In this article, we’ll discuss how to open a business bank account in Barbados. This will include important information about which businesses qualify, the types of accounts available, and why you may want to consider banking elsewhere.
Needless to say, business banking options in Barbados depend on the activities of your business, where your business is registered, where it operates from, and several other key factors.
This article is part of our free series on how to establish a banking portfolio in Barbados, which you can access by clicking here right now.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- How to Open a Business Bank Account in Barbados
- Can a Foreigner Open a Business Bank Account in Barbados?
- Benefits of Business Banking in Barbados
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
How to Open a Business Bank Account in Barbados
Opening a business bank account in Barbados is almost exclusively reserved for commercial entities seeking tax efficiency and commercial banking facilities. The attractiveness of Barbados as a business banking hub stems from the 40 double tax agreements (DTAs) that the country has in place.
That said, there are challenges when banking your business in Barbados as well, including issues that can arise from banking in a country that is on the list of jurisdictions under increased monitoring by the Financial Action Task Force (FATF).
Being included on this list, otherwise known as the “FATF greylist” can negatively impact sending and receiving international transfers, resulting in enhanced due diligence specifications, stricter Barbados banking requirements, and other administrative burdens for prospective clients.
That said, banking in Barbados can still offer a wide range of benefits to prospective clients, especially those from one of the 40 countries with a Barbados DTA. And, businesses looking to bank in Barbados in order to capture specific benefits are unlikely to be deterred by additional paperwork requirements to send international transfers.
With this in mind, each bank in Barbados has its own account opening procedures, document requests, and deposit requirements that need to be met. Importantly, opening procedures will vary depending on the type of company, jurisdictions involved, potential transaction activity, if you need to send money to Barbados, and other variables.
In the following sections of the article, we’ll share how you can find registered financial firms and a list of banks in Barbados that actively accept foreign businesses and those that allow remote opening.
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Can a Foreigner Open a Business Bank Account in Barbados?
Yes, a foreigner can open a business bank account in Barbados. In fact, most foreign non-resident companies with foreign owners can open bank accounts in Barbados if they have qualifying business activities, operations, and turnover.
That said, the majority of financial firms, including the best banks in Barbados, do not accept foreign and non-resident companies. Instead, these companies will need to consider opening accounts with international banks that offer Barbados offshore banking and that cater to these specific businesses. That said, when banking here as a foreign non-resident individual or company, it’s important to consider your comfort with financial exposure, banking risks in Barbados, and the restrictions your account may have before applying. But also, the bank account expenses and other costs to banking in Barbados. This is because depending on your desired banking services, your deposit level, and whether or not you need to hold Barbadian Dollars, the currency of Barbados, other banking jurisdictions may be more suitable.
Let’s take a closer look at the type of businesses and structures that can bank in Barbados.
Clients That Can Open Barbadian Corporate Bank Accounts
- Non-resident operating companies
- Barbados corporations
- Barbados foundations & wealth management structures
- Offshore entities & wealth management structures
Of course, it is worth noting that each bank in Barbados will have its own onboarding process and specific entities and business activities that they accept. With this in mind, it’s important to confirm whether each bank’s requirements match your company before applying to open a bank account in Barbados.
Unfortunately, accessing this level of information is extremely difficult. In fact, even when contacting banks, many bankers are unaware of the compliance requirements and restrictions that applicants may face.
Benefits of Business Banking in Barbados
The benefits of business banking in Barbados ultimately depend on your specific client profile and the corporate financial support and Barbados-specific banking services your company requires. In other words, the industry you operate in, where your business is located, why you want to bank in Barbados, and any additional corporate banking services you require.
Of course, not all banks here offer the same corporate financial perks and benefits when banking in Barbados. So, it’s important to consider the exact benefits you are looking for prior to applying for a Barbados corporate account. You can do this by using the information available in the GlobalBanks IQ Database or by accessing bank-specific information from our advanced international banking reports.
Benefits of Opening Offshore Company Bank Accounts in Barbados
- Several large international banks to choose from
- Strong tax treaties with more than 40 countries
- Commitment to international regulatory standards
- Offshore company tax rate: 2.5%
- Captive insurance company tax rate: 0%
- Barbados offshore trust tax rate: 0%
- Educated and English-speaking staff at banks in Barbados
Frequently Asked Questions
Below are a few of the most common questions we receive from people exploring how to open a business bank account in Barbados. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can a Foreigner Open a Business Bank Account?
Yes, a foreigner can open a business bank account in Barbados. Of course, whether Barbados is the best jurisdiction for you and your business will depend on the type of business you have, where it operates, your residency and citizenship, and many other factors. With this in mind, it’s important to select a bank that matches your business’ client profile and banking requirements.
Can a Foreigner Open a Bank Account in Barbados?
Yes, a foreigner can open a bank account in Barbados. In fact, foreigners can open business accounts, private accounts, customized deposit accounts, or personal bank accounts in Barbados. That said, bank selection is an important step as not all banks offer the same banking services and have the same account opening requirements. This is especially true for foreigners looking to open asset management accounts to access private banking in Barbados.
What Requirements Do I Need to Open a Business Bank Account?
The requirements you need to open a business bank account in Barbados depend on the bank you apply with and your business’ client profile. Generally speaking, most of the giant financial firms and the largest banks in Barbados will require you to complete the bank’s application paperwork, submit certified copies of corporate filings, provide copies of government-issued identification and related proofs for each shareholder and director, submit company financials, and more.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus, FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.
