Setup Business in Barbados

Old Jan 8th 2014, 3:49 pm
  #1  
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Default Setup Business in Barbados

Hi,

Can someone please point me in the right direction where I can find information on the process of applying for a visa to setup a business in Barbados?

I have found information from the immigration website on short and long term work permits and also special entry visas but cannot find anything regarding setting up a business. There is a mention on investbarbados.org but nothing that clarifies the process or requirements.

Is the business visa a specifc class of visa or do you just apply for a long term work permit and state your business as your employer?

Ideally if anyone has gone through this process I would be grateful if you could briefly outline the process.

Many thanks,

A.
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Old Jan 8th 2014, 6:54 pm
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Default Re: Setup Business in Barbados

Hi Alborg and welcome

It does not work the way that you are thinking it does. Anyone can setup a business in Barbados just like in the UK its just paperwork and payments..however it does not automatically give you the right to work there as everyone would just do that...what then happens is you have to apply for a work permit as Director of your company...this you can submit yourself or via lawyers..the present government are not as focussed on foreign investment as the previous government so these permits are sparingly offered...let me know if you need any more info
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Old Jan 8th 2014, 8:32 pm
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Default Re: Setup Business in Barbados

Originally Posted by Serendipidy View Post
Hi Alborg and welcome

It does not work the way that you are thinking it does. Anyone can setup a business in Barbados just like in the UK its just paperwork and payments..however it does not automatically give you the right to work there as everyone would just do that...what then happens is you have to apply for a work permit as Director of your company...this you can submit yourself or via lawyers..the present government are not as focussed on foreign investment as the previous government so these permits are sparingly offered...let me know if you need any more info
Hi Serendipity,

Thankyou for your reply.

I don't expect it to be easy or a given but I would like to know more about the process as I have not found it described anywhere else on the internet. I'm not unfamiliar with the first step of incorporation as I have done this in the UK although no doubt there will be slight differences for companies registered in Barbados. I'm just unsure of how this fits in with an application to remain and work if you choose to setup a business.

I have visited Barbados as a tourist on several occasions and not only interested in living there but genuinely believe my business idea will be of benefit to the community.

Are you therefore essentially applying for a standard long term work permit of 3 years but as a director/worker of your company? Therefore is a C1 and C2 form required?

I understand you must demonstrate an ability to be self sufficient therefore would you need to show funds for 3 years as part of the application?

Can you recommend any lawyers that can complete the process of incorporation and submit a long term work permit? I assume it is better but not essential to use a lawyer.

I understand after 5 years (which would require a work permit renewal) it is possible to apply for permanent residency?

Apologies for the bombardment of questions. If you are unable to answer any specifics I would be interested in hearing your personal journey through this process.

Many thanks,

A

http://www.immigration.gov.bb/pages/WorkPermit.aspx

"◾If you are an entrepreneur desirous of establishing a business in Barbados, please ensure to adhere to the following:
◾Proof of the transfer of funds for investment, which should be in keeping with the Central Bank regulations (bank transfer statements are acceptable).
◾Certificate of Registration/ Articles of Incorporation (Original and copy)
◾Related business licenses. Societies with Restricted Liability (SRL) and International Business Companies (IBC)."
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Old Jan 8th 2014, 8:46 pm
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Default Re: Setup Business in Barbados

You do not need a lawyer for the incorporation..you can do that yourself you should be able to find out the address of where you go etc on line. That's step 1. Secondly you would apply for the long term work permit which normally allocates 3 years...I feel it does bode well to engage a lawyer for this process, I can recommend Alpha Omega Law practice in Bridgetown...Felicia is a very honest and thorough lawyer (although she is not as established as others) but others may well be able to recommend lawyers. You will need to provide a business case, a barbadian bank account (difficult when you don't have a bajan address) and show funds in that bank account that's as well as all the other work permit requirements ie medical, character references from home country, Police clearance, proof of Degrees etc...the work permit is not just based on you per se but the concept of the business and its feasibility. Im not sure if things have changed but the initial work permits last 3 years..a subsequent application is then reviewed. It is actually 7 years as legal status as far as im aware before you can apply for citizenship however like most countries they are very tight on letting you achieve that 7 years in the first place., therefore if you were issued with the first application the second one could be even more difficult. The process could take upto a year and would probably involve an interview with the Chief Immigration Officer .....I would hazard a guess and say with this incumbent government 1 in 10 applications are permitted???
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Old Jan 9th 2014, 3:35 pm
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Default Re: Setup Business in Barbados

