Barbados
- Low Tax and Double Tax Deals

In spite of the challenges posed by the international environment, Barbados continues to thrive as an international business and financial services centre. Since the enactment of the original International Business Companies Act in 1969, the country continues to improve and expand its legislative framework to provide generous incentives, greater flexibility for investors and general conditions to facilitate international business activities.


International Business Companies (IBC)

In 1965, the International Business Companies (IBC) Act was passed in Barbados and it has permitted companies that do not "trade in the Caribbean region" to establish their headquarters in Barbados. The Act was subsequently amended in 1991 and provides for a broad range of activities that an IBC can conduct.

The IBC status is conferred on companies that are either carrying on the business of international manufacturing or international trade and commerce. It provides tax reductions, exemptions and various other benefits for the foregoing areas of activities.


SRL

The SRL Act was enacted in 1995 and the legislation allows for the creation of a true hybrid entity which may be recognized as either a corporation or a partnership depending on the nature of its organizational documents.

A SRL is an entity with full judicial personality, but whose members will enjoy the advantage of limited liability available to limited partners of a limited partnership. One or more persons may organize a society by signing and sending articles of organization in the prescribed form to the Registrar together with the prescribed fee.


Offshore Banking

The Offshore Banking Act was repealed and replaced by the International Financial Services Act, 2003.


Exempt Insurance

Exempt Insurance business is the business of insuring risks located outside Barbados by a company whose equity is owned by persons resident outside the Caribbean Community. It includes the business of an underwriter, broker, agent, dealer or sales person in respect to that business.


Ships Registry

The Barbados Shipping Act, based on UK Merchant shipping legislation, provides for the registration of ships under the Barbados Flag. It is intended primarily for trade between ports outside of the CARICOM region to or from but not within the states of the CARICOM. A ship must not be more than twenty years old to qualify for registration.

The Barbados Investment and Development Corporation (BIDC)

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