Barbados Construction Investments
Barbados Construction Industry is teeming with investment options. A long and thriving tourism industry has created a vast amount of development opportunities in the hotel, villa, residential and shopping complexes as well as restaurant sectors.
In recent news, global ratings placed Barbados as forerunner within the Caribbean Community (CARICOM). The Wall St. Journal and The Heritage Foundation slotted Barbados 22nd among 183 countries evaluated in their 2009 Index of Economic Freedom.
Scores were based on: business, trade, government size as well as monetary, fiscal, investment and financial freedom, property rights, corruption and labour.
Key reasons to invest in Barbados’s construction industry include:
» Proactive government sponsored incentives for investment
» Modern infrastructure
» Competitive and skilled workforce
Construction related services such as chartered surveying, building and restoration abound on the island. Barbados offers a highly trained and competitively priced workforce of engineers, architects and project managers skilled in both civil and structural engineering.
Barbados infrastructure is modern and extensive boasting:
» Well maintained highways and side roads
» A well equipped shallow draft and deep harbour
» Country-wide internet services
» Modern telecommunications system (including up-to-date digital technology and fibre optic systems, direct international dialling and satellite telecommunications)
» A reliable 15/230 volts 50Hz electricity supply in most major residential areas and all newly developed locations
Committed to expanding investment on the island, the Government of Barbados – under the Tourism Development Act – provides incentives for companies involved in hotel construction, financing and operation as well as construction and operation of other tourism-related activities.
Invest Barbados (IB) is responsible for attracting and maintaining foreign investment on the island. IB provides advice and assistance to investors seeking profitable opportunities in the construction industry.
IB’s Head office is located in the national capital Bridgetown with extension offices in London, Toronto and New York.
Contact Invest Barbados (IB) for more information investment incentives such as:
» Low Tax Rates
» Duty-free Import of Materials (components, raw materials, production equipment)
» Training Grants
» Affordable Rental Space
» Tax Holidays
» Export Allowances (through the Income Tax Act)
Go green in Barbados! Eco-friendly construction is encouraged through Barbados’ Green Economy Policy. The government has proven its commitment to ecologically-friendly development by offering grants, loans and concessions including:
» Grants & Rebates for ‘Green’ Construction
» Environmental Levy on certain energy efficient devices and systems
The Barbados Tourism Investment Inc. (BTI) – understands the importance of maintaining its heritage while building a strong and reliable infrastructure. Restoration companies are wise to consider opportunities under the Urban Rehabilitation Program which are slated for the following tourism centers:
» St. Lawrence Gap
Barbados is a paradise for construction-related professionals and global investors seeking a secure, stable, sophisticated and profitable Caribbean destination to base their businesses.
With a modern and reliable infrastructure, a well legislated and enabling business environment, dedicated investment and tourism departments and sound international reputation, Barbados can’t be beat.
When considering your next investment venture in the construction industry, you don’t have to think twice: Barbados makes sense.