| The grant of a franchise
licence by the Minister of Finance to facilitate the operation of a business
under franchise is granted in accordance with the Franchises (Registration
and Control) Act, Cap 179 A of the Laws of Barbados. |
|
Application
forms for the grant of a licence to operate a business under franchise
may be copied from this website or may be collected from the Ministry
of Finance.
|
| The application must
be accompanied by the following: |
| -
Notarised copy of the franchise agreement; |
| -
Projected Income Statement for each of the first two years of the proposed
operation or where the enterprise is already in operation, audited Statements
for the past 2 years of the Company's operation; |
|
-
Other relevant details
|
| A Notice of the proposed
operation is published in the local newspapers and the Official Gazette.
The public is invited to forward objections to the Permanent Secretary,
Ministry of Finance within 21 days of publishing. |
| The decision of the
Minister of Finance is formally communicated to the applicant. |
| Where the decision
of the Minister of Finance is positive, applicants are required to pay
a $10,000.00 licence fee to the Treasury Department before the formal
licence is issued. |
| The licence is valid
for one (1) year and becomes due for renewal every year on the anniversary
date of the licence. |
| |
