To operate any business in Barbados, there are strict guidelines and criteria to follow. Companies need to be registered with the Corporate Affairs And Intellectual Property Office (CAIPO). Your process will depend on the type of business model that you are entering.
Both local and international businesses can seek to register in Barbados. The most important thing to remember is to get the correct certifications and approvals and staying within their guidelines.
Sole Properties will only need a suitable and acceptable name to be approved by the registrar.
The partnership would need a suitable name that reflects the business model and a partnership agreement to apply.
Limited Liability companies most will need an Attorney to handle these proceedings as the process can be more tedious than other structures. If you, however, choose to do it yourself, you will need:
- The business name you intend on using.
- The address where the official documentation of your business will be kept.
- The minimum and maximum amount of directors
- The full legal name and physical address of all the directors in your company.
- The particular of the business
- The class and amount of shares the company is authorized to issue.
- And also the full legal name and address for each shareholder of the company
Registering a business in Barbados and an international company:
- Incorporation or registration under the Companies Act.
- Application for an IBC license from the International Business Unit providing information on:
- Description of intended business
- Name and address of proposed shareholders
- Percentage of shares to be held to the company and how much should be distributed.
- To qualify, you can not be a Barbados citizen or can not trade in Caricom or Barbados.
Essential tips in registering a business in Barbados.
- You need to register at the National Insurance Department to get an Employers’ National Insurance Number.
- You will also need a Value Added Tax number and an Employer’s Income Tax number from the Barbados Central Revenue Authority.
- If you are in the entertainment industry to register your business, you need Public Entertainment License from the Barbados Central Revenue Authority.
- If you intend to start a travel business, you need proper authorization from the Ministry Of International Transport for a Travel Agency or Tour Operator Business.
You will also need a special license if you are looking to deal with children, handling and selling certain products.
You may also need a retail and liquor license. You can get this from your local district court.
Cost to register a business in Barbados.
In Barbados, the cost to register a business name is BDS $104.
You may need an additional fee based on the number of stamps you will need. This, however, is the average known cost.