Business Barbados 2023

B A R B A D O S ’ P R E M I E R B U S I N E S S & I N V E S T M E N T P U B L I C AT I O N 2 0 2 3 b u s i n e s s b a r b a d o s .c o m

THE TIME IS NOW

Office Address: One Welches, Welches St. Thomas BB22025 Barbados

Office Phone: (246) 430 8400

Office Email: info@bb.tricorglobal.com

Website: www.tricorglobal.com

LinkedIn: @tricorgroup

Facebook: @tricorglobal

WeChat: @tricorgroup

YouTube: @tricorgroup

Lifestyle

The lifestyle your heart desires…

Business …with everything your business needs.

Barbados offers a warm and welcoming investment climate.

One of the highest-ranked developing countries on the UN’s Human Development Index, Barbados has: a desirable quality of life a longstanding record of political, social and economic stability an excellent education system healthcare that’s amongst the best in the Caribbean direct connections to major international cities world-class telecommunications other reliable utilities island-wide

As a mature jurisdiction with a commitment to international best practices, we have built a strong foundation of treaties, anchored by effective laws and transparent policies and procedures, including a robust structure to enhance your global competitive advantage.

Home to an expanding roster of thousands of transnational entities, the Barbados landscape is vibrant and brimming with opportunities - spanning the traditional sectors to the emerging, with much to offer. Let our team at Invest Barbados be your guide from exploration to business establishment and expansion. Invest Barbados is positioned to ensure that Barbados works for you!

www.investbarbados.org

info@investbarbados.org | Barbados: 246-626-2000 | Canada: 416-214-9919 | USA: 212-551-4375 | UK: 011-44-203-318-9036

INVESTMENT OPPORTUNITIES FINANCIAL SERVICES | ICT | GLOBAL EDUCATION | NICHE MANUFACTURING | RENEWABLE ENERGY | MEDICAL TOURISM | RESEARCH AND DEVELOPMENT | MEDICINAL CANNABIS | NEARSHORING | FINTECH | BIOTECH | LIFE SCIENCES

C RE D I TS Publisher & Editor: Keith Miller Publication Manager: Danielle Miller Design: Neil Barnard at 809 Design Associates Main Photographer: Jaryd Niles-Morris Assisted by: Sherika Rice, Anika Millington and Ryan Austin Illustrations: Nicola Barnard for Business Barbados Website and E-Book available at BusinessBarbados.com and join the conversation on the following social networks: Business Barbados is published annually by Miller Publishing Company Limited, 10 Stonehaven, Crane, St. Philip, Barbados Tel: (246) 421 6700 E-mail: keith@millerpublishing.net E-mail: danielle@millerpublishing.net

Printed in Barbados at COT

T H E

T I M E

I S

N OW

Danielle Miller - Publication Manager

All information in this publication has been carefully collected and prepared, but it still remains subject to change and correction.

Use these contents for general guidance only and seek extra assistance from a professional adviser with regard to any specific matters.

Copyright reserved. None of the contents in this publication can be reproduced or copied in any form without permission in writing from the publisher.

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B USIN E SS B A R BADOS 2023

Guiding you on your sustainability journey The decisions we make today can impact the quality of life for the generations to come. A better future is entirely possible, but it will require a profound and lasting change in attitudes and behaviors and will depend on sharing knowledge and experience more broadly than ever before.

Deloitte helps organizations progress their journey toward long-term sustainability and value creation. We advise clients to meaningfully embed sustainability into decision-making and operations, redefine business strategies to incorporate Environment, Societal and Governance (ESG), meet disclosure and regulatory requirements and help accelerate the transformation of their organizations.

Together, let’s reimagine the way we work – and build vibrant economies that are sustainable well into the future. © 2023 DCB Holding Ltd. and its affiliates.

www.deloitte.com/bb

C AL E NDAR OF E V E NTS FEBRUARY BUSINESS 1-3 – World Captive Forum, Miami, FL worldcaptiveforum.com CULTURAL 12-19 – Holetown Festival holetownfestivalbarbados.org AGRICULTURE 24-26 – Agrofest, Queen’s Park, Bridgetown basonevoice.org HORSE RACING 4 – Race Day, Garrison Savannah barbadosturfclub.org

JANUARY BUSINESS 27 – BIBA Networking Mingle biba.bb GOLF 28 – Barbados Golf Club Championship, Barbados Golf Club HORSE RACING 2, 14 & 28 – Race Days, Garrison Savannah barbadosturfclub.org POLO 14 – Young Barbados/UK, club match, Barbados Polo Club 21 – Denmark vs Barbados, Apes Hill Polo Club SAILING 14 – Barbados Sailing Week Junior Dinghy Regatta 17-22 – Mount Gay Round Barbados Sailing Week, sailbarbados.com 21 – Mount Gay Round Barbados Race

4

POLO 4 & 11 – Villages vs Barbados, Barbados Polo Club 9 – Villages vs Barbados, Apes Hill Polo Club 25 – Cheshire vs Barbados, Barbados Polo Club

MARCH BUSINESS 5-7 – Captive Insurance Companies Assoc.

(CICA) 2023 Int’l Conference, Rancho Mirage, California cicaworld.com CULTURAL 15-19 – Barbados Independent Film Festival Barbadosfilmfest.org GOLF 25-26 – Barbados Golf Club Open CRICKET 31 – 2023 Regional Police T20 Cricket Tournament

RUGBY 21 – Rugby XVs Renegades vs Tridents, Garrison Savannah

HORSE RACING 4 – Race Day (Barbados Turf Club Sandy Lane Gold Cup), Garrison Savannah 18 – Race Day, Garrison Savannah barbadosturfclub.org

NATIONAL HOLIDAYS 1 – New Year’s Day 21 – Errol Barrow Day

POLO 2 – Cheshire vs Barbados, Apes Hill Polo Club

B USIN E SS B A R BADOS 2023

5 – Cheshire vs Barbados, Barbados Polo Club 11 & 18 – Canada vs Barbados, Barbados Polo Club 16 – Canada vs Barbados, Apes Hill Polo Club 25 – Hickstead vs Barbados, Apes Hill Polo Club

APRIL BUSINESS 26-27 – SEO Mastermind, Clifton Hall Great House barbadosseo.com 30 April - 3 May – RIMS 2023 Annual Conference, Atlanta, Georgia rims.org CULTURAL 7-10 – Oistins Fish Festival visitbarbados.org/oistins-fish-festival GOLF 27-30 – Sir Garfield Sobers Festival of Golf, Barbados Golf Club, The Country Club at Sandy Lane and Royal Westmoreland HORSE RACING 1, 15 & 29 – Race Days, Garrison Savannah barbadosturfclub.org POLO 1 – Hickstead vs Barbados, Apes Hill Polo Club 22 & 29 – Wascosa vs Barbados, Apes Hill Polo Club 27 – Wascosa vs Barbados, Barbados Polo Club FISHING 11-16 – Sir Charles Williams Barbados International Fishing Tournament, Port St Charles Marina NATIONAL HOLIDAYS 7 – Good Friday 10 – Easter Monday 28 – National Heroes Day

The Art of Sparkle

™

Exclusively at

Limegrove Lifestyle Centre, Holetown, St. James • 246-271-8230 Lower Broad Street Bridgetown, St. Michael • 246-430-2412 www.diamondsinternationalbarbados.com

C AL E NDAR OF E V E NTS MAY

JULY

BUSINESS 9-11 – Caribbean Hotel and Tourism Assoc.’s (CHTA) Caribbean Travel Marketplace, Lloyd Erskine Sandiford Centre, Barbados chtamarketplace.com

HORSE RACING 8 & 22 – Race Days, Garrison Savannah barbadosturfclub.org

GOLF 6 – Barbados Golf Club BGA Championship HORSE RACING 27 – Race Day (Barbados Guineas), Garrison Savannah barbadosturfclub.org

JUNE HORSE RACING 10 – Race Day, Garrison Savannah 24 – Race Day (Midsummer Creole Classic), Garrison Savannah Barbadosturfclub.org MOTORSPORT 3-4 – Rally Show & King of the Hill 10-11 – Sol Rally Barbados rallybarbados.net NATIONAL HOLIDAYS 29 – Whit Monday

AUGUST CULTURAL 2-8 – Crop Over Festival HORSE RACING 1 – Race Day (Barbados Derby), Garrison Savannah 12 & 26 Race Days, Garrison Savannah barbadosturfclub.org HOCKEY 20-26 – 38th Annual Barbados International Hockey Festival, Sir Garfield Sobers Sports Complex SCUBA DIVING 18 – DiveFest 2023 NATIONAL HOLIDAYS 1 – Emancipation Day 7 – Grand Kadooment Day

SEPTEMBER HORSE RACING 9 – Race Day, Garrison Savannah barbadosturfclub.org

OCTOBER BUSINESS 22-27 – BIBA Global Business Week biba.bb 26-29 (tbc) – BMEX Trade & Innovation Expo bmex.bb CULTURAL 19-22 – Barbados Food & Rum Festival TRIATHLON 22 – 33rd Annual Barbados National Triathlon triathlonbarbados.com

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B USIN E SS B A R BADOS 2023

NOVEMBER BUSINESS 15-17 – BarbadosSEO Conference, Clifton Hall Great House barbadosseo.com CULTURAL 1 – Independence Lighting Ceremony, Heroes Square, Bridgetown 30 – 57th Anniversary Independence Day Parade, Kensington Oval HORSE RACING 3, 18 & 30 – Race Days, Garrison Savannah barbadosturfclub.org SWIMMING 8-12 – Barbados Open Water Festival barbadosopenwaterfestival.com NATIONAL HOLIDAYS 30 – Barbados Independence Day

DECEMBER GOLF 16 – Barbados Golf Club Hamper, Barbados Golf Club HORSE RACING 16 – Race Day, Garrison Savannah 26 – Race Day (Boxing Day Racing) barbadosturfclub.org RUNNING TBC – Run Barbados Marathon Weekend runbarbados.org NATIONAL HOLIDAYS 25 – Christmas Day 26 – Boxing Day

Celebrating our half century

YEARS

in Barbados

The clear choice In 1973 a merger between Peat Marwick Mitchell & Co and Ken Hewitt & Co provided the impetus for KPMG’s presence in Barbados. Today, we are proud that we continue to deliver excellence in audit, tax and advisory services to this beautiful island nation.

Grant McDonald

Managing Partner, Head of Tax

Chris Brome

Partner, Advisory

Jan Martinek Partner, Audit

Lisa Brathwaite Partner, Audit

Ashley Clarke

Partner, Audit

Melanie Roger Greenidge Kirton Director, Advisory

© 2023 KPMG in Barbados and the Eastern Caribbean, a partnership registered in Barbados, Antigua and Barbuda, Saint Lucia and St. Vincent and the Grenadines, and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

Director, Advisory

CO NT E NTS 14 - From the Publisher 16 - Choose Barbados to Invest, Live, Work and Play Carmel Haynes

20 - Tax Attraction: Barbados Offers Attractive Tax Benefits to Incoming Investors La-Tanya Phillips

24 - Playtropic Videogame Services Melanie Jones

28 - UN Sustainable Development Goals Connie Smith

36 - Ecohesion Joins Integrated Sustainability 42 - Barbados Blue Bonds and Climate Finance in the Caribbean

48 - Property Development in Barbados Terry Hanton

56 - Apes Hill Barbados 64 - BIBA 68 - Unlocking Africa: Barbados Unlocks African Business and Cultural Wealth Kaye-Anne Greenidge

72 - Strengthening the Africa-Caribbean Alliance Joanna Robinson

78 - Investment in the Life Sciences Sector Kerry Jordan

86 - BioConnect Medical Centre 92 - Barbados Rum 94 - Back to Our Roots Richard Seale

102 - A First-hand Report from the Barbados Rum Experience 2022 >

Page 68

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B USIN E SS B A R BADOS 2023

Adam O’Connell

Page 16

>

Chris Brome, Grant McDonald

An independent private bank with global reach.

We are unique in the way we combine the scale and capability of a large global bank, with the continuity and genuine commitment to service of a boutique firm.

Our expertise crosses three integrated service areas:

With an uncommon commitment to personalized service, we approach every challenge as an opportunity to make life simpler for our clients.

Chambers and Partners High Net Worth Guide for Private Banking 2018-2022

Let’s connect.

STEP Gold Partner Employer Partnership

CO NT E NTS 104 - Dakota Ross 108 - Barbados is Making Strides in Film Annette Nias

114 - Barbados Improves Business Facilitation Trisha Tannis

118 - Non-national Philanthropy Makes a Major Impact in Barbados Peter N. Boos FCA

122 - Investing in Barbados’ Social Infrastructure Dr. Sharilyn Hale

Page 114

>

Page 108

>

124 - BUSINESS BARBADOS FAST FACTS

< Page 118

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B USIN E SS B A R BADOS 2023

E D I T O R I A L

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B O A R D

B USIN E SS B A R BADOS 2023

E D I T O R I A L

B O A R D

B U S INESS BARBAD OS 2 02 3 E D I TO RIAL BOARD Left to Right: Connie Smith – Managing Director, Tricor Caribbean Renatta Mohammed - Director, Investment & Marketing, Invest Barbados Peter Boos - Chairman Emeritus, EY Caribbean Melanie Jones - Managing Partner, LEX Caribbean Mark Thompson - Chairman, Tourism Development Corporation Trisha Tannis - Chairman, Barbados Private Sector Association Andrea Burgess - Deputy CEO (Ag.), Export Barbados (BIDC) Keith Miller - Publisher, Business Barbados Carmel Haynes - Executive Director, BIBA Tara Collymore-Kirton - Senior Manager, Deloitte Marilyn Husbands - Tax Partner, EY Barbados Caroline Belgrave - Senior Manager, PwC East Caribbean Grant McDonald - Managing Partner, KPMG Photo location - Regus Business Centre

B U S I NE SS B ARB ADOS 2 02 3

13

F R O M

T H E

P U B L I S H E R

T HE T IM E IS NOW placing even greater emphasis on our

international community, the bonds were

existing digital platforms. Our intention

oversubscribed with better pricing than

is to provide regular content designed to

anticipated. A few months later, on the

stimulate ongoing conversations, while

occasion of the 56th Independence Day

facilitating informed insights and analysis

Celebrations, the Prime Minister reiterated

from the top minds in business and

the Government’s five main goals to help

development. And we are already making

Barbados achieve world-class nation

that happen.

status by 2030:

In 2022, I was delighted to welcome Danielle Miller onto our team as the

• A ‘Green Barbados’ to ensure the

new Business Barbados Publication

protection of biodiversity and food

Manager. Having previous international

supply.

experience in digital and print marketing

• A healthy and safe Barbados for

with two major national brands in

everyone on the island.

Keith Miller

London, as well as successfully working

• Utilising the platform of education

Publisher & Editor Business Barbados

as a freelance editor and copywriter in

to create a knowledge and innovation

W

Peru and Barbados for a broad range

hub.

of business-related clients, Danielle is

• Leveraging geographical advantages

ith the release

eminently qualified for her new role. Since

for Barbados to become an entrepot

of this 2023

joining the team, Danielle has worked

for the western and southern

edition of

productively with colleague Erin Brewster,

hemispheres.

Business

our web designer /developer, to create a

• Economic enfranchisement of all

Barbados,

new, more user-friendly website, as well

Barbadians.

we have

as map out an effective content strategy for our digital offerings including web

consecutive years of publication in both

content, newsletters and targeted social

investors have launched a significant

print and digital formats. Although that

media campaigns.

number of new projects with the potential

noteworthy achievement might naturally prompt some degree of satisfaction, we prefer to see it as an opportune moment

In short, we are re-building today for better results tomorrow.

At a radically higher level, Barbados

to help Barbados attain its sustainable development goals. Most notably in the sectors of sustainable water supplies,

to re-evaluate and improve our position.

also finds itself at a crossroads in a

renewable energy solutions, green

Having constantly aspired to make

modern world replete with immense

building and property development,

each new edition better than its

change, unprecedented challenges and

sustainable rum production, and life

predecessor, we are acutely aware that

exciting opportunities.

sciences – many of which we have featured in this edition.

there is no room for complacency at

Confronted by a daunting list of

any level – especially in today’s rapidly

inter-connected global issues including

evolving and unpredictable world,

but not limited to the climate crisis

complete rebuild and refurbishment

when unexpected change seems to be

and its many implications, renewable

of Apes Hill by its new owners; the

the norm. To survive and thrive in that

energy sources, food and water scarcity,

construction of several new hotels,

challenging environment, we have to

biodiversity and species loss, pandemics

condominiums and other tourism related

reinvigorate Business Barbados to better

and other health issues, wellbeing and

facilities; and large-scale building of

fulfil its primary purpose of promoting

education of children, gender and social

affordable homes for Barbadians.

Barbados as an attractive investment

equality – Barbados has initiated a series

Meanwhile, the Government has

jurisdiction to as wide an international

of bold initiatives designed to combat

announced a substantial capital works

audience as possible, while also

these challenges while also stimulating

programme, including a billion dollar,

stimulating interest and growth within the

economic development.

10-year transformation of the Bridgetown

domestic business sector.

14

Over the course of the last two years,

attained the noteworthy benchmark of 25

In September 2022, under the astute

Other major investments include the

Port, as well as an ambitious tourism

And we have to do it now.

leadership of Prime Minister Mia Amor

development plan for a 9-acre beachfront

So, as we move forward with a more

Mottley, Barbados became one of the

property at Needham’s Point on the south

dynamic Business Barbados, while

first countries in the world to issue Blue

coast.

retaining the print edition as a core

Bonds with a pandemic clause included.

In keeping with its longstanding

component of the brand, we will now be

In a rousing vote of confidence by the

reputation as a reputable investment

B USIN E SS B A R BADOS 2023

F R O M

T H E

P U B L I S H E R

jurisdiction offering financial and social stability with well-regulated legislation, Barbados continues to be highly attractive to companies from a governance perspective. By complying with the stringent anti-money laundering and economic substance regulations demanded by organisations such as the OECD and the EU, Barbados can rightfully claim to have one of the best and tightest tax regimes in the world.

Businesses that establish here have access to a steady supply of educated, trainable employees with a good work ethic, including each year approximately 1,500 graduates from the University of the West Indies in biology, chemistry and other sciencebased subjects. It is worthy of note that by recruiting Barbadian graduates, international companies can often fulfil their diversity requirements in one go.

Other Barbados advantages include excellent airlift and communications, well-established strategic partnerships around the world, and opportunities to engage in newly developing sectors.

Furthermore, Barbados has matured into a cosmopolitan location with a welcoming environment for international businesses and investors, as well as individuals or families seeking a new place to live amongst like-minded people, with a happy, healthy outdoors lifestyle.

Barbados has a real opportunity to implement a transformational phase of economic development that could potentially realize the nation’s aspiration to be world-class. But we cannot become a global success on our own. We need to establish mutually-beneficial alliances with people and businesses of substance who have already attained proven worldclass status, then facilitate them with the appropriate infrastructure to prosper.

And we have to do it now.

Barbados is open for business and ready to work. Bona fide investors welcome!

B U S I NE SS B ARB ADOS 2 02 3

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C H O O S E

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B A R B A D O S

B USIN E SS B A R BADOS 2023

C H O O S E

B A R B A D O S

Choose Barbados Choose Barbados to Invest, Live, Work and Play

this prospect of having to raise its tax

and business leaders. It is therefore no

floor to 15 percent from its current ceiling

wonder that Barbados is also the fourth

of 5 percent would cause Barbados to

largest recipient of Canadian direct

lose its advantage in attracting high-

investment in the world, with six of the

earning multinational companies from

largest Canadian banks maintaining

across the globe. However, this is based

a presence here, either through their

on a very narrow view of what Barbados

retail banking, wealth management

has to offer. Barbados has never been

or reinsurance business units. Indeed,

interested in a ‘race to the bottom’ in

BIBA was formed a quarter-century ago

providing tax concessions.

through the amalgamation of several

Indeed, Barbados continues to

representative organisations for Canadian

maintain its rank among the top 10

offshore banks, international business

captive insurance domiciles in the world.

companies, and exempt insurance

This is because captive managers are

companies, which were domiciled here

Carmel Haynes

less focused on tax advantages when

and still maintain a presence in Barbados

Executive Director, BIBA, the Association for Global Business

they choose a jurisdiction, but rather

to this day in many cases.

more interested in how Barbados

Barbados continues to attract business

S

maximises their strategic, financial

from Canada, many other Commonwealth

and operational advantages. Among

nations and the United Kingdom, because

ince the global

independent consultants who evaluate

our legal framework is grounded in

minimum corporate

these areas, Barbados continues to rank

English Common Law and our corporate

tax rate proposed by

highly for the stability and predictability

laws are modelled after the Canadian

the Organisation for

of its business environment; the speed

system. Home to a Westminster system

Economic Cooperation

at which applications are processed; its

of Parliament since 1639, Barbados also

and Development

history of regulatory experience; and how

holds a solid reputation for political

(OECD) started to

the jurisdiction is perceived (we have

stability, while also enjoying an enviable

gain traction while the developed

been consistently indexed among the

record of social stability and security

countries of the world tried to rebalance

lowest territories within the Americas for

relative to many of its neighbours in

their budgets in the grips of a global

perception of corruption by the German-

the hemisphere. Barbados has a strong

pandemic, the spotlight has been cast

based Transparency International).

regulatory framework comprising the

on tax competitive jurisdictions such as Barbados. Some have questioned whether

Apart from captive business, these are high-value features for many investors

Central Bank of Barbados, the Financial Services Commission, the Corporate

B U S I NE SS B ARB ADOS 2 02 3

17

C H O O S E

B A R B A D O S

Affairs and Intellectual Property Office,

to the political, financial, and other

that is generated locally or remitted to

the International Business Division of

risks that could come through direct

Barbados.

the Ministry of Energy and Business, and

investment, a Barbados structure can

the Barbados Revenue Authority, which

assist in mitigating against the risk from

individual investors or business executives

offer right-sized regulations that comply

some of the more volatile situations to

but their families as well because of

with international best practice, while

which new entrants could find themselves

the quality of life that is available here.

being suited to a small, open-economy.

exposed.

The public and private school systems

Unfortunately, the economic challenges

are highly rated across the world and

raised by the global pandemic stymied

capital in the form of a well-educated,

students at some secondary-level schools

local authorities in their efforts over the

highly skilled workforce equipped with

can even pursue their international

past three years to be as responsive to

the knowledge and acumen to support a

baccalaureate qualifications. This allows

international obligations as has been our

variety of international business clientele.

for a near seamless transfer of students

reputation, but open dialogue is being

Barbados presents the right conditions

and their grades from Barbados to

maintained with the OECD, the European

for organic growth through local

institutions of higher learning globally.

