Doing business in Barbados.The U.S. Dept. of Commerce has produced a 66-page Country Commercial Guide which offers helpful information on doing business in or with Barbados. Excerpts follow. If you wish to read the complete report, Email me (email@example.com). I'll Email it to you as a file attachment See e-mail attachment. .
Barbados, the easternmost Caribbean island, is an English-speaking country, 21 miles long by 14 miles wide, with around 275,000 inhabitants
The game is based loosely on the concepts from SameGame. and a labor force of 148,000.
Stable Democratic Government: Barbados enjoys a longstanding democratic tradition and a strong commitment to the rule of law and political and economic freedom.
Solid Economic Performance: The tourism-based economy grew by 4.1% in 2005. Inflation rose to 4.0%, and unemployment fell to a record low of 8.5%. Net International Reserves increased after a steep drop in 2004. Tourism was down, but the economy grew, driven by 17% growth in construction and strong performance in other sectors. Most observers expect a similar economic performance in 2006.
Strong US Market Share: The US runs a trade surplus with Barbados and 40% of Barbados' imports come from the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. .
High Level of Development: Barbados has a per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. annual income of around US$12,000 and rates extraordinarily well in human development, with a highly educated population and good health standards.
Stable Monetary and Fiscal Policy: The exchange rate with the US dollar has remained at B$2 to US$1 for over 30 years. Government has kept spending in check with fiscal deficits of around 1.7 and 2.5% of GDP GDP (guanosine diphosphate): see guanine. for 2005 and 2004. The Caribbean is one of the most indebted regions in the world, and Barbados is no exception, with a debt to GDP ratio Various debt to GDP ratio can be calculated. The most commonly used ratio is the National Debt divided by the Gross Domestic Product (GDP).
The ratio can also be calculated by dividing total debt by the Gross Domestic Product (GDP). nearing 88.0%.
Relatively High Tariffs: Tariffs are high, but over the past few years, Barbados has lowered its tariffs and simplified its tariff system to fulfill its WTO See World Trade Organization. obligations. The Government grants duty-free privileges for many international businesses and tourism enterprises.
Unofficial Investment Barriers: The economy is small and new enterprises that compete with entrenched en·trench also in·trench
v. en·trenched, en·trench·ing, en·trench·es
1. To provide with a trench, especially for the purpose of fortifying or defending.
2. local establishments, especially in the retail and restaurant sector, may face a de facto [Latin, In fact.] In fact, in deed, actually.
This phrase is used to characterize an officer, a government, a past action, or a state of affairs that must be accepted for all practical purposes, but is illegal or illegitimate. veto of their license. Importers of U.S. ice cream and poultry products, and franchisees interested in establishing a McDonald's, Little Caesar's, and Subway have all been blocked entry to the Barbados market.
Uneven Service: The standard of customer service in Barbados is well below that in the US. To combat this problem, Government has launched a nationwide training program, the National Initiative for Service Excellence (NISE NISE National Institute for Science Education
NISE Nanoscale Informal Science Education (Network)
NISE NCCOSC In-Service Engineering
NISE Naval In-Service Engineering
NISE Network Installation Service Engineer ). Market Opportunities
Cricket World Cup 2007: Barbados will host several games, including the final, in the International Cricket International Cricket is a cricket game for the Nintendo Entertainment System that was only released in Australia in 1992. Developed by Melbourne House (as Beam Software) and published by Mattel, it was the only cricket game released for the NES. Council (ICC ICC
See: International Chamber of Commerce ) Cricket World Cup 2007. There are ample opportunities for companies to participate in logistics, security, construction, and other areas.
Telecom Liberalization lib·er·al·ize
v. lib·er·al·ized, lib·er·al·iz·ing, lib·er·al·iz·es
To make liberal or more liberal: "Our standards of private conduct have been greatly liberalized . . . : Barbados recently liberalized its telecom market, with competition in mobile and long distance service. This has created new opportunities for telecom companies, and should continue to bring down the relatively high long distance rates.
CARICOM CARICOM: see Caribbean Community and Common Market. Single Market: Barbados is a Caribbean Community (CARICOM) leader in implementing the CARICOM Single Market and Economy The CARICOM Single Market and Economy also known as the Caribbean Single Market and Economy or CSME is an integrated development strategy envisioned at the 10th Meeting of the Conference of Heads of Government of the Caribbean Community which took place in July 1989 (CSME CSME CARICOM Single Market and Economy
CSME Caribbean Single Market and Economy
CSME Canadian Society for Mechanical Engineering
CSME Clinically Significant Macular Edema
CSME Control Site Multiplexer and Exchange
CSME CSIRO Sustainable Materials Engineering ), which will reduce or remove restrictions on the movement of goods, services, labor, and capital throughout the region. Details: www.caricom.org.
Tax Incentives: International Businesses enjoy substantial tax incentives, including a maximum tax rate of 2.5%, and lengthy tax holidays for exporters.
Best Prospects: Barbados imports 70% if its food, over a third of which comes from the US. Trade opportunities will remain for exporters of hotel and restaurant supplies, construction materials and agriculture and consumer products.
The Minister of Finance and Economic Affairs evaluates the potential competitive impact on non-franchised local businesses and must approve all franchises. Franchise holders pay an initial registration fee of BDS BDS
Bachelor of Dental Surgery
BDS Bachelor of Dental Surgery
BDS n abbr (= Bachelor of Dental Surgery) → título universitario
BDS $10,000 (USD USD
In currencies, this is the abbreviation for the U.S. Dollar.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $5,000), and annual renewal fees of BDS $2,000 (USD $1,000). Process franchises, such as those used in manufacturing or designs, must also be registered so that royalties can be remitted abroad. Barbados has a policy of refusing to grant licenses to foreign fast food franchises.
