Understand the Jurisdictions Setup Requirement Before Proceed Your Barbados Company Formation
Barbados is a powerful economy, and the biggest reason which is attracting an investor to set up a company in Barbados is the skilled and low-cost labor force. While the country provides a comfortable commerce environment for its locals, any foreigner can comfortably do so too. The location of this place makes it easier to do business as it easily accessible through air or water. The low disaster risk of the country also makes sure that there is enough return on your investment. This makes Barbados company formation truly possible.
Knowing the Barbados Company Formation Processes
The company set up process is quite simple on in Barbados, and it is not all complicated. If you have all the documents ready with you and a good business plan, then you can easily set up a company in Barbados. The procedural steps for incorporation of a company here are:
- Choose a unique company name and register the same at Corporate and Intellectual Office (CAIPO). Here, you can also check if the name is available for registration.
- You need to prepare for the Memorandum of Association, details of directors, address proof documents which must be duly signed.
- While preparing the necessary documents, you can submit an application of company incorporation to the CAIPO as well.
- The company is successfully registered now. After the registration process, you need to apply for tax number with the Revenue Department of Barbados.
- Now, you need to apply for VAT with the department of Custom and Excise.
- You need to open a local corporate bank for the company where you will have to deposit your capital investment amount.
- The entire company set up process is now complete. As a result, you will receive the company’s incorporation documents and tax certificate.
Business Entities in Barbados
There are three main business entities in Barbados which decides the number of company directors and shareholders a company can have. The capital amount invested also depends on the type of company you form. The different business entities in Barbados are:
- International Business Companies: To set up this company, you need to obtain an international business license. You can carry out international business, but you are allowed to trade here.
- Regular Barbados Companies: To carry out international business with this type of business entity, you need to obtain permission from Barbados Central Bank. While doing this, you need to submit your requirements and draft your Articles of Incorporation.
- Societies with Restricted Limited Liability: Effectively, you can carry out International businesses after receiving approval from Barbados Central Bank. This business entity is suitable for US investors.
At 3E Accounting United Kingdom, we help you with Barbados company formation through a very smooth process. We offer professional help which ensures that there is no hurdle while setting up a company in Barbados. We can guarantee profitability in this amazing nation when you seek the right guidance and connections. Contact us now!