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Today, Barbados is home to more than 4,000 transnational companies that are involved in activities such as international banking and insurance, ships registration, international trade and commerce, treasury management, private wealth management, trusts, contact centres, medical transcription, information communications technology and manufacturing (Barbados Economic and Social Report 2016).

 

ICT

 
Barbados' excellent infrastructure, outstanding telecommunications, highly literate and productive workforce and record of political stability are just some of the factors making it an ideal location for Information and Communication Technology (ICT) operations.   There are several foreign-owned enterprises and a diverse mix of locally owned service bureaus that offer excellent service at competitive prices.

Some of the ICT initiatives that have been successful in Barbados include contact centres, medical transcription, software development, computer aided design, health claims processing, data processing and order processing.  Click here to read more...

   

Manufacturing

 
Barbados offers an excellent location from which to manufacture high end products. The island is ideally suited for niche manufacturing products that require a world class infrastructure including excellent air and seaport facilities, as well as a highly educated and skilled work force. Click here to read more...

 

International Banking

 
Barbados is a well-established, international financial services jurisdiction. International banks are governed by the Financial Institutions (Amendment) Act, 2018-51.  There are several benefits to establishing an international bank in Barbados. Click here to read more…

 

Insurance


Barbados has been attracting international insurance companies to its shores for decades. Barbados is ranked among the top ten captive domiciles globally (Business Insurance). Click here to read more...

Mutual Funds


Mutual funds in Barbados are governed by the Mutual Funds Act Cap 320B.  A mutual fund is classified as a registered unit trust, a company, a partnership or a society which has been granted a licence by the Financial Services Commission of Barbados to carry on mutual fund business in or from Barbados.  Click here to read more…

 

Foundations


A foundation is a legal entity that has the hybrid features of both a company and a trust.  It is managed by a council whose function is similar to a board of directors.  Foundations in Barbados can be domestic or international, as well as charitable or non‐charitable, and can also be established for indefinite or fixed periods. Barbados’ Foundations are established under the Foundations Act, 2013‐2.   Click here to read more…

Trusts


Trusts are licensed by the Central Bank of Barbados.  
 

Ships' registration and Shipping Incentives

 
In 1970 Barbados became a member of the International Maritime Organization (IMO).  The IMO was established by Convention in Geneva in 1948.  Its "main task has been to develop and maintain a comprehensive regulatory framework for shipping and its remit today includes safety, environmental concerns, legal matters, technical co-operation, maritime security and the efficiency of shipping." Click here to read more...

 

 

Developing Industries

 

Given Barbados' competitive advantages, the government also is actively encouraging the development of the following sectors over the medium to short term: renewable energy, pharmaceuticals, digital technologies, medical tourism, medical schools, headquarters and holdings companies and global asset management.

 

Medical Schools

 

Since the establishment of the American University of Barbados in 2012, the country has grown in significance as an attractive location for international medical education services. Currently, Barbados is home to seven international medical institutions, including the acclaimed Ross University School of Medicine, which started operations in January 2019.  The student population from these institutions is drawn mainly from Canada, the USA, India and Nigeria.  Our diverse workforce comprises a good mix of medical professionals, some of whom are trained locally at the Barbados Community College and the Faculty of Medical Sciences at the Cave Hill Campus of the University of the West Indies.  Several others have been trained abroad, mainly in Canada, the UK and USA.

 

Fintech

 

Barbados is a leader in blockchain technology within the Caribbean, having given the green light to the first blockchain start-up in the region - Bitt.com. This company was co-founded in 2014 by two visionary Barbadians who continue to work with other Caribbean territories that are keen to embrace this evolving technology.  Since then, several investors have embraced the vision for Caribbean nations to adopt digital national currencies. Barbados, a vibrant centre for global business, supports and welcomes these types of initiatives by both domestic and international investors, and has launched a regulatory sandbox to facilitate further growth of the sector.

 

Medical Tourism

 

Barbados, a high profile, mature tourism destination which attracts visitors from around the world, but particularly from the UK, USA and Canada, - the leading countries from which the demand for medical services arise - is well positioned to fully engage the medical tourism industry. The country’s prominence was endorsed when it emerged as the number one destination in the world for traveler satisfaction, according to the 2017 Destination Satisfaction Index (DSI), by the tourism research company Norstat. Other characteristics that make Barbados appealing for medical tourism services include:

 

  • The country’s proximity to both North and South America
  • Excellent infrastructure
  • Easy international accessibility
  • High medical healthcare standards and
  • Skilled medical practitioners

As far back as 1751, Barbados was recognised for its apparent healing qualities: clean air, refreshing sea breeze and ‘uplifting’ sunshine, when America’s first President, George Washington sought medical treatment and recovery in Barbados for his ill brother.

 

Alternative/Renewable Energy

 

Renewable energy is a relatively new but fast developing sector in Barbados, which has great potential for attracting FDI. As a means of diversifying our economy, the Barbados government is actively encouraging the development of this sector over the medium to short term. Barbados is a tropical island which can capitalise on these alternative energy technologies as a means of securing a more sustainable energy mix. Several local companies have set up operations within the sector and there continues to be keen interest expressed by a number of potential foreign investors seeking to conduct business on the island.  Furthermore, tertiary training in photovoltaic installations and maintenance is readily available and remains critical to the continued development of the sector.

 

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