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Understand the Jurisdictions Setup Requirement Before Proceed Your Barbados Company Incorporation Services
Backed by a history of a strong economy and stable, democratic government, Barbados has since become a top choice for investors seeking to spread their wings abroad. As long as you are armed with the relevant information and have all documents in place, registering our business in Barbados should be no hassle at all. Once you have decided on the type of company you wish to form, you can apply with the Barbados Corporate Affairs and Intellectual Property Office. For offshore operations, it would be better to opt for a Barbados International Business Company (IBC) status.
Business Incorporation in Barbados
- International Business Companies:
This kind of company can only carry out international business and cannot conduct any trade in Barbados. These companies must first obtain an International Business Licence and are incorporated under the Companies Act of Barbados.
- Regular Barbados Companies:
These companies are only permitted to carry out international business with prior permission from the Barbados Central Bank.
- Societies with Restricted Liability (SRLs):
With permission from the Barbados Central Bank, these companies may carry out international business. These companies are organised under the Societies Act with Restricted Liability and is often sought in cases where there are investors from the US. The reason for this is because under certain conditions, such companies can be treated as a disregarded entity for US tax purposes.When applying to the Barbados Corporate Affairs and Intellectual Property Office, there is certain information required:
- A minimum two corporate names must be proposed
- The number of directors proposed
- The official address in Barbados
- Names and addresses of the company directors
- Class of shares the company is authorised to issue
- Names and addresses of all shareholders, and
- Complete details of the business proposed to be carried out
As per company registrations in most other countries, you must register for Income Tax with the Inland Revenue Board. It is also a mandatory requirement that you submit the VAT registration form and a copy of the Certificate of Incorporation to the Customs and Excise Department. For those looking to set up a business related to food processing, restaurant or child care, you will also need an operating licence from the Barbados Health Ministry. This can be obtained by making an application at their main office.
How 3E Accounting Can Help You
Though the process to set up a company in Barbados may look relatively simple, there are nonetheless certain hurdles to cross. This is the reason why you need professional help like that offered by our 3E consultant. We will help you from the start with your company incorporation in Barbados and also guide you to help shape your company within just a matter of days.
Get Your Consultant Today
Look no further. Contact 3E for professional guidance and consulting to make your dream a reality. We have years of experience in this field and guarantee your company incorporation will be a smooth, easy process. Contact us today.