The Corporate Affairs and Intellectual Property Office (CAIPO) is a governmental agency in Barbados in charge of various aspects of industrial property rights affairs including patents, trademarks, and industrial designs. It is a division of the Ministry of Industry & International Business. The country ranks as one of the top countries where the greatest number of foreign patents are legally based. CAIPO is entrusted with the handling of legal issues pertaining to Barbados’ Country Code Top Level Domain (ccTLD), .bb and second-level domains including; .co.bb, .com.bb, .net.bb, .org.bb, .info.bb, .store.bb, .tv.bb, .biz.bb .
Corporate affairs in Barbados are covered by the Acts which include; the Companies Act, Registration of Business Names Act, Bills of Sale Act, Small Business Development Act, Notarial acts, Public Documents Act, Pharmacy Act, Limited Partnerships Act, Registration of Newspapers Act, Trade Unions Act, Trademarks Act, Patents Act, and Industrial Designs Act. The CAIPO works hand in hand with the World Intellectual Property Organization (WIPO) and its subregional unit known as the Cooperation for Development Bureau for Latin America and the Caribbean at the international level.
All commercial entities, including foreign corporations, must first register with the Barbados Corporate Affairs and Intellectual Property Office (CAIPO).
To register an unincorporated business
It is simple to register an unincorporated business in Barbados and the whole process can be completed within two business days.
- Company name search is firstly conducted (this can be done online or by submitting a Name Search and Reservation Form to CAIPO, listing at least two names in order of preference). A company name reservation costs BDS$30.00.
- Apply registration form. After the name is acceptable, a certificate of registration is issued at a cost of BDS$104.00. The certificate remains valid until the principal file for business dissolution.
- Before commencing operations, the company should additionally register with the Barbados Revenue Authority, the Labor Department, and the National Insurance Department.
To register a regular business
- After registering the business name, the following steps are required to register a regular business;
- Business incorporation – Enlist the help of an attorney to complete and submit articles of incorporation to the Corporate Affairs and Intellectual Property Office (CAIPO).
- Obtain a license from the appropriate regulatory authority, for example, the Financial Services Commission for insurance firms or the Central Bank of Barbados for financial institutions.
- Incorporate the firm to comply with statutory requirements by completing the following:
- Barbados Revenue Authority: the CAIPO obtained the company registration number submitted to the Tax Administration Management System (TAMIS)
- National Insurance Department
- Labour Department
To register an external company
According to the Companies Act, an external company is defined as a corporation or unincorporated body founded under the laws of a nation other than Barbados. An external firm wishing to conduct business in Barbados must first register with CAIPO and pay the necessary registration charge of BDS$3,000.00. To complete the registration process, the company is required to submit a statement on the prescribed form (Form 28), along with the following documents;
- A statutory declaration signed by two of the company’s directors attesting to the accuracy of the statement’s particulars (given below).
- A verified duplicate of the company’s corporate documents.
- A statutory declaration signed by an attorney-at-law certifying compliance with this section.
- A Power of Attorney and Consent to operate as Attorney in the specified form (Form 30) authorizing a person listed in the power who is a resident of Barbados to act as the company’s attorney to accept service of process in all civil and criminal litigation and processes in Barbados, as well as any lawful notices.
Documents Required for Registering a Company in Barbados
- articles of incorporation/registration
- application for an FCP if revenues will be entirely in foreign currencies
- A director/statutory manager’s declaration that any money earned will be in foreign currency
- potential business names (minimum of two names in order of preference)
- address of the registered office
- specifics on the type of business that the company intends to conduct
- Minimum and maximum directorships (must be a minimum of one)
- Each prospective director’s full name and residential address
- The number of employees who will be required to obtain work permits and the positions they will hold
- complete information about each shareholder, including their residential address, business status, and so on.
- specific information on each director/manager, such as academic credentials, training, and experience.
- proof that no director/manager has ever been convicted of a criminal offense involving fraud, money laundering, or insider dealing in any jurisdiction, or has ever been investigated by a government agency. the regulatory body in any jurisdiction.