People in Barbados are very Internet savvy. In fact, a new trend has emerged in which Barbadians purchase used Japanese cars over the Internet.
Trade Promotion and Advertising
Most businesses advertise in newspapers, on radio, and on the one local television station. Local access to US channels via local cable is widespread and increasing.
The Barbados Advocate. Fontabelle. St. Michael, Barbados Tel: 246/467-2000. Fax: 246/434-2020. Website: http://www.barbadosadvocate.com The Broad Street Journal (online only). www.broadstreetnews.com The Nation. Nation House. Fontabelle. St. Michael, Barbados. Tel: 246/430-5400. Fax: 246/430-9214/436-0849 Website: http://www.nationnews.com
Barbados Broadcasting Service Ltd. 90.7 FM and Faith 102.1 FM. Astoria. St. George, Barbados. Tel: 246/437-9550 Fax: 246/437-9554.
Caribbean Broadcasting Corp., 900 AM CBC Radio For the Japanese broadcaster, see Chubu-Nippon Broadcasting.
For the Caribbean Broadcasting Corporation's radio service, see CBC 900 AM (Barbados).
CBC Radio is the English language radio division of the Canadian Broadcasting Corporation. , 98.1. Liberty FM. The Pine. St. Michael, Barbados. Tel: 246/429-2041. Fax: 246/429-4795 Starcom Network Inc. 92.9 FM VOB (Video OBbjects) A DVD movie file that contains MPEG video and AC-3 or other audio data. Audio streams for multiple languages are multiplexed together. VOB files have specific file names that start with VTS (Video Title Set) and contain title and section; for example: , 95.3 HOT FM, 104.1 Yess FM, 790 AM Gospel. River Road. Bridgetown, Barbados Tel: 246/430-7300. Fax: 246/429-8093. Email: firstname.lastname@example.org
Television & Cable:
Caribbean Broadcasting Corp. The Pine. St. Michael, Barbados. Tel: 246/429-2041. Fax: 246/429-4795. Web: http://www.cbc (1) (Cell Broadcast Center) See cell broadcast.
(2) (Cipher Block Chaining) In cryptography, a mode of operation that combines the ciphertext of one block with the plaintext of the next block. .bb Caribbean Broadcasting Union The CBU
The Caribbean Broadcasting Union (CBU) founded in 1970 is a not-for-profit association of public service and commercial broadcasters in the Caribbean and its secretariat is based in Barbados. . Unit One, Building 6. Harbor Industrial Park. Bridgetown, Barbados. Tel: 246/4301017. Fax: 246/429-4355 Caribbean Media Corp. Unit One, Building 6, Harbor Industrial Park . Bridgetown, Barbados. Tel: 246/430-1000 Fax: 246/429-2171. Website: http://www.cananews.com
Multichoice Cable. Caribbean Broadcasting Corp. The Pine St. Michael, Barbados. Tel: 246/429-2041. Fax: 246/429-4795 Direct Television. Starcom Network Inc. River Rd. Bridgetown, Barbados. Tel: 246/430-7300. Fax: 246/429-8093
Due Diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired.
Some companies have experienced problems collecting on accounts in a timely fashion. It is important that any prospective exporter thoroughly investigate the prospective local agent or importer.
Local Professional Services
A local attorney is necessary when incorporating and is advised under any circumstance. The Consular Section of the U.S. Embassy in Bridgetown (Tel: 246/431-0225, Fax: 246/431-0179) maintains a current list of lawyers.
This list of attorneys has been prepared for the use and convenience of those who require legal advice and assistance in civil or criminal proceedings or disputes within the Bridgetown Consular District. This district includes the countries of Antigua and Barbuda Antigua and Barbuda (ăntē`gə, –gwə, bärbu`də), independent Commonwealth nation (2005 est. pop. 68,700), 171 sq mi (442 sq km), West Indies, in the Leeward Islands. , Barbados, Dominica, Grenada, St. Kitts and Nevis Noun 1. St. Kitts and Nevis - a country on several of the Leeward Islands; located to the east southeast of Puerto Rico; achieved independence from the United Kingdom in 1983
Federation of Saint Kitts and Nevis, Saint Christopher-Nevis, Saint Kitts and Nevis, St. , St. Lucia, and St. Vincent and the Grenadines Noun 1. St. Vincent and the Grenadines - an island country in the central Windward Islands; achieved independence from the United Kingdom in 1979
Saint Vincent and the Grenadines , along with the Eastern Caribbean French, British and Dutch dependencies.
Vere P. Brathwaite, 6 Glenda House, Roebuck St, Bridgetown, Barbados. Tel (246) 436-1986, Fax No. (246) 436-1987, E-Mail: Hampton@caribsurf.com Dr. Trevora Carmichael. Chancery House, High Street, Bridgetown, Barbados. Tel (246) 431-0070, Fax No. (246) 431-0076/0567. Patterson K.H. Cheltenham. "Charlton House", Whitepark Road, St. Michael, Barbados. Tel (246) 430-8953. Dr Richard L. Cheltenham. "Charlton House", Whitepark Road, St. Michael, Barbados. Tel (246) 430-8951/61. Cicely cicely: see sweet cicely. P. Chase. Seneca Chambers, Pinfold pin·fold
An enclosure where stray animals are confined.
tr.v. pin·fold·ed, pin·fold·ing, pin·folds
To confine in or as if in a pinfold. St, Bridgetown, Barbados. Tel (246) 436-5379/437-7052/7090/7092; Fax No. (246) 436-3843. Tyrone C. Estwick. Capital Law Chambers, Suite G28, Weymouth Corporate Centre, Roebuck St, St. Michael, Barbados. Telephone (246) 426-2461, 420-6845 (Home), Fax No. (246) 426-2585.
