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Company law:
The Company law is based on English common law and case law with the Companies Act being modeled on the Canada Business Corporations Act.

Types of company:
All companies are incorporated under the Companies Act. Special licences are granted which provide for the tax rates of between 0-2.5%. These include International Business Companies (IBCs), Societies With Restricted Liability (SRLs), Offshore Banks, Exempt Insurance Companies, Exempt Insurance Management Companies, Shipping companies.

Capital requirements:
Minimum capital for an IBC is US$1. Minimum capital for an exempt insurance company is US$250,000.

Costs to incorporate:
Approximately US$3,500 to US$4,000.

Method of Incorporation:
Articles of Incorporation are filed. An attorney-at-law or corporate secretary must sign the incorporation documents.

Registered office:
The registered office must be in Barbados at which Articles, By-laws, Minutes and Resolutions are kept.

Length of time to incorporate:
Approximately seven (7) working days.

Meetings:
At least one meeting per year is required.

Financial Statements:
Financial statements for IBCs and SRLs must be audited where total assets or revenue exceed US$500,000.

Annual Return:
An annual tax return is required for all companies.