|
|
|
| INTRODUCTION |
Barbados is located in the Caribbean Islands with a population of approximately 226,000. Tourism is one the countries largest industries. In 1966 Barbados became an independent nation from British colonial rule. The political, economic and social aspects of the country have been shaped from the days as a British colony.
|
| LAW AND TAXATION |
The legal system in Barbados is based on English common law. The country is part of the Caribbean common market and has a court system based on the English model with final appeal subject to the Privy Council in London.
|
| |
Barbados has permitted companies that do not trade locally to establish a presence on their island under the current legislation statute, International Business Companies Act (IBC). The IBC benefits from reduced tax rates which at times can be as low as 1% on profits in excess of $15 million U.S.
|
| CORPORATE REQUIREMENTS |
To establish an IBC an application for a license must be made with the Barbados Ministry of Finance containing:
- Company Name
- Date of Incorporation
- Articles of Incorporation
- Registered Office address
- Name/addresses of each shareholder
- Declaration to the Minister of Finance that the company qualifies to be recognized as an IBC in Barbados
|
