Business
Companies Act with a converged international business regime
The Companies Act, Cap. 308 follows the Canadian model and governs incorporation, with registration at the Corporate Affairs and Intellectual Property Office. Following the 2018 to 2019 reforms responding to international tax standards, the former offshore International Business Companies regime was repealed and rates converged, so domestic and international companies are taxed on the same sliding scale. Societies with restricted liability remain available under their own Act.
Key rules
- Jurisdiction — National; Corporate Affairs and Intellectual Property Office
- Deadline — Annual return: filed each year with Corporate Affairs
- Deadline — Notice of change of directors or registered office: filed within 30 days
Governing law
- Companies Act, Cap. 308
- Societies with Restricted Liability Act, Cap. 318B
- Bankruptcy and Insolvency Act, Cap. 303
- Fair Competition Act, Cap. 326C
In practice
The convergence reform is the fact most often out of date in older advice: grandfathered IBC licences have run off, so structuring on the assumption of a separate low-tax offshore vehicle is no longer correct. Barbados instead relies on its treaty network and on economic substance requirements, which must be met and reported annually.