Sir Henry Deb. Forde, Fidelity House, Wildey Business Park, Wildey, St. Michael, Barbados. Tel (246) 429-5320//2203 or (246) 423-3881 (Home). Fax No. (246) 429-2206. Cable address: Jurichamber, Barbados.
John Fitzgerald Alexis Forde, Charlton House, White Park Road, St. Michael, Barbados. Telephone (246) 430-8956, Fax 246) 431-0143. Latchman P. Kissoon, Firm of Kissoon & Hanoman-Kissoon, Synagogue Lane, Upper James St, Bridgetown, Barbados. Tel (246) 426-9390/9394. Fax No.(246) 428-4595.
Margaret A. Reifer, Alexander House, Pinfold St, Bridgetown, Barbados. Tel (246) 437-3900. Monique C. Taitt, Monford Chambers, Marjorie House, 136 Eagle Hall, St. Michael, Barbados. Tel (246) 436-6727 or 424-4113 (Home), Fax No. (246) 437-6777.
Randall Worrell, Roebuck St, St. Michael, Barbados. Tel (246) 426-9664.
Leading Sectors for Export and Investment
Barbados has liberalized its telecom market and there is full competition in the cellular and international sectors. Liberalization should continue to bring down the high long distance rates to the benefit of all international businesses.
Best Products/Services: Customer Premises Equipment See CPE. and Cellular Telecommunications Equipment.
Opportunities: There will be a demand for customer premises equipment (PABX (Private Automatic Branch eXchange) Same as PBX.
PABX - Private Automatic Branch eXchange ) and VSATS VSATS Veridian Status Accounting Tracking System as companies are now being allowed to purchase their equipment directly from suppliers.
Construction activity in 2005 received a significant boost from the construction of the new Hilton Hotel and the renovation to hotel properties. Overall construction activity for Jan.--Sept. 2005 grew by 8.2%. The residential sector is expected to increase in 2006 with new housing projects and the activity associated with Barbados' preparation for Cricket World Cup in 2007.
Best Prospects/Services: Lumber
Opportunities: Private sector construction (hotel upgrades, golf course development, and retail and office complexes) are ongoing. There are eight villa and condo projects under construction on the west coast. There are plans to construct at least two new hotel properties within the next couple of years.
Computers and Peripherals
Government is undertaking an Education Sector Enhancement Project (EDUTECH), in which computers, information technology equipment and software are to be installed in the schools.
Best Prospects/Services: Local Area Network Equipment, Mini Computers and Printers.
Opportunities: The Inter-American Development Bank Inter-American Development Bank (IDB)
international organization founded in 1959 by 20 governments in North and South America to finance economic and social development in the Western Hemisphere. is funding the EDUTECH Project, providing opportunities for companies interested in supplying computers.
Hotel and Restaurant Equipment
There continues to be a demand for hotel and restaurant equipment. The Government is offering incentives to hoteliers and bed and breakfast establishments to upgrade their facilities to meet the demand for hotel rooms during Cricket World Cup 2007.
Best Prospects/Services: Resort Furnishings/Equipment and Food Preparation Equipment.
Opportunities: This sector should experience growth in 2006 with the completion of upgrades to hotels in Barbados ahead of the winter season.
Sporting Goods & Recreational Equipment
With the opening of new golf courses and a polo playing field, there was a demand for sporting goods and recreational equipment.
Best Products/Services: Golf Equipment and Resort/ Leisure Facilities Equipment
Opportunities: Plans to build two new golf courses create market opportunities for these products.
Barbados is the ninth largest market in the Caribbean for US farm products. In FY 2005 the US exported US$63.8 million worth of agricultural, fish and forestry products to Barbados, up 24% from FY 2004. In the bulk commodities category (the US exported US$17.6 million to Barbados in FY 2005), the best opportunities continue to be in soybeans, wheat, coarse grains and rice. In the intermediate agricultural category (US$5.5 million in US exports in FY 2005), best market prospects continue to be in the sugar/sweeteners/beverage base category and in vegetable oils. US vegetable oil exports to Barbados reached a new high in FY 2005. At US$14.3 million in FY 2005, US exports of forest products to Barbados registered a 24% gain from FY 2004. Softwood/treated lumber and panel products are the main export items in this category.
However, the largest of all categories is the consumer-oriented products category (including seafood), which in FY 2005 totaled US$26.5 million for US suppliers. Domestic agricultural output and food processing is limited; Barbados relies on imports of practically the full range of food products.
A thriving tourism sector further fuels the demand for food products, particularly snacks, red meats, dairy products, eggs and egg products, fresh fruits and vegetables, processed fruits and vegetables, tree nuts, wine and beer. With roughly a 40% share of Barbados' imports in the consumer-oriented and seafood category, US exporters have room to increase their sales. Some individual product categories, which are produced locally, are protected with high tariffs, namely poultry, pork, ice cream and others.
Most if not all of the demand is handled by Roberts Manufacturing and its sister companies, which produces animal feeds, vegetable oils, margarine, shortening and other similar products derived from soybeans. With no local soybean soybean, soya bean, or soy pea, leguminous plant (Glycine max, G. soja, or Soja max) of the family Leguminosae (pulse family), native to tropical and warm temperate regions of Asia, where it has been production, Barbados is fully dependent on imports.
Wheat and Meslin
Much the same as with soybeans, Barbados is entirely dependent on wheat imports to satisfy its demand.
