International Business Update

Since our previous update in May, Barbados has continued to work with the OECD to complete all required changes with respect to the BEPS initiative and in response to its' Action 5 thereof. Barbados has concluded its negotiations, amended or repealed certain preferential regimes and has now updated its Economic Substance legislation and issued Guidelines in support. Kindly therefore note that the Business Companies (Economic Substance) Act, 2018-41 has been repealed. In its place the Companies (Economic Substance) Act, 2019-43 has been passed effective November 29, 2019 and the Barbados Economic Substance Guidelines have been issued on December 4, 2019.

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