GENERAL

Status: British Overseas
Status: Parliamentary Democracy.
Barbados achieved Independence in 1966 after 300 years as a British Colony.
Location: Barbados is the most easterly of the Caribbean Islands, situated 1,200 miles south-east of Miami. Although actually in the Atlantic, Barbados is regarded as a Caribbean territory.
Area: 430km2
Capital: Bridgetown
Population: 255,000. The only major centre of population is the capital of Bridgetown.
Business language: English
Currency: Barbados Dollar (BDS$). BDS$2=US$1
Time zone: GMT -4
Business hours: Mon-Fri 8am to 5pm
Climate: Tropical.
Average temperatures of 22ºc and 28ºc.

IMPORTANT CONTACTS

Barbados Chamber of Commerce and Industry
First Floor
Nemwil House
Collymore Rock
St Michael
Barbados
Tel: + 1 246 426 0747

Ministry of Finance and Economic Affairs
Government Headquarters
Bay Street
St Michael
Barbados
Tel: + 1 246 436 6436

Ministry of Industry and International Business
Upton
St Michael
Barbados
Tel: + 1 246 430 2200

EXPAT EMPLOYMENT DETAILS

Work permits are required for all non-Barbadian nationals.

COMMUNICATIONS

Barbados is served by a deepwater harbour and an international airport, with regular scheduled services by sea and air to North America and Europe. There are daily scheduled flights to the US, Canada, London and Puerto Rico. Telephone and telefax services are excellent, with direct dialling telex, and telegraphy. Barbados also has a well developed infrastructure with an extensive road network.

POLITICAL AND ECONOMIC STABILITY

Barbados gained independence from the UK in 1966. The Island has a long history of political and economic stability. Barbados is governed by a Parliament consisting of two houses and has a Governor-General, who is appointed by the British Monarch as repres-entative of the Crown. There are currently two political parties represented in Parliament.

KEY ACTIVITIES

A largely free enterprise, small, open economy based on tourism, light manufacturing and assemble, offshore financial services, captive insurance, international business companies, foreign sales corporations and shipping.

ADVANTAGES OF BARBADOS

  • A high degree of co-operation between the Government and the private sector.
  • Well established business and financial sectors.
  • A legal system based on English Common Law.
  • Privately-owned economy, except for traditional areas of government.
  • Investment incentives for manufacturing tourism and offshore financial services.
  • No capital gains or inheritance taxes.
  • Highly educated and relatively inexpensive labour force.
  • Relevant and sophisticated offshore legislation.
  • Corporate tax from 0% to 25%.
  • Expanding tax treaty network.
  • Incentive legislation for offshore banks.

The content of this factfile is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

This factfile also appears in the 'International Offshore and Financial Centres Handbook 1999/2000'. For further information about this highly informative guide to offshore centres, or to order your copy, please phone +44 (0) 207 820 7733 or send an email to iofch@mondaq.com