Commission and the Financial Action Task

employment, thus saving international

Not only is our education system

Force to respond to and remediate any

investors high relocation costs associated

internationally accredited but so is

deficiencies that could threaten to place

with bringing in international talent. And

our healthcare system. Along with our

Barbados on another blacklist.

it is because of our people that the island

primary public healthcare facility, the

is known the world over for not only

Queen Elizabeth Hospital, Barbados also

jurisdiction is not our only selling point,

its welcoming investment climate, but

offers 24-hour emergency services at

we do have a deep network of Double

also its welcoming of those who choose

several private clinics across the island. It

Taxation Agreements (DTAs), Bilateral

to relocate here and make a positive

also boasts an internationally sought after

Investment Treaties (BITS) and Tax

contribution to our society and economy,

fertility clinic and a new gynaecological

Information Exchange Agreements

whether on a temporary or more

clinic specialising in pre- and post-

(TIEAs) that makes us unique in this

permanent basis.

menopausal care that has a growing

While being a tax competitive

18

Barbados has excellent human resource

Barbados is attractive not only to

clientele from Latin America and the

hemisphere. At the latest count we have

By creating the remote worker/digital

40 DTAs in force, including the Caribbean

nomad visa termed the ‘Welcome Stamp’

Community (CARICOM) multilateral

in late 2020 for overseas middle to

DTA, and key trading partners in the

high-income earners, the island signalled

infrastructure and continuously expanding

United Kingdom, Europe, North and

that it was prepared to embrace and not

international flight agreements, including

South Americas, Asia, Africa and the

ostracise thousands of entrepreneurs,

expansions into the African continent,

Middle East. Added to that, we have nine

business owners and skilled overseas

Bridgetown is well-positioned for

BITs and five TIEAs in force in the same

nationals who were uncomfortable or

connections with many cities across the

regions. These agreements are compliant

downright scared of seeing out the

globe. As we learn to live with COVID,

with the Organization for Economic

COVID-19 pandemic in their home

our annual calendar of entertainment

Cooperation and Development (OECD)

countries. The warmth of our hospitality,

activities is ramping back up with events

Global Forum requirements. Indeed,

our climate and the cosmopolitan vibe

designed to appeal to all ages and cultural

since our first tax blacklisting challenge

in an island-setting offered by our urban

backgrounds. The number of flag hotels

in the 1990s, Barbados has taken every

centres, attracted over 4,000 ‘Welcome

on the island is growing as the Hyatt

challenge by the international regulatory

Stampers’, who were then given the

and Wyndham hotel groups position

framework as an opportunity to

option to renew their status times at

themselves to join the Hilton, Radisson

strengthen and improve our compliance

the end of the 12 months or apply for

and Marriott properties that already enjoy

efforts and internal regulations to remain

a Special Entry and Reside Permit if

year-round strong occupancy levels. Food

a lower risk, high value jurisdiction for

they qualified. Once granted an SERP,

culture continues to evolve and the wide

investors. Our geographic proximity and

qualifying high net worth individuals

variety of culinary offerings, including

various tax agreements with Mexico,

(HNWIs) and their dependents can live

some Zagat-rated restaurants, can delight

Panama, and Venezuela, and our airlift

in Barbados with few restrictions for an

a variety of palates.

agreement with Copa Airlines, make

indefinite or a fixed period, depending

All of that, added to our geographic

Barbados a natural gateway into Latin

on the age of the individual and the

position just north of the equator while

America. For businesses outside of this

particular category the individual falls

slightly outside of the hurricane belt,

hemisphere who want to engage with the

under – a retired person, an employed

makes Barbados one of the best places

Latin American markets, but which are

person or an entrepreneur. Eligible

in the world to live, work and play for the

cautious of directly exposing themselves

individuals are taxed only on their income

discerning global traveller.

B USIN E SS B A R BADOS 2023

wider Caribbean.

With our robust telecommunications

T A X

20

A T T R A C T I O N

B USIN E SS B A R BADOS 2023

T A X

A T T R A C T I O N

TaxAttraction Barbados Offers Attractive Tax Benefits to Incoming Investors

F

or many years, Barbados

to the class of license they hold. Class 1

has asserted a value

licensees that underwrite related party

proposition of sun, sea

business are subject to tax at 0%. Class

and sand to those who

2 licensees that underwrite third-party

vacation on our shores.

risks are subject to tax at 2%. Finally,

For the persons who

Class 3 licensees, including insurance

will eventually leave or perhaps even

intermediaries, brokers, insurance

forfeit the beach in search of investment

management companies and insurance

opportunities, another value proposition

holding companies are subject to tax at

arises: Barbados is always open for

2%.

business. The welcoming environment

La-Tanya Phillips Associate Partner, Tax Services, EY

In addition to low rates of corporation

for investment and business operation is

tax across all industries, domestic

underpinned by a tax regime that offers

tax legislation makes provision for a

many attractive benefits and rests on

participation exemption which allows

pillars of simplicity, fairness, adequacy,

dividends received by a Barbados

and transparency.

company from non-portfolio, non-

Beginning and ending with simplicity,

resident subsidiaries to be exempt

the Barbados regime does not impose tax

from corporation tax. In calculating the

on capital gains. Moreover, there are no

income which will be subject to tax in

exit, wealth, inheritance or gift taxes.

Barbados, a domestic credit is allowed for

Moving to the sphere of income taxes,

foreign taxes paid by Barbados resident

companies not carrying on insurance

companies on amounts to be taxed in

business are subject to corporation tax

Barbados. This credit is allowed up to the

at graduated rates of 5.5% down to 1%

amount of the Barbados taxes payable

depending on their level of income. Most

on the income, but it cannot reduce the

attractive to many multinationals is that

total tax payable by the Barbados entity

income exceeding USD15 million is taxed

for that year to less than 1% of its taxable

at 1%.

income. An underlying tax credit is also

Entities carrying on insurance business are subject to corporation tax according

allowed with respect to foreign dividends if the Barbados company owns at least

B U S I NE SS B ARB ADOS 2 02 3

21

Prime Minister Mia Amor Mottley with Prime Minister Justin Trudeau at the Canada-Barbados Bilateral Meeting in February 2023

often encounter the 1% duty applicable to

countries, these treaties provide the

Addressing one of the ultimate

assignments etc. While these taxes and

opportunity to:

concerns for investors, the Barbados

duties are important for the sustenance

• Create certainty on tax treatment of

tax regime elevates its advantages once

of a small island economy like Barbados,

income and gains arising from cross-

more. The country acknowledges that

there are opportunities for investors to

border investments

a return on investment maintains value

mitigate their impact.

• Reduce/eliminate withholding taxes

10% of the capital of the foreign company.

with the investor’s ability to receive/

With effect from 1 January 2019,

• Eliminate double taxation of income.

Barbados introduced a Foreign Currency

domestic legislation exempts dividends

Permit (FCP) available to entities that

paid from foreign sourced income from

earn 100% of their income in a foreign

withholding tax once remitted to a non-

currency. Among the benefits for FCP

tax framework and an expansive

resident of Barbados. For those who opt

holders are:

international tax treaty network,

Finally, in addition to a robust domestic

Barbados continues to ensure its

to finance investment into Barbados via debt, interest paid to non-residents of

• Exemption from ad valorem stamp

presence, participation and contribution

Barbados is also free from withholding

duty

at a global level. As a member of the

tax.

• Property transfer tax exemptions

Organization for Economic Corporation

• Exemption from payment of VAT

and Development’s (OECD) Inclusive

headline rates of tax in a jurisdiction

and duties on the importation of plant,

Framework, Barbados steadfastly

can be a deal maker or breaker for

machinery and raw materials

commits to fair taxation and the

investors, Barbados acknowledges that

• Income tax concessions for

elimination of Base Erosion and Profit

the transactional taxes which arise with

specifically qualified employees.

Shifting. In recent years, the introduction

While there is no doubt that the

of Economic Substance requirements

business operations are an important Direct benefits aside, for a tiny

for entities with geographically mobile

to impact return on investment. Local

166 square feet island, the ability to

businesses has reaffirmed the country’s

indirect and transactional taxes such

network with other countries with similar

pledge to provide a well-regulated,

as Value Added Tax (VAT), Property

principles is paramount. Barbados’ treaty

respected, yet attractive jurisdiction of

Transfer Tax (PTT) and Stamp Duty (SD)

network is ever expanding and includes

choice for investors.

are applicable in Barbados, with the VAT

40+ double-taxation agreements which

standard rate being 17.5% and PTT at

are extremely advantageous. For the

tax environment, Barbados remains

2.5%. SD is document determined and,

investor who wants to utilize Barbados

agile, attractive and as always, open for

in that regard, international investors

resident entities to do business in other

business.

consideration as these have the potential

22

on certain types of income

benefit from that return. Therefore,

B USIN E SS B A R BADOS 2023

In the midst of an evolving global

Who would you trust with your company’s needs?

P L AY T R O P I C

CONNECTING THE DOTS OTHER PEOPLE DON’T SEE A CONVERSATION WITH THE FOUNDER OF BARBADOS’ FIRST VIDEO GAME TESTING BUSINESS

24

B USIN E SS B A R BADOS 2023

P L AY T R O P I C

B U S I NE SS B ARB ADOS 2 02 3

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P L AY T R O P I C

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B USIN E SS B A R BADOS 2023

P L AY T R O P I C

Melanie Jones Managing Partner, Lex Caribbean Group

After 18 months of assiduous effort, Playtropic Videogame Services (Barbados) Ltd launched in Barbados on August 26, 2022. I met with Joel Benton, the visionary behind Playtropic, the first

global gaming industry’s most successful

exponentially in Barbados? The answer

developers got their “start” testing

was unequivocal. Yes. In a digital world,

videogames.

fairly-priced bandwidth is everything.

To that point, Joel is convinced that

Playtropic needs to download multiple

Barbados could become a centre for the

unoptimised game builds, of hundreds

creation of games. He is in discussions

of gigs each, to be able to test them for

with the Barbados government and

clients. Not having adequate bandwidth

the University of the West Indies about

for these purposes presents extreme

building the requisite skills on island

difficulties. Apparently, given the

through a Playtropic Videogame Skills

dependence upon local internet service

Academy, including coding, graphic art,

providers, this remains a work in progress.

game design and production. He is also

Discussion turned to nomadic

germinating a concept for a new game

entrepreneurs; and wisdoms that

which, backed by appropriate investment,

emerged from pandemic life. Never

could serve as a fertile training ground for

before have we put such a high value on

local talent.

having a base from which it is profoundly

I asked Joel about his motivation

enjoyable to live, but also efficient to

to work with Barbadians. Is diversity

work. I asked Joel to compare Barbados’

relevant? In response he explained his

attractions as a hub for global businesses

central philosophy:

with traditional urban centres in the

“My happy place is joining the dots that other people don’t see.”

Expanding on this he explained that

West. Joel chose the UK and Canada as examples, noting they both have established video game sectors and that

international videogame business in

although the videogame industry is a

commuting between each of them and

the Caribbean in December 2022. Our

global phenomenon, it lacks diverse

Barbados is easy. He described Barbados

chat left me inspired by his passion as a

creative input. He believes that life would

as uniquely beautiful, sunny and safe, with

commercial and social entrepreneur, and

be richer if we told more stories, and that

decent everyday infrastructure, excellent

his deep appreciation for Barbados and

our Caribbean people don’t yet have a

human capital, competent professional

our people.

voice in gaming narratives. Joel wants

advisors and hospitable people. He

to incubate talent in Barbados, initially

distilled his analysis to its essence when

highlights of establishing Playtropic,

through game testing, but ultimately,

he said emphatically, “Barbados is the

which is an extension of Joel’s other

through game development. He sees his

ideal hub for any business.”

videogame development businesses

role like this:

We began with the challenges and

I asked Joel about Playtropic’s goals.

in the UK and Europe. Reluctantly, he

“When we test games we provide

He replied with the force of absolute

conceded that investors seasoned in

picks and shovels for the prospectors

conviction: “to be the best video game

the entrepreneurial environments of the

- but ultimately it is those creators

testing company in the world, the best

UK and North America would notice

of successful games that mine the

employer in Barbados, and to make

facilitation gaps in Barbados, citing the

deep veins of gold. My superpower is

a tangible and sustainable impact on

opening of local bank accounts as one of

connecting creators to investors… I’d

the socio-economic development of

the most arduous tasks. Happily, however,

like to connect the educated youth in

Barbados”.

Joel recounted that his rich collaboration

Barbados who are passionate about

with BIDC resulted in securing superb

gaming industry careers with developed-

dabbled with Donkey Kong. Borrowing

premises; and recognized the pivotal roles

country investors.”

from gaming parlance of that time, I

played by responsive, solution-driven tax, legal and corporate service providers.

Joel also gave his local recruitment

Joel contemplates enormous potential being unlocked in the region, as we

have to say … with Playtropic in our mix, Barbados just levelled up.

participate in a videogame sector which

experience rave reviews. The quality

has a current market size of US$200

of well-educated applicants, keen to

billion, with revenues projected to exceed

convert their love of video games into

US$583 billion by 2030.

career opportunities, impressed him.

I’m not a gamer, but as a child I

This article may be published by Miller Publishing Company in the 2023 edition of Business Barbados but may not otherwise be reproduced without the author’s consent.

This sounds fantastic, but are there

This aligned perfectly with his vision for

threats or obstacles to overcome before

young Barbadians, because some of the

this industry can flourish and grow

B U S I NE SS B ARB ADOS 2 02 3

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U N

28

S U S T A I N A B L E

B USIN E SS B A R BADOS 2023

D E V E L O P M E N T

G O A L S

U N

S U S T A I N A B L E

D E V E L O P M E N T

G O A L S

UN Sustainable Development Goals Barbados is Shaping Global Policy and Taking Action at Home together with other private sectors heads,

In Barbados, we have had the honour

challenged to examine different SDGs and

of being led by a woman who has made

what Barbados can do to call attention

it her goal to bring change to the global

to, as well as focus on the island’s actions

status quo. Prime Minister Mia Amor

to achieve these goals. For the purposes

Mottley has become little Barbados’ big

of this article, let’s place the spotlight

voice, not only on the urgency of climate

on SDG 7, which seeks to ensure access

action but on the concomitant demand

to affordable, reliable, sustainable and

for financing to support these necessary

modern energy for all.

adaptations. Prime Minister Mottley has

Decades ago, climate and

but for all Small Island Developing States

as esoteric subjects, and simply the

(SIDS) around the world that face similar

expressions of ‘armageddonists’

challenges.

seeking to restrain the pace of global

Connie Smith Managing Director, Tricor Caribbean Limited

T

he Agenda for sustainable

not only pleaded the case for Barbados,

environmental concerns were viewed

SIDS can positively impact global

industrialization. Today, there is an

policy decisions on how we treat a range

acceptance that humans have the

of environmental and climate issues.

capacity to both advance mankind’s

For context, Barbados’ role in drawing

progress using science and technology,

attention to sustainable development

while also protecting the world we live in

needs was first highlighted in 1994 when

for generations to come.

the island hosted the first International

We have reached a level of recognition

Conference on Small Island Developing

development was

that sustainable human development

States, attended by 125 countries. Out

adopted by all United

and capitalist pursuits can coexist and

of it came the Barbados Programme of

Nations Member States

not be antitheses. In fact, more political

Action.

in 2015. At its heart are

leaders and captains of industry have

Our island’s profile as a leading

the 17 Sustainable Development Goals

a much better understanding of their

voice on sustainable development was

(SDGs), which are an urgent call for

responsibility to act and are being called

again showcased at the United Nations

action by all countries - developed and

upon by more activists both young and

Conference on Trade and Development

developing - in a worldwide partnership

old. Few, if any, corporates or political

(UNCTAD 15), staged here in October

for peace and prosperity for people

leaders want to be remembered for their

2021. It was attended by UN Secretary-

and the planet, now and into the future.

degradation of the planet or ambivalence

General António Guterres, Prime Minister

Creating and building an awareness

to the dangers of the climate crisis that is

Mottley, Kenyan President Uhuru

around the importance of the SDGs has

evidently upon us. Thankfully, most of the

Kenyatta, and UNCTAD Secretary-General

become a global imperative.

public postures have reflected increasing

Rebeca Grynspan. As our Prime Minister

political and financial commitments,

reminded attendees, “UNCTAD was

to have been appointed to the UN

as well as environmental, social and

formed to give voice and protection to

Business Advisory Group for Barbados,

governance (ESG) pledges.

developing nations. If ever there was a

As such, I am humbled and pleased

B U S I NE SS B ARB ADOS 2 02 3

29

- Changing some of the terms around how funding is loaned and repaid.

The aim is to stop developing nations spiralling into a debt crisis when their

East Coast view from Apes Hill

borrowing is forced up by successive disasters like floods, droughts and

time for that voice to be heard on issues

food security and the quality of life on the

storms.

of trade and development, it is now.”

island.

- Asking development banks to lend

The most pressing areas of SDG 7 for

Another example of the real impacts

US$1 trillion to climate-vulnerable

us in Barbados relate to the international

from the GCF has been the almost US$40

developing countries at discounted

financial flows to developing countries for

million in grant financing provided to the

rates, to allow them to focus on

renewables, as well as the level and pace

Barbados Water Authority. The funding

building their climate resilience.

of renewable energy consumption. In its

will, among other things, help to upgrade

- Setting up a new mechanism to fund

status update, the UN said financing to

the Bridgetown Sewage Treatment Plant

climate mitigation and reconstruction

developing states for renewables fell from

to a tertiary treatment system and install

after a climate disaster.

US$24 billion in 2017, to US$14.3 billion in

wastewater treatment systems in two

2018, to just US$10.9 billion in 2019. And

Zone A areas of the island to harness

the Bridgetown Initiative is gathering

though renewable energy consumption

water to recharge the underground

increasing global support and steam.

increased by 25 percent between 2010

aquifers and provide agricultural irrigation.

and 2019, renewables represented just 17

30

The progress being made at the

Encouragingly, at the time of writing,

Also in late December 2022, the World Bank announced that it had agreed to

percent of total energy consumption.

national level is also translating to greater

lend Barbados US$100 million in funding,

Since the compilation of the data

awareness among the local private sector,

which Prime Minister Mottley advised

above, Barbados has made climate

with financial institutions placing greater

would allow Barbados to advance its

financing a top priority and the impact

focus on special funding for alternative

efforts to achieve climate resilience,

of the country’s high-level advocacy is

energy projects. Even more important

including continuing our shift to clean

bearing fruit. For developing countries to

has been the commitment given by

energy, which is inextricably linked to

adequately respond and make the kind

some leading Caribbean businesses to

Barbados’ economic recovery.

of commitments necessary for climate

incorporate sustainability as part of their

resilience, financing is critical. And in

corporate culture and business practices.

is not an impediment to our country

her usual forthright approach to issues,

This was demonstrated, for example,

making a big impact on the world in

Prime Minister Mottley has stressed that,

when the Republic Bank Group recently

which we live. Teenaged Barbadian

“While we pray, prayer and hope are not

committed to ensuring a sustainable

environmentalist Maria Marshall – a

strategies to combat this climate crisis”.

future and becoming a signatory to the

UN Development Programme Future

The Green Climate Fund (GCF), an

UN’s Principles for Responsible Banking

Fest winner in 2020 when aged just

agency of the UN Framework Convention

and the Net-Zero Banking Alliance. The

11 – articulated in her UNICEF campaign

on Climate Change established by 194

regional bank has pledged to lend and

Voices of Youth, ‘Little Thoughts on Big

governments, seeks to reduce greenhouse

invest US$200 million by 2025, to support

Matters’, children and adults, no matter

gas emissions in developing countries and

actions that would help achieve major

where they reside, have “ideas that can

help them adapt to the impact of climate

climate finance goals.

make a great impact on our environment”.

The small physical stature of Barbados

change. Out of those efforts has come

At the culmination of COP 27 in

Ending poverty and other deprivations

the recent Blue Bond Issue, a ground-

Egypt in late December 2022, Prime

must go hand-in-hand with strategies that

breaking debt conversion transaction,

Minister Mottley championed a radical

improve health and education, reduce

that has unlocked some US$50 million to

global initiative, developed by Special

inequality, and spur economic growth. As

assist Barbados in protecting a significant

Envoy to the Prime Minister of Barbados

Prime Minister Mottley implored in her

percentage of its marine ecosystems.

on Investment and Financial Services,

Opening Ceremony message at COP 27,

The audacious project allows island

Professor Avinash Persaud, coined the

“We have the power of choice. We must

nations to refinance a portion of their

Bridgetown Initiative. This is a proposal to

choose to act.”

national debt in a way that cuts their

reform the world of development finance,

debt burden and also funds conservation

particularly how rich countries help poor

activities, such as improving fisheries

countries cope with and adapt to climate

management and climate change

change. The initiative includes three key

adaptation. This in turn helps to improve

steps:

B USIN E SS B A R BADOS 2023

And we must act without any further delay.

The time is now.

C C R E E E

The Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE) Improving the Lives and Livelihoods of Caribbean People Emerging risks and the resulting need to

capacities for sector planning and project

redefine energy infrastructure resilience,

implementation within our countries.

changing market designs, evolving

objective of assisting CARICOM countries

conditions, have resulted in a new global

with navigating what can be best

energy landscape in which energy price

described as a competitive, yet lucrative

volatility has become the “new normal”.

sustainable energy investment climate.

High and generally unpredictable oil

The Centre is already providing reliable

prices have consistently retarded the

and dedicated direct support to the

competitiveness of CARICOM produced

businesses, governments, and civil society

goods and services – especially our

actors within the region to, inter alia,

tourism product – and stymied economic

transform innovative project concepts

growth. It has been estimated that, for

and studies into technical proposals

small island developing states, which

and business plans that are capable of

constitute a majority of CARICOM, an

attracting financing from a variety of

increase of US$ 10 in world crude oil

sources. The sector planning, business

price translates to a 1.5% decrease in GDP.

intelligence, and development assistance

But the converse is not true; it has been

functions that are being provided by the

“It was the best of times, it was the

reported, for instance, that a 10% decline

CCREEE have the effect of lowering the

worst of times, it was the age of wisdom,

in the price of oil typically produces very

transaction costs for projects, thereby

it was the age of foolishness, it was

little or no impact on growth and levels of

increasing the number of viable options

the epoch of belief, it was the epoch of

employment.

that are available for implementation

incredulity, it was the season of Light,

A critical fact is that past efforts to

within the region. Critically, the Centre

it was the season of Darkness, it was

transition CARICOM economies to more

is cementing a strong sense of “regional

the spring of hope, it was the winter of

sustainable energy use have exposed

ownership” within the sector, by

despair.” – Charles Dickens, A Tale of Two

significant weaknesses in the design and

driving the enhancement of knowledge

Cities.

institutional arrangements at the country

and improvements in the capacity of

levels. The legacy framework, despite the

Caribbean businesses and citizens. The

millions of dollars in development funding

expectation is that, through deliberate

economic development of any society:

spent by multiple actors over the past

actions, the CCREEE is providing secure

Energy is the engine for the production of

decades, did not yield significant results.

and resilient energy solutions that will

goods and services across all economic

CARICOM countries, including Barbados,

continually improve the competitiveness

sectors. Barbados, like most CARICOM

have been at perennial risk of not

of businesses and the quality of lives

countries, is dependent on imported oil

achieving the sustainable energy goals

within the Caribbean.

and petroleum products for more than

and targets that they’ve established for

90% of its energy services. Collectively,

renewable energy and, in some instances,

energy sector through the best of

our countries account for less than

energy efficiency. It was for this reason

times, where the confluence of the

0.2% of global oil imports. The region is

that CARICOM countries, through the

plummeting costs of some renewable

therefore a very small and insignificant

Heads of Government, established the

energy technologies provide a window of

market within the context of the global

Caribbean Centre for Renewable Energy

opportunity for enabling investments, and

oil demand and the heavy reliance on fuel

and Energy Efficiency (CCREEE), which is

the worst of times, in which the region

imports exposes us to a high degree of

headquartered in St. Michael, Barbados,

continues to face significant economic

supply and price volatility.

in April 2018. The CCREEE is designed

challenges. But by leveraging the Centre’s

The uncertainty and impact of

to squarely address what in commonly

key strengths, attainment of desired

commodity – especially oil – price

referred to as an “implementation gap”

transformation to affordable, renewable,

volatility, over the past two decades,

within the regional sustainable energy

resilient and secure sources of energy will

has established energy security as the

landscape by complementing and back

become more likely in more CARICOM

number one issue for leaders worldwide.

stopping the individual and institutional

countries.

