Barbados - Apply for an Approved Small Business Status
Following are procedures on how you can apply for an Approved Small Business Status in Barbados.
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 $2,000,000.00 in annual sales
- has not more than 25 employees;
- is not more than 25% owned or controlled by a company whose capital and annual sales exceed the share capital and annual sales mentioned in paragraphs (3) and (4) respectively or by a subsidiary of that company or by a subsidiary of a larger group of companies;
- is not controlled by a company whose share capital and annual sales exceed the share capital and annual sales mentioned in paragraphs (3) and (4) respectively; and
- has no agreement for the payment of fees on a continuing basis for managerial or other services to persons who are not nationals of Barbados or other states of the Caribbean Community and who are not resident in Barbados where those services do not form part of the normal business operations of the enterprise.
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Please provide instructions on obtaining the certificate/documents. e.g. The state office holds birth records since january 1908.
- Full legal name of the Company
- Company Number
- Main types of business being carried on or to be carried on in accordance with activities listed in the First Schedule of the Act.
- Principal place of business, address where business is actually being conducted.
- Location of the registered officer including the street address and if in a multi-office building, the room number.
- Number of directors
- For each directors:
- Complete name
- Residential address
- Occupation (example: manager, farmer, mechanic)
- Any former names
- Business occupation
- Current nationality
- Original nationality
- Actual or estimated dollar value of investment in plant and equipment
- Number of employees or the anticipated or estimated numbers to be employed
- For companies that are exporting: state the percentage (%) level of exports of total annual production and provide the associated dollar ($) 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
- 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.
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- 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
Explain the fees structure which is required for obtaining the certificate/document.
Explain the time until which the certificate/document is valid. e.g. Birth Certificate Valid Forever
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Ministry of Industry, International Business, Commerce and Small Business Development
Telephone: (246) 427-5270
Fax: (246) 431-0056
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Videos explaining the procedure or to fill the applications. Attach videos using the following tag <&video type="website">video ID|width|height<&/video&> from external websites. Please remove the "&" inside the tags during implementation. Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, sevenload, viddler, vimeo, youku, youtube width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed. e.g In the following url "http://www.youtube.com/watch?v=Y0US7oR_t3M" Video ID is "Y0US7oR_t3M".
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Please explain what are other uses of obtaining this document/certificate. e.g. Birth Certificate can be used as proof of identity.
- Ministry of Industry, International Business, Commerce and Small Business Development Website:
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