1) Summary of Major Incentives Companies Manufacturing For Export International Business Companies Licensee Financial Services Act Nil for 15 years 1. Tax rate Exempt Insurance Companies 0%* 2.5 to 0.25% International Trusts 2.5 to 0.25% International Society with Restricted Liability 2.5 to 0.25% 35% on income remitted 2.5% thereafter 2. Withholding tax on: Dividends no no no no no no Interest no no no no no no Royalties n/a n/a no no no no 3. License required no yes yes yes yes no 4. Exemption from exchange controls no yes yes yes yes yes 5. Exemption from duties on imports yes no yes yes yes no 6. Required to file financial statements with regulatory agency yes yes yes yes yes no 7. Financial statements open to public no no no no no no 8. Exemption from taxes & duties on sale of securities or assets yes yes yes yes yes n/a 9. Incorporation in Barbados required yes no no no no n/a 10. Local Director required no yes no yes no n/a * The tax rate is 0% for the first 15 financial years with an annual license fee. Thereafter, a 8% Corporation tax rate will apply on the first US$125,000 of taxable income and then 0% on the balance.