Barbados enjoys a positive image in the marketplace as a reputable International Business Centre of choice and has been successfully attracting Foreign Direct Investment for decades, particularly from Canada and the USA.  Barbados is the 5th largest destination for Canadian direct investment abroad, garnering Cdn $49.8 billion at the end of 2019 (Statistics Canada).

Reasons to invest

1.Facilitating Businesses of Substance

The establishment of businesses of substance that create jobs and contribute to economic activity has been a feature of Barbados’ international brand for several decades.

From inception, Barbados was deliberate in building its international business sector on the strong foundation of treaty-based agreements that included provisions for the exchange of information.

2. Business-friendly

One of the attractive features of Barbados’ business landscape is its enabling climate. Barbados offers a well-regulated, transparent and supportive environment for business.

Competition is enhanced by transparent policies and effective laws. Starting and operating a business is straightforward and free from burdensome regulation.

3.Human Resources

A distinct competitive advantage of Barbados is its excellent human resources. Barbados’ world class educational system produces a highly skilled, English-speaking work force comprising approximately 138,900 people (Barbados Statistical Service).

Investors can readily access the services of tax advisors, reputable international banks, global accounting firms, lawyers and management companies offering the full range of corporate services. 

4.Quality of Lifestyle

Barbados’ low crime rate provides a secure environment for residents to enjoy the country’s warm climate, pristine beaches, world class amenities and array of recreational activities.

5.Mature Jurisdiction

A strong feature of Barbados’ value proposition is its experience. Barbados has been a choice for global businesses since the mid 1960s.

Barbados has remained a trusted jurisdiction based on its proven track record for fostering the success of companies established here. As a result, many international businesses remain in Barbados and continue to be complemented by new entrants to the Barbados market.

6.Expanding Treaty Network

A major benefit gained from doing business in Barbados is having access to the country’s international trade agreements: Double Taxation Agreements (DTAs), Bilateral Investment Treaties (BITs), Tax Information Exchange Agreements (TIEAs). Barbados has an expanding network of double taxation treaties which offers certain advantages to investors that use Barbados resident entities to conduct business in other countries.

7.Political, Social and Economic Stability

Barbados enjoys an enviable international reputation for its outstanding record of social, economic and political stability. Barbados’ parliamentary system has been in existence since 1639, making it the 3rd oldest parliament in the British Commonwealth.

The country’s long-standing tradition of parliamentary democracy and the prudent management of the economy provide a stable foundation for business. Also, the country’s freedom from corruption rates highly – Transparency International’s Corruption Perception Index 2019 ranks Barbados as 4th in Latin America and the Caribbean, and 30th among 180 countries.

8.Attractive Value Proposition

Barbados also offers a range of efficient business structures through which international business can be conducted.

9. Well-Regulated

Barbados has established a robust regulatory framework for its business sector. Clear and effective legislation provides stringent guidelines for good governance which are in turn enforced by regulators in each sector. 

10.High International Ranking

Barbados’ performance in the international arena shows its dedication to maintaining a conducive business environment. Barbados consistently ranks highly among both developed and developing nations in several global indices covering areas of social, economic and financial importance.

Well respected international bodies including the United Nations, the World Economic Forum and Transparency International have recognised the economic and social positioning, and strides made by Barbados, Barbados’ high  rankings independently confirm the strength of  the environment.

11. Tax Regime

Tax Regime iconEffective 1 January 2019,  Barbados became one of the first countries in the Caribbean to converge its domestic and international tax rates, and to implement its revised tax regime, thereby fulfilling its commitment to be compliant with the Organisation for Economic Cooperation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) Action 5 Initiative. . Following are the Acts that have been repealed, amended and newly enacted, as well as key information on the revised tax regime.

12. Incentives

Incentives offers a series of incentives for various types of investment.

Our range of tax-efficient vehicles established by legislation provide excellent avenues through which to conduct global business while ensuring adherence to the highest levels of transparency and information disclosure. Some of the incentives available include, competitive tax rates, subsidised office space, exemption for import duties and other taxes and training grants.

Business opportunities

1.Insurance

Barbados has been attracting international insurance companies to its shores for decades. Barbados is ranked among the top ten captive domiciles globally (Business Insurance).

Effective January 1, 2019, Barbados revised its suite of legislation, and with regards to insurance, repealed the Exempt Insurance Act Cap 308A and amended the Insurance Act Cap 

2. Wealth Management

Wealth Management iconThere are many advantages when selecting Barbados as your location of choice for wealth management. Barbados has a diverse product offering available to investors who are looking for a safe and reputable location from which to manage investment 

3. Information and Communication Technology

Information and Communication Technology iconBarbados’ excellent infrastructure, outstanding telecommunications, highly literate and productive workforce and record of political stability, are just some of the factors making it an ideal location for Information and Communication Technology (ICT) operations.

4.Global Education Services

Global Education Services iconBarbados has grown in significance as an attractive location for global education services, and in particular, medical education, since the establishment of the American University of Barbados in 2012.

5. Global Banking

Global Banking iconBarbados is a well-established, global financial services jurisdiction. There are several benefits to establishing a bank in Barbados.

6.Manufacturing

Manufacturing iconBarbados offers an excellent location from which to manufacture high end products. The island is ideally suited for niche manufacturing products that require a world class infrastructure including excellent air and seaport facilities, as well as a highly educated and skilled work force.

Investment opportunities include:

• Medical supplies
• Optical devices
• Printing and publishing
• High fashion apparel
• Leather items
• Electronic components & sub-assemblies
• Jewellery
• Agro-processing
• Pharmaceuticals

7. Other Industries

Other Industries iconThe government of Barbados is also actively encouraging the development of other industries

Given Barbados’ competitive advantages, the government is actively encouraging the development of the following sectors over the medium to short term: 

• Renewable energy
• Digital technologies
• Medical tourism
• Medicinal cannabis
• Headquarters and holdings companies
• Global asset management. 

8.Ships’ Registration

Ships’ Registration offers ship registration through its ‘whitelisted’ high-quality open ship registry headquartered in London.

In 1970 Barbados became a member of the International Maritime Organization (IMO).  The IMO was established by Convention in Geneva in 1948.  Its “main task has been to develop and maintain a comprehensive regulatory framework for shipping and its remit today includes safety, environmental concerns, legal matters, technical co-operation, maritime security and the efficiency of shipping.”

Invest Barbados

From Barbados: 1-246-626-2000

From Canada: 1-647-977-5996

From USA: 1-347-433-8942

From UK: +44 (0) 203-318-9036

Fax: 1-246-626-2099E-mail: info@investbarbados.org