Register Company in Barbados with Block3 Finance
Registering a company in Barbados is straightforward when you have the right support and information. With Block3 Finance guiding you through the process, you can focus on other important aspects of your business while we handle the details.
Barbados has built a strong reputation over the past few decades for offering a highly attractive environment for foreign investment. Along with offering favorable tax incentives, the island has developed a robust network of tax treaties with countries such as the USA, Canada, UK, Switzerland, and China. This makes it an excellent choice for businesses looking to expand internationally.
Our Service Package Includes
Company registration with the Commercial Register of Barbados (managed by the Corporate Affairs and Intellectual Property Office)
Local company secretary and registered address
Corporate bank account opening
Financial license applications
Annual accounting and tax services
How Long Does It Take to Register a Company in Barbados and Open a Corporate Bank Account?
With Block3 Finance, the process of registering your company in Barbados is seamless. Here's a typical timeline:
Week 1: After receiving the required due diligence documents from directors and shareholders, we’ll conduct a company name search and reserve your preferred name with the Corporate Affairs and Intellectual Property Office.
Week 2: We will complete the company registration process, and you will receive your Company Registration Certificate, Memorandum and Articles of Association, and Register of Directors and Shareholders.
Week 4: We will assist in opening a corporate bank account with a local or international reputable bank.
Within 6 Weeks: Your Barbados company will be operational, and you can begin issuing invoices.
Guide to Register a Company in Barbados
Registering a company in Barbados offers several advantages:
Low Corporate Tax: Barbados offers an extremely competitive tax environment with a corporate tax rate of just 2.5%, as well as exemptions from capital gains and withholding taxes.
Ten-Year Tax Holiday: New companies can enjoy a 10-year tax holiday and benefit from a minimal tax rate of 2.5% after the holiday period.
Import Duty Exemption: Manufacturing and processing businesses are eligible for exemptions from import duties.
Simple Ownership Requirements: Only one shareholder is required for incorporation.
No Minimum Capital Requirement: Companies can be set up with zero authorized share capital.
English as the Official Language: With English being the official language, communication is straightforward.
Can a Foreigner Register a Company in Barbados?
Yes, foreigners are encouraged to invest in Barbados, and the Barbados Investment and Development Corporation (BIDC) makes it easier for foreign investors to start a business in the country.
100% Foreign Ownership: Foreigners can fully own a company in Barbados.
International Business Companies (IBCs): The most common form of business entity for foreigners is the International Business Company (IBC), which is easy to set up with just one director and one shareholder.
Types of Companies in Barbados
There are several business structures available in Barbados. Block3 Finance will help you select the one that best suits your business needs:
Regular Barbados Companies (RBCs): Best for local businesses that wish to engage in business with residents.
Societies with Restricted Liability (SRLs): For businesses with international operations, offering tax exemptions and easy governance.
International Business Companies (IBCs): Ideal for foreign businesses, offering low maintenance, minimal requirements, and exemption from most taxes.
Exempted Limited Partnership: For international business operations with limited liability protection for partners.
Steps to Register a Company in Barbados
1.Choosing an Optimal Business Structure: Based on your goals, Block3 Finance will recommend the best business structure and help you determine the optimal paid-up share capital, corporate structure, and whether any licenses are required.
2.Name Reservation: We will search for the availability of your company name and reserve it with the Corporate Affairs and Intellectual Property Office.
3.Document Preparation and Submission: We'll assist in preparing and notarizing all necessary documents, including the Memorandum of Association (MoA) and Articles of Association (AoA), and submit them for registration.
4.Company Registration: We will file all necessary forms and receive the official Business Registration Certificate for your company.
5.Corporate Bank Account: We will facilitate the opening of a corporate bank account with a reputable bank, ensuring that you can manage your business operations seamlessly.
Accounting and Tax Obligations in Barbados
Barbados has a simple tax system for businesses:
Corporate Income Tax: The standard rate is 5.5% on net profits.
Annual Tax Return: Companies must file tax returns by March 15 for year-ends between January and September, and June 15 for year-ends between October and December.
Audit Requirement: Companies with assets exceeding BDS$2,000,000 must undergo an annual audit.
Block3 Finance will assist you with:
Tax registrations (e.g., Income Tax, VAT)
Bookkeeping services
Preparation of financial statements and annual tax filings
Documents Required to Register a Company in Barbados
To get started with company registration, you'll need to provide the following documents:
Personal KYC for all directors, shareholders, and beneficial owners (e.g., certified copy of passport, proof of address)
Memorandum and Articles of Association
Proof of registered office address
For corporate shareholders, provide:
Incorporation certificate
Bank statement
Lease agreement
Why Register a Company in Barbados?
Before you start your business, it’s essential to understand the benefits of setting up in Barbados:
Stable Government: Barbados has a long tradition of parliamentary democracy and is free from corruption.
Attractive Tax Regime: With low corporate taxes, exemptions, and incentives, Barbados is one of the most attractive locations for business setup.
Strong Economic Environment: Barbados boasts a diverse economy with robust growth in sectors such as tourism, finance, and agriculture.
Contact Block3 Finance
If you're looking to register a company in Barbados, Block3 Finance will provide you with expert guidance every step of the way. We ensure a smooth and compliant company formation process, helping you navigate all the regulatory requirements.
Contact us today to get started on registering your business in Barbados. Our team of experts will respond within 24 hours to assist with all your inquiries.
