Owners or operators of companies, who are unsure of whether the requirement to file an Economic Substance Declaration applies to them, are asked to contact the Ministry of International Business and Industry.
Resident companies that are not required by law to retain the services of a Corporate and Trust Service Provider, and are engaged in the following activities: banking, insurance, fund management, finance and leasing, shipping, holding company business, intellectual property business, and distribution and service centres, should email the Ministry no later than Wednesday, September 30.
Emails must be sent to MIBI.esdeclaration@barbadosbusiness.gov.bb with the caption “Carrying on a Relevant Substance Activity”. The company’s name and the business activity or activities in which the company is currently engaged should be stated within the email.
Personnel from the Ministry will contact company representatives to provide further details on how to file the requisite Economic Substance Declaration. In accordance with the Companies (Economic Substance) Act 2019-43, failure to file an Economic Substance Declaration can result in a fine of BDS $10,000.