Barbados - Establishing an Office Barbados - Establishing an Office
Barbadian laws allow the formation of several types of companies. One of these is the International Business Company (IBC). The cost of filing the application at the Corporate Affairs office is $375 and $15 to reserve the name of the company prior to incorporation. An IBC is required to obtain a license from the Ministry of Finance and Economic Affairs in order to operate. This is a fairly routine procedure and costs about $125. The cost of share certificates, a company seal, and other secretarial documentation required to commence operations usually does not exceed an additional $125.
By law, a locally registered attorney will be required to draft and file Articles of Incorporation. Attorneys’ fees are usually quoted at about $1,500 to $2,800 depending on the legal structure of the company. These fees are negotiable and are normally lower for incorporation of a local company.
The Articles of Incorporation must conform to the Companies Act. Among the requirements is that the corporation's principal officer must be at least 18 years old, be of sound mind, and must not have been declared bankrupt.
Any number of shares may be issued. Shares must be fully subscribed and paid for before they are issued.
The Corporate Affairs and Intellectual Property Office publishes an official notice of the formation of the company in the Official Gazette.
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