ARTICLE · 12 NOVEMBER 1996
International Business Companies
BarbadosAntitrust/Competition Law
The main corporate entity in the financial sector in Barbados is the International Business Company (IBC). An IBC is a company that is in the business of international manufacture or trade from Barbados, but whose sphere of operations is outside of the Caribbean region. Such a company is taxed on its profits at a reducing rate from 2.5% to 1% per annum and require an annual licence to operate, the cost of which is US$100.00 annually.
Legislation for the incorporation of IBCs were first enacted in 1967, but it was not until the decade of the eighties that any substantial growth was seen in the sector. The present governing legislation is the IBC Act of 1991.
An IBC is a corporation which by virtue of its incorporation under the Companies Act of the Laws of Barbados (which Act is based on the Canadian Business Corporations Act), is resident in Barbados. It must consist of the following key characteristics:
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