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International Societies with Restricted Liability
This is very similar to what is known in the US as a Limited Liability Company (LLC). Characteristics of an ISRL are:
- It has a full judicial personality.
- It can have a life of up to 50 years.
- It has limited liability.
- It may be recognized as a partnership or a corporation depending on the nature of its organizational documents.
To qualify for special Barbados tax benefits, an ISRL:
- Must continuously maintain a registered office and agent in Barbados.
- Must have a minimum of two members.
- Cannot acquire or hold land in Barbados, other than that required for its business by way of a lease or tenancy agreement for no longer than the period of the duration of the Society.
- Cannot transact business with any person resident in the CARICOM region.
- Contributions to capital may be made in cash or other property but not services.
- It is not dissolvable on the death of a member except where the articles specifically so provides.
Benefits include:
- The benefits for an ISRL are identical to those for an IBC, except that the tax and duty exemptions are guaranteed for 30 years.
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