Barbados (BB)

Jurisdiction Overview

IDQuestionAnswer
236 *Is any formal registration required at all? Unknown
 Data Date: 2019

Notes

 
Prior to the enactment of the Foundations (Repeal) Act, 2019, the Foundations Act of 2013 did not require mandatory registration, "As with all other legal entities, a foundation must be registered with the CAIPO (s. 5 FA). The establishment of a foundation will not be complete until the founder, or a person who acts on behalf of the founder (subject to certain qualifications, as described below), has delivered to the Registrar: (i) a notarised copy of the charter of the foundation and (ii) a statement signed by, or on behalf of the founder, stating the address of the foundation’s registered office, the initial assets of the foundation, the secretary of the foundation, and information on the foundation council members (s. 6(1) FA). The charter of a foundation must include, inter alia, name and address of the founder(s) (and if the founder is a company, the number and place of registration of the company) as well as the manner of designation of the beneficiary or the identification of a person, body or class of persons by reference to which the beneficiary is to be ascertained (s. 8(1) FA). The charter will therefore include identity information on the founding member(s), but not necessarily on individual beneficiaries. Where the charter of a foundation provides for the adoption of by-laws, the by-laws may include provisions specifically identifying any beneficiary (s. 10(1) FA). However, as neither these provisions nor the by-laws themselves are mandatory, this information will not be submitted upon registration in every case" (GF 2016: 38).

Sources

Communication with Barbados Ministry of Finance, December 2019; Bill of November 2019 repealing the Foundations Act, 2013 (Act 2013-2)
 
https://www.step.org/jr-barbados
 
https://www.barbadosparliament.com/uploads/bill_resolution/1a2e80cb5cc4a6d5963ff1df828aabbb.pdf
 
http://www.step.org/very-modern-vehicles
 
Communication with Barbados' Ministry of Finance, 28 December 2019

Sources

According to Barbados' Ministry of Finance, "On November 27, 2019, The Parliament passed the Foundations (Repeal) Act, 2019 which repealed The Foundations Act, 2013-2." (Communication with Barbados' Ministry of Finance, 28 December 2019). Therefore, we conclude that private foundations are no longer available in Barbados. However, the Foundations (Repeal) Act, 2019 does not mention what will happen with all the private foundtations which are available already, so it's not clear if we can conclude that private foundations are no longer available in Barbados.