03 February 2025
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.
EXTERNAL COMPANIES
An external company shall, not later than the first day of April in each year after the date of its registration, send to the Registrar an annual return in the prescribed form containing the prescribed information made up to the preceding thirty-first day of December and accompanied with the prescribed fees.
A director or officer of the external company must certify the contents of any return made under this section.
Failure to comply with these requirements will result in a company being liable to a penalty of BD$10/US$5 payable to the Registrar for every day during which the default continues and every director and officer who knowingly and wilfully authorises or permits the default is also liable to that penalty.
The Registrar may strike off the register an external company that neglects or refuses to file an annual return.
DOMESTIC COMPANIES & COMPANIES HOLDING FOREIGN CURRENCY PERMITS
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, is required to file an 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 per year, 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:
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.