A number of changes will be implemented at the Corporate Registry as a result of the proposed amendments to legislation which governs the International Business and Financial Services Sector in Barbados.
Entities which are currently regulated by the International Business Companies Act, the International Financial Services Act, the Exempt Insurance Act, along with organizations affected by changes to the Companies Act and the Societies with Restricted Liability Act, will be treated as regular business companies.
These companies will be required to apply for a Foreign Currency Permit which will be issued by the International Business Unit at Baobab Tower, Warrens, St. Michael.
Applications for Foreign Currency Permits must be submitted to the Corporate Registry, Corporate Affairs and Intellectual Property Office on the Ground Floor at Baobab Tower at the time of filing Articles of Incorporation/Organization.
Articles must be submitted in triplicate. However, the Registrar of Companies has indicated further details on the prescribed forms and fees will be provided at a later date.
When filing Articles of Incorporation/Organization using Form 1, there should be no statement of restriction in Items 5 and 8. In Items 6 and 9, under the subheading, ‘Other provisions if any’, the Incorporator or Organizer should state whether the company or society intends to earn 100 per cent of its income in foreign currency.
The procedure to incorporate entities under the Insurance Act, Cap 310 will remain, while Central Bank approval after incorporation remains the same in cases where the grant of licence by the Central Bank is required as a precondition for the commencement of operations under the amended Financial Institutions Act.
In support of applications for the provision of services following incorporation/organization, applicants will be required to submit a valid Foreign Currency Permit, along with a declaration by the Service Provider to prove that the entity has met all of its statutory filing requirements.