Before establishing your business in Barbados, it’s essential to grasp the dynamics of the local business landscape, ensuring your legal entity can navigate the jurisdiction while aligning with long-term business objectives.
Political Landscape: Barbados boasts a stable parliamentary democracy and a well-managed economy, fostering a secure environment for business operations. The country’s commitment to transparency is reflected in its high ranking on the Corruption Perception Index, standing 3rd in Latin America and the Caribbean and 29th globally.
The government actively collaborates with Invest Barbados and stakeholders to maintain a welcoming atmosphere for foreign direct investment, emphasizing competitiveness on the global stage.
Legal Environment: Barbados prioritizes enhancing its investment climate and regulatory framework, meeting or surpassing international best practices. The jurisdiction is renowned for its robust regulatory systems, anti-money laundering measures, tax information exchange, and more. The flexibility of the Barbados Companies Law is a key factor that attracts businesses, offering benefits like financial statement privacy and 30-year tax and duty exemptions.
Economic Strength: With the highest per capita income in Latin America (ranking 55th globally), Barbados stands as the most affluent and developed country among the Eastern Caribbean States. Diversifying from a reliance on the sugar industry, Barbados now draws revenues from tourism, light industry, and efficient financial and information services. The country’s economic stability is highlighted by its position as the 13th freest economy in Latin America and the Caribbean.
Technological Infrastructure: Barbados boasts a reliable telecommunications network and infrastructure, making it an attractive hub for business and offshore financial services. With island-wide internet connectivity through fiber optic networks, the country ranks first in the Caribbean for fixed broadband internet speed. This technological prowess facilitates seamless business operations, attracting international information and communication technology companies.
Social Environment: Investors favor Barbados due to its high quality of life, making it an excellent place to work, live, and raise families. The country offers outstanding education, healthcare, affordable housing, and world-class telecommunications. Barbados is ranked 8th in the Americas and 58th globally in the UN Human Development Index 2020.
Environmental Policies: Barbados is committed to environmental sustainability, evidenced by its participation in twenty-nine international agreements addressing issues such as biodiversity, marine pollution, hazardous wastes, fisheries, and climate change. The Environmental Performance Index 2022 ranks Barbados 36th globally, indicating well-established environmental policies.
Understanding these facets positions Barbados as an ideal location for business operations, offering stability, transparency, technological infrastructure, and a high quality of life.