Registration of a commercial bank in Barbados is a profitable solution for business, especially for companies that are in conditions of active competition, or at a critical stage of development - creating a new product, entering new markets.
Sustainability and profitability
Barbados is a member of the Commonwealth, the head of state is the Queen of Great Britain, represented on the island by the Governor-General. The banking sector of Barbados is stable and highly profitable. Commercial banks in this jurisdiction are considered excellent financial intermediaries. They concentrate most of their real estate operations - the construction industry boom continues on the island. Obtaining a mortgage license in Barbados is very popular.
Barbados' traditional trading partners are Canada, the United Kingdom and the United States. About 75% of Barbados' international financial community is made up of Canadian companies.
Recent changes in legislation
Two years ago, a renewed Financial Institutions Act came into force in Barbados. It sets legal requirements for the licensing of financial institutions in Barbados and financial institutions providing international financial services. Such companies can license a bank in Barbados, the income of which is received in foreign currency. The law also provides for the licensing of financial holding companies in Barbados.
Only a qualified foreign bank that engages in banking or trust activities with foreign sources can obtain a banking license in Barbados. The Ministry of Finance is responsible for issuing licenses.
The Central Bank of Barbados has the right to audit financial institutions, which must prepare and submit financial statements on a quarterly basis.
If the registration of a banking institution in Barbados requires amendments to the licensee's constituent documents, the authority to approve the amendments must be transferred to the Central Bank.
In the interests of licensees
If you are planning to be licensed as a banking service provider in Barbados, it is useful to know that the new legislation contains provisions to preserve the interests of licensees.
It is possible to initiate legal proceedings in Barbados or obtain legal remedies under the relevant legislation in force before the update. If the licensee wishes to take advantage of the savings provisions, he must amend his memorandum of association.
Obtaining an international financial services provider license in Barbados requires compliance with the laws and guidelines established by the Central Bank, which may intervene to address weaknesses in the financial condition or operating practices of banks. The services of experienced legal professionals who are well versed in the law and have extensive experience in this jurisdiction will help to significantly speed up the licensing process.
Sign up for an individual consultation on the regulation of the banking sector in Barbados by contacting our company's specialists at the contacts listed on the website, or by filling out the application form below.
