 for corporations.
English as the Official Language: As a British Commonwealth and former colony, English serves as the official language in Barbados, facilitating business operations.
Government Support Agencies: Barbados boasts Invest Barbados (IB), a government agency providing financial assistance and an expedited incorporation process for those establishing offshore corporations. Additionally, the Barbados Investment and Development Corporation (BIDC) offers cost-free, comprehensive assistance to corporations.

Explore the lucrative opportunities of Barbados for your business with these compelling benefits.

Can a foreigner register company in Barbados?

The Barbados Investment and Development Corporation (BIDC), acting on behalf of the Government of Barbados, actively promotes and welcomes foreign direct investment, particularly in sectors generating employment and foreign currency earnings. The country’s legislative framework has been refined to facilitate the establishment of international business entities by foreign investors, ensuring maximum returns.

Invest Barbados (IB), a government agency, plays a pivotal role in attracting foreign investments by offering a range of facilities and services to assist entrepreneurs in launching their businesses in Barbados.

Barbados stands out for its lack of foreign investment restrictions, allowing entities to be 100% owned by foreigners. Foreign investors can opt for the International Business Company (IBC) status, a popular choice for offshore operations in the country.

Under the IBC status, incorporation is streamlined, requiring a minimum of 1 director and 1 shareholder, with no mandatory minimum capital. This type of entity enjoys the advantages of low corporate tax rates and exemptions. Furthermore, Fionza Consultants provides expert guidance on the essential requirement of having a local company secretary for an IBC.

Fionza Consultants, with a team of experts, ensures a seamless onboarding process for your business, eliminating the need for travel to Barbados for company registration. Experience a hassle-free entry into the Barbadian business landscape with Fionza Consultants’ support.

Types of companies in Barbados

In Barbados, three distinct business entities cater to diverse business objectives, each with unique requirements. Fionza Consultants is well-equipped to guide you in selecting the ideal entity based on your specific needs:

Regular Barbados Companies (RBCs):
- Incorporated under the Companies Act of Barbados.
- Requires permission from the Central Bank of Barbados for international business operations.
- Suitable for local business activities with the locals.
- Requirements include one shareholder, one local resident director, a local office and registered agent, and no minimum capital requirement.
- Resident companies subject to a 25% corporate tax rate.
Societies with Restricted Liability (SRLs):
- Organized under the Societies with Restricted Liability Act.
- Permission from the Central Bank is necessary for international business.
- Appropriate for businesses desiring exemption from exchange controls and withholding taxes on non-resident distributions.
- Requirements mirror those of RBCs, with an annual audit mandated if assets or gross revenue exceed BDS$500,000.
International Business Companies (IBCs):
- Defined as resident corporations in Barbados.
- Engaged in trade outside Barbados, selling goods, services, or manufacturing products exclusively for export.
- Requires a license under the International Business Companies Act, obtained after incorporating a company.
- Requirements include one director (no need for a local), one shareholder, a registered local resident agent, a local office, and no minimum capital requirement.
- Exempt from exchange control, withholding taxes, and eligible for various exemptions.
- Annual audit and filing returns are obligatory for assets or gross revenue exceeding BDS$500,000.
International Societies with Restricted Liability (ISRLs):
- Organized under the Societies with Restricted Liability Act.
- Requires an International Business Licence from the Minister responsible for International Business.
- Tailored for international transactions, but prohibited from engaging with Barbados citizens and residents.
- Restrictions on land acquisition and transactions with Barbados residents apply.

Fionza Consultants’ expert team ensures a seamless process for selecting and establishing the right business entity in Barbados, meeting your specific requirements.

How to register company in Barbados?

Step 1: Optimal Business Structure Selection Before initiating company registration, Fionza Consultants conducts a comprehensive assessment of your business activities, recommending the most suitable legal entity.

Step 2: Verification of Requirements Once the business structure is chosen, it’s crucial to ensure compliance with government prerequisites. Fionza Consultants aids in meeting these requirements, providing a local registered office address and a company secretary to facilitate communication with governmental authorities.

Step 3: Reservation of Company Name Fionza Consultants performs a thorough search for the availability of your chosen company name through the Barbados company registration search. Upon confirmation, we reserve two proposed company names with the Corporate Affairs and Intellectual Property Office, valid for up to 90 days.

Step 4: Document Preparation and Submission To proceed with Barbados company incorporation, you need to furnish the necessary Know Your Customer (KYC) documents. Fionza Consultants assists in drafting and notarizing essential documents, including the Memorandum and Articles of Association, business plan, and other incorporation papers. We then register your company with the Corporate Affairs and Intellectual Property Office.

Upon successful registration, Fionza Consultants dispatches the business registration certificate, Memorandum and Articles of Association, and other corporate documents to your designated address.

Step 5: Corporate Bank Account Opening Post-registration, Fionza Consultants aids in opening a corporate bank account, leveraging partnerships with esteemed international and local banks in Barbados. We liaise with relationship managers and compliance teams on your behalf, streamlining the process that typically takes around 4 weeks. While travel may not be necessary, our team facilitates negotiations for remote meetings if required.

For bank account setup, nominee director services are optional but available if needed. Fionza Consultants ensures a smooth process, even if the meeting is conducted in the local language.

Upon successful account activation, we courier the internet banking token and access codes to your preferred address.

Step 6: Tax Registration Fionza Consultants proceeds to register your business with the Barbados Central Revenue Authority, securing an Income Tax number and a Value Added Tax number. We assist in obtaining a Tax Administration Management Information System (TAMIS) for online tax management, providing you with a unique Tax number.

