Barbados Financial Services Investments
Barbados has long been distinguished as the hub for International Financial Services and Investments in the Caribbean.
The Barbados International Business and Financial Services (IBFS) sector employs approximately 6,000 people and is the leading contributor to Barbados’ foreign exchange earnings after tourism.
IBFS sectors benefit from Barbados’ well developed, dynamic and enabling international business environment.
Investment opportunities exist in the following industries:
» Offshore Banking
» Credit Card Companies
» Consumer Finance
» Stock Brokerages
» Investment Funds
» Holding Companies
» Trust Companies
The country shares the same time zone with Eastern Canada and the US for 6 months with only a 1 hour difference for the rest of the year making Barbados a convenient location for international offices.
Competitive labour costs, as well as English speaking and service-oriented employees only add to the attractiveness of the island’s workforce.
Government subsidized education – from the primary to post-secondary levels – as well as the presence of several training institutions has led to a highly educated workforce with ample opportunity for life-long learning and training options in business management, technical skill-building and vocational programs.
The Government of Barbados provides a range of attractive incentives to international and financial services investors such as:
» Double taxation & investment treaties
» Exemption from exchange control restrictions
» Strong legislation & regulatory provisions
» Anti-money laundering laws
» Stable domestic policies
» Modern local & international banking facilities
In investment and business news, recent global ratings place Barbados as forerunner within the Caribbean Community (CARICOM). The Wall St. Journal and The Heritage Foundation ranked Barbados the 4th freest economy in the Americas 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.
Further boosting Barbados reputation on the global investment market, the World Economic Forum’s 2008-2009 Global Competitive Report slotted Barbados in 5th place within the western hemisphere following the USA, Canada, Chile and Puerto Rico.
In making the decision, considerations included: institutions, infrastructure, macroeconomic stability, higher education and training, goods and labour market efficiency, financial market and business sophistication, technological readiness and innovation.
Investors begin their due diligence with a visit to Invest Barbados (IB). Invest Barbados’ head office is located in the capital city Bridgetown with satellite facilities in New York, Toronto and London.
IBFS investors in Barbados enjoy networking, support and the creation of a forum for collective representation of the financial services arena within the country, by joining the Barbados Association of Insurance and Financial Advisors (BARAIFA).
BARAIFA is the local chapter of the Caribbean Association of Insurance and Financial Advisors (CAIFA). Members have the opportunity to participate in CAIFA’s Annual Sales Congress. The congress provides an opportunity to meet with members from different territories while benefiting from workshops, training, business meetings and platform sessions geared towards the regional and global advancement of the sector.
Barbados is a competitive, dynamic and vibrant location in which to base your international financial services business and investments.