Since our previous update in May, Barbados has continued to work with the Organisation for Economic Cooperation and Development (OECD) to complete all required changes with respect to the Base Erosion and Profits Shifting (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 Barbados has concluded its negotiations, amended or repealed certain preferential regimes and has now updated its Economic Substance legislation and issued Guidelines in support.
Kindly note, therefore, that the Business Companies (Economic Substance) Act, 2018-41 has been repealed. In its place, the Companies (Economic Substance) Act, 2019-43 was passed effective November 29, 2019 and the Barbados Economic Substance Guidelines were issued on December 4, 2019.