Barbados International Society with Restricted Liability Company (ISRL)

Societies with Restricted Liability (ISRL) can be licensed in Barbados as international societies under the Societies with Restricted Liability Act, Cap. 318B. the legislation allows for the creation of a true hybrid entity, which may be recognized as a corporation, a partnership or a disregarded entity for US tax purposes. An ISRL may not provide goods or services to residents of Barbados, nor may it acquire or hold land in Barbados other than land owned for its business held by way of a lease or tenancy agreement. The transfer of quotas (as the membership units are known) in a Society will not confer on the transferee the right to become a member or to participate in the management of the Society without the written consent of all the members.
Barbados International Society with Restricted Liability Company (ISRL) Key Features

1. Limited liability status
2. The legal rights and powers of an individual
3. A lifespan of 50 years
4. Automatic dissolution, as in partnership, on death of a partner
5. Quotas (the owners’ share in the company), have transfer provisions that limit the rights of the transferee to participate in the SRL without the agreement of all members

Barbados International Society with Restricted Liability Company (ISRL) Legal Requirements

Barbados ISRL	Corporate Details
General
Type of Entity	ISRL
Registered Office in Barbados	Yes
Share capital or equivalent
Standard currency	Barbadian dollar
Permitted currencies	Any
Minimum paid up	No minimum
Directors
Minimum number	One
Corporate directorship allowed	Yes
Shareholder
Minimum number	Two
Corporate shareholder allowed	Yes
Managers	One
Accounts
Requirements to prepare	Yes
Audit requirements	No
Requirements to file accounts	No

Barbados International Society with Restricted Liability Company (ISRL) Tax Treatment
Barbados International Society with Restricted Liability (ISRL) is exempted from taxes
Barbados International Society with Restricted Liability Company (ISRL) Duration for set up
Around 4 Weeks
Barbados International Society with Restricted Liability Company (ISRL) Distinctive Benefits

1. Barbados International Society with Restricted Liability Company (ISRL) has no capital gains tax and withholding taxes
2. Eligible for a foreign tax credit on taxes paid outside of Barbados to reduce taxes payable, once it does not reduce total tax payable to less than 0.5%
3. Exempt from taxes and duties on materials, machinery, plant and equipment intended for business use
4. Not subject to exchange controls on foreign currency
5. No minimum capital requirements
6. Incorporation is inexpensive and convenient

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