Corporate Affairs

 
There are currently five (5) special categories of companies which conduct "international business" from Barbados under special legislation:

These are as follows:-
* International Business Companies (IBCs)
* Foreign Sales Corporations (FSCs)
* Exempt Insurance Companies (EIs)
* Exempt Societies with Restricted Liability (Exempt SRLs)
* Offshore Banks (OBs)

An "International Business Company" is a company which is licensed under the International Business Companies Act, 1991 to conduct "international manufacturing" from within Barbados, or which is licensed to conduct "international trade and commerce" from within Barbados. After incorporating as a company under the Companies Act, any company wishing to conduct "international business" is required to obtain a licence from the Ministry of Industry and International Business before commencing business in Barbados and to renew the licence annually at that Ministry, by payment of an annual licence fee There is no impediment to Barbadians operating international business companies and international business may be conducted within Caricom and globally.

A "Foreign Sales Corporation" is a foreign-owned company which is licensed under the Barbados Foreign Sales Corporations Act, Cap. 59C to conduct 'foreign trade transactions' from within Barbados. A recent World Trade Organization (WTO) ruling coupled with adjustments to United States legislation underlying the operation of these corporations, have affected the operations of these entities in Barbados and a number of other jurisdictions where they have traditionally operated;

An "Exempt SRL" is a legal entity which is licensed under the Societies with Restricted Liability Act, 1995 to transact business from Barbados with persons outside the Caricom region;

An "Exempt Insurance Company" is a foreign owned company which is licensed under the Exempt Insurance Act, Cap.308A to conduct insurance business from Barbados but whose risks and premium originate outside Barbados. These companies are regulated by the Office of the Supervisor of Insurance who issues licences and monitors their compliance with the terms of their licenses and with other requirements on an ongoing basis;

An "Offshore Bank" is a company which is licensed under the Off-Shore Banking Act, Cap.325 to conduct off-shore banking from within Barbados. Off-shore banks are regulated by the Bank supervision Department of the Central Bank of Barbados which advises the Minister in relation to the issuance of licences and monitors compliance of licensees with the terms of their licenses and with other banking guidelines and requirements on an ongoing basis;

Every year Barbados continues to attract increasing numbers of foreign investors wishing to carry on "international business" from this domicile under the five (5) special legislative regimes mentioned earlier.

The following table shows incorporations of these categories of companies as at January 31, 2001.
 

The Department is required to support the corporate activity of these growing numbers of "international businesses" by processing the various documents filed by or on behalf of these companies and issuing a variety of certificates under the Companies Act in a timely and efficient manner.