Energy plays a vital role in the

32

The CCREEE has the principal

business models, and shifting geopolitical

B USIN E SS B A R BADOS 2023

The CCREEE is guiding the regional

_CCREEE_Cal-FullPage_forPrint_01.pdf

1

02/02/2023

1:55 PM

LOOKING FOR ENERGY SERVICES?

C

M

Y

CM

MY

CY

CMY

K

Project Preparation & Implementation

Capacity Development & Knowledge Management

Integrated Utility Services

Integrated Resource & Resilience Planning

Drone Services

The Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE) is a specialized institution of the Caribbean Community (CARICOM), established by Heads of Governments with an energy-exclusive mandate. It is the implementation hub for sustainable energy activities and projects within the Caribbean region.

As such, the Centre’s vision is to transform the energy landscape into a climate resilient, sustainable and affordable sector, placing people at the core of the transition. In attainment of this vision, the CCREEE offers the Caribbean’s public and private sector a range of energy services.

Contact Us: info@ccreee.org | +1 246 537-7333 www.ccreee.org

AN INSTITUTION OF

S A G I C O R

A S S E T

M A N A G E M E N T

I N C .

Sagicor Asset Management Inc. [SAMI] Is Your Financial House in Order?

Michael Millar

versus liabilities, and income versus

The longer you can invest in the market,

Head of Wealth Management

expenses. Be realistic in the estimate of

the more compounded interest you earn.

expenditure and factor in a buffer for any contingencies.

4. Get help from financial professionals.

3. Beware of the myth about investing.

to everyone, and everyone is deserving

People procrastinate when it comes

of assistance in planning their finances.

Sound financial planning is accessible

to investing, mainly because they feel

Seek the right help from the right people

they don’t have the amount of wealth

and achieve more than you could have

necessary to invest. This is a myth.

ever thought possible. With discipline,

Without a clear budget and financial

commitment and guidance, everyone

years have forced many Barbadians to

strategy, investing might seem scary and

can budget, strategically invest, and reap

re-think the state of their finances, and

overwhelming. Review your finances and

substantial rewards.

to question if they can weather another

build a comprehensive budget, which will

storm.

help to better assess available products

Contact Michael Millar, Head of Wealth

and allow you to start investing. Mutual

Management, today and let him help you

budgeting”. A good budget will

Funds are excellent financial instruments

put your financial house in order.

encourage investing and the development

to invest in and gain considerable returns.

Email michael_millar@sagicor.com or call

The tumultuous events of the last two

The short answer is “it starts with

of a diversified portfolio. With the right expertise, budget, discipline and time, you’d be surprised at what you can accomplish.

Things to remember when ready to put your financial house in order.

1. A budget is more than paying bills and saving.

A comprehensive budget involves debt management and devising ways to pay down on debt faster. It includes insurance coverage to protect your assets - your house, contents and vehicle. It also includes health and life insurance.

It involves investment instruments like mutual funds that can help finance pivotal milestones, like real estate, developing businesses, covering university tuition, and of course, your retirement.

At Sagicor Asset Management we will start off your assessment with a risk tolerance questionnaire. This helps to assess your investment objectives and constraints from a total portfolio perspective, and allows financial advisors and wealth managers to recommend the optimal asset allocation and investment selection to best achieve your financial objectives.

2. Building the budget.

A comprehensive budget needs to look at an overall assessment of assets

34

B USIN E SS B A R BADOS 2023

231-9807.

I N T E G R A T E D

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S U S T A I N A B I L I T Y

B USIN E SS B A R BADOS 2022

I N T E G R A T E D

S U S T A I N A B I L I T Y

ECOHESION JOINS INTEGRATED SUSTAINABILITY A BARBADOS-CANADA ALLIANCE TO BUILD A SUSTAINABLE FUTURE IN WATER Nick St-Georges

island travel that is necessary to run the

not operating any treatment facilities

Vice President of International, Integrated Sustainability

business. But, perhaps most important

in the Caribbean. Meanwhile, although

of all for our family, we were moving to

Ecohesion was able to provide Design-

a country with an exceptional quality of

Construction-O&M services, their design

life, good schools, low crime levels and an

team was small, and they often needed

abundance of fun activities.

to partner with other consulting teams to

After successfully growing our business throughout the Caribbean since 2016, Integrated Sustainability made the

When Integrated Sustainability started

pursue large projects. Therefore, the two

conscious decision to commit to the

pursuing work in the Caribbean in 2016,

companies complimented each other in

region by moving me and my family,

I had already been working throughout

areas that needed bolstering.

including two young children, down to the

the region since 2006 where I met two

The overall entrepreneurial spirit of

region in 2018. We could have picked any

of the three owners of the Barbadian

the Directors at Ecohesion – with Corey

Caribbean country to establish our new

company Ecohesion – Sam Neilands

Jackman included – also fits very well

regional head office, but ultimately chose

and Andre Quesnel – and established a

with Integrated Sustainability’s culture

Barbados. The main factors behind that

strong relationship with them. Not long

and senior management. Stuart Torr,

decision were that Barbados is the only

after I moved to Barbados in 2018, we

the President and CEO of Integrated

Caribbean country that has established

began very high-level discussions about

Sustainability, has always been an

a double-taxation agreement with

a merger because it seemed to be an

entrepreneur, like his father before him,

Canada; the island is outside the main

obvious fit. Integrated Sustainability was

and owned several other companies

hurricane belt; and it has an international

offering full turn-key solutions in the

before starting this consulting firm. The

airport that serves as a central hub for

water and wastewater sector, including

bulk of the leadership team at Integrated

the West Indies, which is very important

Design-Finance-Construction-Operation

Sustainability includes individuals in

for us considering the amount of inter-

& Maintenance (O&M) services, but was

their late 40’s, so we are a relatively

B U S I NE SS B ARB ADOS 2 02 2

37

I N T E G R A T E D

S U S T A I N A B I L I T Y

young team, and this also matched

benefits our company can deliver to

distributes drinking water. Each home has

with Ecohesion. Our combined business

the Caribbean. Located in the Villages

two water meters, one to track the usage

development network throughout

at Coverley in Christ Church, the

of each type of water. In addition, the

the Caribbean is also complimentary,

Coverley wastewater treatment plant

Coverley WWTP also includes a reverse

strengthening our ability to compete

(WWTP) utilizes an advanced treatment

osmosis (RO) treatment technology, used

against rival local and international

technology called a membrane bioreactor

in Water Treatment Plants, that removes

companies.

(MBR) that cleans the sewage to the

all the remaining contaminants including

highest level, where it can then be

bacteria and viruses, leaving a pure water

been everything we have hoped for and

reused for non-drinking purposes such

that is circulated into a fish aquarium

more.

as irrigation and flushing toilets again

and used within an outdoor aquaponic

Integrated Sustainability pursues

and again. The reclaimed water from

system.

a variety of projects in the water and

the treatment plant is recirculated

wastewater sector that often incorporate

within the community of Coverley, using

to be very advanced by any standards,

renewable energy services as well.

The overall experience to date has

38

This treatment plant is considered

purple pipe to signify that this pipe is

even for the most developed countries

Right here in Barbados, we have a

distributing reclaimed water, and is not

such as Canada, and we should be very

very good example of the long-term

to be confused with the blue pipe that

proud that Barbados operates such a

B USIN E SS B A R BADOS 2023

I N T E G R A T E D

S U S T A I N A B I L I T Y

sustainable treatment system that is the

this Ministry and other stakeholders to

Water Storage on Public Buildings in

envy of most water-scarce countries that

develop a new policy framework.

Dominica.

3R’s (Reduce, Reuse and Recycle) for

are also currently negotiating a large

Climate Resilience Wastewater Systems

contract with the University of West

in Barbados

Indies in Jamaica at their Mona Campus

And, worthy of special mention, we

need to reuse their water.

Some of the projects that we have secured recently include: Site Study and Conceptual Design for

Organized by the CCCCC and funded

to Design-Finance-Build-Own-Operate-

Strengthening Distance Education in the

by the GCF, this project involved

Transfer (DFBOOT) their existing

Caribbean Project

completing the conceptual design to

wastewater treatment facility. The project

upgrade the two wastewater treatment

would involve taking ownership of their

this project by the University of West

plants (WWTPs) in Barbados – the

treatment plant and designing necessary

Indies Open Campus (UWIOC) to

Bridgetown & South Coast WWTPs – to

upgrades to bring their treatment quality

complete designs required to upgrade

tertiary (the highest level) in order to

to the highest standards that would allow

and expand their campuses in Belize,

improve the infrastructure’s resiliency

the treated reclaimed water to be used

St. Kitts, Dominica, and Trinidad. This

towards climate change and use the

for non-potable use such as irrigation

very large, multi-disciplinary project was

treated reclaimed water for non-

of neighbouring sports fields. We would

delivered successfully.

potable use such as irrigation, as well

also look to integrate solar PV panels to

as to consider recharging the existing

reduce the overall operational costs to

Development and Design of National

aquifer. Other aspects of the project also

run this facility. This exciting and new

Adaptation Plans for Belize and Co-

included analysing every aspect of the

contract marks a continued business

operative Republic of Guyana

treatment process for energy recovery

relationship between UWI and Integrated

and greenhouse gas (GHG) reduction

Sustainability.

Integrated Sustainability was awarded

Integrated Sustainability was retained

Our long-term intentions are to

by the United Nations Development

opportunities, especially utilizing the

Programme (UNDP) to develop National

sludge for a potential new biogas facility

continue focusing on the water and

Adaptation Plans related to how climate

and/or fertilizer.

wastewater sectors, while providing the DFBOOT model, considering we

change is affecting sectors such as the Consultancy Services for the

anticipate the offering to include

Development of a Sustainability

financing will become increasingly

Preparation of an Integrated Needs

Management Plan for the Grantley

important. The Covid pandemic

Assessment: Water Usage, Accessibility

Adams International Airport, Barbados

negatively impacted the economy for

The Grantley Adams International

most, if not all countries, but especially

agricultural and water sectors.

and Storage in Barbados

Airport (GAIA) selected Integrated

the Caribbean region that relies so

this project by the Caribbean Community

Sustainability to develop a Sustainability

heavily on the tourism market. As such,

Climate Change Centre (CCCCC), in

Management Plan (SMP) for the airport.

we anticipate several Governments will

cooperation with the Barbados Water

This project included reviewing GAIA’s

need to rely more on the private sector to

Authority, to design rainwater capture

policies, strategy, systems, programs,

potentially finance much needed future

and potable water storage units. Our

operations, and management review

infrastructure projects. We are eager to

various design configurations included

process to determine the state of

provide local assistance by including a

incorporating solar to eliminate the

institutional readiness of the institution

local workforce that will stimulate the

electrical cost associated with running the

for incorporating the SMP into its

economy.

pumps for this system.

strategic plan.

Integrated Sustainability was awarded

In addition to the above, we have

Our debt financing may not be as low as what some Asian markets can offer,

Design and Implementation of an

several other projects underway,

but we include a team that employs

Integrated Blue Economy Policy

including operating and maintaining

over 80% local work forces. This creates

Framework and Strategic Action Plan for

over 30 treatment facilities throughout

job opportunities in the design and

Barbados

the Caribbean, in Bermuda, Antigua, St.

construction industries that help stimulate

Integrated Sustainability was retained

Lucia, Barbados, Grenada, Guyana and

the local economy. Surely, this should be

by the Inter-American Development Bank

Trinidad. As well as a range of consulting

seen as being equally or more important

(IDB). Barbados was the first country

projects such as an Assessment of Marine

than only considering the low interest

in the Caribbean to establish a Ministry

and Coastal Resources in the Southeast

rates offered by other markets.

dedicated to the Blue Economy. This

Coast of St. Lucia, and a Technical and

integratedsustainability.com

project allowed us to work closely with

Economic Feasibility of Solar Units and

ecohesion.bb

B U S I NE SS B ARB ADOS 2 02 3

39

A N S A

M E R C H A N T

B A N K

ANSA Merchant Bank

Spearheading ‘Green’ Financing and Regional ESG Engagement Victor Boyce

green financing expo, offering loans

own unique space, the Caribbean Natural

Managing Director, ANSA Merchant Bank (Barbados) Limited

for solar PV systems and solar water

Capital Hub, to help minimise humanity’s

heaters for residential and commercial

impacts on Nature. This is the only Hub of

use. Barbadians have embraced

its kind operating in this region.

ANSA Merchant Bank (Barbados), formerly Consolidated Finance, is a licensed Finance Company and Merchant

this economical, sustainable energy

The Hub’s expert communities of

option, and solar panels are visible at

practice will be made up of progressive

properties across the island. We invested

and leading private sector companies

significantly in renewable energy Solar

from around the Caribbean, who are

PV farm projects, with 50% of our 2023

interested in building the knowledge

business already in renewable energy

base on accounting and valuing Nature

projects, providing approximately 17

across industries and sectors. It will

Megawatts of power to the grid.

facilitate a series of practitioner-focused,

As the premier financiers of electric

capacity-building workshops to expand

Bank. Established in 1983, we are a

and hybrid vehicles on the island – 25%

the human resource capacity within the

subsidiary of ANSA Merchant Bank

of our new vehicle loans – we launched

region around mainstreaming reporting

Limited, which is based in Trinidad and

the zero emission Electric Nissan Leaf and

for Nature within the private sector. An

Tobago. Our Merchant Banking Division

are promoting the KIA Niro Hybrid – a no

example of this is our first virtual Global

caters to corporate and commercial

plug in vehicle which charges itself whilst

Capitals Coalition Dialogue which took

customers who seek financial solutions

driving and reduces fuel consumption –

place at the end of 2022. This is a forum

to grow their businesses. Our Treasury

and the MG which is a full 100% electric

for sharing practices on Natural Capital

Division transacts foreign exchange

plug in vehicle.

and its applications with the private

and offers investment opportunities

ANSA Merchant Bank is part of the regional ANSA McAL Group, whose

major international currencies. We

purpose is “Inspiring Better Choices for A

Grant challenges will be offered which

recently commenced offering Residential

Better World”, building more sustainable

will excite and motivate SMEs, NGOs and

Mortgages to customers with best-in-

businesses by prioritising:

innovators in these markets and give

class bundles that are unmatched in the local market.

through expert presenters and panellists.

them the opportunity and platform to • water preservation

make a real positive change.

Barbados’ focus on climate resilience

• waste reduction

and capacity building has been front and

• climate impact

Capital Hub aims to enhance the

centre for many years. Prime Minister,

• modern energy

understanding, capacity and inclusion

the Honourable Mia Amor Mottley, has

• people and communities

of Natural Capital approaches in

set a target for 100% of national energy

• corporate governance

business decision-making and planning.

usage on the island to come from renewable sources by 2030 to reduce

Ultimately, the Caribbean Natural

As a facilitator for multi-stakeholder This has supported our drive to create

involvement, ANSA Merchant Bank

expenditure on imported oil, improve

a radical change in our portfolio mix by

will create a progressive and more

environmental sustainability and achieve

the end of 2023 reflecting higher lending

Nature-positive Caribbean. A deeper

greater energy security. Currently over

in the Renewal Energy space.

understanding of the Hub is provided at

50% of all homes in Barbados are using

In seeking to make a real and tangible

Natural Capital - ANSA Merchant Bank:

solar panels for their hot water, with a

change to our Bank’s and the wider

growing percentage already using Solar

region’s impact on biodiversity, in

https://tt.ansamerchantbank.com/

Photovoltaic energy and, to a lesser

July 2022 ANSA Merchant Bank and

natural-capital/

extent, Wind, for electricity. Nearly 50%

ANSA Bank in Barbados and Trinidad

of the public transportation buses on the

and Tobago became signatories to the

island are now powered by electricity,

Natural Capital protocols through the

significantly reducing the fuel and annual

international Capitals Coalition, and

maintenance bill for the Transport Board.

in conjunction with NGO The Cropper

ANSA Merchant Bank has

40

sector and other key development sectors

not only in local currency, but in the

Foundation. This sealed a robust

spearheaded ‘green’ financing for nearly

partnership for sustainable development.

a decade and established partnerships

Under the Natural Capital banner, the

with renewable energy suppliers from

Bank has strongly and with purpose

early. In 2014 we launched our first

embarked on a course which creates its

B USIN E SS B A R BADOS 2023

B A R B A D O S

42

B L U E

B USIN E SS B A R BADOS 2023

B O N D S

B A R B A D O S

B L U E

B O N D S

Barbados Blue Bonds and Climate Finance in the Caribbean

B

lue bonds are a

bond which represented the world’s

relatively new form of

largest debt restructuring for marine

debt instrument issued

conservation with a sum of US$553

to support investments

million, reduction in total debt by US$250

in healthy oceans and

million, and debt service savings of

“blue economies”. In

approximately US$200 million. This

September 2022, Barbados announced a

external commercial debt was refinanced

blue bond facility of US$150 million. The

and replaced with a $364 million loan

structure is co-guaranteed by the global

financed by Credit Suisse and the US

environmental organization The Nature

International Finance Development

Conservancy (“TNC”) for US$50 million

Corporation in conjunction with TNC.

and the Inter-American Development

The key transaction components were

Bank for the remaining US$100 million.

similar to the Barbados blue loan with the

This dual-currency blended finance

Chris Brome Partner, Deal Advisory, KPMG

Grant McDonald Country Managing Partner, KPMG

deal was arranged jointly by CIBC

exception of the pandemic clause.

While debt restructuring for nature

FirstCaribbean and Credit Suisse and

conservation and climate adaptation is

includes the following key features:

not new, it plays a significant role in the

1. an extension of the debt profile to 2037

Caribbean, where economies face similar

2. US$50 million toward marine

challenges including:

conservation

— vulnerability to the impacts of

3. capitalization of an endowment to

climate change such as rising sea levels,

fund marine conservation with the aim to

biodiversity erosion, and more frequent

protect 30% of Barbados’ ocean

extreme weather events such hurricanes

4. inclusion of a climate clause in the

and tropical storms

case of a natural disaster, that would

— economic dependency on tourism and

permit the deferral of debt payments for

maritime trades, such as fishing

two years

— high cost of international trade due to

5. a unique ‘pandemic clause’ to allow

transport costs and high dependency on

the government to defer debt payments

foreign imports

(for up to two years at a time and twice if

— limited access to reduced interest rates

necessary), in the event of another global

from international finance institutions

pandemic like COVID-19.

due to use of gross national income (GNI)

Barbados is not the first Caribbean country to issue a blue bond. In November 2021 Belize issued a blue

metrics The multidimensional challenges faced

by Caribbean nations are exacerbated by

B U S I NE SS B ARB ADOS 2 02 3

43

a combination of factors. These include

investment in building climate-resilience

sustainability or conservation funds

the COVID-19 pandemic, energy and food

and sustainability; and deliver investments

associated with the bonds

insecurity linked to the war in Ukraine

in public health and education.

iv. a mechanism to maintain contributions in the “Resilience Funds” over the long

which are driving an increase in the costof-living, and the climate change crisis.

Creating a sustainable financing model

These are some of the drivers behind the

via Climate Financing

recent Bridgetown Agenda.

2. Wider pool and strong rating for

of Barbados and other small island

investors: The structures noted above

economies, the importance of a

were both guaranteed by the TNC and

sustainable financing model is key to

multilaterals. In all cases, the guarantors

Barbados, The Honourable Mia Amor

increasing resilience. Three principles are

have very strong financial ratings. E.g., the

Mottley, the title of the Bridgetown

highlighted:

Barbados blue bond has a Triple-A rating.

Agenda is, “Urgent and Decisive

1. Fiscal prudence: over the last few

This structure created scenarios where

Action Required for an Unprecedented

years, many small island economies

the bonds were oversubscribed given

Combination of Crises, the 2022

have developed a high level of debt

the strength of the guarantors. However,

Bridgetown Agenda for the Reform of the

and a number of economic metrics

equally important would have been the

Global Financial Architecture”. It outlines

that have warranted higher risk being

fact that this also created an appetite for

three steps for collective action in

placed on their debt issuances. This has

a wider pool of investors into the region.

developing a path towards a new financial

been reflected in external ratings from

system that channels financial resources

agencies. The increased risk was also

3. Establishment of a Conservation

towards climate action focused on the UN

reflected in higher interest rates attached

Endowment Fund: The goal of the

Sustainable Development Goals (“SDGs”).

to the bonds.

foregoing structure is to set up a long-

The Bridgetown Agenda Presented by Prime Minister of

These include:

As observed with both the Barbados

term mechanism, such that there will

1. emergency liquidity

and Belize blue bonds, fiscal prudence

be funds available for conservation

2. expansion of multilateral lending to

was exercised by refinancing the more

policy and project implementation. This

governments by US$1 trillion

expensive debt with more favourable

will ensure that resilience funding is

3. activation of private sector savings

terms that lowered interest rates and

maintained.

for climate mitigation and fund

extended the repayment term. The fiscal

reconstruction after a climate disaster

space this created provides several

through new multilateral mechanisms.

benefits:

highlights a movement toward a

A growing interest in blue bonds

i. lower debt servicing requirements,

sustainable model of collaboration

up of investment in the low-carbon

ii. more head room since debt to GDP was

between economic development and

transition in the energy, transport, and

lowered in some instances,

environmental protection, and Barbados

agricultural sectors; provide substantial

iii. more cash flow to channel into the

is helping to lead the way.

These steps aim to support the scaling

44

As we assess the current position

term.

