Académique Documents
Professionnel Documents
Culture Documents
BARBADOS
May 2007
TABLE OF CONTENTS
1. GENERAL INFORMATION..................................................................................... 3
2. THE ECONOMY........................................................................................................ 5
2.1 Structure of the Economy ................................................................................... 5
2.2 Recent Economic Performance........................................................................... 5
2.3 Balance of payments ........................................................................................... 6
2.4 Overview of Trade .............................................................................................. 6
2.5 Barbados’ Trade with CARICOM ...................................................................... 7
3. GENERAL MARKETING FACTORS...................................................................... 8
3.1 Distribution and Sales Channels ......................................................................... 8
3.2 Transportation ..................................................................................................... 8
3.3 Use of Agents/Distributors ................................................................................. 8
3.4 Franchising.......................................................................................................... 8
3.5 Advertising / Trade Promotion ........................................................................... 8
3.6 Joint Ventures / Licensing .................................................................................. 9
3.7 Selling Factors / Techniques............................................................................... 9
4. MARKET ACCESS CONDITIONS ........................................................................ 10
4.1 Customs Tariffs................................................................................................. 10
4.2 Free Trade Agreements..................................................................................... 11
4.3 Non-Tariff Barriers ........................................................................................... 11
4.4 Prohibited and Restricted Imports .................................................................... 12
4.5 Import Documentation ...................................................................................... 12
4.6 Labelling and Marking Requirements .............................................................. 12
4.7 Sanitary and Phytosanitary (SPS) Measures..................................................... 12
4.8 Standards........................................................................................................... 12
4.9 Product Certification......................................................................................... 13
5. INVESTMENT PROFILE........................................................................................ 14
5.1 Investment Incentives Schemes ........................................................................ 14
5.2 Foreign Investment Regime .............................................................................. 14
5.3 Free Trade Zones .............................................................................................. 15
6. ESTABLISHMENT OF BUSINESSES ................................................................... 16
6.1 Right to Private Ownership............................................................................... 16
6.2 Establishing an Office....................................................................................... 16
6.3 Work Permit Requirements............................................................................... 17
6.4 Intellectual Property Rights .............................................................................. 17
6.5 Conversion and Transfer Policies ..................................................................... 18
7 CULTURAL PRACTICES....................................................................................... 19
7.1 Business Customs ............................................................................................. 19
7.2 Entry/Exit Requirements:.................................................................................. 19
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DOING BUSINESS WITH BARBADOS
1. GENERAL INFORMATION
Official Name: Barbados Principal Cities and Population:
(2005 est.)
Capital: Bridgetown Bridgetown, 89,840
Holetown, 20,771
Area: 431 sq km
Airports: The island of Barbados
Population: 280,946 (July 2007 est.) has a single major airport, the Sir
Grantley Adams International Airport. It
Population growth index: 0.369% receives daily flights by several major
(2007 est.) airlines from points around the globe, as
well as several smaller regional
Population density: 651 per square commercial airlines and charters. The
kilometer airport serves as the main air-
transportation hub for the Eastern
Official language: The country's Caribbean. It is currently undergoing a
official language is English, the local US$100 million upgrade and expansion.2
dialect of which is referred to as Bajan,
spoken by most. Ports: The Deep Water Harbour
(a.k.a. the Port of Bridgetown), lies on
Currency: Barbadian dollar (BBD) the Western coast of the country, and
handles all of the bulk ship-based trade
Exchange rate: U.S. dollar = and commerce.
