Offshore bank accounts

Barbados company formation

 

Basic facts regarding Barbados

Barbados, the most easterly of the islands of the Caribbean, is 166 square miles with a population of approximately 270,000. The country has a relatively low crime rate and is politically stable. The main sectors of the economy are tourism and financial services with the international business sector accounting for approximately 51% of corporate taxes in 2005.

The World Economic Forum ranked Barbados 31st of 125 countries in the world with respect to economic competitiveness. The economy is on a development path at the base of which is a rate of growth that for two years has substantially exceeded the target of 3%.

Barbados has a stable and democratic system of government. It became an independent nation on November 30, 1966. Barbados is a parliamentary democracy. Executive authority is vested in the Prime Minister and Cabinet, which is collectively responsible to the Parliament. The Prime Minister is
appointed by the Governor General as the member of the House of Assembly best able to command the support of the majority of the members. The Prime Minister usually selects a cabinet from his party members in the legislature.

Barbados' judicial, political and administrative institutions are patterned on the British system but have adapted to suit local circumstances.

Barbados taxation

Corporation Tax for international business companies, international banks and international societies with restricted liability is between 1% and 2.5%. Double Taxation agreements exist with the following countries: Member States of the Caribbean Community, Botswana, Canada, China, Cuba, Finland, Malta, Mauritius, Norway, Sweden, Switzerland (extension of United Kingdom Treaty), the United Kingdom, the United States of America, Venezuela.

Offshore business in Barbaos

The International Business Companies Act (1992) provides for the general administration of IBCs. The International Business Act 2001 enhances due diligence requirements for IBC license applications and renewals. Bearer shares are not allowed. The International Financial Services Act (IFSA) requires offshore applicants to disclose directors’ and shareholders’ names and addresses; companies are not allowed to have anonymous directors. The Central Bank regulates and supervises domestic and offshore banks, trust companies, and finance companies. Offshore banks must submit quarterly statements of assets and liabilities and annual balance sheets to the Central Bank, which has the mandate to conduct on-site examinations of offshore banks. Financial statements of IBCs are audited if total assets exceed $500,000.

Due to strict regulations investors tend to move their business from international business companies registered on Barbados. As of November 2010, there were 2,643 IBCs, in comparision with 2,927 IBCs as of October 2009 and 4,635 in 2008. In addition, as of November 2010, there were 161 exempt insurance companies and 76 qualified exempt insurance companies, ten mutual fund companies and one exempt mutual fund company, nine trust companies, five finance companies and 53 offshore banks.

Main features of Barbados companies

Under the Companies Act, the Registrar of Companies maintains a register with information on directors and registered offices of companies. There is no legislative requirement for companies to disclose beneficial ownership information. Companies are required to prepare and maintain at their registered office bye-laws, shareholder and debenture holder information. Public access is possible on payment of a fee. IBCs are required to provide ultimate beneficial shareholder information on first application for registration to the office of the Director of International Business.

International trusts are required to maintain information on all parties to the trust. Additionally, a trustee of an international trust must file information on the settlor and protector of the trust with the Director of International Business. Ongoing due diligence is required in the context of changes to any parties to the trust. This information is available to the relevant domestic supervisory authorities.

Offshore banking in Barbados

Barbados Offshore Banking services are world renowned. For eligible companies and qualified foreign banks seeking a stable, secure and well-regulated location in which to base their offshore services Barbados tops the charts. As for 2010, offshore banks with established presence on Barbados where:

1. Bancafé International Bank, Ltd.
2. Bank of Nova Scotia
3. Bank of Montreal (Barbados) Ltd.
4. Barbados International Bank & Trust Co.
5. Barrick International Bank Corp.
6. Bayshore Bank and Trust (Barbados)
7. BOC Global Bank Ltd
8. Canaccord International Ltd.
9. Caribbean Investment Bank Inc.
10. CIBC Bank and Trust Company (Cayman) Limited – Barbados Branch
11. CIBC Offshore Banking Services Corporation
12. Cidel Bank & Trust Inc.
13. Concorde Bank Ltd.
14. Continental Bank Corp.
15. CXE International Bank Ltd.
16. Dancap Bank (Barbados) Inc.
17. DGM Bank & Trust Inc.
18. Excelsior International Bank & Trust
19. FirstCaribbean International Bank (Offshore) Limited
20. First Cumberland Bank Inc.
21. Five Continents Bank Corporation
22. Glenhuron Bank Limited
23. Insight International Bank Corp.
24. Integris Bank & Trust Ltd.
25. Intercontinental Investment & Development
26. International Energy Bank
27. KFW Capital Bank Limited
28. Mancal Bank (Barbados) Inc.
29. Mercom Bank Limited
30. Meridian Gold (Barbados) Limited
31. Moriche Bank Limited
32. National Bank of Canada (Global) Limited
33. NTC Bank (Barbados) Limited
34. Oceanic Bank and Trust (Barbados) Limited
35. Olympus United Bank and Trust SCC.
36. Oxbridge Bank & Trust Ltd
37. Pan Atlantic Bank & Trust Limited
38. PDG Bank Limited
39. RBTT Trust Corporation
40. Royal Bank of Canada (Barbados) Limited
41. Royal Bank of Canada (Caribbean) Corporation
42. RBC Dominion Securities (Caribbean) Limited
43. Republic Bank of Trinidad & Tobago (Barbados) Limited
44. SGS International Private Bank SCC
45. The Coutts Halsall International Bank Inc.
46. The Mid-Atlantic Bank Limited
47. The Victoria Bank (Barbados) Incorporated
48. Toronto Dominion International Inc.
49. TransAlta International Finance Limited
50. Transcom Bank (Barbados) Limited
51. Trilon International Inc.
52. Union Bank (Barbados) Ltd.
53. Universal Compression Finance Company Limited
54. Whitten Bank and Trust Company Limited

[sources: Barbados Inland Revenue Department; United States Department of State Bureau for International Narcotics and Law Enforcement Affairs; Caribbean Financial Action Task Force; Central Bank of Barbados]

 

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