B USIN E SS B A R BADOS 2023

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LY N C H

C A R I B B E A N

Navigating Uncertainty

Gregory Rose

your risks should be prioritized, cost

Group Chief Executive Officer Malcolm Investment Holdings Ltd & Director, Lynch Caribbean Ltd.

effective controls implemented, and

Faced with this tough environment,

the catastrophic losses that cannot be

how does one not just survive but

financed otherwise, transferred to the

thrive? As indicated, insurance must

insurance market. As a financing tool it

be considered properly as part of a

is not without its limitations, and these

disciplined risk management process

must be fully understood and planned

otherwise you may be allocating your

is more critical today than ever before.

for in your approach. For your business,

risk financing effort and funding to non-

Balancing opportunities and risks has

the security that insurance provides

critical areas. Leveraging your advisors

always been key for our business success.

allows you to release funding for your

starts with a thorough analysis of your

In the wake of the COVID-19 pandemic,

investment opportunities.

risk profile, the key risks priorities will

Managing uncertainty in our businesses

and its consequent human and systemic

likely have changed in the current

impacts, uncertainty remains a driving

Negotiating the Current Market

environment and focusing on those

theme, and our businesses are evolving

The insurance industry, like most

most critical will allow you to control

with the changing dynamics. As we

operating in this difficult environment, is

costs and resources. Improve your risk

progress through 2023, we are faced

impacted by global uncertainty. Market

profile through cost-effective risk control

with more uncertainty, inflationary

volatility affects the performance of their

activities. Commence your insurance

markets, a continued war in Ukraine,

investment portfolios established to

renewals 4-5 months in advance and

financial instability, human and resource

fund losses. There is a direct correlation

work with your advisors to review your

challenges, and the impacts of climate

in increased likelihood of insurance

minimum acceptable limits of liability and

change. Those businesses that have

claims with tough economic times. The

insurance values ensuring that these are

systems in place to manage these and

costs of claims rise with the inflationary

adequate. Further build understanding

other risks will not only survive but thrive.

environment, supply chain costs and

of your coverage terms and limitations

issues impact the logistics around the

so that plans can be made for any gaps.

settlement of claims. Climate change is

Review your insurers financial position

In Barbados the application of

leading to increased natural disasters

ensuring that they remain stable given

insurance has been questioned in the

in terms of likelihood and costs. These

the environment and can respond in

wake of the industry response to the

among other factors have led globally to

your time of need. Obtain and analyze

COVID-19 pandemic, the Soufriere

a current hard insurance market cycle.

alternative options to help you manage

ashfall from St Vincent and the impact

This cycle is characterized by a reduction

costs, once you have good control

from Hurricane Elsa in 2021. Coverage

to insurance supply as carriers withdraw

over the risk assume higher retentions/

restrictions, and policy retentions, limited

cover from unprofitable lines of business,

deductibles or self-insure. The peace

the policy response to claims from these

specific geographies or sectors, premium

of mind from your thorough risk

recent destructive events. Insurance

increases and more restrictive coverage

management programme will allow you

continues to play a fundamental role

terms. Reports coming from many

to focus on those growth and investment

in securing your future. However, it

quarters suggest increases in property

opportunities and ultimately thrive.

is the final chapter in a disciplined

and motor rates of about 10% or more as

risk management process in which

the year progresses.

Relevance of Insurance

46

What Next

B USIN E SS B A R BADOS 2023

P R O P E R T Y

48

D E V E L O P M E N T

B USIN E SS B A R BADOS 2023

I N

B A R B A D O S

P R O P E R T Y

D E V E L O P M E N T

I N

B A R B A D O S

Property Development in Barbados Sustainable and Environmentally Sensitive

B Terry Hanton, FCA, MRICS Associate Managing Director, Property Consultancy Services

arbados is a global

of the largest companies on the island,

leader in sustainable and

Williams Industries, has pioneered the

environmentally sensitive

issuance of bonds to the public to fund its

practices. Our Prime

renewable energy installations.

Minister, Mia Mottley, has

The economics of solar are excellent,

carried out pioneering

as the ‘buy/sell’ arrangement with BL&P

work at numerous COP meetings and

provides for a higher dollar rate payable

presentations to the UN regarding the

by BL&P to private providers of electricity

impact of climate change on vulnerable

to the grid than the rate payable to

small island states, particularly those

BL&P by its customers for electricity

dependent on tourism. The ‘Bridgetown

consumption. These net returns provide

Initiative’ adopted at COP 27 provides for

excellent yields to private individuals and

“loss and damage” funding for vulnerable

corporate bond holders. The public have

countries hit hard by climate disasters.

embraced the opportunities to invest.

The Barbados government’s ‘2030

Recently Barbados announced its

Promise’, which is included in the National

intention to set up a Green Bank, with

Energy Policy, sets out a goal of having

funding from the international ‘Green

the country’s national electricity grid

Energy Fund’. The Green Bank will fund

powered entirely by renewable energy

initiatives in housing, transportation,

sources by 2030. And this is no vague

water and energy. These are four of the

promise. The island’s electricity utility,

seventeen Sustainable Development

Barbados Light & Power Company

Goals agreed by the United Nations

(BL&P), which is Canadian-owned, has

member countries in 2015.

committed to a goal of 100% transition

Barbados has long been a global

to renewable energy and has itself

leader in domestic solar power generation

invested in large wind and solar farms

– approximately 90% of homes heat their

on the island. In addition, many private

water tanks from roof mounted solar

individuals have sought planning consent

panels. The island is also a pioneer in the

for solar farms, with many currently in

operation of a desalination plant which

operation or under construction. One

converts sea water into potable water.

B U S I NE SS B ARB ADOS 2 02 3

49

A Courtyard Villa at Apes Hill Barbados

The custodian of environmental protection for new development rests with the Environmental Protection

So, what is trending in the property development world?

Well, the first thing to note is that the

• Waste sorting and management systems

Department, which applies robust policies

interests of developers and buyers are

• Electric vehicle charge points -

to all new development and their policies

aligned. We are seeing a sea change

Barbados has one of the highest per

are embedded in the conditions attached

in the attitudes of buyers of residential

capita rates for electric vehicles in the

to every planning consent.

homes. Customers are demanding ethical,

world The new developments in Barbados

Barbados is also a global leader in

low resource, energy efficient homes, and

the management of municipal waste.

developers who recognize that fact are

embrace these technologies and

Sustainable Barbados Recycling Centre

winning the battle in the marketplace.

recognize the demand for a more holistic

(SBRC) is the most advanced waste

Customers are not only embracing green

experience. A good example is the

processing facility in the English speaking

technologies, they have become critical

reincarnation of the Apes Hill Golf and

Caribbean and processes all of the

to their choices.

Resort community. As well as being an

island’s waste to separate toxic waste

Buyers want to know that their homes

environmentally sensitive development,

and recyclable waste to minimize the

are built from sustainable products and

it offers ‘farm to table’ cultivation to its

requirements of the landfill. The next step

that the home is energy efficient.

home-owners, not just as a source of supply but for its homeowners and guests

is to convert the waste to energy, which is a goal which is yet to be achieved

Development led demand

to practice. They have recognized the

Leading-edge design solutions include:

demand from their clientele for a more

What does this mean for the future of

• Collection of roof and hard surface run

holistic lifestyle, which allows them to

development in Barbados?

off water for use in irrigation

interact with nature more than they do in

• Solar heating of hot water

their principal domicile. And it is showing

environmental and sustainability

• Roof and glazing solutions which

in the success it has had in the second

environmental policies (ESG’s and SDG’s)

minimize heat gain and thereby reduce

home market in a very short space of

and this adds to its appeal as a place to

energy consumption

time, with Apes Hill being the market

aspire to live. The sensitivity of visitors

• Energy management systems

leader over the last twelve months.

to the island to these changes cannot

• LED lighting

be underestimated. Especially so, in the

• Low flush toilets

choice in where to live and recreate, it is

development community.

• Sensor activated light and air

hard to beat Barbados.

Clearly Barbados practices robust

50

conditioning systems

B USIN E SS B A R BADOS 2023

So, if you are looking for an ethical

T H E

C R A N E

P R I V A T E

R E S I D E N C E S

The Crane Private Residences stand-outs, boasting large private pools

developer Crane Resorts when not

set in lush gardens while the majestic

in use by the owner. With the option

penthouses offer exclusive elevator

also available for participation in a

access for a privileged few to private

historically successful rental management

rooftop terraces that command sweeping

programme, this is an effortless residence

ocean views complete with covered

or vacation property to own, whether

dining areas and swimming pools.

intended for personal use or as an

With the development’s promise

home buyers will also appreciate the

will immediately become members

flexibility of the pre-construction offer of

of The Crane’s vibrant, cosmopolitan

staged payments based on construction

community. An already covetable lifestyle

milestones such as Foundation,

is enhanced by access to world-class

Watertight, Structure, and Practical

resort amenities and services including

Completion.

concierge, duty-free shopping, a grocery

Phases 1 and 2 of this master-planned

store, five restaurants, a café, three bars,

development are sold out, with limited

a spa, a fully equipped fitness centre, five

residences remaining in Phase 3. Phase

spectacular pools, a tennis court, a kids’

4 of The Crane Private Residences has

club, and glass-fronted elevator access

commenced sales with pre-construction

spaces and slower, more intentional

to Crane Beach – voted Best Caribbean

pricing ranging from US$352,000 –

lifestyles heightened in the post-

Beach by USA Today readers, among

US$1.7M.

pandemic era, The Crane Private

other numerous global accolades.

With the demand for fresh air, open

Residences delivers like no other.

Since 1887, Barbados’ Crane Resort has been famous for the reputed ‘healing powers’ of its pink sand beach and the calming beauty of its surrounding, tradewind-swept coast. Today, enviably located within this legendary resort is The Crane Private Residences – an exclusive residential community offering contemporary-styled residences extending from intimate one-bedrooms of approximately 600 sq. ft. up to grand three-bedroom two-storied penthouses measuring over 3,700 sq. ft.

Residents wake up to a dream as grand primary bedrooms face the same dramatic ocean views as the living spaces, while secondary bedrooms welcome in the greenery of tropical, internal gardens and coastal views. Each bright and expansive apartment features large kitchens, spacious private patios perfect for indoor-outdoor living, and generously scaled natural stone bathrooms with large soaker tubs and glass showers. In a rarity for Caribbean properties, many residences also feature direct-to-foyer elevator access from an underground garage.

The ground-floor residences are

52

investment. Astute investors and second

of resort living perfected, residents

B USIN E SS B A R BADOS 2023

Each residence in The Crane Private Residences can be managed by the

For more information, visit craneresidences.com or email property@ thecrane.com

B A R B A D O S

G O L F

C L U B

Golf for All will know if you want to do business with

for single figure golfers, but also for

him or her”.

beginners to learn and develop their skills.

The post-COVID world is thankfully

It’s the only affordable 18-hole golf course

now a different place and golf has been

in Barbados for locals, as well as visitors

one of the biggest beneficiaries of all

staying on the South Coast who want to

sports. Participation levels have increased

play golf regularly during their stay in

dramatically worldwide, and more and

the early morning before retiring to the

more young trendy executives are

beach and other activities on the island.

discovering this ancient game that was

The friendly, casual, social atmosphere

founded in Scotland.

while mixing with the locals is appealing

The natural bat-ball talents from their cricket heritage makes it easy for Barbadians to take up, play and enjoy

out and about around Barbados.

The other courses on the west coast

golf. It has now been introduced in

– Sandy Lane, Royal Westmoreland, and

the schools through a programme at

the newly renovated Apes Hill, which

the Barbados Golf Club that is widely

has been described internationally as

recognised as the ‘Home of Golf in

‘the Caribbean’s New Masterpiece’ –

Barbados’. The ‘Golf For All’ ethos, which

are all truly world-class and as good,

Roddy Carr

the club was founded on, encourages

if not better, than anything else in the

Golf Consultant

players to play on a golf course that

region. All three have different styles

provides a well-rounded test. The

and personalities, and for those that can

It is no accident that some of the

designer Ron Kirby, of Old Head fame in

afford them they will not disappoint.

greatest sportsmen in the world find golf

Ireland, created a links-style test for the

irresistible as a way to get away from it all

breeze at Durants that is ideally suited

and test themselves against themselves for a change. Here in Barbados, Sir Garry Sobers loves his golf and is still playing regularly at the age of 86 at Sandy Lane.

Sir Garry strikes the ball so purely he could easily have been a world-class professional golfer. Brian Lara and his cricket buddy Jason Holder can be seen regularly crossing swords at the Barbados Golf Club. Internationally, Michael Jordan, Wayne Gretzky, Stephen Curry, Pete Sampras, Ian Botham and Dan Marino all love playing golf. Jordan so much so that he built his own golf course in Florida and hosts his own Celebrity Golf event.

It’s a way to get away from your phone, in the fresh air surrounded by nature, and one of the reasons that so many of the world’s top corporate executives are also attracted to golf. It is also arguably the best networking sport for business and meeting the right people. Where else can you get four hours with someone you want to do business with and get to know them? Mark McCormack, the creator of sports marketing and founder of IMG said, “After a round of golf with someone, you

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to many who appreciate being able to get

B USIN E SS B A R BADOS 2023

Barbados is now the ‘Hidden Gem’ of golf destinations in the Caribbean.

A P E S

H I L L

B A R B A D O S

AN ECO-FRIENDLY MASTERPIECE IN THE MAKING

APES HILL BARBADOS 56

B USIN E SS B A R BADOS 2023

A P E S

H I L L

B A R B A D O S

B U S I NE SS B ARB ADOS 2 02 3

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A P E S

H I L L

B A R B A D O S

formations – this exceptional golf course is ideally positioned within an enchanting natural wonderland.

Sustainable and responsible practices are evident in the careful selection of drought-tolerant grasses which are irrigated exclusively from a 58 million gallon rainwater reservoir, as well as a plethora of crops and vegetation now planted to replace overgrown areas.

Golfers drive around the course in state-of-the-art electric carts, while the architectural concepts and designs of the villas collectively exemplify the resort’s Golf Performance Centre Set within the undulating topography of the central highlands of Barbados, the newly re-imagined and redesigned Apes Hill Barbados has opened with a breath of fresh air whisking across the beautiful landscape. Since its acquisition in 2019

by Canadian investor Glenn Chamandy, no effort has been spared to make it the Caribbean’s newest masterpiece and best golfing experience.

At 1000ft above sea level, just slightly below the island’s highest point, the magnificent Apes Hill 18-hole championship golf course meanders through natural gullies and native forests.

From its elevated vantage point, the Ron Kirby redesigned course provides unmatched panoramic views of both the Atlantic Ocean and the Caribbean Sea. The new Apes Hill caters to all levels of golfers, with four tee-boxes at various distances on each hole making the game as easy or as challenging as one would like. Yet, golf is only one aspect of the intriguing story of Apes Hill Barbados.

With sustainability being woven into the very fabric of the experience, the resort has been beautifully conceptualized around nature and preservation, With fairways that wind their way through 200ft deep gullies or perch high up on ridges overlooking superb vistas - while surrounded by rich tropical vegetation, rare flora and fauna, fruit trees and spectacular coral

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B USIN E SS B A R BADOS 2023

commitment to sustainability and green, environmentally-conscious living.

Offering a ‘Farm to Fork’ Initiative, community outreach programmes, floodlit tennis, padel-tennis, and a stateof-the-art Golf Performance Centre which is the first of its kind in the region, Apes Hill Barbados is much more than a golf resort …. it is a lifestyle.

“I felt that Apes Hill had the potential to create the best golfing experience in the Caribbean. So, I’m very happy to now be a part of it, as I really love the island and the people very much.”

- Glenn Chamandy, owner of Apes Hill Barbados

A P E S

H I L L

B A R B A D O S

“We’re located within one of the Caribbean’s most geologically unique and significant elevations, and we have a responsibility to respect, preserve and enhance the rich natural heritage within our 475 acres.”

- Sunil Chatrani, Executive Chairman of Apes Hill (Barbados) Inc.

B U S I NE SS B ARB ADOS 2 02 3

59

R E A D Y - M I X

L I M I T E D

Building Tomorrow Today Since being founded back in 1969 as a

reputation for its professionalism and

Barbados looking forward to a busy

sibling company within the C.O. Williams

ability to provide efficient concrete

2023 and beyond – driven primarily by

Group, Ready-Mix Limited has constantly

supply solutions for a wide range of jobs

government initiated civil works and large

upgraded its capabilities to keep up with

– including the innovative capacity to lay

private sector developments – Ready-

changing market demands and ever-

concrete via an asphalt paver to produce

Mix is expanding today to prepare for

developing technology. Which is why

a finished wearing surface.

tomorrow. Part of that forward-thinking strategy has been to strengthen the

today, over 50 years later, Ready-Mix

After enjoying a productive year in

still retains its position as the leading

2022, Ready-Mix has maintained the

Management Team under the leadership

concrete mix producer in Barbados.

positive momentum by investing over

of General Manager Ryan Brooker,

BB$6 million into upgrading its facilities,

and appoint a new Board of Directors,

facility at Lears and drawing upon five

equipment, operating systems and

headed by new Chairman Charles ‘Teddy’

decades of experience at the highest

quality-control technology, while also

Williams, Managing Director Neil Weekes

level in the construction industry,

introducing new training schemes and

and Director Samantha Nurse.

Ready-Mix has firmly established itself

modernizing the concrete and block

By investing in refurbished plant

as the go-to niche supplier of concrete

plants. All with the ultimate aim of

and equipment, adopting cutting-edge

ready-mix, concrete blocks and Omnidec

achieving even greater efficiency, thereby

technology and systems, and revitalizing

precast floor systems for commercial

keeping costs down and passing on those

the entire workforce, Ready-Mix has built

and residential projects. Specializing

savings to the client in order to remain

a strong foundation to continue its long

in the manufacture of concrete on-

competitive.

history of excellence well into the future.

Working out of their modern 20-acre

site, the company has earned a solid

With the construction sector in

Left to right: Neil Weekes, - Managing Director, Samantha Nurse - Director, Charles ‘Teddy’ Williams - Chairman, Ryan Brooker - General Manager

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B USIN E SS B A R BADOS 2023

B L U E

P R I N T

M A N A G E M E N T

Delivering Excellence Through Teamwork Blue Print Management Firmly established as a go-to Project

of confidence and dependability. While

goes beyond our own company. The

Management company – boasting a long

we can provide any aspect of project

owners we work with are key members

list of happy customers in Barbados,

management, many of our clients take

of the team. Firstly, by outlining the

Trinidad, Jamaica, St. Lucia, Antigua,

advantage of the full turnkey solutions

initial brief, then by providing feedback

St. Vincent & Grenadines, and Canada –

we offer. As well as saving time and

throughout the evolution of their project.

international award-winning Blue Print

money, people value being able to make a

We also team up with trustworthy

Management also provides services

single call to get an update on the entire

suppliers and contractors who we can

in Feasibility Studies, Architecture,

project. This is especially important in the

depend upon for good service. We have

Interior Design and Procurement. As a

case of procuring fittings and furniture

the best people in the right position for

logical extension of their procurement

from overseas, which can be a difficult

each task, we have each other’s back, and

capabilities, Blue Print maintains an

task in a small Caribbean island.

we care about the success of the project.

in-house stock of building materials and

If I had to identify one factor that

By working with people who share our

hardware, a selection of which is retailed

has contributed most to our ongoing

commitment to 100% attention to detail

through their sales outlet.

success, it would be teamwork. Within

we can deliver excellence.

Joseé Atkinson, President and CEO

our group at Blue Print, everyone has a

Our ultimate goal is to make clients

crucial role to play. From the architect

happy by giving them what they dreamed

to the designer, to the engineer, to the

of, at the price they wanted to pay,

into a one-stop-shop operation that can

project manager, we all have specific

without any hassle, and on time. We feel

give our clients exactly what they are

responsibilities to make the project

confident that we are doing the right

looking for, including that vital sense

successful. But our inclusive approach

thing because so many of our clients

Over the last 5-years we have evolved

come back to us with more work.

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B USIN E SS B A R BADOS 2023

since twenty twelve

Let’s chat! www.blueprintbarbados.com

www.blueprint-imports.com

BIBA, the Association for Global Business WHO WE ARE In 2020 we rebranded as “BIBA, the Association for Global

OUR GOALS • To be the industry voice to the Barbados government and

Business” to signal that we embrace all companies in Barbados

community.

both domestic and international, that service global markets, and

• To provide a forum for exchanges of information and ideas

to align with Prime Minister Mottley’s expressed goal to cement

among members.

Barbados as a global business hub.

• To ensure our members’ professional and personal interests

Our current membership comprises over 140 companies

are adequately served.

from Canada, the US, the UK, Latin America, Europe, and

• To be the catalyst for creating and maintaining private and

Barbados in banking and wealth management, insurance, fintech,

public sector unity in the effort to develop Barbados.

manufacturing, logistics, legal, accounting, tax, and corporate

• To liaise with and facilitate the work of the relevant

service providers, and many more.

government ministries, statutory bodies, and other organizations involved in the development and regulation of

OUR VISION

global business in Barbados.

“To work, as a trusted strategic partner of members and

• To be a major point of contact for helpful advice and

stakeholders, for the advancement and sustainability of global

orientation of new investors to the island.

business conducted in and from Barbados”.

WHY JOIN BIBA We are the voice for the development of global business in Barbados. Membership benefits include:

GLOBAL BUSINESS WEEK Every October BIBA hosts its flagship Global Business Week (GBW) to focus national attention on the nature, importance, and contribution of the global business sector. Our Business Conference hosts a mix of local, regional, and global speakers

• Ability to offer input into laws, regulations, and policy

and facilitators – all business leaders with strategic knowledge

decisions affecting global business

and experience operating in global markets. The week also

• Access to valuable sources of information and analysis of

includes targeted outreach activities to secondary and tertiary

developments in the global business sector

level students to equip them with the knowledge, skills, and

• Attractive medical plan available to all members in good

tools to secure a career in the sector as our highly skilled local

financial standing

workforce remains a comparative advantage for Barbados.

• Evidence of substantive involvement in the business community in Barbados

Global Business Week 2023 – 22-27 October

• Listing in the online BIBA members’ directory • Being kept informed of local and selected international fora

BIBA also hosts the Barbados Risk & Insurance Management

on current topics of relevance to the global business sector

(BRIM) Conference each March and throughout the year we

• Networking opportunities with local and global contacts

stage Business Luncheons with specially invited speakers, regular

• Ability to post free vacancy advertisements

Networking Mingle evenings and charity events.

• Ability to post press releases of business or corporate developments on BIBA’s website at preferential rates

BECOME A BIBA MEMBER

• Discounted rates on advertisements of items or services on

Information, subscription fees and membership forms are

offer

available on our website. Or contact us using the details below.

• Access to group Health Insurance

We look forward to welcoming you into the BIBA family.

• Opportunities to attend local and selected international fora

64

on current topics of relevance to the global business sector at

19 Pine Road, Belleville,

preferential rates.

St. Michael, BB11114, Barbados

• Opportunity to vote and also become a member of the

Telephone: (246) 537-2422

Board of Directors

Email: biba@biba.bb

• Opportunity to sit on BIBA working committees.

Website: www.biba.bb

B USIN E SS B A R BADOS 2023

B I B A

BUSINESS LISTINGS

B U S I NE SS B ARB ADOS 2 02 3

65

B I B A

BUSINESS LISTINGS

Concorde Bank Limited The Corporate Centre, Bush Hill & Bay Street, St. Michael BB14038, Barbados Tel: 246 430 5320 Fax: 246 429 7996 Email: concorde@concordebb.com “Global Experience, Wealth Management, Custodian & Administration of Corporations”

Colin Mitchell - President Great Pacific Insurance Management Ltd. 4th Floor, Williams Tower Warrens, St. Michael, BB22026 Barbados, W.I. Tel: 1 (246) 417 3405 Fax: 1 (246) 425 1133 Email: CMitchell@GreatPacificGroup.com A Jim Pattison Group Company

Colin Mitchell - President Great Pacific Management Limited.

