#

Ease of Doing Business in

Barbados

Barbados Download Profile (1707.4KB, pdf)
Region Latin America & Caribbean
Income Category High income
Population 284,215
GNI Per Capita (US$) 14,800
City covered Bridgetown

190

1

DB 2017 Rank

1

100

DB 2017 DTF (% points)

  • local_library
  • group
Topics DB 2017 Rank DB 2016 Rank info_outline Change in Rank DB 2017 DTF (% points) info_outline DB 2016 DTF (% points) info_outline Change in DTF (% points) info_outline
Overall 117 115 down
2
57.42 57.34 down
0.08
Starting a Business 101 101
-
85.10 84.43 up
0.67
Dealing with Construction Permits 161 158 down
3
54.96 54.98 down
0.02
Getting Electricity 93 89 down
4
69.38 69.40 down
0.02
Registering Property 130 131 up
1
52.35 52.37 down
0.02
Getting Credit 133 127 down
6
35.00 35.00
-
Protecting Minority Investors 165 166 up
1
35.00 35.00
-
Paying Taxes 85 86 up
1
72.70 72.72 down
0.02
Trading across Borders 125 122 down
3
61.88 61.88
-
Enforcing Contracts 167 166 down
1
38.02 38.02
-
Resolving Insolvency 36 35 down
1
69.78 69.59 up
0.19

Positive=Doing Business reform making it easier to do business. Negative=Change making it more difficult to do business.

DB 2017 Rank: 101

DB 2016 Rank: 101

Change in Rank: 0

DB 2017 DTF (% points): 85.10

DB 2016 DTF (% points): 84.43

Change in DTF (% points): up0.67

Standardized Company
Legal form: Sale & Retail
Paid-in minimum capital requirement: BBD 0
City: Bridgetown
Indicator Barbados Latin America & Caribbean OECD high income
Procedure – Men (number) info_outline 8.0 8.3 4.8
Time – Men (days) info_outline 15.0 31.6 8.3
Cost – Men (% of income per capita) info_outline 7.7 31.5 3.1
Procedure – Women (number) info_outline 8.0 8.3 4.8
Time – Women (days) info_outline 15.0 31.6 8.3
Cost – Women (% of income per capita) info_outline 7.7 31.5 3.1
Paid-in min. capital (% of income per capita) info_outline 0.0 2.3 9.2
  • No. Procedure Time to Complete Associated Costs
    1

    Submit a request for company name search and name reservation

    Agency: Corporate Affairs and Intellectual Property Office

    The name search can be done online through form 33. In the form, entrepreneur suggests 3 names in order of priority. The registrar checks if the proposed name is available and then returns the form to the entrepreneur with a tick on the name that is available. Name reservation is valid for 90 days. The actual form for name registration must be filed in person and collected from Corporate Affairs.
    2 days BBD 30 (BBD 25 for reserving the name + BBD 5 for electronic search)
    2

    Draft articles of incorporation

    Agency: Lawyer

    There is a standard form for articles of incorporation that is downloaded online from the registrar’s website: www.caipo.gov.bb The procedure to incorporate a Company must be completed in person. In addition to the articles of association, the following documents also need to be submitted to the registrar:
    - Notice of Directors
    - Notice of Address
    - Notice of secretary appointment
    Fees are set under the Legal Profession Act Cap. 370A, Remuneration for Non-Contentions Business Rules, 1997.
    2 days BBD 1,500
    3

    Submit application for business registration

    Agency: Registrar of Corporate Affairs

    Once the attorney submits all the above documents, the Registrar of Corporate Affairs files the application and the articles of incorporation and assigns a company number to the file. That company number will be included in the certificate of incorporation and inserted into the articles of incorporation.
    7 days on average no charge
    * 4

    Pay the registration fees

    Agency: Registrar of Corporate Affairs

    Fees are paid to the in-house cashier (a separate person receives the document and payment is done at a separate window). The fee can be paid online as well, but few businesses have adopted this method in practice.
    1 day (simultaneous with previous procedure) BBD 750
    5

    Register for income tax payment

    Agency: Barbados Revenue Authority

    The following documents need to be submitted to the Barbados Revenue Authority:
    1. Form for CIT registration
    2. Copy of articles of incorporation
    3. Copy of Certificate of Incorporation
    2 days no charge
    * 6

    Register with the VAT division of the Customs and Excise Department

    Agency: Customs and Excise Department

    A company with income in excess of 80,000 BDS per year has to register for VAT. The following documents need to be submitted to the VAT division of the Customs and Excise Department:
    1. Form of VAT registration
    2. Copy of articles of incorporation
    2 days (simultaneous with previous procedure) no charge
    * 7

    Register with the National Insurance Scheme

    Agency: National Insurance

    All business founders must register with the National Insurance Scheme.
    2 days (simultaneous with previous procedure) no charge
    * 8

    Make company seal

    Agency: Private printing shop

    According to Section 25 of the Companies Act, a company must have a common seal with its name engraved on it. A company must seal all of its documents when doing business with other parties (e.g., borrowing for a mortgage). Business in practice cannot be done without a seal.
    1 day (simultaneous with previous procedure) BBD 60

    * Takes place simultaneously with previous procedure.