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Meridian Law

Attorneys-At-Law

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Barbados International Business Sector at a Glance

Captives (Exempt Insurance Companies)
Minimum capitalization rate of USD $125,000
Solvency ratio of 5:1 for companies with capital up to USD $5 million; 10:1 for companies with capital above USD $5 million
Licence application fee USD $250
Registration fee of USD $2500
Annual licence fee of USD $2500
No taxes on incomes, capital gains or transfer of assets or securities to any person
No withholding tax on dividends, interest or other returns to shareholders
Tax exempt status guaranteed for fifteen years
Tax concessions for specially qualified persons
Captive must have at least one resident director who is not a shareholder

Segregated Cell Accounts
Separate accounts may only be established for insurance business
Assets of the company segregated into separate accounts are kept separate from the general assets of the company
Assets of a separate account may be invested and dealt with in accordance with the terms of the relevant contract
Separate books of record are kept for each separate account

International Banks

Tax on income on a sliding scale, from a maximum of 2.5% to a minimum of 1%
No estate or inheritance tax on any shares, securities or assets of a licensee owned by a non-resident person
Securities, assets, funds, dividends, interest generated or managed by a licensee are exempt from exchange control
No taxation is levied on a licensee, its shareholders or transferees on the transfer of its assets or securities
No taxation on distribution to a non-resident person or another licensee
Rates of interest are not controlled
No other direct tax or capital gains tax on the profits or gains of the bank
SCCs (Segregated Cell Companies)
An SCC must include in its name the expression Segregated Cell Company or the expression ‘SCC’
Each cell must have its own distinct designation or denomination, which must be clearly set out in the agreement
Barbados SCCs can be (1) a company that is incorporated as a segregated cell company (2) an existing company that is converted to a segregated cell company (3) an external company which can be: a). registered as a cell company in Barbados b). continued as an SCC in Barbados
Where the liability of an SCC to a person arises the liability is attached to the cellular assets attributable to that cell

IBCs (International Business Companies)
Tax on income on a sliding scale, from a maximum of 2.5% to a minimum of 1%
No taxes on dividends, royalties, interest, management and other fees paid by an IBC to another IBC or person not resident in Barbados
Foreign taxes may be offset against IBC taxes provided that net tax payable in Barbados is not less than 1% of taxable profits
An IBC which is solely owned by an offshore trust under the management of a licensed Barbados International Bank is exempt from tax if its activities are restricted to buying, holding or managing securities
May apply for a guarantee that all or any of the benefits and exemptions in the Act will be valid for 15 years
No Exchange Control requirements
An IBC can keep books and records in a foreign currency
Licence application fee USD $250
Annual licence fee USD $250
A licence is valid until December 31 in the year of issue and must be renewed on or before January 1 each year
No capital gains or estate duty

International SRLs
( Societies with Restricted Liability)

Limited liability.
Maximum of 50 years duration
The rights, powers and privileges of an individual.
Exemption from withholding taxes on dividends and interest payment
Tax on income on a sliding scale, from a maximum of 2.5% to a minimum of 1%.
Tax credit in respect of taxes paid outside of Barbados, in so far as it does not reduce tax payable to below 1%
Exemption from withholding taxes on dividends and interest payment
Tax credit in respect of taxes paid outside of Barbados, in so far as it does not reduce tax payable to below 1%
Re-domiciliation provisions
No capital gains tax
Exemption from all import duties on machinery or equipment for use in its business
No Exchange Control Authority requirements
Quotas similar to bearer shares are not permitted