Invest Barbados Invest Barbados

Setting Up in Barbados

 

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Barbados has simple establishment requirements and procedures which combine due diligence with ease of doing business.

  

Companies must first be registered with the Corporate Affairs and Intellectual Property Office.

 

Below is the information and steps required to complete the following in Barbados:

 

 

      Application Form - IBC Licence

 

      Annual Form - IBC Licence

 

       Application Form - ISRL Licence

 

       Annual Form - ISRL Licence

 

 

Incorporation & Registration with the Corporate Affairs and Intellectual Property Office


Information required:

 

  1. Proposed names of company - A minimum of two corporate names (in order of preference);
  2. The official address in Barbados where the share registers, minute books and other statutory information will be kept.
  3. The minimum and maximum number of directors (a company can have a minimum of one director).
  4. The full name (including the middle name) and residential address of each of the proposed directors of the company;
  5. Details of the particular business that the company proposes to carry on;
  6. The classes of shares (if more than one) that the company is authorised to issue; and
  7. The full name (including the middle name) and residential address of each shareholder of the company.


Typical Cost of Incorporation

The government fees associated with incorporating a company are approximately US$400. The average cost for professional fees associated with incorporation ranges from US$1,500 - US$2,800 but this will vary depending on the legal structure of the company.

 

 

Registering an External Company

 

Information required to complete the registration process:

 

  1. Name of the company;
  2. Jurisdiction within which the company was incorporated;
  3. Date of its incorporation;
  4. Manner in which it was incorporated;
  5. Period, if any, fixed by its corporate instruments for the duration of the company;
  6. Extent, if any, to which the liability of the shareholders or members of the company is limited;
  7. Undertaking that the company will carry on in Barbados;
  8. Date on which the company intends to commence any of its undertakings in Barbados;
  9. Authorised, subscribed and paid-up or stated capital of the company, any number of shares that the company is authorised to issue and their nominal or par value, if any;
  10. Full address of the registered or head office of the company outside of Barbados;
  11. Complete address of the principal office of the company in Barbados (no P.O. Box address is allowed); and
  12. Full names, residential addresses and occupations of the directors of the company.

 

The Following must also be provided to the Registrar:

 

  1. Statutory Declaration by two directors of the company that verifies on behalf of the company the particulars listed above;
  2. Certified copy of the corporate instruments of the company;
  3. Statutory Declaration by an attorney-at-law indicating that section 330(1) of the Companies Act  has been complied with;
  4. Power of Attorney and a Consent to act as Attorney, empowering some person named in the power and resident in Barbados to act as attorney of the company for the purpose of receiving service of process in all suits and proceedings in Barbados and all lawful notices.

 

 

Establishing an International Business Company (IBC)

 

  1. Incorporation or registration under the Companies Act
  2. Application for an IBC licence from the International Business Unit providing information on:

     

    • Description of intended business
    • Name and address of proposed shareholders
    • Percentage of shares to be held

The following documentation is necessary when applying for an initial IBC licence:


-    Completed IBC application form


-    Incorporation documents


-    Shareholder incorporation documents (where applicable)


-    2 Pieces of certified Official Shareholder photo identification with expiry date (where applicable)


-    Curriculum vitae for shareholder (where applicable)


-    Curriculum vitae for Directors (where applicable)


-    Incorporation Documents for corporate directors (where applicable)


-    Any other documentation as deemed necessary


Please note that any documentation provided in a foreign language must be translated into English and both the certified translation as well as the original document in the foreign language provided.

Establishing an International Society with Restricted Liability (ISRL)

 

  1. Filing of articles of organisation to the registrar providing information on:
    • Proposed name
    • Purpose
    • Duration
    • Name and address of each person who signed the articles of organisation
  2. Application for ISRL licence

The following documentation is necessary when applying for an initial ISRL licence: 

 

- Completed ISRL application form


- Incorporation documents


- Quota owner/Member organisation documents (where applicable)


- 2 Pieces of certified Official quota owner photo identification with expiry date (where applicable)


- Curriculum vitae for quota owner/member (where applicable)


- Curriculum vitae for Senior Managers (where applicable)


- Incorporation Documents for Senior Managers (where applicable)


- Any other documentation as deemed necessary


Please note that any documentation provided in a foreign language must be translated into English and both the certified translation as well as the original document in the foreign language provided.

 

Establishing an International Bank

 

  1. Preliminary application must be made to the Central Bank of Barbados
  2. Application for a licence providing information on:
    • Description of the financial service to be provided
    • Financial projections
    • Names and addresses of the directors
    • Names and addresses of the shareholders
    • Number of shares to be held
  3. Final application made to the Director of Bank Supervision

 

Establishing an International Insurance Company

 

  1. File the name reservation in advance
  2. Applications for a licence must be sent to the Financial Services Commission along with draft articles of incorporation providing information on:
    • Parent company information (including annual report) including required due diligence information
    • Listing of officers, directors (including required due diligence information) and other service providers
    • Purpose and intent of the company
  3. File the following incorporation documents with Registrar of Corporate Affairs:
    • Articles of Incorporation
    • Notice of Address
    • Notice of Directors
    • Name Reservation
    • By-laws of the company
  4. Send bank copies of incorporation documents, relevant forms
  5. Re-file Application with the Financial Services Commission

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