Although known for its tropical beaches that attract many tourists, Barbados has a lot more to offer. Until the 2000s, the economy depended mostly on the sugar industry. As it developed over the years, Barbados now has a mixed economy that brings high living standards. Specter of professional services satisfies the needs of the domestic and international business sector.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Sole proprietorship in Barbados
Barbados has a lot of potential for new businesses due to its excellent telecommunications, efficient air and seaports, and stable currency. It is a stable environment to establish and operate a new business. A sole proprietorship is a widespread business type in Barbados due to an easy establishment and possibility to grow and develop into other advanced business forms.
How to register a sole proprietorship
Registering a business in Barbados is a very straightforward process. The first place to look for registration is the Corporate Affairs and Intellectual Property Office (CAIPO), where you should. For registration of sole proprietorships, the only requirement is for you to choose a business name that is available at the Register and register for it. The trademark that you intend to use should also be registered. The fee for registering a business name is BDS $104. You can collect the business name certificate in 5 workdays.
Depending on the type of business you want to do, you should contact the authorities for additional licenses and permits that should be issued to you.
Business must be also registered at the National Insurance Department, where you will be issued a national insurance number.
