International Business: International Business Companies (IBC)

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There are currently over 1,000 IBC operating in Barbados, attracted here because of legislation that provides tax incentives and benefits, and because of the excellent financial services and infrastructure of the island. Barbados opened its doors to IBCs as early as 1965, when it first enacted legislation providing tax incentives to offshore companies. The legislation was replaced with the International Business Act, in 1991.

Some of the provisions of the Act are:

Qualifications as an IBC

To qualify as an IBC, a company cannot be owned by a resident of Barbados and may not trade goods or services in Barbados or the Caricom Area.

Tax Incentives

Dividends paid to a Canadian Company are exempt of Canadian tax
Tax rates. 2 1/2% on profits of U.S $5 Million, 2% to $10 Million, 1 1/2% to $15 Million, 1% in excess of $15 Million
Foreign tax credit
Transfer of assets
Payment to other IBC
Employment of overseas specialists
Duty free imports

Other benefits

Simple licensing
Low startup and operating costs
Annual License U.S $100
Exemption from Exchange control regulations
Can acquire Real Estate
Confidentiality

Barbados Investment Development Corporation
As the industrial development agency of the Barbados Government, BIDC has special responsibility for promoting and facilitating the establishment and expansion of business enterprises in Barbados, and for promoting the export of Barbados' goods and services.

Contact a Barbados offshore management company:

Platinum Offshore Management Services