Barbados Offshore Guide
Barbados is a good place for an offshore company. The island of Barbados is located in the most eastern part of the entire Caribbean islands. It is an independent island nation in the west of the Atlantic Ocean. Also, Barbados belongs to the Lesser Antilles island chain. It has a land area of 166 square mile or about 430 square kilometers. Its highest elevation is at 1,115 feet above sea lever. This island enjoys a tropical climate with trade winds from the Atlantic Ocean that maintains its mild temperature.
The agriculture industry is very much alive in this island. Wide sugarcane estates and green pastures surround the area. In addition, the tourism industry of this island is also in its peak. Its serene west coast is an image of a breathtaking harbor of different hues. It also caters to modern cruise ship terminals and luxury beach resorts. State of the art hotels and villas can also be found in the midst of the lush greens. On the other hand, if you are in search for casual beaches in rugged appearance the east coast is your perfect match. Down south, a colorful ensemble of entertainment and dining establishment are what you should expect to see. Then if you prefer to surf, the southeast coast will surely appeal to your senses.
Barbados has a good economic state. It is among the countries with the highest standards of living. It is also among the top countries with the most impressive literacy rates. In addition, the human development index of Barbados consistently belongs to the top 50 in the entire world.
Over the years, Barbados has developed into an international financial center. Its government is continuously welcoming offshore companies for 25 years already. While doing so, it also keeps a sharp eye over money laundering and other criminal activities that offshore companies may commit.
The IBC or International Business Company is the most common type of offshore business operations present in Barbados. Companies that are involved with international trade and international manufacturing are usually given this status. A company should also be incorporated, controlled, and managed in Barbados to gain an IBC status. In addition, a company should assure that only up to 10% of dividend and interest payments are to go residents in the Caricom region. IBC licenses came from the Barbados’ Minister of Finance. It is valid for a year and can be renewed annually with a charge of BD$ 250.
Offshore companies in this area also need to have a registered office. Significant records of accounts, minutes of shareholders’ and directors’ meetings, and debenture and shareholders’ registers should also be kept. Another requirement is a company secretary. On the other hand, annual returns and audits are no longer among the requirements unless its total exceeds the BD$1 million limit. Offshore companies within the jurisdiction of Barbados can engage in certain business ventures provided that the goods and services they produce will be exported and executed outside the perimeters of the Caricom area.