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Barbados

Legal form:

IBC, LLC, LLP

Delivery:

2 weeks

Price: $

1,500

Payment methods:

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Requirements:

Document checklist:

Local legal address (Handled by B2B Hub) 

1.Passport
2.Proof of Residence 

Registrar

Organization name

Abbreviation

Country

Barbados

Email

Phone

Listing
Open website
UK comapny formation (1).webp

About

Barbados

Capital
Official languages
Population 
Currency

ISO 4217

Bridgetown

English

287,010

Barbados Dollar

BBD

FAQ

Q: What types of companies can be formed in Barbados?

A: The most common types of companies that can be formed in Barbados are private limited companies, public limited companies, and branches of foreign companies.


Q: What are the requirements for registering a company in Barbados?

A: The requirements for registering a company in Barbados include a minimum of one director and one shareholder, a registered office address in Barbados, and payment of the relevant registration fees.


Q: How long does it take to register a company in Barbados?

A: The registration process for a company in Barbados can take approximately 1-2 weeks.


Q: What are the documents required to register a company in Barbados?

A: The documents required include the company's Articles of Incorporation, details of the company's directors and shareholders, a registered office address, and payment of the relevant registration fees.


Q: Can foreigners own a company in Barbados?

A: Yes, foreigners can own and operate a company in Barbados.


Q: What are the tax implications of forming a company in Barbados?

A: Companies in Barbados are subject to corporate income tax, which is currently set at a rate of 5.5% for most businesses. There are also various incentives and exemptions available to companies that qualify.


Q: What are the ongoing compliance requirements for a company in Barbados?

A: Companies in Barbados are required to file annual tax returns, maintain accurate financial records, and comply with various reporting and disclosure requirements. There may also be industry-specific regulations and compliance requirements.


Q: Can I use my Barbadian company to do business outside of Barbados?

A: Yes, you can use your Barbadian company to conduct business anywhere in the world, as long as you comply with the relevant laws and regulations in those jurisdictions. However, you may need to obtain additional licenses and permits to operate in certain countries.

Economy

"Barbados is an island nation located in the Caribbean Sea and is known for its beautiful beaches and vibrant culture. The economy of Barbados is largely based on tourism, with the sector accounting for approximately 60% of the country’s GDP. The country also has a strong financial services sector, which contributes around 20% of GDP. Additionally, Barbados has a thriving manufacturing sector, which accounts for around 10% of GDP. The country also has a strong agricultural sector, which contributes around 5% of GDP.

The economy of Barbados has been growing steadily in recent years, with GDP growth averaging around 2.5% per year since 2015. The country’s unemployment rate is also low, standing at around 6.5% in 2019. Inflation in Barbados is also relatively low, with the average rate standing at around 2.5% in 2019.

Overall, Barbados has a strong and growing economy, with a diverse range of sectors contributing to its GDP. The country’s low unemployment rate and low inflation rate are also positive indicators of its economic health."

Taxation

Barbados has a progressive tax system, where the tax rates increase with the level of income. There are two types of taxes in Barbados: personal income tax and corporate income tax. 


Personal Income Tax:

The personal income tax rates in Barbados for the year 2021-2022 are as follows:


- 0% on the first BBD 25,000

- 12.5% on the next BBD 25,000

- 17.5% on the next BBD 25,000

- 35% on any income above BBD 75,000


The personal income tax is payable by all individuals who are resident in Barbados, on their worldwide income.


Corporate Income Tax:

The corporate income tax rate in Barbados is 5.5%, which is applicable to all corporations, including international business companies (IBCs). This rate applies to both local and foreign-source income, and there is no distinction between active and passive income.


Process and Calendar for Payments:

For individuals, the tax year in Barbados runs from April 1st to March 31st. The deadline for filing personal income tax returns is April 30th of the following year. Tax payments are also due by April 30th.


For corporations, the tax year in Barbados runs from January 1st to December 31st. The deadline for filing corporate tax returns is March 15th of the following year. Tax payments are also due by March 15th.


Late payment of taxes may result in interest charges and penalties. It is important to consult with a tax professional to ensure compliance with all tax obligations.

Company incorporation application form

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