Edible Fruit, Nuts, Peel of Citrus Fruit
The tourism sector helps fuel demand for fresh produce.
Meat and Meat Preparations
Despite restrictions on bone-in cuts, fresh and frozen meat products remain key import items. The tourism sector helps fuel the demand, particularly for high-end product.
Eggs & Egg Products
Barbados' poultry industry is dependent on import of hatching eggs.
Barbados has implemented CARICOM's Common External Tariff When a group of countries form a customs union they must introduce a common external tariff. The same customs duties, import quotas, preferences or other non-tariff barriers to trade apply to all goods entering the area, regardless of which country within the area they are entering. for goods, with import duties ranging from 0--20%. Some items carry a higher import duty rate such as: fruits and vegetables 40%, jewelry 60%, watches 50%, motor vehicles 45%; The environmental levy rates that vary from the standard 1% are on motor vehicles (US$75.00 per vehicle), refrigerators (US$7.50 per refrigerator), and TV sets (US$5.00 per set). Goods imported in other than containers of plastics, glass, metal or paperboard incur a 0.75% environmental level of Cost, Insurance, and Freight (CIF (1) (Common Intermediate Format) A standard video format used in videoconferencing. CIF formats are defined by their resolution, and standards both above and below the original resolution have been established. The original CIF is also known as Full CIF (FCIF). ) value.
Excise tax Excise Tax
1. An indirect tax charged on the sale of a particular good.
2. A penalty tax applied to ineligible transactions in retirement accounts. This penalty is assessed by and paid to the IRS.
1. is charged on alcoholic beverages, tobacco products, motor vehicles, and petroleum products. Examples of excise tax rates are as follows: sparkling wine (US$1.75 per liter), vodka (US$6.75 per liter), cigarettes containing tobacco products (US$0.235 per 5), motor vehicles (46.95, 64.35, 76.34, or 93.73%t, depending on the engine capacity and chargeable value), petroleum products (gasoline US$0.35 per liter), and liquefied propane (24.65%).
The Value Added Tax value added tax n (BRIT) → impuesto sobre el valor añadido or agregado (LAM)
value added tax n (Brit (VAT) was instituted on Jan 1, 1997, replacing 11 different taxes, which fell primarily on imports. The VAT is levied at 15% on most goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. and 7.5% on hotel accommodations. Many basic food products, and some goods and services, for example: International Business Cos., financial services, water and medical services, have been zero-rated or exempted.
Barbados requires that importers obtain permits, licenses or permission for specified products. Phytosanitary certificates are required for fresh fruit, vegetables, and plants and plant materials. Overseas health certificates must accompany meat and meat products. Psychotropic psychotropic /psy·cho·tro·pic/ (si?ko-tro´pik) exerting an effect on the mind; capable of modifying mental activity; said especially of drugs.
adj. and other controlled drugs are subject to licenses from the Ministry of Health. A number of other products must meet requirements from the Barbados National Standards Institution.
Openness to Foreign Investment
Barbados is open for business. The Government through the Barbados Investment and Development Corp (BIDC BIDC Business and Industry Data Center
BIDC Barbados Investment and Development Corporation
BIDC Basic International Development Corporation (New York, NY)
BIDC Business Industrial Design Consultants BV ), strongly encourages foreign direct investment, particularly in industries that create jobs and earn foreign currency.
Government offers incentives for foreign investments in the hotel industry, manufacturing, and offshore business services. Example: International Business Cos. (IBCs) have a maximum tax rate of 2.5% and exemption from foreign exchange controls.
The services sector holds the largest potential for growth, especially in the areas of financial services, e-commerce, tourism, educational, health, and cultural services. The slow demise of the sugar industry has opened up land for other agricultural uses; investment opportunities exist in the areas of Sea Island cotton and hydroponics hydroponics, growing of plants without soil in water to which nutrients have been added. Hydroponics has been used for over a century as a research technique, but not until 1929 were experiments conducted solely to determine its feasibility for growing commercial . In the financial services sector, offshore banks and insurance companies saw a drop-off in activity as the government improved regulatory oversight, but the industry is thriving again under standards, designed to prevent money laundering The process of taking the proceeds of criminal activity and making them appear legal.
Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. and tax evasion The process whereby a person, through commission of Fraud, unlawfully pays less tax than the law mandates.
Tax evasion is a criminal offense under federal and state statutes. A person who is convicted is subject to a prison sentence, a fine, or both. .
Telecom liberalization has brought an end to the longstanding monopoly by Cable & Wireless, and lowered the cost of international telecom, and enhanced the telecom infrastructure. Since 2000, government has gradually allowed more companies to compete, and by early 2005 there was full competition in wireless and long distance service. The government is still considering Voice over Internet Protocol (VoIP) regulations, and that sector should open up soon. To prepare a workforce skilled in advanced IT services, government and educational institutions such as the Barbados Community College and the University of the West Indies The university consists of three major campuses at Mona in Jamaica, St. Augustine in Trinidad and Tobago, and Cave Hill in Barbados, together with a satellite campus in Mount Hope, Trinidad and Tobago and a Centre for Hotel and Tourism Management in Nassau, Bahamas. have undertaken educational and training initiatives.
Foreign nationals receive the same protection as locals. By Caribbean standards, the police and court systems are efficient and unbiased in commercial matters, and the government operates in an essentially transparent manner.
Local enterprises generally welcome joint ventures with foreign investors in order to access technology, expertise, markets, and capital. The economy is small, however, and new enterprises that might compete with entrenched local establishments, especially in the retail and restaurant sector, may face a de facto veto of their license. Government has blocked imports of U.S. ice cream and poultry products, and denied licenses to franchisees interested in establishing a McDonald's, Little Caesar's, and Subway.
