Barbados

TYPES OF COMPANY:

  • International Business Companies (IBCs)
  • LLCs, called Societies With Restricted Liabilities (SRL)
  • Companies Providing International Financial Services
  • Exempt Insurance Company
  • Qualified Insurance Company
  • External Company
  • Protected Cell Companies

CAPITAL REQUIREMENTS:

  • IBC $1.
  • Exempt Insurance Company $125,000
  • Company Providing International Financial Services and accepting third party deposits $2 million; If not accepting third party deposits $500,000.
#Title
Annual fees: $1,400(for IBCs)
Rate of Taxation: International Business Companies 1% – 2.5%
How long to incorporate: 5 business days on average. 24 hours for urgent requests. incorporation
No. of Directors needed: Minimum of one. May be foreign or local. May be person or Corporation.
If there is a Secretary a local person is recommended
Disclosure required: No
Annual meetings: One annual general meeting required each year.
Location subject to By-Laws. First shareholders must be within 18 months of incorporation.
Next meeting 15 months thereafter. Shareholder meetings may be in person or by telephone,
subject to By-Laws.IBCs must file their financial statement with the International
Financial Unit. These must be audited if revenues are $1 million or more.
They are not available to the public. Annual returns not required.
Exchange controls: None for IBCs

BANK ACCOUNT OPENING

NamePriceDetail
Caribbean $500
Europe $800
Hong Kong $1,000