Business Travellers

International Banks

To qualify, the company:
- Must submit details of the proposed bank to the Central Bank of Barbados for approval.
- Should be a company incorporated under the Companies Act of Barbados as a company limited by shares.
- Must restrict its business activities to offshore banking from within Barbados.
- Has to include among its directors at least one resident citizen of Barbados.
- Must seek approval from the Ministry of Finance prior to its incorporation.
- Must have a licence before engaging in banking.
- Must show that they are an eligible company or a qualified foreign bank.
- Must show that they are capable of attaining the minimum capital requirement of US $500, 000 for residents and US $125,000 for non-residents.

The Barbados government offers many benefits and incentives, which have contributed to making the island a leading financial services hub. These include:
- Low taxes on banking profits on a sliding scale, with a maximum of 2.5%.
- No other direct tax or capital gains tax on the profits of the bank.
- No taxation on distribution to a non-resident person or other licensee.
- Exemption from customs duty on equipment brought in for the use of the business.
- Rates of interest are not controlled.
- Agreements or guarantees by the Minister regarding the future taxing of a licensee.
- Tax concessions for specially qualified non-residents whose services are required by the bank.