Learn the Requirements Governing Barbados Company Registration
The moment you’re in Barbados be guaranteed to enjoy comfortable tax regime and investment opportunities. Barbados company registration gives you three options of the type of business entity to ponder about, that is International Business Companies, Regular Barbados Companies (RBC) and Societies with Restricted Liability (SRLs). Each of the entities requires certain legal requirements. In any case, if you need a faster process of company registration, you may consult 3E Accounting. With its domicile in Singapore and spread across the globe, 3E Accounting will offer you a spectrum of business solution services from:
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Procedures for Incorporating a Barbados Company
Barbados company registration begins with first formulating and proposing a distinct name for your company. You may submit three options of names, but only one name will be approved. The name can only remain in the reservation for three months after duly paying a nominal reservation fee of between US$150 to US$200. Now, within three days of submission, you will receive back the approved name.
Now, if you are establishing an RBC or an SRL, you’ll be required to present incorporation documents alongside the application fee (US$125) to the Registrar of Corporate Affairs and Intellectual Property Office for a Foreign Currency Permit (FCP). For you to access the FCP, you must submit the following documents:
- Suggested names of the company – at least two corporate names.
- The legal address in Barbados.
- Identification documents of the shareholders and directors and their residential addresses.
- The intended activities of the company.
- A statutory declaration by directors authorizing that that 100 percent of the income generated will be in foreign currency.
The Articles of Association/formation is a statute that governs the activities of the company. So, you must ensure that it’s with the Registrar before issuance with a company number for both the Articles and the Certificate of Incorporation. The process will then take approximately twenty working days after submission.
Other Things to Know
When it comes to Barbados company registration, the International Companies Act governs the legitimization of the International Business Companies. The law requires that you apply for an IBC license with the Ministry of International Business the moment of business incorporation. Moreover, the application fee stands at US$125 payable at the International Business Unit (IBU).
Besides IBC application, you must file an application with the Inland Revenue Board for the Income tax. Further, the laws governing taxation requires that you submit a VAT registration form and a copy of the Certificate of Incorporation to the Customs and Excise Department.
Barbados company registration necessitates that you open a corporate bank account with the bank of your choice. Alongside opening a bank account, you must also file for an application for a registered office and business permit for your business.
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