How to Apply for an Approved Small Business Status In Barbados

 Apply for an Approved Small Business Status In Barbados By online

  1. Take all the necessary documents that you be required to submit or provide in order to be eligible for an approved Small Business Status.
  2. Complete the form I Application for Approved Small-Business Status in three copies (no carbon copies are accepted). For more information on how to fill out the form, click the follow this link.
  3. Complete the form and submit it together with any other necessary supporting documents to Ministry of Industry, International Business, Commerce and Small Business Development.

Required Documents For Apply for an Approved Small Business Status

  • Completed Form I Request to be approved for Small Business Status to be typed in three times (no carbon copies can be used)
  • A statement containing the particulars specified the details set out in Section 4. (3)(b) as well as (g) in the Small Business Development Act
  • An original copy of the Certificate of Incorporation, which contains an Articles of Incorporation (Submit in three copies)
  • Statutory Declaration verifying the particulars stipulated under the section (3) in the Act.
  • An original copy of Audited Financial Statements of Accounts for the previous financial year, or in the case of new company, a copy of the Financial Projections for the upcoming three years of operation
  • Notice of Directors
  • Notice of the address of Registered Office
  • A copy of the Share Certificate of each shareholder.
  • A Certificate of Clearance issued by the Director of National Insurance Department
  • A Tax Clearance Certificate issued by the Commissioner of Inland Revenue
  • A sworn statement that states that the company applying for approval does not have a contract for the payment of charges on a regular basis for management or any other services to people who aren’t nationals of Barbados or other countries belonging to the Caribbean Community and who are not residents of Barbados in which the services are not part of the operation of the business of the organization.
  • In the event that the nationality of for directors and shareholders of the director(s) or shareholder(s) for the company applying for approval is Non-Barbadian however the individuals are permanent residents or citizens of Barbados and Barbados, the application should be accompanied by evidence of the status granted by the Chief Immigration Officer.

Office Locations and Contacts

Ministry of Industry, International Business, Commerce and Small Business Development
Reef Road
Fontabelle
St. Michael
Barbados
Telephone: (246) 427-5270
Fax: (246) 431-0056
E-mail: commerce.ps@barbados.gov.bb
Website

Eligibility

Barbados Small Business Development Act, Section 3(1) is the definition of the term “small business” as an company that

  1. It is registered into the Companies Act
  2. is more than 75 percent of its shares locally controlled locally.
  3. does not exceed $1,000,000.00 in the form of a statement or capital that has been paid in full;
  4. is not greater than $2,000,000.00 annually in sales
  5. There are no more than 25 employees.
  6. cannot exceed 25% controlled or owned by a corporation whose capital and annual sales are not more than the annual sales and share capital that are mentioned under paragraphs (3) (2) and (4) respectively or owned by an affiliate of the company, or through a subsidiary of an even larger group of businesses;
  7. does not have control over a business which’s share capital or annual sales are higher than the annual sales and share capital listed in the paragraphs (3) as well (4) respectively.
  8. there is no agreement regarding the payment of charges on a regular basis for management or other types of services to people who are not citizens of Barbados or any other state belonging to the Caribbean Community and who are not residents of Barbados in which the services are not part of the business activities of the company.

Requirements Information

  • The full Legal name for the company.
  • Company Number
  • The main types of businesses are conducted or operated according to the activities specified within the First Schedule of the Act.
  • Principal location for business. Address in which business actually is conducted.
  • The location of the officer registered, including the street address , and in the case of a multi-office structure the room number.
  • Directors’ number
  • For each directors:
    • Full name
    • Residence address
    • Occupation (example example: farmer, manager mechanic, manager)
    • Any other names you may have had previously
    • Job in the field of business
    • Current nationality
    • Nationality of origin
  • Value in dollars, estimated or actual of the investment for plant equipment and machinery
  • The number of employees employed or the expected or estimated number of employees to be employed
  • If a company is exporting in a percentage, provide the percent ( percent) quantity of exports from the total production per year and indicate the dollars (dollar) amount of savings or foreign exchange earnings.
  • Names of any other companies that have directors and shareholders of the company applying for admission hold directorships or shares and the size of the shares or directorships.
  • The date on which the company or the anticipated date for the start-up

External Links

  • Ministry of Industry, International Business, Commerce and Small Business Development Website:
http://www.commerce.gov.bb/index.php/departments-a-agencies/business-development-unit/general-information/requirements-for-applications-for-approved-small-business-status

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