4th Floor, Williams Tower Warrens, St. Michael, BB22026 Barbados, W.I. Tel: 1 (246) 417 3405 Fax: 1 (246) 425 1133 Email: CMitchell@GreatPacificGroup.com A Jim Pattison Group Company

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B USIN E SS B A R BADOS 2023

B I B A

BUSINESS LISTINGS

Stephen L. Greaves, President

Platinum International Business Solutions, Inc. Radley Court, Suite #2, First Floor Lower Collymore Rock, St. Michael BB14004 Barbados, W.I. Tel: (246) 537-8294 Mobile: (246) 232-0861 E-mail: stepheng@platinumintl.business www.platinumintl.business Value added expertise.… over 30 years of global directorship services incl. serving on board committees, business oversight and corporate governance

B U S I NE SS B ARB ADOS 2 02 3

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U N L O C K I N G

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A F R I C A

B USIN E SS B A R BADOS 2023

U N L O C K I N G

A F R I C A

Unlocking Africa Barbados Unlocks African Business and Cultural Wealth on Behalf of the Caribbean

and business mogul Robyn Rihanna Fenty,

forward several proposals to achieve

to inventor of the world’s first Internet

strengthened relations between African

search engine, computer scientist Alan

nations and Caribbean countries. At

Emtage, and David Dowrich, a global

the inaugural CARICOM-Africa Summit,

financial services expert and actuary.

hosted virtually in 2021, the establishment

These are but a few of the academics,

Kaye-Anne Greenidge

B

CEO, Invest Barbados

of a regular weekly direct flight was

creatives, scientists, and innovators

identified by Prime Minister Mottley as a

who have joined ordinary Barbadians in

critical point for catapulting this renewed

contributing to our many national and

relationship, which holds such enormous

global advances.

potential.

The island has continuously been

However, even before the inaugural

among the top tier of the United Nations

CARICOM-Africa Summit in September,

Human Development Index, which rates

the Government of Barbados initiated

the quality of life of a country’s citizens.

some strategic diplomatic appointments,

Barbados has deliberately emphasised

which signalled the administration’s

the provision of high quality, free

strong commitment to this exciting

education to citizens from pre-school

frontier.

arbados has enjoyed

through to university. This has been the

a celebrated history

bedrock of its development strategy for

High Commissioner to the Republic of

of achievements, not

many decades.

Kenya and Permanent Representative to

often aligned with the

Given its progressive national stance,

Mr. Alexander McDonald was appointed

the United Nations Office at Nairobi, while

traditional expectations

it should come as no surprise that

Mr. Phil Phillips was made Commercial

of a nation so tiny. As

Barbados would take the lead role in

and Cultural Attaché, stationed in the

a result, the island may shock those who

the Caribbean of significantly expanding

Barbados High Commission in Accra,

do not fully understand the spirit and

trade and cultural ties with countries in

Ghana.

tenacity of its people.

the continent of Africa.

Just 56-years-old as an independent

With the deep historical relationship

To prepare the new diplomats for their postings, they participated in

sovereign nation, Barbados boasts a

between Africa and the Caribbean, rooted

orientation sessions conducted by the

parliamentary system that is the third

in the cross section between slavery and

Ministry of Foreign Affairs and Foreign

oldest in the hemisphere, established on

economics, the decision by Barbados’

Trade. In addition, the diplomats

June 26, 1639.

Prime Minister and Minister of Finance,

engaged in strategic meetings with

the Hon. Mia Amor Mottley to strategically

officials of Invest Barbados, the agency

never been constrained by geographical

align the development trajectory of the

tasked with promoting, attracting and

and population size. The evidence of

island with that of African states, was a

sustaining foreign direct investment in

this is well chronicled. It ranges from the

decision that continues to pay dividends

the island. Invest Barbados is headed by

undisputed world’s greatest all-round

on both sides of the Atlantic Ocean.

Chief Executive Officer, Ms. Kaye-Anne

The ambitions of Barbadians have

cricketer and living National Hero Sir

As the island was emerging from the

Garfield Sobers, to National Hero and

worst effects of the COVID-19 pandemic

team of experts in a cross-section of

self-made female billionaire, entertainer

in 2021, Prime Minister Mottley put

economic, business development and

Greenidge and includes an experienced

B U S I NE SS B ARB ADOS 2 02 3

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U N L O C K I N G

A F R I C A

marketing fields. Discussions were also held with other leading public and private sector stakeholders.

The past two years have also been marked by progress between the development of ideas and actioning of

anticipated that there are some who must

Afreximbank announced it has approved

those plans. During this period, Invest

claim the courage to jump off the ship

some $1.5 billion USD in funding for

Barbados signed a Memorandum

and make it happen.”

Caribbean countries. This consolidates

of Understanding with the Rwanda

In November during an Invest

the Bank’s efforts to join Prime

Development Board, as well as with the

Barbados-led business mission to Rwanda

Minister Mottley in the promotion and

Ghana Investment Promotion Centre

and Kenya, the Foreign Ministers of

development of South-South trade and

in efforts to strengthen economic ties,

Kenya and Barbados signed a Bilateral

specifically trade between Africa and

exchange best practices and foster

Air Services Agreement and a Sports

the Caribbean, in line with the Diaspora

investment.

Cooperation Agreement.

Strategy. Financing focus will be given

One of the catalysts that propelled

Another significant development that

to identified economic sectors including

movement in Barbados’ relations

arose from the accelerated Barbados-

tourism, healthcare, renewable energy,

with Africa was the hugely successful

African relations was the agreement

shipping, mining, agriculture and

AfriCaribbean Trade and Investment

between Rwanda, Barbados and

agribusiness, air links and aquaculture –

Forum (ACTIF2022), staged at the Lloyd

Guyana, which initiated a transatlantic

as well as finance for SMEs.

Erskine Sandiford Centre from September

pharmaceutical opportunity to create

The dynamics of economic, historical

1-3.

and manufacture pharmaceuticals for

and cultural linkages make it incumbent

global public health. This pharmaceutical

that relations between Africa and the

representatives from African, Caribbean,

initiative is expected to generate

Caribbean be expanded for mutual

Barbadian and diasporic businesses,

approximately 4,000 jobs for Barbadians.

benefits.

as well as government, development,

The Prime Minister disclosed that this

Africa remains the most resource-rich

and cultural industries representatives,

first-of-its-kind pharmaceutical initiative

geographic space on earth and building

ACTIF2022 was a collaboration between

could be a “game-changer”, as emphasis

new partnerships is in everyone’s interest.

the African Export-Import Bank

will be placed on creating vaccines,

(Afreximbank), Invest Barbados and

cancer treatment medication and drugs

history, has taken bold and innovative

Export Barbados.

for women’s reproductive health.

steps, akin to a nation that is far larger

Attended by hundreds of

Barbados, as it has done throughout

The historic forum attracted

This initiative also followed the official

delegates from 45 African countries

visit by Prime Minister Mottley to Rwanda

and participants from the Caribbean,

in November, which was part of the first

Europe, Asia, as well as North, Central

official exploratory business mission from

notice and over the past four years

and South America states. It focused

Barbados to that country, coordinated by

have made the trip to the Caribbean to

on, among other things, business to

Invest Barbados.

experience firsthand what this 166 square

business engagement, accelerating

In furtherance of the agreement,

and endowed with much greater financial wealth.

Several African leaders have taken

mile nation has to offer. These included

industrialisation and manufacturing, the

officials of the Rwandan Food and Drug

Rwanda President Paul Kagame, the

development of economic zones, regional

Administration were in Barbados for

President of Kenya, Uhuru Kenyatta, Fante

integration and creating the conditions

several weeks, while preliminary work

King Obrempon Antwi Buabeng XI from

for greater private sector investment.

with officials from the Barbados Drug

Ghana, as well as Ghanaian President

Since then, interest in strengthening ties

Service and Ministry of Health and

Nana Akufo-Addo, who visited Barbados

has increased, in Barbados and across

Wellness was undertaken.

in June 2019, among others.

several Caribbean Community states.

It is important to note that it was

With Barbados leading the way,

a multi-billion dollar arrangement by

South-South relations are also expected

her address to ACTIF2022, “We, children

Afreximbank that allowed several African

to strengthen and grow to the benefit of

of independence, have determined that

nations, Barbados and members of

economies on both sides of the Atlantic.

we shall not allow another generation

CARICOM to access significant COVID-19

to pass without bringing together that

vaccines during a period when developed

For more information about Invest

which should have never been torn

nations were stockpiling the drugs for

Barbados, visit www.investbarbados.org

asunder… It is not anticipated that we can

their own citizens.

or email info@investbarbados.org

As Prime Minister Mottley noted during

reverse centuries in a few years, but it is

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Alex McDonald, Barbados High Commissioner to the Republic of Kenya, during the Rwanda – Barbados Dialogue

B USIN E SS B A R BADOS 2023

Since the staging of ACTIF2022,

A F R I C A - C A R I B B E A N

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B USIN E SS B A R BADOS 2023

A L L I A N C E

A F R I C A - C A R I B B E A N

A L L I A N C E

Strengthening the Africa-Caribbean Alliance The Perfect Partnership

W

hile Barbados

the climate gains from using renewable

has been

power generation is eroded due to

making a

system outages. For Ghana, with an

splash in

average of 2,377 hours of sunlight per

diplomatic

year (Barbados averages 3,000 hours per

circles in

year), solar power could be a sustainable

Africa, over the past few years, Amanda and I have been on our own discovery

Joanna Robinson Partner PwC East Caribbean

alternative.

In Barbados, we are spoilt for choice

missions in Ghana. Between us we

and ahead of our island neighbours in

spent over four years living and working

the use of solar power, especially for

there. Amanda provided international

water heating. According to Solar Heat

tax services to multinational companies

Worldwide 2022, Barbados was ranked

investing in West Africa, as well as to

number one in the world for market

local Nigerian and Ghanaian companies

penetration per capita with 600 kWth/

expanding into new territories. I was

1,000 inhabitants, compared to Cyprus,

on a secondment to the PwC People &

the next highest at 461 kWth/ 1,000

Organisation and Government & Public

inhabitants. We have the expertise and

Sector teams. It’s with that backdrop that

can leverage successful and mature

we feel well placed to share our views

business models. However, new market

on the opportunities for South-South

entrants to Africa will face the key

collaboration, and how to navigate the

challenge of achieving competitive

potential challenges.

pricing. The solution may be to leverage lower cost imports from China and add

Barbadian Expertise in Solar Power

value in the system design.

Within a few weeks of arriving in Ghana, visitors may hear the term

African Expertise in Mobile Money -

“dumsor dumsor”, which translates to

Fintech for Financial Inclusion

“off-and-on, off-and-on” or load shedding

Amanda Layne Tax Director PwC East Caribbean

Africa has a headstart on Barbados in

by the local power company. However,

the Fintech space, especially in mobile

they are not likely to experience any

money, a one trillion USD industry.

major disruptions from the unpredictable

According to Statista, Sub-Saharan Africa

power outages, since most commercial

accounted for more than 66% of the value

buildings, hotels, and middle class homes

and 61% of the volume of global mobile

have back up diesel generators. This is an

money transactions in 2019. That share

ESG conundrum, since most of Ghana’s

of the market rose to 65% in 2021, and

power comes from hydroelectric dams.

is still growing. It fills a critical gap in

Therefore, a significant proportion of

the financial sector for people who have

B U S I NE SS B ARB ADOS 2 02 3

73

Although the impact of COVID-19 and subsequent global economic downturn has interrupted the rate of growth of

Accra, Ghana been excluded from traditional banks

African economies, it is expected that becoming the next global Fintech hub.

geographic location and/or inability to

Barbados as a Research & Development

meet the account opening criteria. These

(R&D) Hub

post-pandemic period.

Barbados is a relatively small island.

Rapidly changing technology and

As such, extensive growth can only be

and gender (with women and youth being

geoeconomics have seen a reduction

achieved for our local businesses by

disproportionately disadvantaged), lack

in the traditional operating model of

looking beyond our borders. Africa, with

of proof of address, nationality, residency,

a centralised R&D centre located in

its combined GDP of 2.9 trillion USD

etc. Mobile money has allowed this

the same country as the company

and a population of 1.4 billion, offers

segment of the population to save, make

headquarters. Emerging instead are

Barbadian businesses exciting new

and receive payments, apply for loans

models that incorporate a network of

market opportunities.

and invest in their future. Users benefit

R&D hubs in various markets across

For such potential to be realised,

from easy registration, quick access,

the globe. This enables multinationals

African nations will need to significantly

user-friendly and simple interfaces, low

to lower costs of development and tap

improve the ease of doing business for

transaction fees, instant payment, and

into skilled resources that exist in new

non-nationals. The World Bank ranks

wide acceptance and interoperability

markets.

only two African countries (Mauritius and

may include socioeconomic status, age

across networks, on both smart phones

Barbados has the ability to offer

Rwanda) within the top 50 for ease of

African based multinationals an attractive

doing business. However, other territories

location for the development of

in the region are making steps toward

both facilitated and benefited from the

intellectual property and benefit from a

improvement. Zanzibar has recently

growth of the Micro Small and Medium-

skilled workforce, a highly competitive tax

launched a public-private initiative, Silicon

Sized Enterprises (MSME) sector in

regime (including corporate income tax

Zanzibar, that streamlines the work visa

Sub-Saharan Africa. This sector is critical

rates of up to 5%), a stable currency and

process for skilled tech workers and

for economic growth on the continent,

a robust regulatory framework.

provides tax exemptions for investment.

and feature phones.

The growth in mobile money has

since it is responsible for over 80% of all

Travel visa requirements imposed

Further, Silicon Zanzibar aims to build

jobs and is driving the creation of the

by transit jurisdictions have historically

infrastructure to enable foreign tech

most new jobs every year. However, due

impeded global mobility and by extension

companies to operate with ease from

to the informal nature of most MSMEs,

business relations between the two

modern facilities. To fully capitalise on

they are highly vulnerable to systemic

regions. However, Memorandums of

the potential of the continent, more

shocks, as the pandemic demonstrated.

Understanding recently signed with

African nations need to embark on such

Nevertheless, according to a 2022 report

Ghana and Rwanda pave the way for

investment initiatives that go beyond tax

by IFC, MSMEs with integrated mobile

direct flights between African nations and

exemptions and include greater reduction

and digital payments were able to

Barbados significantly reducing travel

of the administrative and infrastructural

accelerate their growth.

time and cost. This enables truly visa-free

barriers to doing business.

Our progression in Fintech has

travel to Barbados.

Of course the relationship between

It is of note that Barbados is one of

Barbados and Africa, specifically

government undergoing major

the few countries that currently welcome

countries in West and East Africa,

digitalisation over the past couple of

visa-free travel with African nations

isn’t new. But it is only now that those

years. This combined with our stellar

including Nigeria, Ghana and Rwanda.

relations have reached a new milestone

reputation as a safe and well-regulated

This further lowers the barrier of entry for

to help deliver on a mutual ambition of

jurisdiction, and our access to talent,

international expansion with Barbados as

providing citizens with real economic

capital and demand, are some of the key

a key component in the value chain.

benefit. The scope of opportunities for

accelerated too, with the Barbados

all involved is nothing short of exciting.

drivers for us to become a best-in-class Fintech hub of the future. But, we can

74

many African countries should still outperform the rest of the world into the

and financial institutions due to their

Opportunities for Growth

When you consider how small Barbados is in size and economy, it’s truly remarkable

still learn a great deal from Africa and

African economies experienced rapid

should look to the Continent for their

growth prior to the pandemic. In 2020,

that year on year it demonstrates its

expertise and successes to ensure we stay

seven out of ten of the world’s fastest

prominence and agility as best-in-class to

on the path to meeting our ambition of

growing economies were in Africa.

the world.

B USIN E SS B A R BADOS 2023

Smarter business for a stronger world.

ESG is more than ticking boxes. It’s about making a difference - for your business and our world.

Creating sustained outcomes that drive value and fuel growth, whilst strengthening our environment and societies.

At PwC, it all adds up to The New Equation.

Learn more at www.pwc.com/bb/TheNewEquation Contact: Ronaele Dathorne-Bayrd PwC East Caribbean ESG Leader; Regional Tax and Legal Services Leader T: 1 (246) 626-6652 E: ronaele.dathorne-bayrd@pwc.com

©2023 PwC. All rights reserved. "PwC" refers to PricewaterhouseCoopers East Caribbean Firm. A full listing of the partners of the East Caribbean Firm is available upon request. Please see www.pwc.com/structure for further details.

M M O N E Y

mMoney is for Barbados emerging financial technologies,

challenges faced, the Abed Group is

acquired mMoney, Barbados’ first digital

beginning with the Financial Services

expanding mMoney’s reach into the

payments institution.

Commission and the Central Bank’s

Barbadian market to become Barbados’

After its previous operator, Bitt, moved

Regulatory Sandbox. mMoney was the

first full-utility digital financial services

its headquarters to the United States, the

first and only technology company to

provider.

Abed Group recognised that it was time

enter and graduate from the Regulatory

to bring mMoney home. This acquisition is

Sandbox, partly paving the way for

the wider Caribbean is its potential to

a landmark moment in Barbadian financial

today’s flourishing financial technology

connect Barbadians to a truly digital

history, since most of the digital payment

environment in Barbados, flush with

economy through a convenient and

products in the Caribbean can be traced

innovation spanning payments, lending,

accessible wallet application and provide

back to mMoney’s innovations.

investment and more.

access to democratised financial services.

In December 2022, the Abed Group

Through the creation of mMoney,

Building on its mandate to provide

Barbados was able to lay the foundations

Barbados, the Caribbean and the world

for a regulatory framework that supports

with safe and scalable solutions to the

mMoney

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B USIN E SS B A R BADOS 2023

mMoney’s utility to Barbados and

www.mmoneybb.com

T E C H N O L O G Y

D I P L O M A C Y

Barbados Pioneers Technology Diplomacy Barbados is pioneering Technology Diplomacy, which leverages technology

create diplomatic parity.

The Metaverse Embassy will be an

This novel approach to diplomacy has already demonstrated how small

to position the country on the world

accessible virtual hub for consular

and emerging nations can earn a seat

stage and redefine the way that small

services and the development of new

at the table, capturing the attention

island nations interact with other

foreign relations, all the while showcasing

of technology-focused nations like the

nations. Technology is an essential tool

Barbadian culture and promoting

United Arab Emirates.

for Barbados to boost the growth of

investment in a manner never before

Barbados’ leadership in redefining

its economy, expanding its reach, its

seen. The objective is to transcend

diplomacy will give small nations a voice

competitiveness and resilience to climate

the geographical constraints typically

on the world stage, and a technology-

change and other global challenges.

experienced by small island developing

focused channel to support their

Technology Diplomacy focuses

states by extending Barbados’ reach

sustainable development. The idea of

digitally.

being “friends of all, and satellites of

on building diplomatic relations with other nations by collaboratively finding

Technology Diplomacy is a persistent

none” will become all the more apparent

solutions to global problems using

mission to improve the lives of Barbadians

as we deepen trade relationships,

technology and creating bilateral

and redefine governance systems

strengthen institutional communication

friendships as a result. Barbados is at

through the use of technology. This move

and enhance cultural cooperation with

the forefront of this charge, becoming

embodies the Barbados Expo2020 vision

other nation states and citizens via

the first government to adopt metaverse

to move forward ‘from sugarcane to

technology.

technology for diplomacy in an effort to

blockchain’.

B U S I NE SS B ARB ADOS 2 02 3

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L I F E

S C I E N C E S

Investment in the Life Sciences Sector

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L I F E

S C I E N C E S

B U S I NE SS B ARB ADOS 2 02 3

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S C I E N C E S

in 2017. By comparison, global health

introduced Women’s Health Care,

expenditures were estimated at $8.0

Barbados provides a compelling case for

trillion in 2017.” Companies offering health

wellness investment.

and wellness packages in Barbados could tap into this growing trend of medical tourism.

These packages could include medical

Kerry Jordan Director, Consulting & Risk Advisory, Deloitte

W

Although Barbados has been historically synonymous with the

treatments and procedures, rehabilitation,

cultivation and export of sugar cane, the

and health and wellness programmes.

country has recently pivoted from the

Given the changing laws and debates

colonial-era crop to a greater focus on the

within the United States of America at

wider development of its agribusiness.

the state and federal level, companies

Investment opportunities exist for

could offer services to attract clients

companies that are developing innovative

to a market that provides favourable

technologies to improve agricultural

conditions in terms of cost, near travel,

processes in key products, many of which

language, and year-round sunshine.

have a natural affinity for growth on the

Companies can take advantage of the

island and real potential for export.

country’s favourable environment for

Further investment opportunities

hile perhaps

health and wellness tourism based on

have been created by the country’s

best known for

Barbados’ longstanding tried and tested

focus on the blue economy, particularly

its stunning

hospitality industry infrastructure. With

in sustainable fishing, aquaculture and

beaches,

several medical universities already in

mariculture, all sectors with ever-

rich culture

place and a well-established network

expanding global markets. Worthy of

and friendly

of high-quality medical services in key

note in this connection, in 2019 Barbados

people, Barbados has recently been

areas such as Diabetes Treatment and

became one of the first countries to place

focusing more on the advancement and

Prevention, Nursing and Dental Schools,

a ban on single-use plastics.

development of its Life Sciences sector.

Recovery and Rehab, plus recently

The country’s well-educated, Englishspeaking population, stable political and economic environment, and a strong focus on science and technology make it an ideal destination for investment in this potentially viable sector. As such, investors can play a critical role in advancing the wide array of Life Science subsectors in Barbados, with Wellness, Agribusiness & Blue Economy, and BioPharma & Medical Technology offering particularly attractive partnership opportunities.

Wellness Thanks to its high-quality healthcare facilities, skilled medical professionals, and favourable climate, Barbados is an ideal destination for the rapidly growing industry of health and wellness tourism.

According to WHO data, “The wellness economy is a colossal global industry, estimated by the Global Wellness Institute (GWI) at $4.5 trillion and representing roughly 5.6% of global economic output

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Agribusiness & Blue Economy

B USIN E SS B A R BADOS 2023

Above: Ino-Gro Inc. • Below: Eco Sky Water 100% plant based compostable bottles BioPharma & Medical Technology BioPharma & Medical Technology represents another promising area for potential investment in the island’s life sciences sector. With a well-established infrastructure, sound regulatory framework, appropriately qualified and skilled local workforce, and attractive incentives already in place, Barbados has long proven to be a solid foundation for incoming companies to flourish and prosper on a global scale. Companies specializing in the development and production of biopharmaceuticals and medical devices could find a profitable opportunity in Barbados.

Additionally, as digital health continues to gain momentum globally, investing in companies offering health IT solutions in areas such as telemedicine, electronic health records, and patient management could offer other lucrative investment opportunities in Barbados.

In conclusion, as Barbados continues to provide the required enabling conditions of sound infrastructure, attractive incentives and well-regulated governance, the country and incoming investors are favourably positioned to capitalize on the attractive opportunities that abound within the Life Science space.

B U S I NE SS B ARB ADOS 2 02 3

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E X P O R T

B A R B A D O S

Sustainable Investment in Health and Well-Being Export Barbados’ Life Sciences Industry Development Initiative for investment, innovation and

broad themes: wellness, agribusiness

collaboration. These opportunities include

and blue economy, and biopharma and

research and development, manufacturing

medical technology.

of pharmaceuticals, biotechnology-based

for further development within the

biomedical technologies, nutraceuticals,

wellness industry included women’s

cosmeceuticals, and food processing.

health, medical education, recovery and

Focusing on this growing global industry

rehabilitation, and plastic surgery. For

ensures Barbados is at the vanguard

agribusiness and the blue economy,

of health equity, economic resilience,

opportunities included nutraceuticals,

circularity, and sustainability.

mariculture, diabetes management and

This view is underpinned by the

sargassum seaweed, and sea moss.

concept of sustainable investment,

Biopharma and medical technology

which is the amalgamation of traditional

opportunities included vaccine

investing with environmental, social, and

manufacturing, data analytics, and optical

governance-related insights to improve

lens manufacturing.

lasting outcomes (CFA Institute, n.d.).

