Barbados - Apply for an Approved Small Business Status

ProcedureEdit

Gather all required documents you will need to submit or present to apply for an Approved Small Business Status.
Fill out Form I - Application for Approved Small Business Status in triplicate (no carbon copies will be accepted). For instructions on how to complete the form, link.
Submit the completed form along with all other required documents to the Ministry of Industry, International Business, Commerce and Small Business Development.

Required DocumentsEdit

Completed Form I - Application for Approved Small Business Status - to be typed triplicate (no carbon copies will be accepted)
Statement containing particulars set out in Section 4 (3)(b) and (g) of the Small Business Development Act
A copy of the Certificate of Incorporation, which includes the Articles of Incorporation (Submit in triplicate)
Statutory Declaration verifying the particulars specified in Section 4 (3) of the Act.
A copy of the Audited Financial Statements of Accounts for the last financial; year or, in the case of a new companies a Copy of Financial Projections for the next 3 years of operation
Notice of Directors
Notice of address of Registered Office
A copy of each shareholder's Share Certificate
A Certificate of Clearance from the Director of the National Insurance Department
A Tax Clearance Certificate from the Commissioner of Inland Revenue
A sworn statement indicating that the applicant company has no agreement for the payment of fees on a continuing basis for managerial or other services to persons who are not nationals of Barbados or other states of the Caribbean Community and who are not resident in Barbados where those services do not form part of the normal business operations of the enterprise
In cases where the nationality of origin of the director(s) and shareholder(s) of the applicant company is Non-Barbadian but the said persons are citizens or permanent residents of Barbados, the application must be accompanied by proof of such status as granted by the Chief Immigration Officer

Office Locations & ContactsEdit

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: [email protected]
Website

EligibilityEdit

Barbados' Small Business Development Act Section 3(1), defines a small business as an enterprise that:

is incorporated under the Companies Act
has more than 75% of its shares locally owned;
has not more than $1,000,000.00 as stated or paid up capital;
has not more than $2,000,000.00 in annual sales
has not more than 25 employees;
is not more than 25% owned or controlled by a company whose capital and annual sales exceed the share capital and annual sales mentioned in paragraphs (3) and (4) respectively or by a subsidiary of that company or by a subsidiary of a larger group of companies;
is not controlled by a company whose share capital and annual sales exceed the share capital and annual sales mentioned in paragraphs (3) and (4) respectively; and
has no agreement for the payment of fees on a continuing basis for managerial or other services to persons who are not nationals of Barbados or other states of the Caribbean Community and who are not resident in Barbados where those services do not form part of the normal business operations of the enterprise.

FeesEdit

Explain the fees structure which is required for obtaining the certificate/document.

ValidityEdit

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to UseEdit

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Sample DocumentsEdit

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Processing TimeEdit

Please explain processing time taken in obtaining the document/certificate.

InstructionsEdit

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e.g. The state office holds birth records since january 1908.

Required InformationEdit

Full legal name of the Company
Company Number
Main types of business being carried on or to be carried on in accordance with activities listed in the First Schedule of the Act.
Principal place of business, address where business is actually being conducted.
Location of the registered officer including the street address and if in a multi-office building, the room number.
Number of directors
For each directors:
- Complete name
- Residential address
- Occupation (example: manager, farmer, mechanic)
- Any former names
- Business occupation
- Current nationality
- Original nationality
Actual or estimated dollar value of investment in plant and equipment
Number of employees or the anticipated or estimated numbers to be employed
For companies that are exporting: state the percentage (%) level of exports of total annual production and provide the associated dollar ($) amount of foreign exchange earnings or savings.
Names of all other companies in which the shareholders and directors of the applicant company hold shares or directorships and the extent of the shareholding
Date of commencement of the business or the proposed date of start up

Need for the DocumentEdit

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e.g. Birth Certificate - why do we need to have a birth certificate?

Information which might helpEdit

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External LinksEdit

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

OthersEdit

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