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The Barbados Offshore Company
Barbados is the easternmost of the Caribbean islands, some three hours away from Miami by direct flight. The island is 166 square miles in size and has a population of approximately 260,000. Barbados is known for the friendliness of its people and that, together with its beautiful beaches and good weather, has made it one of the most popular tourist destinations in the Caribbean.
In 1966, after nearly 350 years of British rule, Barbados became an independent country. Political, economic and security which is one of its colonial past still today.
Barbados law is based on English law and has been supplemented by modern legislation. Courts exist on the English model with a final appeal to the Privy Council in London.
The language of Barbados is English. Its currency is the Barbados dollar which has a constant exchange rate of 1.99 “Bajan” dollars for every US dollar. Barbados is a member of Caricom, the Caribbean economy.
Since 1965, when it first legalized international corporations, Barbados has allowed non-local corporations to establish a presence on the island. . The first law to be amended over time and the current law is the International Business Companies Act (IBC Act) which was enacted in 1991.
International business companies (IBCs) or offshore companies benefit from a reduced tax rate that can be as low as one percent . (IBCs can negotiate higher tax rates, with the Ministry of Finance, in the event that it would be beneficial).
Interest, rent, management fees or taxes paid by an IBC to another IBC, or a non-Barbados resident are also exempt from withholding tax. No tax or duty is payable when transferring an IBC, from a non-resident or another IBC, to another non-resident or IBC.
Duty free of plant and equipment for business is also allowed to IBCs.
IBCs are exempt from exchange regulation and books and records can be kept in any currency. They may also provide services to other IBCs or companies operating under similar “incentive” policies.
The exemption from withholding tax on dividends makes Barbados IBCs especially attractive to Canadians because the dividends the “active” IBC pays its Canadian parent company are not taxed in Canada because they are part of the parental allowance. Under Canadian law, the exemption is the business income of a foreigner incorporated in a country such as Barbados. US citizens and others can benefit from tax treaties that Barbados has with many countries including the United States. More than 3000 offshore companies (IBCs) are registered in Barbados.
To establish an offshore company (IBC), an application must be made for an international business license to the Barbados Ministry of Finance. This application must be made as soon as possible after the incorporation of a company.
To apply for an IBC license, the following information must be provided:
- Company name
- Date of incorporation
- Copies of items of incorporation
- Address of registered office
- Name and address of owner(s)
- Profile/resume of all directors and partners in English (Please note, this information is kept confidential by the authorities and is not for public consumption)
- A brief description of the business is required
- Report to the Minister of Finance that the company is eligible to be recognized as an international trading company
An application for an IBC license must be accompanied by a license fee.
An offshore company (IBC) must comply with the following restrictions:
- Local or Caricom shareholding should be limited to 10% or less.
- He must not engage in business in buying or selling goods and services in or originating in Barbados.
- Businesses selling services offered in Barbados must be to non-Caricom customers.
- The products produced should only be exported outside of the Caricom region.
- He must pay an annual license fee.
OFFSHORE COMPANY SERVICES
Barbados offshore company (IBC) services should include:
- Oversee the incorporation of the IBC
- Arrangements for the services of the Barbados mayor (if required)
- Application for and renewal of IBC license
- Prepare for the appointment of the Barbados auditor
- Act as a registered agent in Barbados
- Hold member and director meetings
- Maintenance of company information
- Complete all Barbados elections, reports and returns
As part of our regular management fees we offer the services of a manager. However, in many cases, especially where the IBC wishes to take advantage of the Canadian exemption from disclosure requirements, the independent Barbados resident, who must be the person making good work, will be elected as an independent director.
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