General Overview. Offshore banking, offshore insurance business and shipping registry are well developed in Barbados, even though none of offshore sectors in Barbados can be considered as prevailing over other offshore jurisdictions.

Investment Incentives. The government of Barbados aims to develop manufacturing sector especially related to high technology. In order to create a favourable business environment for such companies, the government may offer a 15 years tax holiday, assistance with factories construction and logistics, as well as  special import duties rate of 0%. It has favourable legislation for offshore e-commerce companies’ formation.

Banking Sector. Offshore banking sector is well developed in Barbados. It is precisely outlined which activities an offshore bank in Barbados may be authorized to conduct, as well as what criteria an offshore company registered in Barbados must adhere to, in order to obtain a banking license. Banks of Barbados are free from exchange controls, but they are in line with international standards of anti-money laundering and good governance procedures.

Trusts. Offshore trusts in Barbados are created for asset protection and tax optimization purposes. Individuals are allowed to provide trustee services without obtaining a license, while a corporate entity is allowed to act as a trustee only if it has obtained a governmental license for this purpose.

 Insurance Sector. Insurance sector is highly regulated in Barbados, and all the entities engaged in insurance business must adhere to the specific organizational criteria, demonstrate financial solvency and obtain a governmental license. Offshore insurance business can be effectively managed from this jurisdiction.

Ship Registry. Different types of vessels may be registered in Barbados, by submitting all the necessary documentation. Shipping corporations are not residents in Barbados, thus are free of tax.