Business Travellers

Exempt Insurance Companies

To qualify, a company:
- Must be incorporated in Barbados with a minimum capital of US $125 000.
- Must have at least one director who is a resident of Barbados and cannot own shares in the company.
- Cannot insure risks originating in Barbados or risks of local residents.
- Must have all shareholders resident outside the Caribbean Community.

There are many incentives that make it very worthwhile for companies seeking to establish an exempt insurance company in Barbados. These include:
- 0% rate of tax on profits for the first 15 years and 2% on the first $250, 000 of profits.
- Exemption from withholding taxes.
- Exemption from exchange control.
- Tax concessions for specially qualified persons whose services are required by the business.
- Re-domiciliation provisions.
- Convention expenses allowed by U.S. authorities.

Qualifying Insurance Companies

Companies involved in international insurance business are allowed to register under Barbados’ domestic insurance legislation as Qualifying Insurance Companies (QICs). A QIC can be owned by residents of Barbados and insure a certain amount of local risk.

There are multiple incentives available to QICs registered in Barbados. This includes:
- Where at least 90% of its premiums originate outside of CARICOM and at least 90% of its risks insured are also located outside of CARICOM, tax concessions are available.

- A tax credit of up to 93% is available where premiums originate outside of CARICOM.
- Exemption from withholding taxes.
- Exemption from exchange control.
- Tax concessions for specially qualified persons whose services are required by the business.
- Re-domiciliation provisions.