Following the Deloitte consultancy,

Put simply, it is an investment strategy

one of the measures being undertaken is

focused on benefiting the environment

the transformation of Newton Industrial

and society.

Estate into a Life Sciences Park. The work

Our island also has a long-established

on this front has commenced. The first

history in food science, from the

stage was completed in November 2022

Lenstec - manufacturer of intraocular

production of rum to today’s proliferation

with the launch of the Export Barbados

lenses

of seasoning blends and condiments, and

(BIDC) International Food Science

it is poised to grow this sector further.

Center (IFSC). The IFSC is a contract

The country is also skill-abundant - we

manufacturing and laboratory testing

has embarked on a renewed mission

churn out approximately 1,500 science

services facility intended to enhance

to transform Barbados’ industrial and

graduates annually.

local manufacturing and export capacity

Since 2021, Export Barbados (BIDC)

export landscape through science. This

With the existing and potential life

mission is timely, given the health-related

sciences-related opportunities available

Guided by the life-centric approach to

challenges Barbados faces. Over the past

locally, investments in this industry can

sustainable investment, Export Barbados

few decades, it has become increasingly

establish Barbados as a life sciences hub

(BIDC) will continue its efforts to advance

apparent that purposeful investments

in the Caribbean. To guide this process,

this initiative in 2023. It will engage key

in health and well-being are vital to

Export Barbados (BIDC) engaged the

strategic partners and create an enabling

combating the growing incidences of

services of Deloitte Barbados to assist

environment for the industry’s growth

lifestyle diseases among our population.

in formulating a life sciences industry

and development. To do so will require

development road map.

supportive infrastructure; sustainable

Treatments for diabetes, strokes, heart attacks, cancers, respiratory

Export Barbados (BIDC) sought to

significantly.

talent development for STEM expertise;

disorders, and other non-communicable

assess the local commercial landscape to

incentives; policies; regulations; and

diseases continue to dominate our

identify high-potential areas for industrial

marketing.

Government’s annual health-care spend.

development, export growth, and

Because investment enables economic

economic diversification. This assessment

industry will emerge as a central and

development, it is therefore critical

revealed a commercial context primed for

resilient pillar for the Barbados economy,

to allocate funds strategically for the

science-driven advancement.

driving new levels of high-value job

common good.

The rapidly expanding global life

82

Prime opportunities identified

foods and medicines, medical devices,

Following comprehensive stakeholder

It is envisioned that the life sciences

creation, export product and service

engagements, econometric analysis, and

diversification, foreign exchange earnings

sciences industry offers numerous

strategic opportunity prioritization, a

and population health and wellness for

opportunities which are being designed

final road map was devised around three

the common good.

B USIN E SS B A R BADOS 2023

B L O O M

BLOOM Cleantech Cluster Gains International Momentum In 2022, the BLOOM cluster launched two international acceleration programmes:

BLOOM Cleantech Cluster Presented as Role Model for the Global Programme The BLOOM Cluster team had the privilege of attending a Steering

BLOOM Cluster at a high-level UNIDO meeting in Vienna, 6th of September 2022.

Leaders in Innovation Fellowship (LIF)

Committee meeting hosted by UNIDO

Programme

on September 6th 2022 in Vienna. The

The LIF programme supports

Cluster delegation discussed partnership

entrepreneurs in commercialising

possibilities with the Regional BLOOM

their innovations and building scalable

Cluster Programme and the Global

businesses to tackle local challenges.

Network of Regional Sustainable Energy

There are over 1,400 innovators who have

Centres (GN-SEC). The BLOOM Cleantech

taken part in the LIF programme in the

Cluster concept was presented for the

past 7 years, from 19 countries across

heads of 10 GN-SEC centres representing

the world. Approximately 3,500 jobs

108 developing countries. As a result

were created, and $100 million dollars

of this high-level GN-SEC meeting, the

was raised by LIF start-up innovators. LIF

Barbados BLOOM Cleantech Cluster was

Global 2023 kicked-off on 5 December

presented as a role model for a global

2022, welcoming 58 entrepreneurs from

programme by UNIDO.

around the world. The entrepreneurs The BLOOM Cleantech Cluster is

will benefit from free, bespoke training

Cooperation with Private Financing

making a vital contribution to Barbados’

and follow-on support, including expert

Advisory Network (PFAN)

sustainability efforts and green energy

mentoring, support resources, networking

targets. It feeds into the implementation

opportunities and events to refine their

Network (PFAN) is a global network

of the National Strategic Plan 2005-

pitch decks and better understand

of climate and clean energy financing

2025, which aims at making Barbados a

product scale and sustainability.

experts, which offers free business

‘green circular economy’ and the ‘most

Entrepreneurs and projects selected

coaching and investment facilitation

environmentally-advanced green country

for the second cohort of LIF Global

to entrepreneurs developing climate

in Latin America and the Caribbean’.

Barbados in 2023 are:

and clean energy projects in emerging

Shamar Ward – Repurpose Cell Phone

markets. Two BLOOM Cluster incubatees,

BLOOM Cleantech Cluster Advances in

Information System (RepCIS)

Goodridge Power and Healing Grove

2022

Simera Crawford – BitEgreen Market Inc.

Contained Farm, have been approved

Jasmine Greene – Private Caribbean

for PFAN coaching and investment

Study Goals Online School

facilitation. PFAN prepares companies to

The BLOOM Cleantech Incubation Programme aims to promote cleantech entrepreneurship and commercialization of new cleantech innovations. It provides various business advisory services for the selected start-ups, including business

meet investors and, once ready, enables Caribbean Circular Economy Accelerator

targeted investor introductions. The

2022 (CCEA)

applied project financing through the

In August 2022, the BLOOM Cleantech

PFAN network exceeds 1 million USD.

planning assistance, coaching, mentoring,

Cluster launched the first Caribbean

matchmaking and access to grant,

Circular Economy (CE) Accelerator in

For more information on the background

project and private financing. It’s been

cooperation with SAGANA and Circulate

and evolution of the BLOOM Cleantech

running for two years and currently has

Capital, with financial support from

project, scan the QR code to read a

agreements with 14 start-ups. The Cluster

the IDB. It ensures that participating

feature article on the Business Barbados

is also coordinating global acceleration

companies are investment ready for pre-

website.

programmes with its international

SEED and pre-series A level investments

partners. About 20 start-ups and

and covers various aspects of business

Contact information:

MSMEs have participated in acceleration

management. 10 CE start-ups and SMEs

Mr. Mark Hill, CEO -

programmes organized by BLOOM in

from Barbados and other countries

Export Barbados •

2022. This is an important milestone

received course certificates in December

mhill@bidc.org

indicator for BLOOM and provides

2022. Half of the companies were able to

Dr. Terrell Thompson

evidence that high quality incubation and

raise 1.5 million USD, including grant, loan

- BLOOM Cluster

accelerator services are in high demand in

and equity financing.

Manager • tthompson@bidc.org

Barbados and the Caribbean.

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The Private Financing Advisory

B USIN E SS B A R BADOS 2023

THE BLOOM CLEANTECH INNOVATION Bloom Cleantech Cluster is a sustainable energy and climate technology (Cleantech) cluster established

by Export Barbados, formerly the Barbados Investment and Development Corporation (BIDC). The Cluster was officially launched in September 2020 with technical assistance from the United Nations Industrial Development Organization (UNIDO) and is currently managed by the Ministry of Industry, Innovation, Science and Technology.

"The project is part of UNIDO’s Regional Cleantech Cluster Program under the (GN-SEC). In partnership with regional economic communities, the program supports least developed countries (LDCs) and small island developing states (SIDS) in the establishment of Cleantech clusters and associations."

WHAT WE DO The Cluster has a residential incubation program for start-ups in the sustainable energy sector. Bloom provides individual coaching and financial support for innovative start-ups and entrepreneurs. The Cluster also coordinates and provides business advisory services for its members in project financing, market research, innovation management and product commercialization.

REACH OUT TO US AT WWW.BLOOMCLUSTER.COM TO LEARN MORE.

B I O C O N N E C T

M E D I C A L

C E N T R E

BIOCONNECT MEDICAL CENTRE THE FUTURE IS HERE FOR WOMEN’S HEALTH IN BARBADOS

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B USIN E SS B A R BADOS 2023

“Our focus is to change the narrative attached to ageing from ‘antiageing’ to ‘well-ageing’.

We start by reviewing every area of your life and holistically set a roadmap to be the best version of You.” Dr Roberta Corona

777 patients that year, with hormone

shores based on its unique and innovative

honourable Mia Amor Mottley, has shared

replacement therapy (HRT), treatments

services.

her vision for the country to become the

for urinary incontinence (pelvic

life sciences and biotechnology hub of

floor) and vaginal atrophy their most

expand the horizons in its field and have

the Caribbean. Through Export Barbados

sought-after services. They also offer a

a meaningful impact on women’s health

(BIDC), plans are in place to develop this

range of aesthetic skin and body care

in Barbados and the Caribbean. The clinic

industry, with women’s health identified

management treatments to complement

has launched a new electronic records

as one of the key areas for targeted

the challenges women are facing in this

system and will be working to compile

development. Here is a look at one of the

area as they age.

data on bone density, menopause

Barbados Prime Minister, the

pioneering companies they are working

Globally, the population of post-

BioConnect Medical is determined to

symptoms and other information

with, who are already bringing this vision

menopausal women is growing. In the last

pertaining to women’s health. The aim is

to fruition.

few years there has been a resurgence

to compile important data on Caribbean

BioConnect Medical Centre boasts

of research and medical advancement

women, which will inform their treatment

many firsts for Barbados, and for the

focused on this often overlooked and

options, rather than relying on global data

wider region. It is the first clinic in the

undertreated, yet vitally important, area

which does not accurately reflect the

Caribbean specifically dedicated to

of medicine. So much so that there

ethnic or genetic makeup of women in

women’s transition through menopause,

has been a global shortage of HRT

the region.

peri-menopause and post-menopause,

medication that many women rely on

with their unique offering of treatments

to ease the symptoms associated with

two pioneering women. Dr Roberta

and therapies, utilising state-of-the-art

menopause.

Corona, Medical Director, is Barbados’

equipment, that is completely new to the

BioConnect Medical, working directly

BioConnect is a partnership between

first certified menopause specialist.

region. For instance, the clinic has the

with global suppliers, has managed

Originally trained in gynaecology

Caribbean’s only Echolight Bone Density

to navigate the supply chain and

and obstetrics, she is a Fellow in

Ultrasound machine, a more accurate and

secure coveted stock. They have been

Urogynaecology and Endoscopic Pelvic

non-radiation alternative to the traditional

offering telemedicine consultations and

Surgery at the University Hospital of

DEXA Scan, using REMS technology

shipping HRT treatment elsewhere in the

Leuven, Belgium, and a North American

instead of X-ray technology to measure

Caribbean, including Jamaica, Trinidad,

Certified Menopause Practitioner. Rachel

bone density.

St Vincent and Grenada to patients who

De Gale, CEO has a background in health

could not source it otherwise.

management and has been one of the

With a holistic approach to women’s health, BioConnect Medical’s mission

Not only are their services and

trailblazers in advancing the highest

is rooted in improving women’s lives,

treatments being exported, but patients

standards of healthcare in Barbados and

and the knock-on effect this has on

from overseas are coming to Barbados

the Caribbean. Together their focus is on

their families and wider communities.

for appointments at BioConnect. Medical

providing solutions for women – finding

They offer a plethora of treatments and

Tourism is a growing industry with huge

the root causes of health issues and

therapies all under one roof. Opening

potential for Barbados, and BioConnect

helping their patients achieve optimal

their doors in May 2022, the clinic saw

Medical Centre is attracting people to our

health rebalancing.

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U N I V E R S I T Y

S C H O O L

O F

M E D I C I N E

Ross University School of Medicine Helping Diversify the Medical Profession and Supporting the Health and Well-being of Barbados certain aspiring physicians from attending

a medical degree to students who have

University School of Medicine (RUSM), an

medical school. We exist because

already earned a bachelor’s degree or

Adtalem Global Education institution, has

there are unmet healthcare needs in

higher. To ensure students are prepared

been expanding access and opportunity

communities we care about. Often,

to handle the challenges that come with

to students on the path to becoming

those best positioned to fill them are not

a medical career, faculty and staff meet

skilled physicians. RUSM and its students

afforded the opportunity to do so.

students where they are, providing them

With over 15,000 alumni, RUSM

with tailored support throughout their

For more than 40 years, Ross

are determined to make an impact in global communities, a mission that begins

opens doors to higher education for

at its campus in Bridgetown.

underrepresented student populations.

What makes RUSM stand out from

The majority of our students come from

other medical schools is our commitment

because we believe that not everyone has

the US and increasingly Canada, as well

to diversity, equity and inclusion, end-to-

the same opportunities in life and those

as other parts of the world, supporting

end student support, including Adtalem’s

differences have historically precluded

educational tourism in Barbados. We offer

Medical Education Readiness Program,

RUSM has a unique story to tell

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B USIN E SS B A R BADOS 2023

medical education.

and early clinical and community experiences in Barbados.

Students who attend RUSM have a rare opportunity to immerse themselves in the warm and friendly culture of Barbados during their early years of medical school, which helps widen their experience in patient care and broaden their world view and knowledge of different healthcare systems. By embracing the power of diversity, equity, and inclusion, RUSM maintains our steadfast focus on helping to diversify the medical profession and improve communities and healthcare systems where our graduates go on to serve.

Islandwide Impact Now that we are settled into our new campus in Bridgetown, we see the island of Barbados as our long-term home. As part of our emerging focus, we want to have a positive effect throughout the island by making investments that have major impacts on both our students and the local community. By offering employment opportunities and partnering with local organizations on projects that align with our mission – including a strong focus on non-communicable diseases, disaster medicine, and community engagement – we hope Barbadians will continue to benefit from RUSM being in their backyard.

A few ways in which RUSM has engaged with the community include providing Basic Life Support certification training sessions for nearly 100 Barbados Community College nursing students and nursing instructors. Additionally, students and faculty were engaged in a local program targeting the prevention of renal disease in systemic lupus patients and assisted in the distribution of renal kits and counselling patients.

RUSM also partnered with the Barbados Alliance to End Homelessness

(BAEH) to upgrade facilities that provide

wide variety of philanthropic activities

free medical care. Adtalem and RUSM’s

throughout the year focusing on

donation will allow for the integration of

community medical needs, providing

medical resources, helping the shelter

resources for groups in need, and raising

provide a ‘one-stop-shop’ for those in

awareness of non-communicable diseases

need of healthcare. RUSM partners with

and other health risks. Adtalem fosters

urgent care services to bring free weekly

relationships with local governments,

medical care to the homeless through

international and regional organizations,

its community medicine program and an

and communities to make valuable

RUSM student group has collaborated

contributions to the community and

with local physicians to assist in

support local needs.

healthcare delivery to senior residents.

Adtalem along with RUSM students, faculty and colleagues took part in a

Hands-on from the Start RUSM believes early, hands-on learning

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U N I V E R S I T Y

S C H O O L

M E D I C I N E

is crucial for medical students to gain

healthcare and health education to

the centre of what we are trying to teach

the experience and confidence needed

the local community. Since launching

our students – the need for advocacy,

to become successful physicians. With

in September 2022, nearly 300 RUSM

understanding, and getting up close to

that in mind, Dr. Rhonda McIntyre, senior

students have spent more than 3,300

patients and communities to understand

associate dean of external affairs and

hours serving over 1,000 community

the social and economic determinants of

campus dean, developed and led a

patients. RUSM students provided patient

health.

new program, the Community Clinical

evaluations, counselling, and conducted

Experience. This program allows students

physical examinations.

to develop their advocacy skills and

The culminating event for the

Embedded in RUSM’s mission is to deepen community engagement and ensure that we are contributing to the

gives them exposure to administering

Community Clinical Experience program

communities that we live, work, and learn

medical care in a community setting. It

took place in November 2022, in Queen’s

in. We will continue to integrate into the

is a differentiator in empowering RUSM’s

Park, where RUSM, in collaboration with

local community in Barbados and provide

diverse student body to serve local and

BAEH, hosted a Health Extravaganza

students with the foundation they need to

global communities with a patient-centric,

along with 10 other local healthcare

pursue successful careers in medicine.

ethical and humanistic outlook.

providers. This community event offered

RUSM is accredited by the Caribbean

free health screenings that included blood

Accreditation Authority for Education in

program has partnered with community

sugar testing, blood pressure checks,

Medicine and other Health Professions

organizations such as Urgent Care

cholesterol tests, COVID-19 vaccines,

(CAAM-HP, www.caam-hp.org), an

Mobile Services, BAEH, Hope Foundation

breast exams, health education and

independent and autonomous body of

Barbados, Forlam Foundation, A.C.

more. Our partnerships with community

professionals that only certifies medical

Graham Development Centre and the

organizations are so meaningful because

schools operating at the highest levels of

Barbados Red Cross Society to provide

these non-profit organizations are right at

educational standards.

The Community Clinical Experience

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B A R B A D O S

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B USIN E SS B A R BADOS 2023

B A R B A D O S

R U M

Barbados Rum

B U S I NE SS B ARB ADOS 2 02 3

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F O U R S Q U A R E

D I S T I L L E R Y

Back to Our Roots Richard Seale Distiller, Foursquare Distillery

In 1856, there were 158 distilleries

own industry by the adoption of the more

rum as being made exclusively from

efficient column still, but the change

licenses, rum duty and the prohibition

molasses, in contrast to rum directly

was also externally driven by the shift in

of distillers retailing their own rum, all of

from sugar cane juice, the latter being

Barbados to central sugar factories.

this together with the economic malaise

something peculiar to the French Islands.

of the period, would see this number

This is actually a modern construct. In

plantations, each of which had their own

fall to just 23 by 1888. Rum making in

the late 19th century, Barbados was as

sugar works. By 1921, 19 central factories

the 19th century differed from today in

famous for its molasses as Demerara was

had been created and this would increase

two particular ways. Back then, a rum

for its sugar. The Barbadian rum distiller

to 31 by 1930. By 1939, there were 33

distiller would have a direct link to a sugar

would use valuable molasses sparingly

vacuum pan sugar factories, up from just

estate and the rum produced came from

mixed with sugar cane juice. The latter

9 vacuum pan factories in 1897. This shift

the sugar cane grown on the attached

might come from ‘rum canes’, so called

meant that no longer could an individual

estate. Related to this direct link, rum was

because the juice was low in sucrose -

sugar estate make its own rum. They

distilled from both fresh juice as well as

but high in simple sugars - and better

did not grind their own canes, they sent

molasses and possibly sugar cane syrup,

directed to the still than the boiling house.

their cane to the nearest central factory.

each of which would have been produced

Barbados rum making would take its

To make rum, one would have to source

As late as 1910, Barbados had 339

on the very same sugar estate which

modern shape around the turn of the

molasses in bulk from the central sugar

operated its own boiling house.

century. It was impacted from within its

factory. The new vacuum pan factories

Cane harvest at Mount Gay

94

Today, we tend to think of Barbados

in Barbados. The introduction of still

B USIN E SS B A R BADOS 2023

Above: Crushing cane at Mount Gay • Right: Aging rum at Foursquare made the cheaper ‘pan molasses’ and

sugar estate and rum distiller had been

this would be the ideal raw material for

broken. Rum was now made exclusively

making rum over the more expensive

from molasses sourced from a central

traditional ‘fancy molasses’ for which

factory. Distillers, still prohibited from

Barbados was famous.

retailing their own rum, would sell it in

The advent of central vacuum pan

bulk to the merchants in Roebuck Street,

factories went hand in hand with the

Bridgetown, for maturation, blending and

development of the column still. A

bottling. Nearly all Barbados brands are

typical pot still, hitherto the method by

derived from their creation by Bridgetown

which rum had been made since the

merchants.

mid-1600s, might have a charge of 2,500

Despite its superior efficiency, distillers

litres distilled over 7 to 9 hours before

never gave up on their pot stills - no

emptying, cleaning and recharging. The

doubt responding to the demands of

continuously operating column still could

the blenders. Modern Barbados Rum

distil 2,500 litres in one hour, hour after

is a blend of pot and column distilled

hour. Central factories producing ‘pan

rums. Pot still rums are today considered

molasses’ on an industrial scale could

an indispensable component of the

generate the volume of raw material to

Barbados Rum style. Barbados is among

feed a column still to produce rum on an

just a handful of spirit making regions

industrial scale. By the late 1930s, there

with an unbroken centuries-old legacy of

were just three distilleries, all of which

the pot still. Barbados distillers refused

operated a column still. The link between

to wholly give up their costly pot rums.

B U S I NE SS B ARB ADOS 2 02 3

95

Bottling rum at Foursquare

They would also refuse to wholly give up Barbados sugar cane.

From 1971, the Barbados sugar industry

former to make their rum, the latter as by product. A new paradigm for Barbados

2006, he did so by milling the cane grown

sugar cane.

In 2016 at Foursquare, motivated

has been in decline. From a high of

on the estate into sugar syrup from which

over 200,000 tonnes in the mid-60s,

their rum is distilled. Fresh juice has a

to preserve Barbados as a sugar cane

production of raw sugar had fallen to

short shelf-life and boiling to syrup to

growing country, to restore the link

50,000 tonnes in 1992. Less sugar means

preserve it is an ancient practice of the

between a sugar estate and its rum,

less molasses and the rum distillers faced

small distiller. It is still done today in Haiti.

and finally to once again blur the lines

a scenario where there was not enough

For one distiller, the link between estate

between molasses and cane juice rums

local molasses output to meet rum

and rum was restored, and Barbados

as it was in the past, we began taking

production demand. Immediate problems

returned to making rum direct from sugar

syrup from the mill at St Nicholas Abbey.

require immediate solutions, and, for the

cane instead of solely from molasses.

In 2018, we commissioned our own mill

first time, the island imported molasses

Motivated by a desire to return the

and milled cane from nearby Ashbury

to meet demand. Fortunately, Barbados

link between Mount Gay rum and the

Plantation. In 2020 we added a second

cane varieties which pervade the region

Mount Gay sugar estate, in 2015 the

mill and in 2021 we acquired 20 acres

are milled using the same process and

Remy Cointreau owned distillery acquired

of cane surrounding the Foursquare

equipment as our local mills. Having

the 331-acre estate that surrounded the

distillery for the planting of specialist

long broken the link between estate and

distillery, reuniting the historical sugar

varieties more suited for the making of

distillery, molasses from central factories

cane estate with its original distillery.

rum than raw sugar. Today, all rum from

had become somewhat of a homogenous

Group CEO Valérie Chapoulaud-Floquet

Foursquare is made by blending rums

input, and Barbados distillers seamlessly

explained:

from molasses, both local and imported,

integrated regional molasses into local

“We saw this unique opportunity as a

and locally milled fresh cane juice.

sign to pursue our goal to create a true

The distillers have demonstrated the

luxury rum brand. Here in Barbados, we

ability to turn a local agricultural output

opportunity - perhaps the requirement

now gather together all the elements

into high value-added finished products

- to innovate. But in this precious local

to foster the legacy of Mount Gay

with global renown. The contrast with

artisanal craft, the opportunity was to

Distilleries: authenticity, history and

the bulk raw sugar industry is a lesson for

return to our roots. The crisis in the sugar

terroir, with a single-estate rum, a genuine

Government that the Island can and must

industry continues with sugar output

Barbados historical ‘chateau’.”

move away from providing commodity

rum making.

