Companies must first be registered with the Corporate Affairs and Intellectual Property Office.
Regular Business companies (RBCs) and Societies with Restricted Liability (SRLs)
The two major differences between a Regular Business company (RBC) and a Society with Restricted Liability (SRL) is that the latter has limited life, that is the SRL may be automatically dissolved on the occurrence of stipulated events or on the expiration of the period fixed of the duration of the society. The other difference is that the SRL has members, and not shareholders, and must have a minimum of two members (shareholders).
Below is the information and steps required to complete the following in Barbados:
Establishing a New Business (RBC) or (SRL)
- Submit incorporation/organisation documents together with an application fee of US$125 to the Registrar of the Corporate Affairs and Intellectual Property Office for a Foreign Currency Permit (FCP), if the entity is earning 100% of income in foreign currency.
- Simultaneously, submit an application for the FCP to the Director, International Business. The following must be provided:
- Proposed names of company – A minimum of three corporate names (in order of preference);
- The official address in Barbados where the share registers, minute books and other statutory information will be kept.
- The minimum and maximum number of directors (a company can have a minimum of one director).
- Contact details of licensed service provider
- Contact details of auditor, if applicable
- Financial year-end
- The full name (including the middle name) and residential address of each of the proposed directors of the company;
- Details of the particular business that the company proposes to carry on;
- The classes of shares (if more than one) that the company is authorised to issue; and
- The full name (including the middle name), residential address, registration /incorporation number of each shareholder of the company.
- Number of persons to be employed by the company who will require work permits and the positions to be held by each of these individuals.
- Profile of each shareholder and director/manager including academic qualifications, training, experience, corporate status, etc.
- Whether any director/manager has ever been convicted, in any jurisdiction, of a criminal offence involving fraud, money laundering or insider dealing; or has been investigated by a regulatory body in any jurisdiction.
- Statutory declaration of a director/manager certifying that 100% of the income earned by the RBC/SRL will be in foreign currency.