Barbados – offshore jurisdiction is a gem in the Caribbean
Barbados is one of the Eastern Caribbean islands, a sovereign state under British monarchy. Bridgetown is the capital and the largest city. English is the official language.
Advantages of using Barbados as your jurisdiction choice:
- Commonwealth state;
- British common law legal system;
- Diversified economy with advanced financial and e-sectors;
- Business-friendly environment;
- Country is attracting foreign investment;
- Local currency is pegged to the US dollar;
- Barbados Stock Exchange has been active since 1987;
- Currency control regime is not present.
Price structure for company formation in Barbados
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A Barbados International Business Company (IBC) is best suited for international business.
IBC directors and shareholders are not restricted in their residency. The IBC shareholder register is undisclosed. Corporate directors are allowed. Nominee directors and shareholders are permitted. Company annual meetings could be held anywhere.
A Barbados IBC must have its registered office on the island.
Some restrictions are imposed on Barbados IBC shareholders who reside in CARICOM countries. They are allowed to possess no more than 10% of the company assets on liquidation. The outbound dividends and interest paid in favour of the individuals living in these countries shall not exceed a 10% limit.
What do you need to form a company in Barbados?
Give us a call, or drop us an email, and we will be glad to detail all the requirements for you.
Taxation and statutory requirements at a glance
Corporate tax is based on a descending scale at a rate of 2.5% to 1%. A Barbados IBC is taxed only on local income, if any.
Capital gains are not taxable. There is no stamp duty in Barbados.
Accounting, audit and filing requirements
Accounting and tax returns are mandatory. No annual return and audit report are required to be filed unless the total assets exceed the $2,000,000 threshold.