The upside to any crisis is the

falling to just 5,000 tonnes in 2022.

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When Larry Warren returned St Nicholas Abbey to rum making again in

After initially subcontracting the local

output for value-added in the developed world.

Faced with the thought that the famous

Portvale mill to process their estate cane,

rum making provenance of Barbados

in 2022 Mount Gay commissioned a new

may cease to grow sugar cane, the rum

sugar factory, the first to be built on

to its roots, but set in place practices

distillers took matters into their own

the Island since 1980, to mill its estate

to preserve, enhance and protect the

hands.

grown cane to molasses and sugar - the

provenance of Barbados Rum.

B USIN E SS B A R BADOS 2023

Barbados Rum has not merely returned

M O U N T

G AY

D I S T I L L E R I E S

Mount Gay’s Commitment to Sustainability neutrality through its investments in

and in our local communities. With a

process efficiencies, improved logistics

strong sense of corporate citizenship,

and packaging, cleaner fossil fuels and

employee and community engagement

significantly, renewable solar energy.

are encouraged through diverse initiatives

Sunshine is abundant in Barbados and

that directly address identified needs.

Mount Gay has employed the use of roof

On the more sensitive side, Mount Gay

photovoltaic panels to aid in its solar

is acutely aware of its social and ethical

energy generation, while planning for

responsibilities as a rum producer and has

even further expansion into ground solar

embarked on a responsible consumption

for increased carbon compensation.

campaign, where all are encouraged not

Significant strides have also been made

to over-indulge but to “drink responsibly”.

at Mount Gay’s Sugarcane Estate in St.

Sustainability is a lot about learning

Lucy. Carbon emissions have been cut

from the past and making those changes

by using 100% organic fertilizers only.

necessary to safeguard the future of

Sustainable agricultural practices have

our planet and our people. From 1703

been employed to reduce the reliance on

until now, Mount Gay has continuously

synthetic herbicides, and crop rotation is

demonstrated its adaptability and is now

in full use for its benefits to the soil, while

a true testament to how sustainable our

contributing to local food security. Mount

beloved rum can be.

Gay is also committed to enhancing the biodiversity within its ecosystem and has planted food forests, orchards and hedge-rows on its lands. These efforts are not limited to flora but are also extended to our fauna. The African Green Monkey (Chlorocebus sabaeus) remains protected in the nearby Oxford Gully, while dedicated bee-friendly gardens and apiaries have been established for the protection our endangered bees.

Beyond the environment, Mount Gay is The spirits industry is continuously

committed to the sustainability of its

evolving to be more eco-friendly and

people, both within the organization

Mount Gay Distilleries has solidified its commitment to the same and more. As we face a new relationship with the planet around us, reducing environmental impact while empowering and engaging communities is now of utmost importance. Thus, from soil to sip, sustainability is at the core of Mount Gay’s operations and offerings in its quest to become the leading, high-end, sustainable rum house in Barbados and across the world.

As a business reliant on the importation and exportation of goods on a small island developing state, Mount Gay is cognizant of its direct and indirect carbon emissions and is working assiduously towards its goal of carbon

98

B USIN E SS B A R BADOS 2023

W E S T

I N D I E S

R U M

D I S T I L L E R Y

West Indies Rum Distillery The Backbone of Barbados Rum

“The distillery employs about 80

teams up with local producers to source

people, an increase of 40% since 2017 and

coconuts for Plantation “Cut and Dry”

whose combined experience are its most

rum, available exclusively on the island.

precious resource”, said Master Distiller Don Benn, who was awarded “Rum

Our Rums Continue to Win on the World

Distiller of the Year” at the 2020 Spirits

Stage

Business Awards.

West Indies Rum Distillery on Brighton Beach West Indies Rum Distillery (WIRD) was founded on Brighton Beach, St Michael, in 1893. The Distillery mission has not changed in 130 years: to create the best Barbadian rum, using the best possible methods, always highlighting the diverse heritage of Barbados –the country where rum was born.

George Stade, Distiller, Rum Pioneer and Sugar Cane Expert George Stade was an inventor and an adventurer, with several international rum and sugar cane related patents to his name. In 1893 he fulfilled a lifelong dream by creating a distillery showcasing his genius inventions and making the world’s best rum, in Barbados. Within two to three years, the name “Stade’s” became synonymous with quality rum on the island. The distillery rapidly grew to be the largest and longest continuously operating distillery in Barbados. Today the distillery team is led by Andrew Hassell (Managing Director) and is producing approximately 85% of the island’s rum.

WIRD is the largest rum exporter on the island, providing revenue for generations of Barbadians. The distillery was awarded largest rum exporter at the 2022 Export Barbados Awards Ceremony.

Centuries of Heritage and Expertise Today, a diverse and passionate Barbadian team preserves this precious heritage with a combination of technical expertise and boundless curiosity.

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B USIN E SS B A R BADOS 2023

WIRD is known for producing one of

Others have dedicated their working

the world’s top premium rum brands:

lives to the distillery. Henderson Skinner

Plantation Rum was named Favourite

has worked at WIRD for over 40 years,

Rum Brand by the world’s 100 best

like his father Cleophas Alleyne before

bars for 6 years in a row, adding to the

him, keeping the company’s history alive

brand’s collection of over 400 medals

and inspiring new generations to continue

from the most prestigious international

its legacy.

competitions. Stade’s Rum has also won gold medals from the Spirit Business and

WIRD Supports Local Economy Through

Double Gold at the San Francisco World

Sustainable Development

Spirits Competition, two prestigious

WIRD is a key player in Barbados’

organizations that are famous worldwide.

environmental objectives. The distillery

In March 2023 it was announced that

will become carbon neutral by 2030 and

Plantation Rum XO 20th Anniversary and

already took a major step in this direction

the newest vintage Barbados 2013 Under

with the installation of solar panels on its

the Sea both won Master Medals at the

warehouse roof in 2021 and by replacing

Rum and Cachaça Masters hosted by the

existing company vehicles with electric

Spirits Business Awards (London).

ones.

With the opening of the “Harper’s

2023 will be an exciting one for WIRD to

Sugar Cane Mill” in 2022, WIRD also

Celebrate its 130TH Anniversary and to

joined with the Sugar Cane Breeding

open the new Visitor Centre

Station to support the study of the sugar

WIRD looks forward to celebrating 130

cane, the agricultural origin of our award-

years of heritage and opening its brand-

winning rum.

new visitor centre, a significant tourist

WIRD became the first distillery in the

attraction for the country. The visitor

Caribbean to obtain a Chain of Custody

centre will facilitate sharing the heritage

certification from Bonsucro, a non-profit

of Barbadian rum and its incredible

organization that promotes sustainable

collection of vintage rum-making

sugar cane production, processing and

equipment with visitors from Barbados

trade around the world. WIRD also

and beyond.

Don Benn, Skinner ‘Digger’ Henderson, Alexandre Gabriel

B A R B A D O S

R U M

E X P E R I E N C E

A First-hand Report from the Barbados Rum Experience 2022 Adam O’Connell International Drinks Writer/Journalist

This is the year of rum, don’t you know? According to data from CGA

by Nielsen IQ, rum sales surpassed £1

to move beyond the ‘pirates and parties’

of slavery. We cannot tell the story of rum

reputation.

without understanding the role plantation

In November 2022, I was in attendance at the island’s sole event dedicated

The experience aims to illuminate a wider

category a bigger market share than

exclusively to the rum industry of

Caribbean story, covering subjects such

whisky. The increase in premium brands

Barbados, a year after something of a soft

as biology, geology, anthropology, and

to rival Scotch and Cognac, the demand

launch inaugural show curbed by COVID

more.

for flavoured and spiced rum, and its

restrictions. A more comprehensive

versatility in cocktails are all contributing

schedule and freedom to enjoy everything

Radisson Aquatica, a classroom of

to this golden era.

From the conference room of the

the island has to offer was in store, split

students from Barbados to America, the

But rum is also a deeply evocative

into two main portions: three days of talks

UK and beyond, ingest it all like giddy

spirit, one that can be an ambassador

from experts, and two days visiting Mount

school kids seeing the TV rolled into

of its home at its best, like it is for

Gay, Foursquare, and St Nicholas Abbey

the room. With top notch speakers that

Barbados. It’s this connection that

Distillery.

include rum luminaries such as Prof.

prompted the creation of The Barbados

The former is not just about lessons in

Richard Drayton, Prof. Fred Smith, and

Rum Experience, a week-long festival

rum. The big stories are not shied away

renowned Barbadian distiller Richard

dedicated to illuminating all aspects of

from, with honest discussion about the

Seale, the coverage is so comprehensive

the spirit’s culture, history, and production

island’s drinking culture and the history

you feel as if you’ve just spent a year at

Presentation by Richard Seale of Foursquare Rum Distillery

1 02

economics played in its development.

billion in the UK in 2022, landing the

B USIN E SS B A R BADOS 2023

the university of rum - with the added

Abbey stands out as the premier tourist

bonus of a beach outside your door and

destination. Come for the sights, stay for

rum flowing freely.

the rum.

As any good drinks writer will tell you,

When you understand how connected

Clockwise from top: Rum sampling with Larry Warren of St. Nicholas Abbey.

Customized tour of Foursquare Rum Distillery.

Tasting rum out of the barrel at Mount Gay.

a spirit is best enjoyed in the distillery

rum is to this island, you realise that to

where it’s made, however, and the three

visit Barbados and fail to take in the

trips are undoubtedly the highlight of

distilleries and their creations would

the Barbados Rum Experience. Behind

to be visit Champagne and avoid the

the scenes access, exclusive tours, and

vineyards and taste of bubbles. It’s my

generous tastings are enjoyed first

first visit here and our hosts, led dutifully

Barbados are not an additional extra,

at Mount Gay, where we witness the

by Gayle and Christian Seale, are keen to

but a core element of the experience. If

island’s giant enter its 320th anniversary

ensure every joy of Barbados is seized.

you’re new to rum, Barbados, or a lover of

by investing in capacity and gearing

My first experience of the island is a night

both from near or afar, the Barbados Rum

towards more terroir-led production.

drive from the airport followed by a rum

Experience will open your eyes, pour you

Foursquare opens its doors to show you

punch in the hotel lobby. It sets a tone.

a drink, and leave you in no doubt you are

the no-nonsense approach that made it

Rotis from the nearby Indian Grill and

in the home of one of the finest spirits in

the rum drinker’s rum, while St Nicholas

fish sandwiches from Cuzz’s are so good

the world. Just take a sip.

they’re frequented more than once.

The cuisine, customs, and charm of

B U S I NE SS B ARB ADOS 2 02 3

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D A K O T A

R O S S

DAKOTA ROSS JOINS FORCES WITH SPORTS AGENCY RIGHT FORMULA

1 04

B USIN E SS B A R BADOS 2023

D A K O T A

R O S S

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105

D A K O T A

R O S S

THE RIGHT FORMULA FOR THE CARIBBEAN

Back in 2019 when Business Barbados

the Barbados Tennis Association and

global brands such as Jack Daniels,

first featured the two dynamic Barbadian

promising Barbadian tennis athletes, it

SAP, ExxonMobil, Pirelli, Hilton Hotels,

entrepreneurs, Kodi Lewis and Alex

marked the beginning of a mission to

Vodafone, Bang & Olufsen, IWC and Kia

Weetch, they shared a compelling vision

champion the growth of regional sport.

Motors to name a few. Right Formula also

to carve out a new niche for themselves

When CEO and Experience Designer Kodi founded Dakota Ross, later to be

governing bodies in sport and major

lifestyle under one umbrella. Driven by

joined by Chief Strategy Officer Alex, and

sporting rights holders, including F1,

a strong passion and belief in the power

Strategic Business Coach Luis Fuentes,

Formula E, FiA, UEFA, DP World Tour,

of sports to help people evolve and

the team made optimum use of their

WSL, Barcelona FC, Sail GP, World Sailing,

grow, their fundamental strategy was to

first-hand local knowledge to provide

Moto GP, Arsenal FC, NBA, R&A (The

leverage the natural lure of the Caribbean,

clients with unique, authentic experiences

Open), WTA, America’s Cup, Olympics,

while innovatively capturing market

infused with sport and exclusive access

Rugby World Cup, FIFA, NASCAR, plus

share from the sports holiday and events

to the luxuries of the Caribbean. As the

numerous F1 and Formula E teams.

markets.

company prospered, even managing

The new venture, Right Formula

to thrive during the Covid pandemic,

Caribbean, will work with the world’s

already established himself as a veteran

new breakthrough opportunities started

biggest sports and brands, providing

in sports luxury events, having founded

appearing on the horizon.

them with access to approximately 100

By a relatively young age, Kodi had

106

works alongside several of the world’s

by bringing together sport, business and

experts in the sports and entertainment

his historic ‘Tennis Pon de Rock’, which

Fast forward to January 2023 and

attracted Venus and Serena Williams,

Dakota Ross has just launched a strategic

industry. Focussing on delivering

Caroline Wozniacki, Victoria Azarenka,

partnership with UK-based Right Formula,

this through a combined data-driven

Gaël Monfils and John Isner. With part

the largest independent Sports Marketing

methodology with a human-centric

of the proceeds going to help support

Agency in Europe, representing numerous

approach.

B USIN E SS B A R BADOS 2023

D A K O T A

The aim is to establish Barbados as

R O S S

advantages is that we have a small core

a preferred destination for Team and

team who are all very strong on our

Individual Development Experiences,

purpose. We apply the same core human-

thereby attracting international sports,

centric approach we use to continuously

athletes and sponsors to the island. This

develop our own company to our clients.

in turn will provide local companies and

We believe that if you want your brand to

athletes with access to the international

connect with individuals at a human level,

sports arena through strategic

you have to think of a brand holistically

consultation.

as a human, made up of the combined characteristics, passion and purpose of its

Kodi Lewis

individual team members. By unlocking

“Robin Fenwick launched Right

the internal potential of the team, we

Formula in 2009 and quickly grew the

help brands better connect externally

company into a world leader in our

with their target audiences. Right now

sector. By chance, he happened to be

Barbados has a real opportunity to

in Barbados with his family right at the

become the Caribbean hub for sports

start of the first Covid-19 lockdown. It

hospitality and events, and we are

was a strange time on the island for

delighted to be at the forefront of that

everybody, but especially visiting non-

development. It’s not been an easy road

Barbadians. A mutual colleague, Scott

to get here, far from, but we’ve kept on

Over at World Sailing, reached out and

believing in ourselves and never lost sight

suggested that Robin and I connect, so

of our end goals. We’d like to think that

that I could offer him some local support.

our story could be an inspiration to other

The outcome was that we met up quite

aspiring entrepreneurs in Barbados and

regularly during permissible hours, such

the Caribbean.”

as early morning exercise walks on the beach. This soon led to us discovering we both had a real passion for sports,

Robin Fenwick “The Dakota Ross team brings a

shared a lot of similar values, and felt

different approach that will allow

strongly about the importance of having

Right Formula to expand our offering

a clear path and purpose. My heart has

geographically and through new

always been connected to sport, but I also

capabilities. One of my principal goals is

Strategy - Creating clear and structured

have a deep connection to the world of

to help bring world-class sports events

pathways to help clients deliver their

therapy. My mother, Jacqui Lewis, is an

to Barbados and allow new audiences to

brand systematically, establishing deeper

Experiential Therapist and, through her

not only understand but see the magic

and more impactful relationships with

and her colleagues, therapy has played

that exists on this island. Through this

their target audiences backed up by

a fundamental role in my life path, first

strategic partnership, we have the right

robust data.

as an athlete and now as a business

ingredients to provide new meaningful

Activation - providing impactful Brand

owner. Like me, Alex, Robin and Lou

experiences to a wide group of individuals

and Marketing programmes that

are all great believers in the power of

and businesses alike, so I’m personally

strategically align with their clients’

sports. Whenever we work with clients,

very excited about what the future holds.

broader business goals, ensuring Sport

we always bring the emotional, mental

We’ve all seen a lot of change over the

and Entertainment marketing investment

and physical benefits that come with

past couple of years, but now we are re-

drives business performance.

combining the approaches of systemic

prioritising what’s important to us. If there

Commercial - working with the very best

thinking, experiential therapy and sports

was ever a moment for our combined

brands and rights holders, connecting

into our process. For me personally, as an

forces to help you to follow your passion

them with the top properties worldwide

athlete, an entrepreneur and a Bajan, the

to grow personally and professionally,

in order to drive their revenue.

creation of Right Formula Caribbean is

that time is now.”

Special Events - tailored sports events

like fulfilling a lifelong dream.”

Right Formula Caribbean will focus on:

www.dakota-ross.com

and experiences designed to make a difference through the two main pillars of sustainability and human development.

Alex Weetch

www.rightformula.com

“One of our main competitive

B U S I NE SS B ARB ADOS 2 02 3

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B A R B A D O S

F I L M

Barbados is Making Strides in Film 108

B USIN E SS B A R BADOS 2023

B A R B A D O S

F I L M

B U S I NE SS B ARB ADOS 2 02 3

109

B A R B A D O S

F I L M

Annette Nias

T

the Barbados Film & Video Association

government to regularize this activity,

(BFVA) was formed in 2011 to lead the

so that Barbados could reap maximum

sector through lobbying and advocacy,

benefits from it by developing the local

education and capacity-building.

film industry as a major engine of growth

These efforts spawned the beginning

within Barbados’ economy. It is widely

of an exciting period in which technical

recognized that the global film industry

and production skills were amalgamated

is resilient and performs even in times of

to manifest a plethora of Bajan film

recession.

products of varied styles and quality:

Through the establishment of the

shorts and feature films, commercials,

desk of a Film Commission in 2015,

animation products, documentaries and

government has been creating a system

more. Highlights include Hit for Six, a

which facilitates the development of a

fiction story set in the world of West

symbiotic relationship between visiting

Indies cricket, produced by Blue Waters

foreign production companies and

Productions (2007); HUSH 1, HUSH 2,

development of local skills and content.

and Chrissy, produced by Step By Step

of Barbados as a viable foreign film-

he process of filmmaking

produced by Let’s Do This Films (2013),

making destination and the provision of a

in Barbados has

and Keeping Up With the Joneses by

comprehensive service for all filmmakers

crawled apace through

Hall.E.Wood Productions (2013).

in production or location scouting on the island. It serves as a liaison between

the decades, starting

The NCF’s National Independence

with the era of such

Festival of Creative Arts (NIFCA) also

government agencies, private sector

Hollywood location

nurtured the development of original

companies and film productions.

shoots as Island in the Sun (1957),

content though its annual Film/Video

Procedures for filming on location are

through the launch of new government

competition, in which successful entries

clarified with clients and apprenticeship

agencies, Caribbean Broadcasting

have been awarded gold, silver and

opportunities are encouraged. The desk

Corporation (CBC) and Government

bronze certificates.

also encourages a means of monitoring

Information Service (GIS) in the 1960’s,

Streams of audiences have poured out

filming activities and ensuring that the economic benefits are exploited.

to the current digital age in which the

of local cinemas with some degree of

playing field has been levelled due to

pride and satisfaction after viewing well-

Film shoots from the Caribbean,

the availability of affordable technology

told stories about familiar cultural themes

Europe, the UK and the USA have

and increasing access to training, plus

that survive the constant cavalcade of

been facilitated over the years. Several

exhibition opportunities locally and

North American screen fare.

Barbadian film production companies

globally.

This emerging Bajan cinema represents

provide necessary services for such

yet another milestone in our journey of

activity on an ongoing basis: Parachute

decolonization and independence. It will

Film Studios Ltd., 13 Degrees North

serve a useful purpose in the continuum

Productions Inc. and Crucial Productions

have been exposed to a steadily growing

of a dynamic Barbadian/Caribbean

Inc.

number of film products created by local

cultural identity, as it seeks to spread our

Sanna Allsopp, Executive Director of

casts and crews. Paving the way was The

tales and ideas across communities and

Parachute Film Studios, describes how

Film Group, spearheaded by Mahmood

diasporas globally.

she feels about her current business

Growth of the Sector In recent years Barbadian residents

model:

Patel in the early 2000’s, known for their workshop-based, community-

Business Acceleration

“Our greatest strength has been

For many years, film producers and

the people that work with us. We have

The Shoe. In this period, the Errol

film production companies have visited

been lucky to have so many talented

Barrow Centre for Creative Imagination

Barbados for the purpose of using the

people come through Parachute. The

(EBCCI) embarked on a tertiary-level

island’s beauty and unique features, either

international shoots would help train our

film training programme. The National

as a central location or as a backdrop

team and then we could produce our own

Cultural Foundation (NCF) established

for their lifestyle TV series, narrative and

Bajan content. We have won top prizes at

the Film Desk in 2007 to assist in the

documentary films, commercials, and

international festivals! We just completed

overall development of the film sector.

music videos.

a music promo with Apple Music for the

oriented medley of short films entitled

Through a public/private sector initiative,

11 0

Its main role has been the promotion

Productions (2008 - 2021); Pay Day

B USIN E SS B A R BADOS 2023

Steps have recently been taken by

Superbowl. Our crews in camera, art,

On location with 13 Degrees North Productions.

wardrobe and production were able to

working in Barbados

lives, and the global film industry is no

weigh in creatively and collaborate in a

• Provision of a 100% export allowance

exception. Major and minor releases

way that’s been so inspiring for us.”

on profits derived from the export sale

were forced to end their theatrical runs

of books, screenplays, plays, animation,

early. Some production companies have

and musical compositions.

attempted unorthodox measures to

Government has been seeking to bring strategic direction to this emerging,

release films, while others have moved to

high-growth sector, by providing the

new dates or postponed indefinitely.

appropriate enabling legislation and a

Additionally, the Copyright Act

fiscal incentives structure that would

1998 provides a major advantage for

To varying degrees across the world,

maximize economic potential.

companies and individuals registering

cinemas and movie theatres have been

their work in Barbados, since it ensures

closed, causing global box office sales to

Act, 2013-15 was established with a

the protection of Intellectual Property

drop by billions of dollars. Festivals have

suite of tax-based incentives for the

Rights. Effective management of

been cancelled or postponed, and many

audio-visual sector. Benefits, which

Intellectual Property Rights is integral to

film production processes also halted.

are accessible through the Business

the successful development of the film

Fewer film shoots have therefore visited

Development Department of the National

industry in particular.

our shores from the popular source

The Cultural Industries Development

The Barbados Independent Film

markets. We have, however, been able to

• Duty free and tax free concessions

Festival, now in its seventh year of

host a major Netflix series for the second

specifically on equipment, machinery

operation, insists on continuing to

consecutive year.

and materials for the building of film

provide a powerful and dependable

and video production studios

annual platform for the screening of local,

• Duty free concessions for the

regional and international independent

importation of all film production,

films.

Cultural Foundation, include:

“Both 2021 and 2022 were groundbreaking years for Barbados’ film industry.