In manufacturing, the Barbados Investment and Development Corp. (BIDC) has established 10 well-equipped industrial parks with subsidized rent. It may also supply limited training grants and free technical assistance through two programs, the Export Grant and Incentive Scheme and the Technical Assistance Program, with a focus on developing local businesses. The former helps both locally and foreign-owned companies (but only those foreign companies with management or marketing branches in Barbados) by defraying export costs such as the preparation and shipment of samples and the development of marketing materials.
The Fiscal Incentives Act (1974) provides a maximum 10-year tax holiday to any manufacturer of an approved product, provided that it meets the definition of an enclave enterprise: manufacturing exclusively for export outside of CARICOM; products containing a specified percentage of local value added Value Added
The enhancement a company gives its product or service before offering the product to customers.
This can either increase the products price or value. ; or being highly capital intensive. Such enterprises may import duty-free equipment, spare parts, and raw materials from outside CARICOM. Dividends to shareholders during the tax holiday are also exempt from the payment of income tax. Non-resident shareholders liable to tax in their country of residence are subject to Barbados withholding tax The amount legally deducted from an employee's wages or salary by the employer, who uses it to prepay the charges imposed by the government on the employee's yearly earnings. at a lower rate. To qualify, the enterprise must apply to the Ministry of Industry and International Business.
In tourism, a Market Development Allowance permits a company to deduct an additional 50% of what it spends encouraging tourists to visit Barbados. Under the Tourism Development Act of 2002, investors can write off capital expenditure and 150% of interest. They are also exempt from import duties, the value added tax, and environmental levies on furniture, fixtures and equipment Furniture, fixtures and equipment (or FF&E) is an accounting term used in valuing, selling, or liquidating a company or a building.
FF&E are movable furniture, fixtures or other equipment that have no permanent connection to the structure of a building or utilities. , building materials, supplies, and equity financing Equity Financing
The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . The Act expands the definition of the tourism sector to include restaurants, recreational facilities, and services. It encourages the development of attractions that emphasize the island's natural, historic, and cultural heritage, and also encourages construction of properties in non-coastal areas.
Offshore businesses may operate either free of income tax (e.g., captive insurance, foreign sales corporations Foreign Sales Corporation (FSC)
A special type of corporation created by the Tax Reform Act of 1984 that is designed to provide a tax incentive for exporting U.S.-produced goods. ) or with a tax rate from 1 to 2.5%. An International Business Co. (IBC IBC International Building Code
IBC Iraq Body Count
IBC Institutional Biosafety Committee
IBC Inflammatory Breast Cancer
IBC International Business Company
IBC Independence Blue Cross
IBC Insurance Bureau of Canada
IBC International Broadcasting Convention ) must 100% of its manufacture in order to enjoy low tax rates on gains and profits:
International financial service companies also enjoy several tax incentives. Under the Exempt Insurance Act, a company incorporating with a minimum capital of US$125,000 and at least one Barbadian director is eligible for taxation on profits at 0% for the first 15 years, and 2% percent on the first US$250,000 of profits thereafter, and exemption from withholding tax and exchange control restrictions. Beneficial shareholders also must not be persons resident in CARICOM. In 1998, legislation allowed companies involved in international insurance to register as Qualifying Insurance Companies, entitled to a tax rate of 2.8%, after deducting a foreign currency earnings allowance, and exemption from withholding taxes and exchange controls.
The International Trust Act allows non-residents to create trusts for the benefit of non-residents, with no minimum capital requirements Capital requirements
Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. and no withholding taxes, but subject to a 40% tax on profits earned in or remitted to Barbados. Societies of Restricted Liability, which may not acquire land in Barbados or transact business with CARICOM residents, enjoy concessions for up to 30 years, including exemption from exchange controls and withholding tax on dividends, royalties, interest, or other interest paid to non-residents. The EU's 2001 WTO challenge to U.S. Foreign Sales Corporations (FSC FSC
See: Foreign Sales Corporation ) has eliminated the exemption to U.S. taxes previously enjoyed on profits derived from FSC export sales.
The Shipping Incentives Act of 1982 provides concessions to companies engaged in the operation of passenger ships, leasing of ships, shipbuilding, maintenance or repair. Concessions include a 10-year exemption on tax and custom duties on materials connected with the shipping activities.
Efficient Capital Markets and Portfolio Investment
Barbados has a small stock exchange, an active banking sector, and opportunities for portfolio investment. Government has intervened in recent years to raise or lower interest rates, limit the volumes of funds available for borrowing, and borrow on the local market. Investors may access a variety of credit instruments.
The domestic financial sector at the end of 2005 consisted of 7 commercial banks, 11 finance companies, and 3 trust companies. As of Nov. 2004, the offshore sector included 4,635 international business companies, 413 exempt insurance companies, and 53 offshore banks. Starting in 2001, the government required Barbados' institutions and legal entities to reveal the identity of beneficiaries receiving dividends or interest, with the possible penalty for US companies of not getting the benefits of the US-Barbados tax treaty and being subject to the full US withholding tax at a rate of 30-31%.
Assets of commercial banks totaled US$4.0 billion in Oct. 2005, having grown steadily throughout the year. The reserve requirement for commercial banks is 17% of deposit liabilities and the minimum deposit rate is 4.75%. The weighted average interest rate was 3.81% on deposits and 10.56% on loans in Oct. 2005. (Note: Comprehensive 2005 stock exchange data not yet available at time of publication--check with the Barbados Stock Exchange The Barbados Stock Exchange or BSE is Barbados' main stock exchange. It's headquarters are in the capital-city Bridgetown.
