Going Offshore - Crowe Horwath International

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Horwath MAK Member Crowe Horwath International 3. BARBADOS Geography, Location & General Information An island in the Caribbean, between the Caribbean Sea and the North Atlantic Ocean, northeast of Venezuela, it has a land area of 430 square kilometers. The island was uninhabited when first settled by Britain in 1627. The climate is mainly tropical with the rainy season between June to October. Political Systems The Political System is based on the Head of State British West minister model with HM Queen Elizabeth II being represented by a Governor General. Executive Authority is exercised by a cabinet headed by the Prime Minister, subject to approval of 21 Member Senate. The House of Assembly has 28 seats elected by direct popular vote to serve a Five year term. Barbados as an Offshore Centre Barbados first started operating as an Offshore Centre in 1965. In 1982, the legislation was updated with the introduction of Companies Act (based on Canadian Business Corporation) and again in 1991 with International Business Companies Act. With Wide range of business incentives, its low taxation and good professional infrastructure Barbados has gained a strong reputation as a flexible, reliable and technologically advanced centre. Features • Highly Flexible modern legislation • Minimum filing fees • Low start up & operating costs • Network of Double Taxation Treaties • Consent to acquire Real Estate • Low Tax rates Audit | Tax | Advisory | Risk 6 © 2013 Horwath Mak
Horwath MAK Member Crowe Horwath International SN DETAILS BARBADOS 1 Types of company: Domestic Company, International Business Company, Company providing international financial services, Exempt Insurance Company, Qualified Insurance Company, External Company. (a) Type of company preferred for international transactions: International Business Company (IBC). (b) Shareless companies: Non-Profit Companies and Segregated Cell Companies (SCC). 2 Capital requirements: Minimum capital requirements: IBC - USD 1; An Exempt Insurance Company - USD 125,000; A Company licensed pursuant to the International Financial Services - for a company accepeting third party deposits - USD 2 million; for a company not accepting third party deposits - USD 500,000. 3 Fees paid to authorities to incorporate: 4 Annual fees paid to authorities: 5 Taxation rates applied to companies 6 Minimum number of members: For an IBC or an International Society with Restricted Liability (exempt society) the initial license fee of USD 425. The annual renewal fee for an IBC or an International Society with Restricted Liability Act (exempt society) is USD 425 payable to the Ministry of International Business and International Trade. (a) The taxation of companies in 2(a): International Business Company 1% - 2.5%, Domestic Company - 25%. One 7 Directors and secretary: (a) Must there be a resident director/secretary? No, a resident director or resident secretary is not mandatory. However, it is advisable that the secretary be resident. (b) Are corporate directors allowed? Yes (c) Is a local registered agent required? Yes, a local registered agent is required for a Society with Restricted Liability and an External Company. (d) Are "shadow" directors required to be registered? No, shadow directors are not registered but a shadow director will be listed as an alternate director in the company's records. 8 Fees payable to USD 1,500 - USD 2,500 per year. appointee directors/ secretary: 9 Annual meetings: One annual general meeting per year is required and its location is subject to the bylaws. The first shareholder meeting must be held within 18 months of incorporation and subsequent to that, 15 months thereafter. Director meetings may be held by telephone or in person if the bylaws provide for this. 10 Is an annual return filed with details of directors and members? Annual returns are filed with the name or names, addresses and occupations/titles of the directors. Audit | Tax | Advisory | Risk © 2013 Horwath Mak 7
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