BDS$ 2
Holidays:
Climate: The climate of Barbados New Year’s Day Jan 01
is typically tropical, the weather Errol Barrow Day Jan 21
generally sunny and warm. Daytime Good Friday Apr 6
temperatures in Barbados hover around Easter Monday Apr 9
24 to 29°C (75 to 85°F), the heat National Heroes Day Apr 28
dampened slightly on occasion by Labour Day May 1
northeast tradewinds. Although Whit Monday May 28
Barbados is in the hurricane belt, the Emancipation Day Aug 1
island is fortunate to be bypassed by Kadooment Day Aug 6
most of the storms, but it is subject to the Independence Day Nov 30
odd intense tropical rainstorm that is Christmas Day Dec 25
usually short-lived. The dry season in Boxing Day Dec 26
Barbados stretches from January to
June.1 Life Expectancy:
Total Population - 73 years
1
http://www.climateandweather.com/Climate/Cou
2
ntries/Barbados http://en.wikipedia.org/wiki/Barbados
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3
4
http://www.wordtravels.com/Travelguide/Countr Doing Business in Barbados: A
ies/Barbados/Basics Country Commercial Guide for U.S. Companies,
2006.
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3. GENERAL
MARKETING FACTORS
12 13
Doing Business in Barbados: A Doing Business in Barbados: A
Country Commercial Guide for U.S. Companies, Country Commercial Guide for U.S. Companies,
2006. 2006.
8
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http://customs.gov.bb/General/Trade2.php http://customs.gov.bb/General/Trade1.php
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Doing Business in Barbados: A
Country Commercial Guide for U.S. Companies,
2006.
21
Doing Business in Barbados: A
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http://edis.ifas.ufl.edu/FE502 Country Commercial Guide for U.S. Companies,
2006.
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• Full and unrestricted repatriation of from import duty, value added tax and
capital, profits and dividends; environmental levy in respect of
• Subsidised factory/office space furniture, fixtures and equipment as well
available for rental in well-planned as building materials, supplies and
industrial parks; equity financing. 24
• Industrial training grant scheme to
subsidize the cost of worker training;
• A one-stop service for investors is 5.3 Free Trade Zones
provided by the Barbados Investment
and Development Corporation, a There are no free trade zones in
special agency established by the Barbados. The government permits
Government to facilitate investors goods to be stored in licensed bonded
and promote industrial development; warehouses with duties payable prior to
• Tax rate of 1 - 2.5 percent on profits the removal of goods for home
of International Financial Services consumption.
Companies;
• Tax rate of 1 - 2.5 percent for
International Business Companies.
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DOING BUSINESS WITH BARBADOS
6. ESTABLISHMENT OF
BUSINESSES The Articles of Incorporation must
conform to the Companies Act. Among
6.1 Right to Private Ownership the requirements is that the corporation's
principal officer must be at least 18
There is a constitutional right for years old, be of sound mind and must
nationals and non-nationals to establish not have been declared bankrupt.
and own private enterprises and private
property in Barbados. These rights also Any number of shares may be issued.
pertain to the acquisition and disposition Shares must be fully subscribed and paid
of interests in private enterprises. for before they are issued.
Barbados’ laws allow the formation of The “Corporate Affairs Section” of the
several types of companies. One of these Corporate Affairs and Intellectual
is the International Business Company Property Office has statutory
(IBC). By law, a locally registered responsibility for the registration and
attorney will be required to draft and file incorporation of various types of
Articles of Incorporation. The cost of companies, business names, bills of sale,
filing the application at the Corporate pharmacies, trade unions, newspapers
Affairs office is BDS $750 (USD $375) and limited partnerships. Numerous
and BDS $30 (USD $15) to reserve the statutory registers are kept for the benefit
name of the company prior to of the public at large, and the Registrar
incorporation. This is mandatory. The is responsible under the law for
cost of share certificates, a company maintaining the registers and ensuring
seal, and other secretarial documentation that the particulars filed therein are kept
required to commence operations usually current and are in a reliable state for
does not exceed an additional BDS $250 inspection by the public.
(USD $125). Attorneys fees are usually
quoted at about BDS $3,000 (USD
$1,500), but those fees are negotiable.
25
Attorneys’ fees are normally lower for Doing Business in Barbados: A
incorporation of a local company. Country Commercial Guide for U.S. Companies,
2006.
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http://www.caipo.gov.bb/corp/corp.html http://www.lowtax.net/lowtax/html/jbscfir.html
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http://www.wordtravels.com/Travelguide/Countr
ies/Barbados/Basics
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Doing Business in Barbados: A
Country Commercial Guide for U.S. Companies,
2006.
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