Setting up a company in Barbados involves navigating several legal and procedural steps. Whether you’re looking to form a Regular Business Company (RBC), an Unincorporated Business, or an External Company, understanding the requirements and processes is crucial for a smooth establishment. Here’s a comprehensive guide to help you get started:
Establishing a Regular Business Company or Society with Restricted Liability
The two primary structures for company formation in Barbados are the Regular Business Company (RBC) and the Society with Restricted Liability (SRL), akin to an LLC in the USA.
View Commercial Properties for Sale in Barbados
Steps for Incorporation:
- Register the Business Name: Submit a list of three preferred names to the Corporate Affairs and Intellectual Property Office (CAIPO).
- Incorporate the Business: Engage a legal professional to draft and submit the articles of incorporation to CAIPO.
- Foreign Currency Permit (FCP): If 100% of earnings will be in foreign currency, apply for an FCP through the International Business Unit for tax exemptions.
- Additional Licensing: Obtain specific licenses from regulatory bodies such as the Financial Services Commission or the Barbados Medical Cannabis Licensing Authority, depending on your business activities.
Costs Involved:
- Government fees approximately US$400.
- Professional fees range from US$1,500 to US$2,800, varying with the complexity of the company structure.
View Commercial Properties for Sale in Barbados
Establishing an Unincorporated Business
An unincorporated business, like sole proprietorships or partnerships, doesn’t have a separate legal identity from its owner(s).
Registration Process:
- Name Search: Conduct online or submit a Name Search form to CAIPO.
- Application for Registration: Upon name approval, file an application for registration to receive a certificate valid until business cessation.
Establishing an External Company
An external company, formed under laws outside Barbados, must register with CAIPO to operate locally.
Registration Steps:
- Submit Form 28 with statutory declarations, certified corporate instruments, and attorney-at-law declarations.
View Commercial Properties for Sale in Barbados
Statutory Obligations for All Businesses:
- Register with:
- National Insurance Scheme
- Barbados Revenue Authority (Income Tax and VAT)
- Planning & Development Department for local planning approvals.
Establishing a business in Barbados requires meticulous planning and adherence to legal requirements. Seeking professional advice ensures compliance and facilitates a seamless registration process. For more detailed guidance, consult with legal experts familiar with Barbadian corporate law.
View all of our Properties for Sale in Barbados
