Registering a company in Barbados is a step-by-step process that involves selecting a company type, choosing a name, preparing documentation, and registering with the Corporate Affairs and Intellectual Property Office and Barbados Revenue Authority. By following this guide and utilizing the provided resources, you should be well on your way to successfully establishing your business in Barbados. Be sure to adhere to the requirements and guidelines to ensure a smooth registration process and a successful start for your company in this beautiful and business-friendly island nation.
Step 1: Choose your company type
The first step in registering a company in Barbados is to choose the type of company you want to register. The most common types are:
- Limited Liability Company
- International Business Company (IBC)
- Societas Europaea (SE)
- Branch of a foreign company
Step 2: Choose a company name
Before registering your company, you'll need to choose a suitable name. The Corporate Affairs and Intellectual Property Office (CAIPO) has guidelines for acceptable names, which can be found at this link: https://www.caipo.gov.bb
Step 3: Prepare the required documents
Next, prepare the necessary documentation for your chosen company type. The key documents are:
- Articles of Incorporation (for all types)
- Application for Company Registration (for all types)
These forms can be downloaded from the CAIPO's website: https://www.caipo.gov.bb
Step 4: Identify company officers and shareholders
You will need to identify at least one director (for all types) or one representative (for Branch of a foreign company). Directors or representatives must be at least 18 years old. Shareholders can be individuals or corporate entities.
Step 5: Capital requirements
Barbados requires a minimum capital of BBD 2 (approximately USD 1) for Limited Liability Companies. There is no minimum capital requirement for IBCs, SEs, or branches of foreign companies.
Step 6: Register your company
Once your documents are ready, you can submit your application to the Corporate Affairs and Intellectual Property Office (CAIPO). This can be done in person at their office or online via the following link: https://www.caipo.gov.bb
The fees for registering a company are as follows:
- Limited Liability Company: BBD 410 (approximately USD 205)
- IBC: BBD 1,100 (approximately USD 550)
- SE: BBD 2,500 (approximately USD 1,250)
- Branch of a foreign company: BBD 1,000 (approximately USD 500)
Step 7: Register for taxes
After your company is registered, you must register for taxes with the Barbados Revenue Authority (BRA). This can be done in person at the local Tax Office or online via the following link: https://www.bra.gov.bb
Step 8: Obtain necessary permits and licenses
Depending on your business activities, you may need to obtain additional permits or licenses. Check with the relevant authorities and industry regulators for specific requirements.
The entire registration process, from preparing documents to receiving your Certificate of Incorporation, can take anywhere from 2 to 4 weeks, depending on the complexity of your application.