Step 7: Ongoing Compliance Beyond registration, Fionza Consultants remains committed to ensuring ongoing compliance with government policies. We facilitate timely tax payments, annual tax return filings, and inform authorities of any structural changes on your behalf. Partner with Fionza Consultants for a seamless, compliant business journey in Barbados.

Accounting and tax obligations in Barbados

Barbados stands out in the Caribbean as one of the pioneering countries to harmonize local and international tax rates, aligning with the Organization for Economic Cooperation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative. This strategic move positions Barbados as a globally competitive tax jurisdiction.

Boasting an incredibly business-friendly environment, Barbados maintains a corporate tax rate as low as 5.5%, with a remarkable 1% rate applicable for companies surpassing BDS$30,000,000 in revenue.

Barbados companies, in adherence to regulatory standards, are obligated to maintain accounting records, which can be housed either within or outside the country. Annual submission of financial statements and tax returns is mandatory.

For tax return filings, Barbados companies follow specific timelines based on their financial year-end:

By 15th March for companies with year-ends between 1st January and 30th September.
By 15th June for companies with year-ends between 1st October and 31st December.

Additionally, companies are required to file an annual return, along with financial statements, no later than 31st January each year.

Under certain circumstances, an audit may be necessitated if gross revenue or company assets exceed approximately BDS$2,000,000.

Barbados’ tax landscape, coupled with transparent compliance procedures, underscores its attractiveness for businesses seeking a favorable fiscal environment.

What are the documents required to register company in Barbados?

The necessary documents for registering a company in Barbados vary based on the chosen entity type. However, the typical initial set of required documents includes:

Personal KYC for each director, shareholder, and/or beneficial owner:

Certified copy of passport
Certified copy of proof of address (e.g., power bill, ID card with home address, bank statements, etc.)
Reference letter from a lawyer, banker, or accountant on official letterhead.
Curriculum Vitae (CV) providing a brief history of your professional experience.

Company Documentation:

Memorandum of Association
Articles of Association

Operational Details:

Details of the local registered address.

Ensuring the completeness and accuracy of these documents is crucial for a smooth registration process in Barbados. Fionza Consultants will guide you through this process, providing expert assistance in compiling and submitting the necessary paperwork tailored to your specific entity type.

Why do companies register in Barbados?

Before establishing your business in Barbados, it’s essential to grasp the dynamics of the local business landscape, ensuring your legal entity can navigate the jurisdiction while aligning with long-term business objectives.

Political Landscape: Barbados boasts a stable parliamentary democracy and a well-managed economy, fostering a secure environment for business operations. The country’s commitment to transparency is reflected in its high ranking on the Corruption Perception Index, standing 3rd in Latin America and the Caribbean and 29th globally.

The government actively collaborates with Invest Barbados and stakeholders to maintain a welcoming atmosphere for foreign direct investment, emphasizing competitiveness on the global stage.

Legal Environment: Barbados prioritizes enhancing its investment climate and regulatory framework, meeting or surpassing international best practices. The jurisdiction is renowned for its robust regulatory systems, anti-money laundering measures, tax information exchange, and more. The flexibility of the Barbados Companies Law is a key factor that attracts businesses, offering benefits like financial statement privacy and 30-year tax and duty exemptions.

Economic Strength: With the highest per capita income in Latin America (ranking 55th globally), Barbados stands as the most affluent and developed country among the Eastern Caribbean States. Diversifying from a reliance on the sugar industry, Barbados now draws revenues from tourism, light industry, and efficient financial and information services. The country’s economic stability is highlighted by its position as the 13th freest economy in Latin America and the Caribbean.

Technological Infrastructure: Barbados boasts a reliable telecommunications network and infrastructure, making it an attractive hub for business and offshore financial services. With island-wide internet connectivity through fiber optic networks, the country ranks first in the Caribbean for fixed broadband internet speed. This technological prowess facilitates seamless business operations, attracting international information and communication technology companies.

Social Environment: Investors favor Barbados due to its high quality of life, making it an excellent place to work, live, and raise families. The country offers outstanding education, healthcare, affordable housing, and world-class telecommunications. Barbados is ranked 8th in the Americas and 58th globally in the UN Human Development Index 2020.

Environmental Policies: Barbados is committed to environmental sustainability, evidenced by its participation in twenty-nine international agreements addressing issues such as biodiversity, marine pollution, hazardous wastes, fisheries, and climate change. The Environmental Performance Index 2022 ranks Barbados 36th globally, indicating well-established environmental policies.

Understanding these facets positions Barbados as an ideal location for business operations, offering stability, transparency, technological infrastructure, and a high quality of life.

Looking to register company in Barbados?

Contact us to find out more about how to register company in the Barbados. Our team of experts will revert within the next 24 hours.

FAQ

Are there any restrictions on foreign investment (including authorizations required by central or local government)?

In general, there are no restrictions on foreign investment in Barbados. However, investors must consider the provisions of the Exchange Control Act.

What is the minimum number of directors required for a company?

Under Barbados law, a company must have at least one director.

Is a company required to have a registered office in Barbados?

Yes, a company is required at all times to have a Registered Office address in Barbados.

Is Barbados a tax haven?

No. Though it can have low taxes in some conditions, Barbados has no tax-free regimen. However, it provides secrecy to business people.

How much does it cost to register a company in Barbados?

This total fee includes the registration fee charged by the Barbados government. We will discuss with you the total engagement fee you would need to pay before we start the registration process for your company.

Register company in Barbados