Requirements for applications for approved small business status

The following documents are required to be sent to the Minister with respect to an application for approved small business status.

1. A completed Form 1 Application for Approved Small Business Status (for companies that have been operating for more than one (1) year) – to be typed in duplicate (No carbon copies accepted).

2. A completed Form 1A Application for Approved Small Business Status (for companies that have been operating for less than one (1) year) – to be typed in duplicate (No carbon copies accepted).

3. A copy of the Certificate of Incorporation, which includes the Articles of Incorporation (Submit in duplicate)

4. Where the business has gross assets or gross revenues which:

(i) Exceed $1,000,000 – the application must be accompanied an audited financial statement

(ii) Do not exceed $1,000,000 – the application must be accompanied by a Review Engagement for the financial year immediately preceding that in which the application is made

5. Where the business has been in operation for less than one (1) year, the application must be accompanied by a statement of financial projections for a period of three (3) years from an accounting organization or a qualified accountant.

6. A copy of each shareholder’s Share Certificate.

7. A Certificate of Clearance from the Director of the National Insurance Department.

8. A Tax Clearance Certificate from the Barbados Revenue Authority.

9. Where the nationality of origin of the director(s) and shareholder(s) of the applicant company is Non-Barbadian but the said persons are citizens or permanent residents of Barbados, the application must be accompanied by proof of such status as granted by the Chief Immigration Officer.

10. A company profile detailing what the business does.

NB

The completed application form and accompanying documents must be submitted to the Ministry of Energy, Business Development and International Business.