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How Should You Go About To Incorporate Company In Barbados

Barbados is an island in the Eastern Caribbean and is an independent British Commonwealth nation. It is the 53rd richest country in the world. People there enjoy a moderately high standard of living. Barbados is the 66th top high-income economy country of the World Bank. Due to such a strong economic position and stability, many investors are willing to incorporate company in Barbados.

Incorporating a company in Barbados is easy. The government has also passed certain laws that make forming offshore companies a hassle-free and fast process.Barbados also has a government agency that solicits agents who help investors form and incorporate company in Barbados. This government agency also helps these investors during the course of incorporation

.Barbados laws of incorporation closely resemble those of the US, UK, Australia, and Canada.

 

There are also several advantages to starting a company in Barbados:

Manufacturing expenses are low because of duty-free options and import duty exemption.
A company does not have to pay taxes for the first ten years after establishment. After that, it has to pay 2.5% tax of its annual income.
You need not file annual tax returns each year.
Your assets and goods are allowed protection and privacy.
Barbados has organizations that lend full assistance to offshore companies at no extra cost. These organizations help limited liability company owners right from the investment stages.

 

Procedure to Incorporate Company in Barbados

1. You need to select a name for your company first. You have to make sure it is unique. Ask your law firm to reserve the name along with two other name options, in case this one isn’t available.
2. The legal firm will hand over your name options to the Registrar Corporate Affairs and Intellectual Property office for further processing. You must also submit a capital of $125, and obtain a Foreign Currency Permit (FCP), in case your company is generating income in foreign currency.
3. Your selected names are perused by the authorities. Your company will be registered by the first available name.
4. The corporate Articles of Association and Articles of Memorandum are made with this selected company name. You must provide the names, addresses, and positions of all appointments in the company.
5. The registrar approves and stamps the documents. You receive both the Articles and a Certificate of Incorporation. It takes about 20 days for this process.
6. If you have started a company locally, you will need to get yourself registered for tax purposes. You will also need to submit the VAT Registration form and the Certificate of Incorporation to the VAT Division of the Customs and Excise Office. Only after this, your registration process will be completed.

 

The Documents You Need to Submit for Incorporating a Company in Barbados Are:

• • Names of the company
  • The official address of the company for legal correspondence
  • Number of directors
  • Contact details of the service provider
  • Contact details of auditor
  • Annual financial statements
  • Name and address of each director
  • Details of the business
  • Number of shareholders and their shareholding percentage
  • Full name, address and registration number of each shareholder
  • Number of proposed persons who will be working with a work permit and their positions
  • Whether any Director or Manager has been convicted in any jurisdiction

  Barbados has a very easy and efficient process of incorporation. Your company can be incorporated with minimum stress. In fact, you can be overseas and confirm the incorporation through a legal firm as well.

  For more information and guidance on Incorporate Company in Barbados, contact 3E Accounting, China. We will help you with all aspects of registration, whether RBC or SRL.
  You can contact us by sending an email to request a no-obligation quotation or get more information about how to Incorporate Company in Barbados.