Now that you have incorporated your business, how do you open a Business Bank account in Barbados? Many business owners complain that they need assistance opening business bank accounts in Barbados.
Below, we have detailed some of the standard information you must submit. Please note that this list is not exhaustive, as most banks also have their account opening forms that need to be completed.
N.B. Additionally, the Bank may require additional information specific to their needs or your financial situation.
Let us get to it:-
1. Two (2) pieces of valid identification (Passport preferably, Driver’s License or National ID Card) for each Signatory/Director. If your chosen IDs will expire within 6 months, the bank might refuse to accept it and insist you renew before the application is received.
2. Proof of address for each Signatory/Director (Utility bill or Bank Statement, independent of the bank at which you request the Bank Account be opened). Most of the time, this should be within 3 months of submission.
3. Proof of address for the business (Utility bill or bank statement, independent of the bank at which you request the account to be opened).
4. Information about the business (e.g. Price list/Menu list, Pamphlets, Flyers, Rent Agreements, Business Plan (if available), Name of client/customers/suppliers, Sample Invoices, Business Opening/Closing hours, etc.).
5. If the business has been operating for more than one year, we require the Annual Return (from corporate affairs) or financial statements for the company and financial projections.
6. Registration Documents from Corporate Affairs are as follows;
a) Corporations – Certification of Incorporation, Notice of Directors or Notice of Change of Directors, Notice of Address or Notice of Change of Address, Request for Name Search & Name Reservation, Articles of Incorporation, By-Laws, and Share Register & Share Certificate(s)
b) Sole Proprietors & Partnerships – Certification of Registration & a copy of the Application for Registration, which lists the ownership and address of the business.
For partnerships, if no share certificates are issued and the company is not equally owned by all principals, a letter indicating the percentage of ownership must be signed by all principals.
c) Clubs (only registered) – A letter from the governing body or elected board, addressed to the Manager of the Bank, stating their interest in opening a business account, the organization’s purpose, and the account’s signatories. In addition, a copy of their meeting minutes will be provided, which will state who the elected members of the club are (President, Treasurer, etc.).
d) Charities (only registered) – Constitution, By-Laws & Certificate of Registration, which lists the trustees and a letter from the organization identifying the signatories and the purpose of the account.
Assisting with opening business bank accounts in Barbados
If you have any questions, please do not hesitate to contact us at support@afbconsultingservices.com. We provide full assistance in opening bank accounts in Barbados, as well as merchant services or any other banking services required in Barbados.
By having someone on your side who can help complete the bank’s forms and provide quick responses to the bank’s questions, we can cut down the time required to open a bank account in Barbados.