Barbados’ international business offering combines an extensive and expanding tax treaty network (see Double Taxation) and a suite of international business entities afforded low taxation and valuable exemptions from various duties, exchange control and other regulations. A modern legislative framework and a government committed to the continuing evolution of applicable statutes further enhance the sector. The jurisdiction also enjoys a long tradition of transparency and inter-governmental cooperation of information exchange matters. In addition it offers a pragmatic regulatory environment which continues to develop and is currently an area of focus for the Government.
The last three years have challenged all sectors of the Barbados economy and the international business sector has been no exception. However, there are encouraging signs that the sector is on the way to recovery, certainly in terms of the number of international business entities that have been incorporated during 2010. In addition, it would appear that a large percentage of the existing international business entities have renewed their licenses for 2011.