The Barbados Stock Exchange is among the four major regional Caribbean stock exchanges. at 246-436-9871 or www.bse.com.bb for the most recent data.)
The labor force was about 148,000 in the following sectors: commerce, tourism, government, manufacturing, construction, agriculture and fishing. Unemployment for 2005 was estimated at 8.5%.
Wages are among the highest in the Caribbean. Minimum wages for only a few categories of workers are established and enforced by law. The minimum wage for shop assistants, US $2.50 per hour, is only marginally sufficient to meet minimum living standards; however, most employees earn more. The standard workweek is a 40-hour, 5-day week. Law, custom, and practice dictate overtime payment for hours worked in excess of 40 hours. Workers are guaranteed a minimum of 14 days of annual leave and are covered by unemployment benefits legislation and National Insurance (social security) legislation.
Trade unions, and the leaders of the trade union movement, enjoy a unique and generally respected position. The major unions recognize the advantages accruing from foreign investment and foreign expertise, and are generally flexible in their dealings with employers. Some 19-20% of the labor force belongs to trade unions, but all key sectors are unionized, with all private and public employees in agriculture, tourism, and at the airport and seaport belonging to a single union confederation.
Foreign Direct Investment Statistics
The Barbados Investment and Development Corp. (BIDC) reported that foreign companies and individuals invested BDS$6,767,137 in the first three quarters of 2005, BDS$26,694,227 in 2004, BDS$9,798,518 in 2003, and BDS$8,604,936 in 2002. New investment totaled BDS $3,899,000 in 2004, up from BDS $2,783,700 in 2003 and BDS $1,350,000 in 2002. (Note: These are not official FDI FDI
See: Foreign direct investment statistics, but are based on a BIDC survey.)
Major US Investors: American Airlines, Barbados Mills (Archer Daniels Midland The Archer Daniels Midland Company (NYSE: ADM), is a conglomeration based in Decatur, Illinois. ADMoperates more than 270 plants worldwide, where cereal grains and oilseeds are processed into numerous products used in food, beverage, nutraceutical, industrial and animal feed ), Bondhus Corp., Carib Supply (B'dos) Ltd., Charles T. Gamble Industries, Chevron Texaco, Cingular Wireless, Cirrus Logic, Citicorp Merchant Bank, Continental Airlines, C F Caribbean Flavors, Delta Airlines, Ecolab Barbados Ltd. (joint venture), Ernst & Young, ExxonMobil, Federal Express, Lenstec Ltd., MSI MSI: see integrated circuit.
(1) (MicroSoft Installer) See Windows Installer.
(2) (Medium Scale Integration) Between 100 and 3,000 transistors on a chip. See SSI, LSI, VLSI and ULSI. International Ltd., Pricesmart Inc., PriceWaterhouseCoopers, United Parcel Service United Parcel Service, Inc. (NYSE: UPS), commonly referred to as UPS, is the world's largest package delivery company, delivering more than 15 million packages a day to 6.1 million customers in over 200 countries and territories around the world. (UPS), U.S. Airways, Waggoner Barbados Ltd.
Contacts for Investment Related Inquiries:
Barbados Investment and Development Corp. (BIDC) Pelican House, Princess Alice Highway, Bridgetown, Barbados. Tel: 246-427-5350. Fax: 246-426-7802. Email: email@example.com. Website: http://firstname.lastname@example.org BIDC--Miami Office. 130 Alhambra Circle, Suite 1000, Coral Gables, Florida Often called "The Gables," Coral Gables is a city in Miami-Dade County, Florida, southwest of Miami, in the United States. The city is best known as the home of the University of Miami, and as an example of City Beautiful urban planning. 33134. Tel: 305-442-2269. Fax: 305-567-2844 BIDC--Los Angeles Office. 3440 Wilshire Blv, Suite 1207
Los Angeles, California 90010. Tel: 213-380-2198. Fax: 213-384-2763 BIDC--New York Office. 800 2d Ave, 2nd Fl, New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10017-4709. Tel: 212-867-6420. Fax: 212-214-9815. Email: email@example.com Ministry of Industry and International Business. The Business Center. Upton, St. Michael. Barbados. Tel: 246-430-2229. Fax: 246-228-6167. Website: http://www.barbadosbusiness.gov.bb
The Bank of Nova Scotia. P.O. Box 202. Broad St Bridgetown, Barbados. Tel: 246/431-3000. Fax: 246/426-0969 Barbados National Bank. Broad St Bridgetown, Barbados Tel: 246/431-5700. Fax: 246/429-2606
First Caribbean International Bank. Warrens St. Michael, Barbados Tel: 246/367-2300 Fax: 246/424-8977 Republic Bank of Trinidad & Tobago (RBTT RBTT Royal Bank of Trinidad & Tobago ). P.O. Box 1007C. Broad St Bridgetown, Barbados. Tel: 246/431-2500 Fax: 246/431-2530
Caribbean Financial Services Corp. Radley Court, Collymore Rock. St. Michael, Barbados. Tel: 246/431-6400. Fax: 246/426-1869 Citicorp Merchant Bank Ltd, 2nd Fl, ITC ITC (Brit) n abbr (= Independent Television Commission) → Fernseh-Aufsichtsgremium
ITC n abbr (BRIT) (= Independent Television Commission) → Bldg. Warrens Commercial Centre. Warrens, St. Michael. Barbados. Tel: 246/421-7890. Fax: 246/421-7893 Bank of Butterfield. Trident House. Lower Broad St. Bridgetown, Barbados. Tel: 246/436-8335. Fax: 246/429-5734 Royal Bank of Canada Bank of Canada
Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. . Barbados & Eastern Caribbean Regional Office. 1st Floor, Building 1, Chelston Park. St. Michael, Barbados. Tel: 246/431-6501. Fax: 246/430-9160
Project Financing Project financing
A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis.
