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Barbados is a small island nation located at the confluence of the Caribbean Sea and the Atlantic Ocean. The main activities are tourism, light industry and banking services. The government of the country actively invites industrialists from all over the world to open accounts in local banks, offering optimal terms of service and taxation.
Decisions in the country are made by parliament, the constitution is based on English law. The Hague Convention was signed in 1961. The currency is the Barbados dollar, but offshore accounts can be opened in any currency in the world. Sources of receipt of money are not controlled.
In 1991, the International Business Companies Act was signed. Amendments were made in 2007. From that moment offshore Barbados officially operates.
Positive Invest Company offers a full range of services to those who want to open a company in one of the most favorable countries for financial activities. It is enough to submit an application and receive, within the period established by law, a complete package of documents giving the right to conduct activities.
Offshore in Barbados: Basic Rules
The country's legislation is as loyal as possible to those who want to do business on the island. Restrictions and requirements are minimal, but you need to be aware of them:
- an entrepreneur can engage in any type of activity that does not contradict the legislation of the country and international law. Licensing of certain types of activities is not provided;
- opening a company in Barbados requires the presence of an office where the company will be registered and a registered agent;
- from 1 to 2.5% of the profit received is paid to the state income. Taxes are paid by both residents and non-residents;
- the name of the company can be anything, but the ending Limited, Ltd, Corporation, Corp., Incorporated, Inc is required;
- the minimum amount of the authorized capital is 1000 US dollars. It may not be deposited into your account. Non-registered securities are prohibited. You can sell shares that do not have a declared par value.
Legal details of opening an offshore company in Barbados
A citizen of any country can apply to open a company. The company must have at least one member and one director. Equally, it can be individuals and legal entities. The latter are necessarily residents of Barbados. Nominee shareholders and directors are allowed.
Positive Invest Company offers nominee director selection services. To protect the interests of applicants, the following scheme of work is proposed:
- a notarized power of attorney is issued for the face value, confirming the right to conduct business in accordance with the requirements of the owner of the shares. Nominee director has no right to make independent decisions regarding shares and other property of the owner;
- a refusal statement on the dismissal of the face value is signed without a date stamped. The dismissal of the nominee director is made at any time at the request of the owner.
How to open a company in Barbados: features of document management and accounting
Positive Invest specialists are sure to draw the attention of clients to the following requirements of Barbados legislation:
- the location of the meetings is at the discretion of the owner;
- bookkeeping and reporting are required;
- documentation can be stored anywhere in the world;
- an annual audit is required for companies with an annual income of more than $500,000;
- information about business owners in Barbados is provided only by decision of the judiciary;
- an agreement to avoid double taxation is signed only with Canada.
Positive Invest services for opening an offshore company in Barbados
Positive Invest invites everyone to open an offshore company in Barbados, one of the most favorable regions for financial transactions in the world. From the moment of submitting an application to receiving a package of documents, it takes no more than a month.
Positive Invest employees will perform the following registration steps:
- confirm the name of the company, enter it into the state register;
- fill in the Memorandum and Articles of Association and the required questionnaires;
- pay registration fees;
- prepare powers of attorney for persons nominally acting as shareholders and directors.
Positive Invest clients receive a fully prepared package of documents giving the right to conduct business using an offshore company registered in Barbados. The personal presence of the applicant when performing registration actions is not required.