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Establishing a Company

 

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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:

 

Establishing a New Business (RBC) or (SRL)

 

  • Submit incorporation/organisation documents together with an application fee of US $125 to the Registrar Corporate Affairs and Intellectual Property Office for a Foreign Currency Permit (FCP), if the entity is earning 100% of income in foreign currency. 
  • Simultaneously, submit application for FCP to Director, International Business. The following must be provided:
  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. Contact details of licensed service provider
  5. Contact details of auditor, if applicable
  6. Financial year-end
  7. The full name (including the middle name) and residential address of each of the proposed directors of the company;
  8. Details of the particular business that the company proposes to carry on;
  9. The classes of shares (if more than one) that the company is authorised to issue; and
  10. The full name (including the middle name), residential address, registration /incorporation number of each shareholder of the company.
  11. Number of persons to be employed by the company who will require work permits and the positions to be held by each of these individuals.
  12. Profile of each shareholder and director/manager including academic qualifications, training, experience, corporate status, etc.
  13. Whether any director/manager has ever been convicted, in any jurisdiction, of a criminal offence involving fraud, money laundering or insider dealing; or has been investigated by a regulatory body in any jurisdiction.
  14. Statutory declaration of a director/manager certifying that 100% of the income earned by the RBC/SRL will be in foreign currency

•    On approval of the application, the FCP fee of US $500 must submitted to the Ministry of International Business and Industry


•    All RBCs/SRLs that are holders of the FCP must retain a service provider licensed under the Corporate and Trust Service Providers Act.

 

 

 

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 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

 

 

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