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Barbados: A Haven for Financial Businesses with Robust Regulatory Framework

In a world where stability and transparency are key to success, Barbados stands out as a prime destination for financial businesses. The island nation has established a robust regulatory framework that adheres to international standards, ensuring a sound and reputable financial sector.

Strong Regulatory Oversight

The Central Bank of Barbados (CBB), established in 1972, is responsible for regulating banks and providing supervision to ensure stability in the financial system. In 2011, the government strengthened oversight and created the Financial Services Commission (FSC) to regulate the non-banking financial services sector, which includes insurance companies, credit unions, pensions, securities, and more.

Clear Legislation and Governance

Barbados has implemented clear and effective legislation that provides stringent guidelines for good governance, enforced by regulators in each sector. The country’s well-developed legal system, based on English common law, protects property rights and intellectual property, while an independent judiciary ensures the impartial resolution of disputes.

  • Auditing and reporting meet international standards, fostering confidence in business activities.
  • Transparency and inter-governmental cooperation on information exchange matters are also hallmarks of Barbados’ value proposition.

Streamlined Process for Foreign Direct Investment

For organizations looking to enter the Barbados market, this means a streamlined process with focused supervision, governance, and adherence to international best practices. The country’s supervisory structure and guidelines lend strength, stability, focus, and good governance to the sector, making it an attractive destination for global business.

Attractive Destination for Foreign Direct Investment

Barbados has been attracting significant Foreign Direct Investment (FDI) for decades, particularly from Canada and the US. In 2019, FDI in Barbados accumulated CAD 49.8 billion, solidifying its position as one of the largest destinations for Canadian direct investment abroad.

Supporting Professionals and Infrastructure

To support businesses, Barbados offers a wide range of competent professional service providers, including:

  • Corporate and trust service providers
  • Tax advisors
  • Lawyers
  • Chartered accountants
  • Real estate agencies
  • Consultants

These professionals can assist in navigating regulatory requirements to set up a structure that meets strategic and financial goals.

Stable Political Environment and Growing Economy

The country’s stable political environment, growing economy, and business associations, such as the Barbados International Business Association (BIBA), provide additional incentives for businesses to operate in Barbados. Recent updates to legislation, including the Companies (Amendment) Act, 2019, and the Financial Institutions (Amendment) Act, 2018, demonstrate the country’s commitment to strengthening its regulatory regime.

Commitment to International Standards

Barbados has also joined the two-pillar plan with the OECD to reform international taxation rules, ensuring a fairer distribution of profits and taxing rights among countries. The country is committed to adhering to international standards set by organizations such as:

  • Financial Action Task Force (FATF)
  • Organisation for Economic Cooperation and Development (OECD)

Easy Accessibility

With its robust regulatory framework, Barbados is an attractive destination for financial businesses seeking a well-regulated jurisdiction with a large base of professionals to support their operations. The country’s easy accessibility, with numerous direct flight options from major cities around the world, makes it an ideal location for regular business meetings and board discussions.