How to incorporate a company in Barbados?
Tetra Consultants’ ultimate guide on Barbados company incorporation is tailored to help our international clients fully understand the whole process. Before you choose to incorporate company in Barbados, Tetra Consultants advises you to read through the following comprehensive guide as requirements and regulations are stated clearly to help you fully understand the company incorporation procedure in the nation.
Simply put, we can break down the step-by-step procedure for incorporation of company in Barbados into four different phases:
1. Planning & strategy
3. Bank account opening
4. Staying compliant
By systematically following the above four phases, you can expect to start conducting business with your Barbados company within 6 weeks.
Step 1: Planning & strategy
- Depending on your business goals and activities, Tetra Consultants will recommend the most suitable business entity. Prior to Barbados company incorporation, you will be advised on the optimum paid-up share capital, corporate structure, and whether there is a need to apply for any licenses.
- Once confirmed, Tetra Consultants reserves your preferred company name with the Barbados Corporate Corporate Affairs and Intellectual Property Office.
- Affairs and Intellectual Property Office.
- It is necessary that you have a legal office address in Barbados. While you are not mandated to operate at this address, this requirement will persist for your registration needs. As such, Tetra Consultants will provide you with a local address.
- Other additional requirements include appointing a registered agent. To meet this requirement, Tetra Consultants through our incorporation services will assist you in appointing the registered agent coupled with its address so that you can meet your registration needs.
- The role of a local registered agent will be to act as your representative during the Barbados company incorporation procedure and submit accurate financial statements and corporate tax returns.
Step 2: Incorporation
- Tetra Consultants’ legal team will draft articles of incorporation, business plan, and other legal documents required for Barbados company incorporation.
- Before submitting the documents to the government, it is required for these Barbados company incorporation documents to be notarized.
- Thereafter, Tetra Consultants will proceed to register company in Barbados with the Barbados Corporate Affairs and Intellectual Property Office.
- Once the company is successfully incorporated, Tetra Consultants will courier the Certificate of Incorporation, Memorandum & Articles of Association, to your preferred addresses. On average, within 1 week you can expect to receive the documents of your new Barbados company.
Step 3: Bank account opening
- Simultaneously, Tetra Consultants will proceed to open a corporate bank account for your Barbados newly-incorporated company. You can enjoy leveraging our extensive banking network and receive your bank account numbers within four weeks.
- Tetra Consultants will contact multiple reputable international or Barbados banks and present your business to each relationship manager and compliance team.
- Our team has established partnerships with multiple reputable International and local banks in Barbados. Some of the Barbados banks we have worked with include RBC Royal Bank, First Citizens Bank, and Republic Bank. We will present your business to each relationship manager and compliance team. By engaging our services, you can leverage our full portfolio of banking partners.
- In most cases, Barbados banks will not require you to travel to Barbados for the bank meeting. In the event this is required, We will send a representative to the bank meeting with you. Conversely, our staff will negotiate with the banks to hold a conference call or obtain a waiver.
- On average, the corporate bank account will be opened within 4 weeks after Barbados company incorporation. Tetra Consultants will courier the internet banking token and access codes to your preferred address.
Step 4: Staying compliant
- After incorporating the Barbados company and opening a current account in the bank, Tetra Consultants will continue to provide you with the necessary accounting and tax services to ensure that you can continue to legally conduct business while staying compliant with regulatory obligations.
- Our team of dedicated Consultants will get your newly formed Barbados entity registered Barbados Central Revenue Authority, where you will be issued an Income Tax number and a Value Added Tax number. Our team will assist with securing a Tax number to file and pay taxes.
- Our team of dedicated consultants will timely prepare your firm’s financial statements, and corporate tax returns and manage bookkeeping on your behalf.
- While the government of Barbados levies an income tax, to be levied at 5.5%. Tetra Consultants will assist you to file income tax returns and audited financial statements with the appropriate department.
Contact us to find out more about how to incorporate a company in Barbados. Our team of experts will revert within the next 24 hours.