Global Business Service Agency: legal services for business
Global Business Service Agency provides services in the field of tax optimization. Our experienced professionals help clients with the opening and maintenance of offshore companies and opening bank accounts. GBS Agency organizes and supports the work of companies on all continents.
Barbados is a semi part of the UK that opens up vast expanses for new businesses in commerce, commerce, tourism and information systems. Due to the loyally liberal attitude towards offshore business, by the end of 2017 the Barbados Zone is included in the top-100 rating of global business competitiveness of the world.
Offshore in Barbados: what you need to know about jurisdiction
- Unlike the predominant monarchy, the United Kingdom, Barbados has completely closed the register of beneficiaries and the data on their assets and accumulated capital. In this way, jurisdiction is ideal for doing business in conditions of increased confidentiality.
- All spheres of entrepreneurship are allowed on the island, but the license is required for banks, insurance, reinsurance, trusts, building associations, and municipal organizations.
- The harbor is completely absent: stamp duty, customs duties for the importation of goods for the internal needs of the company, taxes on payments to other international business companies or non-residents, inheritance taxes and property transferred under the contract donation.
- The company in Barbados pays only income tax, which is a four-step graduation:
- Income up to 10 000 BBD – tax 2.5%;
- Income from 10 000 to 20 000 BBD – 2% tax;
- Income from 20 000 to 30 000 BBD – tax 1.5%;
- For income over 30 000 BBD – 1% tax.
- In the jurisdiction the obligatory document for annual drawing up and filing is only the tax declaration. The preparation of financial statements, as well as their audit, is required only if the company has assets worth $500 thousand.
And above. All documentation of the company can be stored in any place convenient for the director and founders.
How to open an offshore company in Barbados
Founders and executives
To register a firm in the tax haven will require at least one shareholder and director, who can have residency of any country in the world and represent a legal entity. There are no regulated requirements for obligatory holding of shareholders meetings, storage of minutes of meetings or register of shareholders.
Authorized capital of the company
The new company is not obliged to pay the authorized capital, the amount of which is not regulated in the jurisdiction. The recommended corporate fund is from $1-50, thousand, issued in the form of bearer shares, without denomination, without and with the right to vote.
Minimum package of documents:
- Treaty of incorporation;
- Memorandum and charter;
- Minutes of the first meeting of shareholders;
- Resolution on the appointment of executive persons;
- Certificate of shares;
- Apostille and printing.
The cost of opening a new company-from $5 885, services of apostilled documentation included in the amount of registration. Nominal service is not required. The annual extension of the offshore is from $4 295.
Do you want to choose an individual form of business in Barbados for you? Get advice from GBS Agency financial and legal experts right now!