Legislative Changes Coming To Barbados' International Business Sector

The Government of Barbados has announced a number of legislative measures as it moves towards tax convergence of the country’s international and domestic business sectors. These initiatives also support Barbados’ commitment to the OECD’s Inclusive Framework on Base Erosion and Profit Shifting, particularly Action 5.

Nine pieces of Barbados’ suite of international business legislation will be amended, including the following:

• Effective December 31, 2018 the International Business Companies (IBC)Act will be abolished and no new IBC licenses will be issued.
• The Societies with Restricted Liability Act will be amended and no new International Societies with Restricted Liability (ISRL) licenses will be issued with effect from December 31, 2018.