10 May 2021
On May 7, 2021, the Ministry of International Business and Industry sissued a reminder that ALL Grandfathered international business companies (“IBCs”)_ and international societies with restricted liability (“SRLs”) will cease to be grandfathered after June 30, 2021 and the benefits attaching to such status will no longer be available.
Consequently, applications for a Foreign Currency Permit (the “FCP”) for such IBCs and SRLs must be submitted to the MIB expeditiously in order to be approved in time June 30, 2021.
Any entity governed by the laws of Barbados which earns 100% of its income in foreign currency eligible to apply for an FCP. The FCP is useful because it confers a number of benefits, including:
An application for an FCP must be made on behalf of an entity by a licensed service provider. In addition, its corporate services must be administered by a licensed corporate service provider.
We can assist in such regard and facilitate the provision of the required services through our affiliated entity, FT Corporate and Fiduciary Services Ltd., which is licensed and offers registered office and annual maintenance services.
Our team would be happy to assist you with this process. Feel free to reach out to us at email@example.com. We are here to support and guide you.