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 original documents still have to be filed with the Corporate Affairs and Intellectual Property Office. The registrar checks if the proposed name is available and returns the form to the entrepreneur with a tick on the name that is available. Name reservation is provided the next day and it is valid for 90 days.
Time and cost: 2 days, BBD 30 (BBD 25 for reserving the name + BBD 5 for electronic search)
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 company needs submit to the registrar the notice of directors, the notice of address and the notice of secretary appointment.
Fees are set under the Legal Profession Act Cap. 370A, Remuneration for Non-Contentions Business Rules, 1997.
Time and cost: 2 days, BBD 1,500
Submit application for business registration
Agency: Corporate Affairs and Intellectual Property Office
Once the attorney submits all the above documents, the Deputy Registrar of Corporate Affairs reviews the Article of Incorporation and makes sure they comply with the law. Upon the review, the Registrar 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.
Time and cost: 7 days on average, no charge
Pay the registration fees
Agency: Corporate Affairs and Intellectual Property Office
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 it is only available for registered agents of the CAIPO system (lawyers who frequently incorporate business). Online payment is restricted, most entrepreneurs do not use it.
Time and cost: 1 day (simultaneous with previous procedure), BBD 750
Register for income tax payment and VAT
Agency: Barbados Revenue Authority
The registration for income tax payment and VAT are done together, at the same window and at the same time in the Revenue Authority office. A company with income more than 200,000 BDS per year has to register for VAT based on an Amendment to the VAT Act. The following documents need to be submitted to the Barbados Revenue Authority:
- Form for CIT registration
- Form for VAT registration
- Copy of articles of incorporation
- Copy of Certificate of Incorporation
- Notice of Director
- Notice of Address
The tax registration and payment can be done as well through the online platform TAMIS but the majority of entrepreneurs prefer to register in person at the agency’s office.
Time and cost: 5 days, no charge
Register with the National Insurance Scheme
Agency: National Insurance
All business founders must register with the National Insurance Scheme.
Time and cost: 2 days (simultaneous with previous procedure), no charge
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.
Time and cost: 1 day (simultaneous with previous procedure), BBD 60
