The Ministry of Energy and Business has advised that businesses conducting any of the relevant activities specified in the Companies (Economic Substance) Act 2019-43 must file an Economic Substance Declaration annually.
The relevant activities are banking, insurance, fund management, finance and leasing, headquarters, shipping, holding company, intellectual property, and distribution and service centre business.
Declarations must be filed in the Ministry’s electronic Economic Substance Portal. If a company or its licensed corporate and trust service provider does not have access to the Portal, persons should email the International Business Unit of the Ministry at meb.escompliance@barbadosbusiness.gov.bb, by Tuesday, September 10, for access, or further information.
The emails must include the name of the company and its corporate number; the relevant activity or activities conducted; if the company has a licensed corporate and trust service provider; and the name and telephone number of at least one company representative, for contact purposes.
Failure to file an Economic Substance Declaration may result in a penalty of $10,000.