Who
we are.
Who
we are.
Navigating
Barbados' Economic Substance Act
Our Mission
To provide trusted, tailored investment solutions for high-net worth individuals and institutions
Our Values
Client Focus, Integrity, Teamwork, Excellence
Views From
The Summit
A series of informative interviews.
Barbados’ Economic Substance Act (ESA), in effect since January 1, 2020, stipulates that any company wanting to be treated as “resident” in Barbados, and so benefit from its tax structure, must demonstrate “economic substance”.
In essence, this means your business must be directed, managed and controlled in Barbados. In practical terms, this means it must occupy and operate from permanent offices, hire the necessary number of managers and employees with the requisite skills, and keep its minutes and records here in Barbados.
There is an annual economic substance filing with stiff penalties for non-compliance.
We Can
Help
The Summit Approach
The good news is Summit Asset management can help you comply with the ES Test requirements and run your business smoothly.
The Act allows companies to outsource some or all of its relevant activities – and this includes Core Income Generating Activities (CIGAs) – to a third party in Barbados. Because of our experience in dealing with subsidiaries of global multinationals, including a number of Fortune 500 companies, Summit is well qualified to fulfil the role.
Here are some of the services we have tailored for clients:
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Portfolio Management of Loans and Receivables
Summit will act as your loan and receivables manager. We will manage loan note receivables from companies within a Group. We will also provide a suitably experienced finance executive to perform loan analysis and set out the rationale for new loans. These resources are based in Barbados.
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General Manager/Managing Director
We will provide qualified directors or managers who will coordinate with Group entities as well with as other service providers for tax, legal and accounting matters.
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Turnkey Office Leases
If you need office space, we can lease you a turnkey, fully managed office for your Barbados operation.
“We have worked with Summit Asset Management for some years now in various capacities for our Barbados company. They have proven themselves professional and efficient with excellent client service. In particular we confirm we are very satisfied with Summit Asset Management’s work with respect to assisting us in complying with the Barbados Economic Substance requirements. They are knowledgeable and have provided solutions to help resolve various issues arising for us from the changes in the Barbados legislation and ensure compliance.”
VP & General Counsel, Americas
[NYSE listed Global Company]
A Message From Our
Founding President
Welcome to Summit Asset Management
Our core expertise of asset management makes us uniquely positioned to help you with your Economic Substance needs. We’ve been managing assets in Barbados since 2006 and have a wealth of experience we’d be pleased to share with you, as we are already doing with a number of globally listed companies with subsidiaries in Barbados.
With a team of 10 highly qualified employees and consultants (all based on island), we’d be delighted to learn more about your requirements and tailor a solution for your Barbados operation
John M. Howard,
President ACA, CFA