Government focuses its resources on education, health care, tourism, social services, and the upkeep of the environment. Large-scale project financing is available from the Caribbean Development Bank The Caribbean Development Bank is a financial institution which assists Caribbean nations in financing social and economic programs in its member countries. Created on October 18, 1969 by a conference of eighteen countries and territories in Kingston, Jamaica, it has its (CDB CDB Common Database
CDB Caribbean Development Bank
CDB Convention sur la Diversité Biologique (Convention on Biological Diversity)
CDB China Development Bank (Beijing, China)
CDB Capital Development Board ) and the Inter-American Development Bank (IDB (ITS Data Bus) An interface between devices in an automobile endorsed by the Society of Automotive Engineers (SAE). Designed to fulfill the goal of Intelligent Transportation Systems (ITS), the ITS Data Bus enables engine diagnostic equipment, GPS navigation systems, ).
United States Embassy Trade Contacts:
US Dept of Commerce, U.S. Commercial Service Michael L. McGee, Regional Senior Commercial Officer US Embassy--Santo Domingo. Address for mail from the US: American Embassy, Unit 5515, APO apo- 1 A prefix indicating a protein component in a conjugated molecule–eg, apoferritin, apolipoprotein, see there 2 Apolipoprotein, see there AA 34041, Box: 508. International Mail Address: Cesar Nicolas Penson esq. Leopoldo Navarro Santo Domingo, Dom. Rep. Tel: 809/ 227-2121. Fax: 809/ 920-0267. E-mail: firstname.lastname@example.org
US Dept of Commerce, U.S. Commercial Service, Doreen Weekes, Commercial Specialist. US Embassy--Bridgetown. Address for mail from the US: US Commercial Service; CMR CMR Crude mortality rate, see there 1014; APO, AA 34055 USA. International Mail Address: P.O. Box 302, Bridgetown, Barbados, W.I. Tel: 246/436-4950 Ext. 2240. Fax: 246/228-6084. E-mail: doreen.weekes@mail. doc.gov
U.S. Dept of State. John Ashworth, Economic Officer. US Embassy--Bridgetown. Address for mail from the US: POL-ECON; CMR 1014; APO, AA 34055 USA. Intl Mail Address: P.O. Box 302, Bridgetown, Barbados, W.I. Tel: 246/436-4950 Ext. 2230; Fax: 246/431-0384. E-mail: email@example.com.
Trade Associations/Chambers of Commerce
Barbados Association of Professional Engineers. P.O. Box 666. Bridgetown, Barbados. Tel: 246/425-6105. Fax: 246/425-6673 Barbados Bar Association. Geddes Grant Bldg. White Park Rd. St. Michael, Barbados. Tel: 246/437-7316
Barbados Chamber of Commerce and Industry. Mr. Ruall Harris, Exec Dir. Nemwil House. Collymore Rock. St. Michael, Barbados. Tel: 246/426-0747. Fax: 246/429-2907 Barbados Employers' Confederation. Nemwil House. Collymore Rock. St. Michael, Barbados. Tel: 246/426-1574 Barbados Hotel and Tourism Assoc. Fourth Ave, Belleville, St. Michael, Barbados. Tel: 246/426-5041 or 429-7113.
Barbados Manufacturers' Assoc. Pelican Industrial Park. St. Michael, Barbados. Tel: 246/426-4474 or 427-9898. Fax: 246/436-5182
Barbados Sugar Industry Ltd. Warrens. St. Michael, Barbados. Tel: 246/425-0010
Barbados Coalition of Services Industries (BSCI BSCI Building Scalable Cisco Internetworks
BSCI Business Social Compliance Initiative (EU)
BSCI Brain and Spinal Cord Injury
BSCI Bienvenue Stratégies Conseils (Mont-Saint-Hilaire, QB, Canada) ). Tel: 429-5357. Fax: 429-5352. Website: http://www.bsci.org.bb. E-mail: firstname.lastname@example.org
Barbados International Business Assoc. Tel: 434-2422 Fax: 436-2422
Caribbean Assoc. of Industry and Commerce Inc. P.O. Box 259. S.P. Musson Bldg. Hincks St. Bridgetown, Barbados. Tel: 246/436-6385
Caribbean Broadcasting Union. Wilkins Lodge. Two Mile Hill. St. Michael, Barbados. Tel: 246/430-1000. Fax: 246/429-2171
Caribbean Conservation Association. Savannah Savannah, city, United States
Savannah, city (1990 pop. 137,560), seat of Chatham co., SE Ga., a port of entry on the Savannah River near its mouth; inc. 1789. Lodge. Garrison. St. Michael, Barbados. Tel: 246/426-5373. Fax: 246/429-8483
Insurance Assoc of the Caribbean. IAC (1) (InterApplication Communications) The interprocess communications capability in the Macintosh starting with System 7.0. Many IAC events take place behind the scenes. Bldg. Collymore Rock. St. Michael, Barbados. Tel: 246/427-5608. E-mail: email@example.com
Barbados Assoc. of Insurance and Financial Advisors Inc. Room 411. 3rd Fl, Norman Center, Broad St, Bridgetown, Barbados. Tel: 246/426-2266
Shipping Assoc of Barbados Ltd. 2d Fl., Trident House, Broad St. Bridgetown, Barbados. Tel: 246/427-9860. Fax: 246/426-8392.
