BUSINESS

Starting a Business

 

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

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

  • Incorporation & Registration with the Corporate Affairs and Intellectual Property Office
  • Establishing an International Business Company (IBC)
  • Establishing an International Society with Restricted Liability (ISRL)
  • Establishing an International Bank
  • Establishing an International Insurance Company

Incorporation & Registration with the Corporate Affairs and Intellectual Property Office

Information required to complete this:

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

It is strongly suggested that legal advice be sought to inform on the legal implications of company formation and external registration.

Information required to complete the registration process:

  • Name of the company;
  • Jurisdiction within which the company was incorporated;
  • Date of its incorporation;
  • Manner in which it was incorporated;
  • Period, if any, fixed by its corporate instruments for the duration of the company;
  • Extent, if any, to which the liability of the shareholders or members of the company is limited;
  • Undertaking that the company will carry on in Barbados;
  • Date on which the company intends to commence any of its undertakings in Barbados;
  • 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;
  • Full address of the registered or head office of the company outside of Barbados;
  • Complete address of the principal office of the company in Barbados (no P.O. Box address is allowed); and
  • Full names, residential addresses and occupations of the directors of the company.

Establishing an International Business Company (IBC)

Incorporation or registration under the Companies Act

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

Establishing an International Society with Restricted Liability (ISRL)

  • 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
  • Application for ISRL licence

Establishing an International Bank

  • Preliminary application must be made to the Central Bank of Barbados
  • 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
  • Final application made to the Director of Bank Supervision

Establishing an International Insurance Company

  • File the name reservation in advance
  • Applications for a licence must be sent to the Office of the Supervisor of Insurance 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

    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
  • Send bank copies of incorporation documents, relevant forms
  • Re-file Application with the Supervisor of Insurance