Barbados

AMAGOH Consulting & Financial Services, Barbados – Global Accounting Alliance Member

Economic Overview & Business Opportunities

Barbados, an island nation located in the continent of the Caribbean, is the 206^th largest nation in terms of land area – Barbados covers 430 square kilometres of land. As the easternmost isle of the Lesser Antilles in the West Indies, Barbados is the home to the population of around 0.3 million people. Its near shore cost-effective location has yielded geostrategic significance as one of the investment hotspots. On top of that, the country’s economic and political stability, investment friendly and well-regulated environment, are offering business opportunities in various sectors.

Barbados was one of the four founding members of the Caribbean Community (CARICOM) in 1973. Barbados also worked together with Guyana, Jamaica, and Trinidad & Tobago to establish the organisation then known as the Caribbean Community and Common Market – a successor to the Caribbean Free Trade Association (CARIFTA) of which Barbados was also a member. Ranked 132 among 190 economies in the ease of doing business (according to the latest World Bank annual ratings), Barbados is the wealthiest and one of the most developed countries in the Eastern Caribbean that enjoys one of the highest per capita incomes in the region. The Barbadian economy transformed from a nation depending on sugarcane cultivation (and related activities) to light industry and tourism. In addition, the offshore finance and information services are also the main drivers that have boosted the economic growth.

Why Investing in Barbados?

Barbados has been a haven of economic, social, and political stability since its independence in 1966. Barbados gains its traction as one of the favoured investment hotspots in the region due to its vibrant business landscape and investment climate. Barbados has a well-regulated, transparent environment that supports business growth. Often, foreign investors are impressed by the efficient and red-tape-free company incorporation process that enables them to establish their business easily. On top of that, Barbados also woos foreign investors with its supportive institutional framework for international business. Other than that, the well-educated and competent human resources in Barbados are among the competitive advantages of the country that attract investors.

Here’s a snapshot of reasons why Barbados attracts foreign investors.

1. Attractive tax benefits:
2. Duty-free importation of machinery and equipment.
3. Exemption from exchange control restrictions and import duties.
4. Zero-rated VAT.
5. Tax rates ranging from 0.5% to 2.5%.
6. Full repatriation of capital, profits, and dividends
7. Double taxation treaties
8. Training grants
9. Duty-free access to the US, Canada, and the EU
10. Support from Government-sponsored investment agencies
11. Barbados Tourism Investment Ltd. (BTI)
12. Barbados Investment Development Corporation (BIDC) operating under the Barbados International Business Promotion Corporation (BIBPC).

If you are looking forward to investing in a competitive environment, Barbados could be among the few countries that rank high in your bucket list. The Barbados business environment provides a slew of opportunities and support to both foreign and local investors prepared to invest for the long-term and sustain national objectives.

Allison Skeete
General Manager