Govt of Barbados--Selected Ministries:
Office of the Prime Minister, Minister of Finance and Economic Affairs. Minister for the Civil Service In British government, the Minister for the Civil Service is the head of the British Civil Service, the role of which is to assist the governments of the United Kingdom in formulating and implementing policies. . Owen S. Arthur, MP. Govt Headquarters, Bay St, St. Michael, Barbados. Tel: 246/426-3179. Fax: 246/436-9280
Office of the Deputy Prime Minister A Deputy Prime Minister or Vice Prime Minister is, in some countries, a government minister who can take the position of acting Prime Minister when the real Prime Minister is temporarily absent. , Attorney General and Minister of Home Affairs. Mia Mottley, Frank Walcott Bldg. Culloden Rd, St. Michael, Barbados. Tel: 246/431-7750. Fax: 246/228-5433
Minister of Foreign Affairs and Foreign Trade. Dame Billie A. Miller, MP. #1 Culloden Rd. St. Michael, Barbados. Tel: 246/429-7108. Fax: 246/429-6652
Minister of Industry and International Business. Dale D. Marshall. The Business Centre, Upton. St. Michael Tel: 246/430-2229. Fax: 246/228-6167
Minister of Commerce, Consumer Affairs & Business Development. Sen. Lynette Eastmond, Minister. Reef Rd. Fontabelle, St. Michael, Barbados. Tel: 246/427-5270. Fax: 246/431-0056
Minister of Labour and Social Security. Rawle Eastmond. "Clarence Greenidge House", Keith Bourne Bourne, town (1990 pop. 16,064), Barnstable co., SE Mass., crossed by Cape Cod Canal; settled 1627, inc. 1884. Bourne Bridge (1935), across the canal, made the town an entry point to Cape Cod and a resort and commercial center. Complex. Belmont Rd, St. Michael, Barbados. Tel: 246/427-2326. Fax: 246/426-8959
Minister of Health, The Jerome Walcott, Jemmott's Lane. St. Michael. Tel: 246/426-4669. Fax: 246/426-5570
Minister of the Public Works and Transport. Gline A. Clarke. P.O. Box 25. The Pine, St. Michael, Barbados, Tel: 246/429-3495. Fax: 246/437-8133
Minister of Housing and Lands. Elizabeth Thompson. The National Housing Corp., Country Rd, St. Michael, Barbados. Tel: 246/431-7601. Fax: 246/431-0174
Minister of Agriculture and Rural Development. Sen. Erskine Griffith. Graeme Hall, Christ, Church, Barbados. Tel: 246/428-4061. Fax: 246/420-8444
Market Research Firms:
Applied Marketing Consultants. James Nurse, Managing Director. Lowland Rd. Christ Church, Barbados Christ Church is a parish of Barbados at the southern end of the island. The main town in Christ Church is Oistins, a major fishing centre.
Another notable area is Saint Lawrence Gap, often abbreviated to "The Gap", which is the most lively tourist area on the island. . Tel: 246/428-0400. Fax: 246/428-0514
Marketing Specialists (Caribbean) Ltd. Wendell Callender, Managing Dir., Wildey Plaza, Wildey, St. Michael, Barbados. Tel: 246/228-0293. Fax: 246/426-4317
Systems Consulting Ltd, Stephen Broome-Managing Director. Baslen House, Kingston Terrace. St. Michael, Barbados. Tel: 246/431-8950. Fax: 246/429-5188.
Development Banks, Agencies and Central Bank:
Barbados Investment and Development Corp. (BIDC). Pelican House. Princess Alice Highway. Bridgetown, Barbados. Tel: 246/427-5350. Fax: 246/426-7802 Central Bank of Barbados The Central Bank of Barbados (CBB), was established by an Act of parliament in May, 1972. Prior to the C.B.B. Barbados' monetary policies were governed through its membership in the Eastern Caribbean Currency Authority (ECCA). . Central Bank Bldg, Church Village. Bridgetown, Barbados. Tel: 246/436-6870. Fax: 246/427-9559
Development Banks and Agencies:
Caribbean Development Bank, Wildey, St. Michael, Barbados. Tel: 246/431-1600. Fax: 246/426-7269.
Inter-American Development Bank. Maple Manor. Hastings, Christ Church. Tel: 246/427-3612. Fax: 246/429-8869
Caribbean Export Development Agency. Mutual Bldg. Hastings, Christ Church. Tel: 246/436-0578. Fax: 246/436-9999.
Washington-based U.S. Government Country Contacts:
U.S. Dept of State. Desk Officer for Barbados and the Eastern Caribbean. Rm 3248. 2201 C Street, N.W. Washington, D.C. 20520. Tel: 202/647-2621. Fax: 202/647-4477
Office of the US Trade Rep., 600 17th St, NW. Washington, D.C. 20506. Tel: 202/395-3000. Fax: 202/395-3911
TPCC TPCC Trade Promotion Coordinating Committee
TPCC Transaction Processing Performance Council
TPCC Third Party Call Control
TPCC Templer Park Country Club (Malaysia)
TPCC Trent Palliative Care Centre
TPCC Timber Productivity Capability Classification Trade Information Centre. Washington. 1-800-USA-TRADE. 1-800-872-8723
US Dept of Commerce. Michelle Brooks. Desk Officer Barbados and the Eastern Caribbean. 14th & Constitution Ave., NW, Washington, D.C. 20230. Tel: 202/482-1658. Fax: 202/482-0464
US Dept of Agriculture. Paul Hoffman--Director. Caribbean Basin Agricultural Trade Office. Suite 720, 909 SE 1st Ave, Miami, FL 33131. Tel: 305/536-5300. Fax: 305/536-7577. http://www.cbato.usda.gov