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  • Barbados has repealed and replaced the Companies (Economic Substance) Act which was passed in 2018 (41 of 2018) was passed on November 27th 2019 and took effect on January 1st, 2019.  The new Act passed by Parliament took  effect on November 29th, 2019.  
  • The legislation identifies an economic substance test for companies based on: 
    • The type of business being conducted by the company (geographically mobile services).
    • The core business of the service being provided by the company.
    • The adequacy of the substance associated with the core business such as assets and employees. 
  • The subjects of the test are Barbados resident companies. 
  • The Director of International Business makes the assessment as to substance and reports it to the Barbados Revenue Authority and is free to share the information with foreign authorities in keeping with Barbados law. 
  • There is a requirement that qualifying entities must file annually a substance return. 
  • There is a maximum penalty of $300,000.00 for failure to meet the requirements of the test. 
  • The Government, along with passing the new Act has taken the opportunity to  issue Guidelines along with  the passage of the new legislation. 



On November 13, 2019, the Honourable Sir Marston Gibson, KA, Chief Justice of Barbados, heard an application filed by the Director of Public Prosecutions under Section 8(1) of the Anti-Terrorism (Amendment) Act, 2019-34 "the Act" for a:

  • Declaratory Order to have persons and entities listed on the list established and maintained by the United Nations Security Council 1267/1989/2253 Committee, listed as terrorists entities or other groups for the purpose of the "Act"; and


  • Freezing Order to immediately freeze property owned directly, indirectly or associated in any way to the listed entities.

The Orders were granted. 

Learn More

You can see the United Nations Security Council list here.