About Barbados
Barbados is an independent English-speaking Commonwealth country with a dynamic economy. The most easterly of the Caribbean islands, it is just over three (3) hours by plane from Miami, four and one-half (4 ½) hours from New York and eight (8) hours from London. Barbados is today a world class business centre, with the professionalism of management necessary for the continued high level of business and social development. With its modern infrastructure, Barbados is an ideal place to live, work and invest.
Business Environment
Barbados has an economy driven by tourism, business, financial services, agriculture, and manufacturing. Low tax rates, double taxation agreements and exchange of information treaties have provided Barbados with an ideal environment for its development into a major international business and financial services centre. In addition, Government has a liberal policy towards foreign exchange controls and is committed to moving towards the elimination of these controls.
The island is highly rated for the quality of its educational, social and healthcare services and continues to enjoy stable political and labour relations. The availability of daily scheduled air transport to major international cities in North America, England and Europe and ready access to telecommunications, power, water and other utilities make Barbados a place at works.
Looking towards the future, the National Initiative for Service Excellence, NISE, was launched in 2004 jointly by the trade unions, the private sector and Government to position Barbados to consistently deliver excellence in service in all aspects of business and social interaction. In this way, an enabling environment will be created within which Barbados will be able to attain its vision of being a developed country by 2025.
For more information visit http://www.nisebarbados.org/
The island is highly rated for the quality of its educational, social and healthcare services and continues to enjoy stable political and labour relations. The availability of daily scheduled air transport to major international cities in North America, England and Europe and ready access to telecommunications, power, water and other utilities make Barbados a place at works.
Looking towards the future, the National Initiative for Service Excellence, NISE, was launched in 2004 jointly by the trade unions, the private sector and Government to position Barbados to consistently deliver excellence in service in all aspects of business and social interaction. In this way, an enabling environment will be created within which Barbados will be able to attain its vision of being a developed country by 2025.
For more information visit http://www.nisebarbados.org/
Legal System
The legal system is derived from English common law and Statutes. The courts administer the laws of Barbados which consist solely of local legislation. The judicial system is composed of a lower Magistrates Court and the Supreme Court which includes a Court of Appeal and a High Court. Final Appeal from Barbadian courts is to the Privy Council in England.
Taxation
Companies and individuals who are resident and domiciled in Barbados for tax purposes are subject to income tax on their world-wide income whether or not income is remitted to Barbados. Individuals who are resident but not domiciled in Barbados are taxed on their income derived from Barbados and on any overseas income remitted to Barbados. Non-residents are taxed only on income derived from Barbados. With certain exemptions (e.g. financial services and the sale of real property), Value Added Tax (VAT) is levied on all goods and services produced in Barbados and goods imported into Barbados.
Economy
Barbados has a market based economy. Over the last four decades, the economy has shifted from an emphasis on agriculture towards the provision of services. The economy is now based on tourism, business, finance and general services, agriculture and manufacturing. Over the years, Barbados has achieved a relatively high per capita income under conditions of low inflation, low external indebtedness and a solid social and economic infrastructure.
Infrastructure
Transportation
Barbados has an extensive road system of about 1475 km. of paved roads which have undergone major improvement in recent years. A highway links the north and south of the island.
The Grantley Adams International Airport, located about 15 minutes from the capital city Bridgetown, plays an important role as a vital center and link for international air traffic in the Eastern Caribbean. The main passenger terminal handles in excess of 2.0 million passengers each year and it has been recently upgraded and expanded .There are non-stop daily scheduled airline services to the major international cities – New York, Miami, Toronto, London – as well as to other Caribbean islands. Airlines flying to Barbados include Americam Airlines, American Eagle, Air Canada, Air Jamaica, British Airways, Caribbean Star, LIAT, Virgin Atlantic, US Airways and also British West Indian Airways (BWIA), to be replaced by Caribbean Airlines effective January 1, 2007.
The Seaport at Bridgetown is one of the most modern ports in the Caribbean with both a deep- water harbour and a shallow draught facility. There are regular freight sailings to North America, Europe and the Caribbean. The Bridgetown Port is well equipped with container-handling and berth facilities for ocean-going freighters and passenger vessels, including major luxury liners. It has won the prestigious award of “Caribbean Port of the Year” on several occasions during the last ten years.
Utilities
Barbados is equipped with a modern telecommunications infrastructure with the latest in digital technology and fibre optic systems including international direct dialing, facsimile transfer and satellite telecommunications which allows for the efficient transmission of electronic data. Internet and e-mail services as well as express mail and courier delivery are also available.
A reliable supply of Electricity is provided by the Barbados Light and Power Company Limited. Domestic and commercial supply voltage in major residential areas and in all new developments is 115/230 volts 50Hz. In Bridgetown and some other areas, the supply is 115/200Hz.
The Barbados Water Authority, a government statutory corporation, is the sole provider of water services. The water service in Barbados is reliable and the water supply is safe and refreshing to drink.
Geography
Barbados is located at latitude 13 degrees North and Longitude 59 West and is the most easterly of the Caribbean chain of islands that stretches from Florida on the North American mainland to the Guianas on the South American continent.
The island is just 21 miles long and 14 miles wide at its widest point and is made up of soft coral lime stone which is responsible for the gently rolling landscape. The terrain rises in steps from the west coast, reaching its highest point of 1100 feet at Mount Hillaby in the eastern parish of St. Andrew. The island is fringed coral reefs which is responsible for the white sand beaches that are present along the coast line.
The capital city, Bridgetown, and the three other regional towns are located along the west coast or Caribbean side of the island, while the Atlantic coast on the east side is less densely populated. The Barbadian population is predominately of African origin, while people of European, Indian and other ethnic groups are represented among the 273,000 persons live on the island of 166 square miles.
Barbados enjoys a pleasant and stable climate with daytime temperatures ranging between 31 and 23 degrees Centigrade. There is a dry season from February to March and a definite wet season between July and November. Although the island lies in a hurricane belt it has not suffered a direct hit since 1955. Natural resources include oil, natural gas and fish.
Government
Judicial, political and administrative institutions are closely modeled on the British system.
All political parties are “middle of the road”, supportive of the free enterprise system, and committed to the rule of law.
Barbados has had representative government since 1639 and became an independent country in 1966. There are two houses of Parliament, an elected House of Assembly and a nominated Senate. Executive authority is vested in the Prime Minister and Cabinet who are collectively responsible to Parliament.
Elections are held every five years.
Government actively encourages foreign investment.
Solid leadership has served this 166 square mile island well, maintaining its political, economic and social stability. This stability is underpinned by the existence in Barbados of the third oldest Parliament in the British Commonwealth. From the very beginning, Government’s policy has shown a firm commitment to the social and economic development of the island. The Government of Barbados therefore fully supports inward investment and ensures that appropriate incentives and legislation are in place to give confidence and predictability to investment decisions.
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