Originally Posted by Serendipidy View Post
You do not need a lawyer for the incorporation..you can do that yourself you should be able to find out the address of where you go etc on line. That's step 1. Secondly you would apply for the long term work permit which normally allocates 3 years...I feel it does bode well to engage a lawyer for this process, I can recommend Alpha Omega Law practice in Bridgetown...Felicia is a very honest and thorough lawyer (although she is not as established as others) but others may well be able to recommend lawyers. You will need to provide a business case, a barbadian bank account (difficult when you don't have a bajan address) and show funds in that bank account that's as well as all the other work permit requirements ie medical, character references from home country, Police clearance, proof of Degrees etc...the work permit is not just based on you per se but the concept of the business and its feasibility. Im not sure if things have changed but the initial work permits last 3 years..a subsequent application is then reviewed. It is actually 7 years as legal status as far as im aware before you can apply for citizenship however like most countries they are very tight on letting you achieve that 7 years in the first place., therefore if you were issued with the first application the second one could be even more difficult. The process could take upto a year and would probably involve an interview with the Chief Immigration Officer .....I would hazard a guess and say with this incumbent government 1 in 10 applications are permitted???
Thanks again for the advice.

My intial thoughts are how would you list a private or business address in Barbados if you are applying from oversea's and do not have an address in Barbados yet. Perhaps you could use a lawyers address for the application..?

Regarding funds in the business bank account, are there any guidelines on what is expected? I assume this is to demonstrate that you can be self sufficient for 3 years assuming your business does not take off?

Would it be feasable to arrive on a tourist visa, incorporate and apply for an extension/bridging visa pending the result of the work permit application. I'm assuming this might not be the most economical method if there are any delays with the application.
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Old Jan 9th 2014, 4:25 pm
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Default Re: Setup Business in Barbados

I don't know how to help re the address in Barbados im afraid as when I applied it was in much easier times and you could easily get a 6 months tourist visa...You would need to discuss with your lawyer the receiving of mail etc.

The lawyer will advise on the Bank account amount ...mine was a while ago and the figure of a 1000 comes to mind but I cant remember if it was £ or $. The self sufficiency thing does not really come into a work permit as that's for a different type of visa altogether and they are predominantly only allocated to retirees and home owners. Are you aware that there are costs in both applying for permit and also if and when you receive one?. Mine was processed years ago and if I remember rightly my outgoings to get my business set up and get the work permit were around $10,000 - $12,000 BDS (this included lawyers fees).

In theory they state that you should not be on the island once applying for a work permit so it is doubtful you would get a bridging one for that purpose. The tourist visa for 3-6 is a different situation altogether and you can read up on the posts on here to see how inconsistent receiving these are. When I had my situation it took 8 months I have no idea if its quicker or longer now. Maybe give a potential lawyer a call and find out if they have done one recently and the timings etc.

My suggestion to you would be go on a visitors visa (I think you are guaranteed 30 days if its for business) or if you want longer then you may get up to 3 months at airport or have to apply for that downtown. This would give you long enough to establish your business, engage lawyers, submit paperwork etc but my suggestion would then be to return home and to wait ...possibly for up to a year...the lawyer can handle stuff in the interim.

Last edited by Serendipidy; Jan 9th 2014 at 4:28 pm.
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Old Jan 10th 2014, 12:33 pm
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Default Re: Setup Business in Barbados

I would recommend Chancery Chambers Attorneys they could assist with the incorporation of your business and immigration matters. www.chancerychamber.com
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