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A person who is representing a company, a partnership or co-operative society, must have at least 30 percent of the company, partnership, or co-operative society owned by a citizen, permanent resident, person with immigrant status or a citizen of a CARICOM Member State to apply for a licence to participate in the local medicinal cannabis industry.
There are some key things that individuals must know before starting their own business:
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All businesses MUST register with The Corporate Affairs and Intellectual Property Office (CAIPO) located at 7th Floor, Baobab Tower, Warrens, St. Michael. You can register your business as a sole proprietorship, partnership, cooperative or a limited liability company. (For more information, click here.)
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In order to register as a sole proprietorship, you will need to select a business name which is acceptable to the Registrar.
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A partnership agreement must be signed by you and your partner(s) to register as a partnership.
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To register as a cooperative or a limited liability company, you should first consult an Attorney-at-Law.
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You should also register your business’ trademark or brand name with CAIPO.
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All businesses must register with the National Insurance Department, Sir Frank Walcott Building, Culloden Road, St. Michael, where you will be issued with an employer’s national insurance number.
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All businesses must register with the Barbados Revenue Authority, where you will be issued with an Employer’s Income Tax number.