Non Bajan registering a business in Barbados?
Feb 6th 2009, 4:34 pm
#1
Just Joined
Thread Starter
Joined: Feb 2008
Posts: 10
Non Bajan registering a business in Barbados?
Could anyone help me with this matter please?
I would like to register a small business name but unsure if non-nationals can actually do this?
Thanks.
I would like to register a small business name but unsure if non-nationals can actually do this?
Thanks.
Feb 6th 2009, 5:37 pm
#2
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Joined: Oct 2006
Location: Barbados
Posts: 906
Re: Non Bajan registering a business in Barbados?
I am a non national and have registered a small business so yes it is possible. The question i would ask is why? The only reason im asking is because i thought it would be simple to then work from it but you still have to obtain a work permit to work for your own company.
You need to set up articles of incorporation with Corporate Affairs and I think you have to do it via a lawyer (I did but not sure if its optional) You have to then File the Certificate of Corporate Registration with the Inland Revenue (no one told me that!)
I think i paid $780 BDS to Gov for Incorporation, $2000 Lawyers Fees and $100 disbursements (ie Company Seal).
The Work Permit Application to work for your incorporated company then cost $200 Gov Application fee, Medical Costs $210, $1500 Lawyer Fee (the lawyers fee is optional as you can do the application yourself but its a minefield and im pretty sure that immigration treats applications from laywers with more attention) and $5400 government fee(this varies depending on the type of business and your position in the company) for my 3 year permit once approved.
In total the setting up of a small business and obtaining a work permit took about a year and totalled approx $11,000 BDS
You would also need to put money onto the company bank account before applying for a work permit as its part of the paperwork supplied.
In short you will have to pay approx $4800 before you would even know if you get a work permit and if you dont then its not money well spent.
This may be too much information for you but as i was going through my paperwork anyhow i thought i would post this info so that others who might be considering this option are fully aware of the financial output required as I only found out as i went along.
Anything else ya need blondie shout me
Dipidy
Last edited by Serendipidy; Feb 6th 2009 at 5:40 pm.
Feb 6th 2009, 6:19 pm
#3
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Joined: Jan 2008
Location: Hastings, Barbados
Posts: 696
Re: Non Bajan registering a business in Barbados?
That's pretty much spot-on. Well said, Dipidy.
