Special Alert – IBU Demo

Order CV 193 of 2021 (Iran)

International Business Unit — Fri, 09 Apr 2021 18:39:25 +0000

IN THE MATTER OF A WITHOUT NOTICE APPLICATION by the Director of Public Prosecutions of Barbados for a Counter Proliferation Order under section 10B of the Anti-Terrorism (Amendment) Act, 2019-34 AND IN THE MATTER OF the United Nations Security Council Resolution 2231(2015) and the related Sanctions Committee List with respect to Iran

For FULL details please download Order CV 193 of 2021 (Iran)

Order CV 192 of 2021 (North Korea)

International Business Unit — Fri, 09 Apr 2021 18:34:01 +0000

IN THE MATTER OF A WITHOUT NOTICE APPLICATION by the Director of Public Prosecutions of Barbados for a Counter Proliferation Order under section IOB of the Anti-Terrorism (Amendment) Act, 2019-34

AND IN THE MATTER OF the United Nations Security Council Resolution 1718 (2006) and the related Sanctions Committee List with respect to the Democratic People’s Republic of North Korea (DPRK)

Download the Full details of Order CV 192 of 2021 (North Korea)

IBU continues to facilitate the Applications and the delivery of Certificates and Permits for CTSPs

International Business Unit — Wed, 03 Feb 2021 16:01:28 +0000

As Barbados enters a period of National Pause, the Ministry of International Business and Industry prays safety and protection for you, your families and colleagues.
During this period of pause (February 18th – 28th, 2021), the Ministry will facilitate the submission of Applications and the delivery of Certificates and Permits as follows:
❖ All applications, of whatever type, which are 25 pages and over in size are to be left in the drop box provided for such purpose on the ground floor of Baobab Tower, Warrens, St. Michael.
❖ All applications under 25 pages may be filed electronically. Kindly email Ms. Shelley Blades at Shelley.Blades@barbadosbusiness.gov.bb for instructions and access to your personalized folder on IBU’s SharePoint platform in order to facilitate filing.
❖ All payments are to be made via the EZ Pay portal.
❖ Upon completion of examination, temporary Certificates and Permits will be emailed to you. The original can be collected after the period of National Pause.
IBU thanks you for your cooperation in these matters.

Please be guided accordingly.

Kevin A. Hunte

Director, International Business

Feel free to download the details of how we are facilitating the application and delivery of certificates and permits for CTSPs here.

Notice to Grand-Fathered Entities

International Business Unit — Mon, 19 Oct 2020 02:41:53 +0000

“Savings of right and benefits
Notwithstanding the repeal effected by section 2, the rights and benefits conferred upon International Business Companies under the International Business Companies Act, Cap. 77 are saved or shall cease as is hereinafter provided:
an international business company that does not hold intellectual property assets but holds a valid licence issued prior to 17th October 2017 shall be entitled to receive its benefits until 30^th June 2021;
an international business company that does not hold intellectual property assets but holds a valid licence issued on or after 17^th October 2017 shall cease to be entitled to any benefits after 31^st December 2018;
without affecting paragraphs (a) and (b) an international business company that holds a valid licence issued on or before 30^th June 2018 and also holds intellectual property assets acquired after 17^th October 2017 but before 1^st July 2018 where the intellectual property assets were already benefitting from a back-end regime; or the intellectual property assets were acquired from an unrelated party the company shall be entitled to receive those benefits in respect of those intellectual property assets until 30^th June 2021.”
Pursuant to the above excerpt from the International Business Companies (Repeal) Act, 2018-40 (and an identical provision in the Societies with Restricted Liability Amendment Act 2018 – 47 with respect to International Societies With Restricted Liability) all companies/societies desirous of applying for a Foreign Currency Permit under the Foreign Currency Permits Act, 2018-44 please be advised as follows:

