Page 51 - Caribbean-Central America Profile 2018

BARBADOS

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

Official Name: Barbados
Capital: Bridgetown
Nationality: Barbadian(s)
Official Language: English
Population (millions): 0.28 (2016 est.)
Size: 166.4 square miles
Currency: Barbados Dollar (BBD)
BARBADOS
Internet Domain: .bb
International Dialling Code: +1 246
BRIDGETOWN
Electricity: 110 volts/50 cycles.

COUNTRY OVERVIEW INVESTMENT INCENTIVES
Barbados offers a series of incentives for various types of investment. There is an extensive
q Barbados is largely made up of coral range of tax-efficient legislation through which to conduct international business while
formation, with a terrain that is generally ensuring adherence to the highest levels of transparency and information disclosure.
flat, with only a few gently rolling hills
to the north. Barbados is home to more than 4,000 transnational companies that are involved in activities
such as:
q The coral structure of the island acts as a
natural filter and the waters of Barbados • Information Technology and Communications Technology
are amongst the purest in the world. • Medical Transcription

q Bounded by the Caribbean Sea and the • Call Centres
Atlantic Ocean, Barbados enjoys north- • International Banking and Insurance
east trade winds all year which help to • International Trade and Commerce
keep the island cool.
• Treasury Management
q There are dramatic windswept beaches • Private Wealth Management
on the east coast and the calm azure seas
on the west. • Manufacturing
• Ships Registration
q The capital is Bridgetown.
Barbados has enhanced its legislative framework to facilitate the operation of offshore
Investors choosing Barbados as a preferred financial activities in areas such as banking, trusts, insurance and international business. The
business jurisdiction do so, among other key International Financial Services Entity Act (IFSA), 2002, which replaces the Offshore Banking
reasons, for its high reputation anchored on Act (OBA) 1980, has introduced new requirements and restrictions in relation to the regulation
the tenets of compliance, transparency and
consistency. Barbados enjoys a positive of international financial services from within Barbados. The dynamic feature of the IFSA
image as a reputable International Business is that a wider variety of entities can now be licensed under the IFSA, the most important of
Centre of choice and has been successfully which is the International Society with Restricted Liability.
attracting Foreign Direct Investment for
decades, particularly from Canada and the The Barbados Shipping Act, based on UK Merchant shipping legislation, provides for the
USA. registration of ships under the Barbados Flag. It is intended primarily for trade between ports
outside of the CARICOM region to or from but not within the states of the CARICOM. A
Companies looking to thrive in a highly ship must not be more than twenty years old to qualify for registration. Eligible ships include:
competitive global marketplace invest in Foreign-going vessels of at least 500 gross registered tons and Pleasure yachts, used exclusively
Barbados, to capitalize on the business- for pleasure, and do not carry passengers or cargo for hire or reward.
friendly environment, strong human capital,
high-quality infrastructure, tax advantages Barbados Maritime Ship Registry (BMSR) is amongst the world’s best ship registries and has
and investment protection. There are no been designated a “whitelist” flag by the Paris Memorandum of Understanding on Port State
restrictions on foreign ownership of business Control and is part of the US Coast Guard’s QUALSHIP 21 Programme designed to identify
enterprises and bureaucratic requirements quality controlled vessels visiting US ports. It is a reputable, high-quality open ship registry
are kept to a minimum. headquartered in London with excellent service. A wide range of internationally owned vessels
fly the Barbados flag including tankers, bulk carriers, containerships and yachts. The BMSR
offers low initial registration fees, low annual fees and low cost annual Flag State inspections.

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