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A local offshore management company will assist in setting up an IBC:
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There are currently over 1,000 IBC operating in Barbados, attracted
here because of legislation that provides tax incentives and
benefits, and because of the excellent financial services and
infrastructure of the island. Barbados opened its doors to IBCs
as early as 1965, when it first enacted legislation providing
tax incentives to offshore companies. The legislation was replaced
with the International Business Act, in 1991.
Some of the provisions of the Act are:
Qualifications as an IBC
To qualify as an IBC, a company cannot be owned by a resident
of Barbados and may not trade goods or services in Barbados
or the Caricom Area.
Tax Incentives
- Dividends paid to a Canadian Company are exempt of Canadian
tax
- Tax rates. 2 1/2% on profits of U.S $5 Million, 2% to
$10 Million, 1 1/2% to $15 Million, 1% in excess of $15
Million
- Foreign tax credit
- Transfer of assets
- Payment to other IBC
- Employment of overseas specialists
- Duty free imports
Other benefits
- Simple licensing
- Low startup and operating costs
- Annual License U.S $100
- Exemption from Exchange control regulations
- Can acquire Real Estate
- Confidentiality
Contact a Barbados offshore management company:
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