At BMSR we focus our attention on providing specialist services for international ship owners and managers.
Shipping companies incorporated outside of Barbados (foreign) may operate Barbados registered ships. The ship’s earnings are not eligible for Barbados tax.
Foreign shipping companies incorporated in Barbados have the opportunity to register Barbados tax assessments within the reciprocal taxation treaties existing between Barbados and other Countries.
Both incorporated and non-incorporated shipping companies are able to bareboat charter in and out of the Barbados Register.
No tax or social insurance is attached to the pay of sea staff.
There is no requirement for foreign companies owning Barbados registered ships to be incorporated in Barbados. Companies not incorporated in Barbados that operate Barbados registered ships are not liable for any Barbados tax.
Barbados’ Double Taxation Treaties
Barbados’ excellent track record, infrastructure and enhanced reputation have resulted in a number of international taxation treaties and bilateral agreements. These include: USA, Canada, Sweden, Norway, Finland, Botswana, Austria, Switzerland, CARICOM, Cuba, Venezuela, China, UK, Malta, Mauritius, Netherlands, Mexico, Seychelles, Luxembourg*, Ghana*, Panama*, Spain* and Portugal*.
Barbados’ Bilateral Treaties
Canada, Germany, Italy, Switzerland, Cuba, Venezuela, China, Mauritius, UK, Belgium, Luxembourg and Ghana*.
* Awaiting ratification
Barbados presently has 18 Double Taxation Agreements and 10 Investment Treaties in force, plus others awaiting ratification or final agreement. For ship and yacht owners/managers, Barbados therefore offers not only an opportunity to register vessels but an excellent opportunity to incorporate their businesses and vessel owning companies.
Barbados presently hosts the Head Offices of many large international organisations, across a range of industries and is perfectly suited to do the same for the maritime industry.
