July 2019

International Business Types – Barbados, Caribbean

Regular Barbados Companies (RBCs) are generally incorporated under the Companies Act of Barbados and may only carry on international business with permission of the Central Bank of Barbados. Societies with Restricted Liability (SRLs) are organised under the Societies with Restricted Liability Act and may only carry on international business with permission of the Central...

Facts to know when Investing in Barbados

International Business Investing in Barbados Non-national investors will need to submit an application for permission to invest in Barbados to the Exchange Control Authority (ECA). The functions of the ECA have been delegated to the Central Bank of Barbados and are carried out by the Foreign Exchange and Export Credits Department of the Bank. The applications are usually submitted by the...

Barbados approves blockchain fintech company Bitt for regulation

BRIDGETOWN, Barbados — It was announced this month that on July 5th, Bitt Digital Inc. became the first company to complete and exit the Regulatory Sandbox guided by the Central Bank of Barbados and the Financial Services Commission. The Sandbox provided Bitt with the opportunity to test its blockchain-based financial technology (fintech) products, services, and business models in a controlled...

Local foreign currency accounts in Barbados

Local foreign currency accounts in Barbados

Barbadians will be able to open local foreign currency accounts soon. This was announced by Minister in the Ministry of Finance, Ryan Straughn. Starting 2 August 2019, this facility would be available to all residents, but it could not be bolstered by purchasing currency from the local foreign exchange pool. Instead, Straughn explained, they were putting the regulatory framework in place to...

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