Businesses urged to meet beneficial ownership deadline

Business owners are being urged to file their beneficial ownership information before the November 30 deadline as efforts continue to boost compliance across Barbados. Speaking at a Beneficial Ownership clinic at Christ Church Foundation School on Saturday, Wainelle Alleyne-Jones, head of business facilitation and advisory services at Business Barbados, said the weekend sessions have been receiving a positive response. Business owners turn up at the Christ Church Foundation School to be registered ahead of the November 30 deadline for the Business Ownership registry (Photo by: Ricardo Roberts) “The clinics have been going pretty well,” Alleyne-Jones said. “We know it is sometimes difficult during the work week for business [owners] to… get to our offices so we thought that we would take advantage of the clinics, put on as many as possible before the filing deadline and make it as accessible as we can.” The clinics are aimed at helping businesses with annual gross revenue of less than $1 million complete the filing process. Alleyne-Jones said companies are often more willing to comply once the requirements and their purpose are clearly explained. Head of Business Facilitation and Advisory Services, Business Barbados Wainelle Alleyne-Jones (Photo by: Ricardo Roberts) “We know that regulation sometimes can be a little bit difficult. It is technical, but once we’re able to explain in a way that people understand what it is that we’re asking and we also explain the why of what we are doing, we find that our companies tend to be willing to come forward and be compliant,” she explained. To assist applicants, Business Barbados has developed a checklist of the required documents. Persons filing on behalf of incorporated companies must provide valid government-issued identification for each beneficial owner, proof of address dated within the past three months, taxpayer identification numbers (TINs) and documents verifying company ownership. Officials also stressed that not all businesses are required to file beneficial ownership information. Sole traders operating under registered business names are exempt, while incorporated companies, societies with restricted liability and limited partnerships are required to comply. Business owners are urged to ensure that they are registered before the month-end deadline (Photo by: Ricardo Roberts) Alleyne-Jones said the process is important not only for local regulatory requirements but also for meeting international standards established by the Financial Action Task Force (FATF), helping Barbados maintain the progress made since its removal from the FATF grey list in 2024. Additional clinics are planned in the coming weeks, including sessions at Alexandra School and the Warrens office tower. (RR)