08 June 2021

Are you responsible for a company which is governed by the laws of Barbados? If so, have you made arrangements for filing an annual return, if applicable?

Every company governed by the laws of Barbados, except for the exempted entities mentioned below, is required to file an annual return with the Registrar of Companies in the prescribed form together with the required supporting documentation.

Note that the filing deadlines occur at two different points in the year, depending on the date of incorporation of the company. A company incorporated between the 01 January and 30 June is required to file an annual return no later than 30 June; and a company incorporated between 01 July and 31 December in any year, shall file its annual return no later than 31 December in every succeeding year after incorporation.

Failure to comply with these requirements will result in a company being liable to a penalty of BD$10/US$5 per day not exceeding BD$3,000/US$1,500 payable to the Registrar for every day during which the default continues. Every director and officer of the company who knowingly and willfully authorises or permits the default is also liable to that penalty.

In addition, the Registrar may strike off the register a company that neglects or refuses to file an annual return.

Exempted Entities

Note, however, that the following entities are exempted from the requirement of filing of annual returns:

• an exempt insurance company;
• an international business company;
• an international society with restricted liability;
• an international financial services entity;
• a private trust company;
• a foreign sales corporation;
• an entity that holds a valid foreign currency permit; and
• a company, the gross revenue of which, as shown in the most recent financial statements exceed BD$1 million/ US$500,000.

Should you require our assistance with the requisite filings of the annual returns, our team stands ready to support you.

Feel free to reach out for our assistance at info@ft-legal.com.