The type of the company formed is that of an International Business Company (IBC) i.e. a private company which is structured in such a manner in order to facilitate itself to be engaged into any international business activity. An IBC is exempted from tax in its home jurisdiction, safeguards to the maximum the privacy of its owner(s) and has no onerous reporting requirements attached on it. GFA TRUST can assist in your company formation services in an expedited and efficient manner.
The Barbado’s IBC incorporation process takes 1 to 2 day. The tax on offshore profits varies from 1 to 2.5% and there are no exchange controls.
The jurisdiction’s Local Requirements consider as a pre-requisite the existence of a Registered Office/Registered Agent which/who is to be located, along with the company’s Secretary, in Barbados with no obligation attached as to the presence of a local company Director or with the legal obligation that the meetings of the company take place in Barbados, as the location of the Board Meetings, can be placed anywhere in the world as also the company’s administration. The minimum number of Directors and Shareholders is 1.
Public filings are obligatory for the Director(s), Shareholder(s) and Ultimate Beneficial Shareholder(s) of the company, with the information disclosed in connection to the Shareholder(s) and the Ultimate Beneficial Owner(s), not being available for public inspection. Furthermore, when it comes to the Annual Filing Requirements, there exists the obligation for the submission of the company’s Annual Return. The submission of Audited Accounts of the company is required, only, if the assets, or the income of the company, exceed US$ 500,000.
Whereas the issuance of bearer shares and the acquiring of shelf companies are non-acceptable, company re-domiciliation is permitted, as also, the appointment of Corporate Directors.