Eternity Law International — Ready-made company with a bank account in Barbados

Ready-made company with a bank account in Barbados

Published:
April 14, 2020

What is included:

  • Company Incorporated in Barbados,
  • Local bank account
  • Legal address

Cost: on request.

The Lesser Antilles includes many small land areas surrounded by the waters of the Atlantic Ocean and the Caribbean Sea.

One of these many islets is Barbados, located in the eastern part of the archipelago. I’m joining the island’s neighbors in the Grenadines, Saint Lucia, Tobago, Martinique and others.

The political status of the island is a constitutional monarchy. Barbados is ruled by the Queen of Great Britain. That is why the official language of this region is English.

But local residents resist the language approved at the legislative level, therefore, a dialect called “bhajan” is very often found on the island.

LEGAL BASES FOR REGISTRATION OF A COMPANY

The founding law that governs the activities and the creation of new organizations in Barbados is the Companies Act, signed in 1982.

On the island, investors have the opportunity to open firms of the following legal forms:

  • limited liability company;
  • mutual insurance organization;
  • charity-free company without shareholders capital.

The most popular option for doing business is considered the first. In the case of international trade or production, the enterprise is automatically awarded the status of an International Business Company.

The conditions for obtaining this form of activity are activities on the island to provide services or transport products to countries that are not members of the Caribbean Community.

TAXATION SYSTEM

Mandatory entrepreneurs must pay income tax, which depends on capital: up to 10 thousand local currency – 2.5%, from 10 to 20 thousand – 2%, from 20 to 30 thousand – 1.5%, more than 30 thousand – 1%.

If a company of this form is registered on the island, it has the right to pay tax fees only from local profits.

Stamp duty, payments that are transferred to non-residents of the state or other interbank lending companies, customs duty on import of goods for their development are not subject to taxation.

The accounting department of the company must compile quarterly, annual financial reports and provide declarations to the tax service. Contact us for more information.

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