BARBADOS |
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Population: |
270,000 |
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Currency: |
Barbados dollar; US$1 = 2 Barbados dollar (mid 2005) |
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Language: |
English |
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Time zone: |
GMT minus 4 in summer; GMT minus 5 in winter |
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Centre's expertise: |
Low tax rates plus double taxation agreements |
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General Requirements |
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Type of entity |
Exempt Insurance |
IBC |
Int'l Banks |
Int'l SRLs |
Int'l Trusts |
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Type of law |
English Common Law |
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| Shelf company available |
No |
No |
No |
No |
No |
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Time to establish a new company |
6 weeks |
10 days |
3 months |
10 days |
1 day |
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| Taxation |
Exempt |
2.5%-1% |
2.5%-1% |
2.5%-1% |
*See note |
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Double taxation agreements |
Yes |
Yes |
Yes |
Yes |
Yes |
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Forex restrictions |
None |
None |
None | None |
None |
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Language & name restrictions on companies |
English only |
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Share capital |
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Permitted currencies |
Any |
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Minimum paid up |
US$125,000 |
n.a. |
US$2,000,000 |
n.a. |
n.a. |
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Usual authorised capital |
n.a. |
n.a. |
n.a. |
n.a. |
n.a. |
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Directors and Personnel |
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Minimum number |
1 |
1 |
1 |
1 |
1 |
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Local required |
Yes |
No |
Yes |
No |
No |
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Company secretary & qualifications |
Yes |
Yes |
Yes |
Yes |
Yes |
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Shareholders and AGM |
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Minimum number |
1 |
1 |
1 |
1 |
1 |
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Disclosure requirements |
only in special circumstances |
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Publicly accessible records |
No |
No |
No |
No |
No |
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Obligations for annual meetings |
Yes |
Yes |
Yes |
Yes |
Yes |
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Location of AGM |
may be held outside of Barbados |
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Accounts |
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Requirement to prepare |
Yes |
Yes |
Yes |
Yes |
Yes |
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Audit requirements |
File annually |
if gross |
File annually |
if assets/ |
n.a. |
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assets/ |
revenues> |
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revenues> |
US$500,000 |
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US$500,000 |
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Account filing obligations |
Yes |
Yes |
quarterly |
Yes |
No |
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| financial |
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| return |
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| Publicly accessible accounts |
No |
No |
No |
No |
No |
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Other |
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Requirements to file annual return |
No |
Yes |
No |
Yes |
No |
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| Change in domicile permitted |
Yes |
Yes |
Yes |
Yes |
Yes |
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Need to registered office |
Yes |
Yes |
Yes |
Yes |
Yes |
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| Number of companies set up in last year |
13 |
297 |
4 |
64 |
12 |
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| Total number of companies on register |
426 |
4932 |
54 |
301 |
143 |
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| * For income remitted to Barbados, 20% on first Bds$24,200, and 37.5% on the excess in income year 2005. | ||||||||||
| * From income year 2006 the top marginal rate will be reduced to 35% | ||||||||||