Over the past six decades, the global business sector has brought a wealth of benefits to Barbados in the areas of knowledge transfer, technological and infrastructural improvements, and economic and social development. It is on this basis that BIBA, as the Association for Global Business in Barbados, looks toward the future of the sector in Barbados with great anticipation.

Despite being a small, open economy with limited natural resources, Barbados has managed to achieve a standard of development, per capita gross income, and global reputation that far belies its small size. Through the sheer strength of its human capital, the island has become ranked among the international business and financial services centres of choice in the world, including top six globally for captive insurance domiciles and within the top five recipients of Canadian direct investment.

Pivotal to this stature of Barbados as a global business centre is the groundwork that has already been laid and the inroads that we are making into Latin America, Africa and the Middle East. Barbados also adheres to the standards set by the Organization for Economic Cooperation and Development (OECD) and has committed to enhancing its corporate tax regime in compliance with the implementation of the Global Anti-Base Erosion (GloBE) Rules in January 2024, which will conform to the OECD’s thrust to implement a global minimum corporate tax regime from 2024.

Global business and financial services are well-established as one of the mainstays of Barbados’ economy and continue to be the fastest-growing sector. And the island’s geographic location in the centre of the Americas, means it is well-positioned as a hub for the movement of people, goods and services. Our solid airlift network and sea routes means the island is a valuable logistics hub for trade and investment coming into Latin America and the Caribbean.

People

Regular direct flights between Barbados and Panama and more recently Barbados and Venezuela have opened up routes and connections to all south and central American cities, with Barbados as a gateway to Latin America. Airlift between Barbados and major cities in Kenya and Ghana are also at the top of the agenda with foreign affairs and tourism officials.

Airlift follows patterns of trade and tourism. And the inaugural Afri-Caribbean Trade and Investment Forum in 2022 and the opening of AFREXIMBank’s Caribbean Office in 2023, both in Barbados, are evidence of the reconnections that are taking flight between Africa and its diaspora.

In 2023, UK airline partners British Airways and Virgin Atlantic celebrated their 70th and 25th anniversaries, respectively, of creating direct air links between Barbados and the major UK cities with onward airlift into Europe. Barbados now boasts three FBO Jet Centres, offering private and expediated customs and immigration services to passengers on private and commercial airlines, along with conference facilities, catering and more, aimed to make travel as efficient and productive for business executives who travel to and from Barbados.

This purpose-driven travel for corporate meetings and activities results in a higher frequency of repeat visitors and a higher per-person spend than among leisure travellers. And with the OECD-driven Economic Substance requirements for in-person board meetings by global businesses, this contributes to combat the seasonality associated with the fluctuating fortunes of tourism today.

Goods

As our exports increase and diversify, plans are underway to expand the port in Bridgetown, with a dedicated container berth. This frees up the main berth for cruise ships and increases our container and bulk handing capabilities, with a vision of Barbados being a transhipment hub for the region, and for Africa into Latin America.

Services

Our reach into the South American continent is of even more strategic importance as we witness the growth of our CARICOM neighbour Guyana. By 2025, the IMF has predicted that the Guyanese economy will be worth USD $14.1 billion. With our vast expertise in the provision of a full suite of corporate services, insurance management, investment management etc, Barbados is well placed to be the solution jurisdiction for investors into the Guyana Oil and Gas Sectors and other extractive industries such as mining and other business-related opportunities. On the basis of the St. Barnabas Accord signed between our countries in 2022 to maximise our shared history going back decades, Barbados remains poised to leverage our offerings as a viable business hub in the provision of financial and other business services.

The ongoing evolution by government departments in the adoption of digital technology remains critical as business facilitation in Barbados is pressed to be one of the island’s unique selling points in an environment where tax competitiveness will no longer be an advantage.

This evolution is possible because of Barbados’ state-of-the-art telecommunications infrastructure. The high calibre of connectivity allows Barbados to welcome digital nomads to live and work here – doing business across the world from Barbados, thanks to the 12-month Welcome Stamp visa programme.

For investors and international businesses, Barbados boasts an exceptional professional network offering world-class advisory services, from legal to financial to compliance advice. The structured solutions that they offer means that it is cost-effective to do business in Barbados, while cultivating growth for reinvestment. Barbados also has a network of over 40 double taxation agreements and bilateral investment treaties that provide protection for multinational companies, while complying with the multilateral authorities.

There continues to be a revamping of commercial legislation on the island and the Companies Act is slated to be updated again in 2024, with revisions to the legislation covering insurance, banking and trusts to ensure that the framework on which solutions can be built and offered is keeping pace with international expectations.

Barbados is physically and digitally connected to the world and offers a wellregulated and supportive environment for business to grow and prosper. We continue to press ahead with our vision to be a true global business centre and a hub for the Caribbean and wider Americas.

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