All Grandfathered IBCs and ISRLs will cease to be so grandfathered after June 30^th
All applications for the Foreign Currency Permit relating to the IBCs and ISRLs that were grandfathered and earn one hundred percent of their annual income in foreign exchange, must be submitted to the Ministry of International Business and Industry between June 1^st and June 15^th 2021 to ensure quick processing.
All applications will attract the usual fee as prescribed in the Foreign Currency Permits Act.
Where possible, applicants are encouraged to make payments utilizing Government’s EZpay Portal.
All applications must be accompanied by all required documentation in support pursuant to the Foreign Currency Permits Act.
All Foreign Currency Permits issued to these to be previously grandfathered entities will be dated July 1^st

Please be reminded that the economic substance requirements will be applicable to all of the now grandfathered IBCs and ISRLs from January 1^st 2021 providing that those grandfathered entities remain under the grandfathered regime for the remainder of 2020. Should any grandfathered entity surrender its grandfathered status between October 15^th and December 31^st 2020, the economic substance requirements will be applicable from the date of surrender.
Finally, kindly note that in order to continue to be eligible for benefits under the grandfathered regimes until June 30, 2021, please complete the Annual Form and pay the prescribed annual fee of (Bds$1,000.00) by December 31^st 2020. If the licensee fails to pay the prescribed annual fee by that time, the licensee should pay the prescribed annual fee (Bds$1,000.00) in addition to a pecuniary penalty for the late payment (equal in the amount of the annual fee $1,000.00) by 1st February of 2021. If the fee remains unpaid after 1st February of 2021, the licensee will not be considered as having its licence renewed and will no longer be under the rubric of the grandfathered regime.

Ministry of International Business and Industry
International Business Unit
October 15, 2020

Changes to the IBU’s Processes due to (COVID-19)

International Business Unit — Thu, 03 Sep 2020 01:31:25 +0000

Economic Substance
Concerns have arisen that measures taken to prevent the spread of COVID-19, such as restrictions
on travel and voluntary and mandatory social distancing, may cause difficulties for resident companies required to meet the economic substance test pursuant to the Economic Substance Act 2019-43.
Where resident companies’ operating practices have to be adjusted in response to the COVID-19 pandemic, for example, directors who would normally travel to Barbados to be physically present at board meetings, but are now avoiding travel, self-isolating or holding meetings virtually (or via telephone), the Director would not automatically regard this activity as failing to meet the economic substance test.
Resident companies that have adjusted their operating procedures as a result of COVID-19 should clearly record in their books and records, and particularly in board minutes for meetings, when directors have not been physically present due to implementation of such measures.
Resident companies are required to notify the Director of International Business in writing whenever circumstances arise as outlined above. This notification can be emailed to the Director at kevin{dot}hunte2{at}barbados.gov.bb or to the Deputy Director (Acting) at Sangene{dot}Watkins{at}barbadosbusiness.gov.bb.
Licensing and Payment of Fees
In the event that the Ministry of International Business and Industry relocates off-site due to COVID-19 measures, guidance will be issued on the processing of applications for Foreign Currency Permits in electronic format. On approval by the Director of International Business, licences, permits and certificates will be issued also in an electronic format.
Please be guided accordingly.
International Business Unit
Ministry of International Business and Industry
March 18th, 2020.

Licensing and Payment of Fees

International Business Unit — Thu, 02 Apr 2020 14:41:55 +0000

As a result of the recent progression to Stage 3 of the National Preparedness Plan for COVID-19, the International Business Unit will be working remotely and consequently, the following measures have been implemented to facilitate business continuity.
Applications for Foreign Currency Permits will be processed electronically, and electronic copies of Foreign Currency Permits will only be issued pending proof of payment via the Ez Pay Plus Portal for Registered Agents of the Corporate Affairs and Intellectual Property Office. This proof of payment must be emailed to shelley.blades@barbadosbusiness.gov.bb.
Kindly note that original Foreign Currency Permits will be issued to service providers subsequently.
All other applications for licences and certificates must be submitted electronically to commence processing. These submissions can be made to shelley.blades@barbadosbusiness.gov.bb.
However, due to the fact that no other payments for International Business Unit applications are facilitated by the Ez Pay Plus Portal, no final licences or certificates for any applications other than Foreign Currency Permits will be issued electronically at this time.
Please be guided accordingly.
The Director
International Business Unit
March 31, 2020