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Doing business in Barbados : Guide

Formal registration of companies has many immediate benefits for the companies and for business owners and employees. Legal entities can outlive their founders. Resources are pooled as several shareholders join forces to start a company. Formally registered companies have access to services and institutions from courts to banks as well as to new markets. And their employees can benefit from protections provided by the law. An additional benefit comes with limited liability companies. These limit the financial liability of company owners to their investments, so personal assets of the owners are not put at risk. Where governments make registration easy, more entrepreneurs start businesses in the formal sector, creating more good jobs and generating more revenue for the government.

Below is a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Barbados. It examines the procedures, time and cost involved in launching a commercial or industrial firm with up to 50 employees and start-up capital of 10 times the economy's per-capita gross national income.

This information was collected from World Bank: Doing Business 
No.ProcedureTime to CompleteAssociated Costs
1Submit Request for Name Search and Name Reservation form to the Corporate Affairs and Intellectual Property office to reserve company name2 daysBDS 30 ($25 for reserving the name + $5 for electronic search)
2Draft articles of association2 daysBDS 1500
3Submit application for business registration1 - 2 weeksincluded in procedure 4
* 4Pay the registration fees1 day (simultaneous with procedure 3)BDS 750
5Register with the Inland Revenue Department for income tax payment2 daysno charge
* 6Register with the VAT division of the Customs and Excise Department2 days (simultaneous with previous procedure)no charge
* 7Register with the National Insurance Scheme1 day (simultaneous with previous procedure)no charge
* 8Make company seal1 day (simultaneous with previous procedure)BDS 60
* Takes place simultaneously with another procedure.
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