In 2021, during lockdown at the height

staging and set equipment • 35% exemption from personal

As Phil Archer of Crucial Productions Inc. fondly reflects:

Current Status

of the pandemic, I facilitated and was

income tax payable by foreign resident

The COVID 19 pandemic has had

Production Supervisor on the popular

individuals on income received while

a major impact on all aspects of our

Netflix original series ‘Outer Banks’.

B U S I NE SS B ARB ADOS 2 02 3

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Parachute Productions filming in Rihanna’s childhood neighbourhood

112

This was one of the largest - if not the

and suppliers who we relied on heavily to

through platforms such as Amazon, Hulu,

largest - and longest productions ever

make the production successful. Everyone

Facebook, Instagram and Netflix.

held in Barbados to my knowledge, with

from gaffers to art department, hair and

Nevertheless, as the world begins to

over 200 local and international cast and

makeup, local actors and extras, to truck

emerge from the previously unimaginable

crew at its peak. After Season 2 was

drivers and skip delivery services, plus

impact of the COVID-19 pandemic,

released in 2021, it reached number one

the Barbados Police Service for their

borders are re-opening and cameras are

on Netflix charts worldwide for several

unwavering professionalism in protecting

beginning to roll again on international

weeks. On the back of its huge success,

and assisting us throughout. The way

film and high-end TV productions.

the production team again returned to

Bajans came together for this production

our beautiful shores to film Season 3 in

was incredible.”

Future Paths

2022, having fallen in love with Barbados’

The pandemic has forced human

Competition remains fierce and

unique aesthetic and people. I can’t help

beings to make dramatic, long-term

locations like Barbados must take the

being super proud of playing a part in

changes globally. Streaming has seen

opportunity to create facilities and

this series, and I must give a huge thank

a significant increase in popularity,

maintain safety protocols that will enable

you to the Barbados Government at all

creating openings for independent

them to remain sustainable in the face of

levels for playing a pivotal role in making

cinema productions to receive wider

climate change and economic challenges.

this stellar production happen. We also

exposure. More eyeballs are now fixed

Our specific and unique challenges must

have an amazing resource of local crew

on computers, phones and tablets

be addressed and overcome in order to

B USIN E SS B A R BADOS 2023

Phil Archer, Barbadian Production Supervisor for the Netflix series ‘Outer Banks’

the island every year. These productions

realize true economic and social potential.

Funding should be established to

Aggressive marketing strategies are

continuously master emerging digital

would employ at least two hundred

required to attract foreign producers/

technology to facilitate international

Barbadians year-round in every capacity,

investors and to upgrade the general

recognition and marketability of digital

thereby generating income for all

position of the locale as a shoot location.

products. Private sector support is

sectors in the economy. Barbados

It will become necessary to establish film

necessary in areas such as venture

has international global appeal and is

festivals, as well as to actively participate

capital funding, angel funding, business

viewed as one of the best film locations.

in other regional and international film

partnerships. We must continue to

We should also have a school for film

markets, and to network with key industry

explore opportunities to innovate in the

development and training, with access to

players and financiers.

distribution arena, working with new

direct internships on major productions

Focus should be on production,

partnerships and developing more direct

and production houses across the world.”

marketing and consumerism, as well

digitally-enabled relationships with our

as the adoption of a sustainable

audiences.

Barbados has much to offer the global film industry: physical beauty, picturesque land and seascapes, architectural variety,

apprenticeship training model. Focus

Kirk Dawson, Managing Director of 13

should also encompass low-cost shared

Degrees North Productions is optimistic

a thriving and hospitable population,

facilities, utilization of the expertise of

about the future:

developed infrastructure, technological

local practitioners and strengthened capacity in the area of IP.

“I would love to see at least three

advancement … and a promising future!

large-scale productions happening on

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Barbados Improves Business Facilitation 114

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B U S I N E S S

F A C I L I T A T I O N

Trisha Tannis Chairman, Barbados Private Sector Association

T

the complexity of getting there, and then

permission by businesses and individuals

at the preferred speed is also generally

applying to purchase foreign currency

understood.

for certain transactions. Forms had to

It is well recognized that the need

be submitted, time spent waiting for

for foreign direct investment to further

the review process, then forms had to

stimulate growth and development of

be collected from the Central Bank of

the economy makes it an undisputed

Barbados before the actual purchase

fact that business facilitation is of

of the foreign exchange could be done.

critical importance if we are to thrive

The Central Bank of Barbados has now

and globally compete as an attractive

introduced an automated procedure

business destination.

of application. Days of waiting have

As a nation, Barbados, inclusive of

been transformed into a few hours,

Government, public and private sectors,

from submission of the application to

and other key stakeholders, has been

acknowledgement of receipt, to review,

robustly addressing the matter of

to response of permission granted or

business facilitation.

not granted, albeit there may be a few

Although the World Bank discontinued

exceptions in the process. Of course,

publication of its ‘Doing Business Report’

mention too must be made that with

in September 2021, the recommendations

he phrase ‘ease of doing

the use of technology, uploads to forex

made to Barbados continue to be a good

business’ is a familiar

online can be done at any time that is

compass to improved business facilitation

one in our island and

convenient as users are fully liberated

in our onward journey to the next level.

across the Caribbean.

from the fixed business hours of physical

As we emerge from the

operations. What a difference this has

to get there. Where necessary, lobbying

COVID-19 lockdowns

made to the business landscape in

and advocacy, one of the main roles of

Barbados.

the Barbados Private Sector Association,

and restrictions, the awareness of how

The private sector has to do its part

life has changed in many respects

The changes at the Corporate Affairs

which I have the opportunity to lead, will

during that period is not lost on us.

and Intellectual Property office (CAIPO),

be to negotiate value-added incentives to

Indeed, business, public and private, and

including the introduction of the digital

facilitate growth and a reinvigoration of

individuals were forced to make changes

platform for Corporate Affairs services,

an investor enabling climate.

and either introduce or accelerate new

must be lauded. This has provided an

methodologies for the ease of doing

online platform for accessing the bouquet

key to the success of the ongoing reform

business consequent to the pandemic. A

of services for investment promotion and

practices. With continued collaboration,

perfect example is that of online banking

ease of conducting trade.

and with persons committed to the

The role of public agencies will also be

in the commercial banking sector. There

The continued improvements at the

reform process, we can expect a more

were many persons who resisted the call

Barbados Immigration department are

transparent and effective system of

from the banking industry to make good

also worthy of mention. As an example,

interaction between government agencies

use of the technology and move from

our feedback is that many on the

and statutory corporations for better

the ‘bricks and mortar’, ‘stand up in line’

Barbados 12-Month Welcome Stamp

facilitation.

modality to conducting banking business

programme, a positive outcome from the

At present, therefore, we may not be

by the click of a mouse. Now there has

COVID-19 for the island, have seamlessly

where we want to be, but we must push

been an immediate cultural shift, having

transitioned to other visa status. Other

forward, and push forward we will.

been pushed to online banking by the

processes have been digitized, such as

raging COVID 19 pandemic, as indicated

obtaining police certificates of character

significantly raised on the international

in the 2021 Financial Stability Report.

with one day turnaround time for the

stage as an attractive business

And there is certainly much more to

most part.

destination. We believe this augers

be achieved in that industry with the

These are just few examples extracted

Barbados’s profile has been

well for trade and improved investor

use of technology, such as the soon to

from what pertained in the past

confidence that will redound to market

be launched real time processing of

juxtaposed to our present reality. In other

growth, both for local business and

transactions in the banks and credit

words, what we used to do and what

potential off- shore investors who are

unions.

we can achieve within the context of

very welcome to our shores.

Another example is the process in

11 6

Barbados for getting exchange control

B USIN E SS B A R BADOS 2023

business process improvements. However,

Adrian Messiah Senior Account Manager

Jason Lewis Account Manager Creeta Lynch Account Manager

Katherine Payne Director of Operations & Digicel Business

Deon Gill-Henry Account Manager Bernard Lewis Senior Account Manager

Gregory Puckerin Account Manager

Romel Sargeant Government Relations Manager Livingstone Hunte Sales Manager

Corey Goddard Service Delivery & Support Manager

Shiral Nair Operations Manager

Yo u r Te a m f o r Better Business Solutions

Susan Griffith Business Care

P H I L A N T H R O P Y

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B USIN E SS B A R BADOS 2023

P H I L A N T H R O P Y

Non-national Philanthropy Makes a Major Impact in Barbados

B

arbados benefits

Health

significantly from

The Substance Abuse Foundation

the generosity of

Inc. established its treatment centres

non-nationals who

at Verdun House in June 2000 and

give to local charities

Marina House in October 2015. They

and augment

are a leading internationally accredited

critical government initiatives. These

health institution, providing critical

many globally influential and wealthy

intervention and recovery services to

non-Barbadians have established

individuals suffering from the disease of

homes and businesses here. Recent

addiction. The Julia and Hans Rausing

research estimates that non-national

Trust has provided major support to the

philanthropists have contributed in excess

organization for over 20 years. Marina

of US$100 million to social programmes

House was made possible by a gift from

in Barbados over the last 10 years. Some

The Maria Holder Memorial Trust.

Peter N. Boos FCA

significant impacts include:

Founder, The Peter & Jan Boos Family Foundation

COVID-19 Response

The The Diabetes and Hypertension Association of Barbados and the Maria Holder Diabetes Centre for the Caribbean

In 2020 and 2021, over US$13 million

was funded by the Medicore Foundation

was contributed to Barbados’ response

and is still supported by The Maria Holder

to the COVID-19 pandemic by The Maria

Memorial Trust. Major funding has gone

Holder Memorial Trust, Derrick Smith,

into this, and diabetes is a severe crisis in

Michael Tabor, John Magnier, J.P McManus

the Caribbean, especially in Barbados. In

and the Sandy Lane Charitable Trust,

2017, there were 38,800 cases of diabetes

including PPE, respirators and vaccines.

in Barbados (International Diabetes

In March 2020, The Barbados

Federation, 2021).

Community Foundation, funded primarily by non-national donors, in response to

Education

the COVID-19 pandemic provided basic

The Maria Holder Memorial Trust

needs support for those who lost income

has made a significant contribution to

sources, purchasing and distributing PPE

the development of Early Childhood

and medical equipment and supplies, and

Education in Barbados. The trust

implementing food security strategies.

committed to constructing six additional

B U S I NE SS B ARB ADOS 2 02 3

119

One of three nursery schools funded by Maria Holder Memorial Trust

schools after the first was completed at

(established in 1997 by Sue Magnier, Lady

Creative Director of the UK-based charity

Sharon in St. Thomas. This was done in

Carole Bamford, Yvonne Brewer and Sue

Audiovisability. Ruth was introduced to

order to assist the Barbados Government

Sangster), to provide a caring, safe and

the Barbados Deaf Community by Ken in

in providing universal nursery education

stable residential community for children

January 2018.

to students from ages 3 - 5. Three

under the age of 12, unable to live with

schools have been completed to date,

their own families due to disability,

and November of 2022, the Bajan deaf

The Maria Holder Nursery at Oldbury, The

addiction or family breakdown.

community worked through practical

Maria Holder Nursery School Gall Hill,

With the generous support of the

training sessions in collaboration with

and The Maria Holder Nursery School

LesLois Shaw Foundation, The Centre for

internationally renowned deaf musicians

Government Hill. The other three schools

Global Child Health at The Hospital for

and artists such as rapper Warren ‘Wawa’

are currently in the planning stages. So

Sick Children, the SickKids Foundation in

Snipe (https://diphopwawa.com) and

as to complement the Schools, the Trust

Toronto and the Government of Barbados,

US deaf songwriter, Sean Forbes

also funded the training for 76 Teachers

the University of the West Indies and

(https://www.deafandloud.com). This

with a postgraduate certificate in Early

the Barbados Community College have

practical element of the project has had

Childhood Education.

launched a new partnership to positively

a significant impact on the networks,

impact the health and well-being of

organisations and individuals involved,

children in Barbados. Program activities

ranging from the macro level of

are focused on elevating education,

management to more personal aspects

clinical care and research.

of deaf community members in Barbados

Children The Sandy Lane Charitable Trust (established in 2005) has a singular

gaining/retaining employment.

mission, “helping the underprivileged children of Barbados” by whatever means necessary. Whether it is through

120

Over a 9-month period between March

Improving Life for the Deaf in Barbados The Calypso Project is an international

For more information please go to www.thecalypsoproject.com

health care, education or community

collaboration providing growth,

programmes. The Trust spends US$2.5M

development, and engagement

per annum supporting these initiatives

opportunities for the Deaf Community

and investing in innovative capital

in Barbados. The aspiration is to

projects, which include the Thelma

encourage not only Barbadian community

Inc. (a local charity established in 2016)

Vaughn Respite Centre for severe brain-

empowerment, but also provide

- with start-up support from The Maria

injured children, the Thrive Family Centre

inspiration to deaf people worldwide

Holder Memorial Trust, Michael and Jania

(the first purpose-built child psychiatric

through the medium of music and visual

Geoghegan, and The Peter & Jan Boos

unit in Barbados), and the Sunshine

arts. The genesis of this project can be

Family Foundation - works with charities

School (a school for children with special

attributed to Ken Carter of Decibels,

and non-profits through its Incubator

needs from age 1-11).

a UK-based deaf charity. Calypso is

Programme to increase their operational

The Nightingale Children’s Village was

the brainchild of Ruth Montgomery,

effectiveness and to ensure sustainability.

created by the Barbados Children’s Trust

a professional deaf flautist and the

B USIN E SS B A R BADOS 2023

Third Sector Ecosystem The Aspire Foundation (Barbados)

P H I L A N T H R O P Y

Other Beneficiaries

collaboration between non-national

in development that will have a significant

philanthropists and our local communities

impact by providing financial resources to

from the philanthropy of generous non-

and charitable organizations will be

eligible charities and non-profits.

nationals include: The Barbados Council

transformational as we work together

for the Disabled, The Barbados Cancer

to strengthen the island’s social capital

Society, The Diabetes and Hypertension

and achievement of social justice for the

Association of Barbados, The Barbados

common good.

Other charities in Barbados benefitting

Alliance to End Homelessness, QEH, UWI, and Pinelands Creative Workshop.

There are many opportunities for non-national and national philanthropists to partner to address social issues. The

The Future More substantial and closer

SocialSolar RE Fund and BarbadosHelps crowdfunding platform are two projects

Clockwise from top left: Students of The Schoolhouse for Special Needs tend their garden.

Maria Holder Memorial Trust donates two ambulances to Queen Elizabeth Hospital.

Barbadian deaf community rehearses for Calypso Project concert.

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P H I L A N T H R O P Y

Investing in Barbados’ Social Infrastructure The philanthropic community in

Dr. Sharilyn Hale, C.Dir

to be volunteer-run or otherwise have

who have created or inherited their

limited staffing and precarious project-

wealth in the region, but is enriched

based budgets, which can limit the scale

by people from the diaspora, and by

and results of their work. Philanthropic

non-nationals who have chosen to make

giving to support paid professional

the Caribbean home. In my study, non-

leadership and core operational

nationals reported that their involvement

capacity can be both stabilizing and

in charitable activities helped to open

transformational, and my research found

doors to new social connections and

that more of this type of giving is needed.

networks, which helped them get

ASPIRE Barbados was established to help

settled and better understand their

build the capacity of local organizations,

new community. Generous people in

to enhance their impact but also their

the region demonstrate high levels of

ability to attract donors who then give

volunteerism and, importantly, 60% of

with greater confidence.

Investing in social infrastructure is also

Watermark Philanthropic Counsel

these philanthropists plan to give more

A New Way To Think About Philanthropic Giving

giving is directed to immediate and

Virginia Shaw Hutchinson and Les

pressing needs spread across education,

Hutchinson, became aware of gaps in the

health, and poverty relief. This includes

provision of health care to children on the

the provision of school supplies, food

island. In response, they established The

hampers, emergency supports, and

Shaw Centre for Paediatric Excellence,

the myriad impacts of the COVID-19

to advance paediatric training, research,

pandemic. Responding to the needs

and policy advocacy. It represents a

of others is a deeply human impulse

partnership between the LesLois Shaw

and is especially poignant on a small

Foundation, the Government of Barbados,

island. We can also think about giving to

the Centre for Global Child Health at the

initiatives that address the root causes of

Hospital for Sick Children in Toronto, the

critical issues and making philanthropic

SickKids Foundation, the University of the

investments that build resilience and

West Indies and the Barbados Community

capacity within community organizations

College. Their gift bridges sectors and is

for the long term. Some have coined this

helping to solve systemic challenges for

a move from charity to change.

long-term impact.

over the next 3 years.

My research found that much of this

The Caribbean region has rich cultures and histories of giving and sharing, which even today help to improve the quality of island life and environment. As a professional advisor to generous people and families, and a curious philanthropy researcher, I wanted to better understand the giving landscape in Barbados, where I grew up, but more broadly across the Caribbean. So, I spoke with more than 30 of the region’s most generous givers and summarized what I learned in, ‘A Portrait of Affluent Giving in the Caribbean: Experiences, barriers, and the future of philanthropy’. Visit www.caribbeangiving.com to learn more. Insights from these philanthropic leaders indicate there is a new way to think about giving in Barbados, that strengthens its social infrastructure.

12 2

resourced assets in Barbados. They tend

Barbados is diverse. It includes nationals

B USIN E SS B A R BADOS 2023

Social infrastructure broadly refers to

about collaboration, with a shared future vision. Canadian residents in Barbados,

There is a new way to think about

a community’s systems, relationships,

philanthropic giving in Barbados. We

and structures, which include social,

can invest in its social infrastructure and

economic, environmental, and cultural

create a stronger community, together.

assets. Barbados has demonstrated to be a vibrant place for economic

To learn more about affluent giving in

investment – philanthropic investment is

the Caribbean, visit www.caribbean-

also necessary.

giving.org.

Charities and non-profits are under-

P H I L A N T H R O P Y

A Checklist for Giving Well in Barbados Barbados is a beautiful and vibrant

Determine how you will give

that jurisdiction, seek professional counsel

country that benefits from the generous

In Barbados, most donations are given

on the best approach. This may include

giving of those who care about the island

by cheque or bank account transfer, with

giving to entities that also hold registered

- helping to bridge social gaps, inspire

larger gifts made by wire transfer. Giving

charity status in your home jurisdiction

creativity and learning, safeguard the

by credit card is not widely available. If

or have international affiliates (e.g. The

natural world, and create a more resilient

you are giving from income or charitable

Salvation Army or Red Cross) or giving

society. If Barbados is your new home,

assets on the island, you can easily give

to local organizations through reputable

or home-away-from-home, here is a

directly to any organization. Similar to

charity intermediaries such as Charities

checklist to help you give with purpose

other countries, only gifts to registered

Aid Foundation or The King Baudouin

and impact:

charities are eligible for charitable tax

Foundation.

incentives in Barbados, but the incentives Decide what and who you will give to What issues are important to you and

vary depending on the charity and whether it is a personal or corporate

Be an engaged partner Get to know your charitable partners

reflect your values? Are there new causes

donation. Please seek professional advice

on the island, commit to their success,

distinct to Barbados that resonate with

for updated information about Charitable

and help them solve problems. And

you, such as a newfound love for the sea?

Tax Incentives for Giving in Barbados.

let them know what you need in terms

Take time to research organizations, get

If you want to make donations from

of accountability and updates on their

recommendations from local colleagues

income or assets held abroad (including

work. Giving and delving into the local

and advisors, and meet with community

those in a private foundation or donor

community is a wonderful way to deepen

leaders to better understand the needs

advised fund) that are allowable or

your connection to the island and its

and solutions. Involve your family – it’s

eligible for charitable tax incentives in

people and make your life richer too.

a great way to better understand your second or adopted home. Or make a

Students of The Schoolhouse for Special Needs celebrate Independence Day

donation to the Barbados Community Foundation, or established service clubs that regularly undertake community development initiatives. Barbados also has a generous culture of helping individuals and families in need directly, which you may be invited to support.

Consider what you will give Set a budget for your annual giving on the island, then decide how you wish to allocate it between organizations or areas of interest. Consider making fewer but larger gifts to focus your impact. In addition to financial donations, are there other ways you can support the issues you care about? Can you share your expertise, harness your network, host an event, or serve on a non-profit board?

Considering your time, talent, treasure, and ties, helps you leverage more of your assets for good.

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FAST FACTS GUIDE ABOUT BARBADOS Location Barbados, the most easterly of the Caribbean islands, is located to the east of the Windward islands and 460km (285.7 miles) northwest of Venezuela. By air it is about 4.5 hours from New York, 5 hours from Toronto and 8 hours from London. The island’s geographic location makes it very convenient for doing business with North America.

Climate and Geography The topography is relatively flat and composed mostly of coral. The highest point on the island is Mount Hillaby, at 336m or (1,104 ft) above sea level. Barbados has lovely sandy beaches and a pleasant tropical climate that attracts visitors and investors alike. The average daytime temperature ranges between 84-86 degrees Fahrenheit (29-30 degrees Celsius). Barbados has used these resources effectively to develop a viable tourist industry, which now serves as the base for a stable and buoyant economy.

THE GOVERNMENT Settled in 1627 by the British, Barbados remained a British colony until its independence on November 30, 1966. A voluntary member of the British Commonwealth, Barbados’ constitution is based on the British style of parliamentary democracy, with elections being held every five years. The island has one of the oldest Westminster style Parliaments in the western hemisphere, which has been in existence for over 375 years. Barbados has two houses of Parliament, a Senate and a House of Assembly. Barbados became a republic on 30 November 2021. The President is Head of State while executive authority is vested in the Prime Minister and Cabinet who are collectively responsible to Parliament.

LEGAL SYSTEM The legal system is derived from English common law and statutes.

The courts administer the laws of Barbados, which consist solely of local legislation. The judicial system comprises a lower Magistrates court and the Supreme Court, which includes a Court of Appeal and a High Court.

The Attorney General is responsible for the administration of the legal and judicial system. In February of 2001, the Heads of Government of the Caribbean Community signed an agreement to form a Caribbean Court of Justice (CCJ). The inauguration ceremony took place on April 16, 2005. At present, final appeal from Barbadian courts is to the CCJ, which is based in Trinidad. Prior to 2005, final appeal was to the Privy Council in England.

POPULATION AND LABOUR FORCE The resident population of Barbados is estimated at 266,221 as at September 2022. The ethnic mix consists of 93% of African descent, 3.2% European, 2.6% of mixed race and 1% East Indian. The population density is high, with 85% of the population living in urban areas.

Barbados’ high standard of education has produced an easily trained workforce, with an adequate supply of professional as well as skilled and unskilled labour. As at 2022, the labour force was estimated at 136,500.

Owing to the residual effects of the Covid-19 pandemic and the impact that it has had on the tourism sector, unemployment has increased. However, The Central Bank of Barbados Economic Review for January to September 2022 stated that during 2022 jobless trends reverted to a normal trend and, at June 2022, the unemployment rate was 9.3%, down from 15.9%

a year earlier. The three main industries accounting for improvements in the unemployment rate were tourism, wholesale and retail trade and construction. Additionally, as all restrictions have been lifted, workers have largely returned to work.

The weekly working hours for office personnel vary between 35 to 40 hours, while a 40-hour week is normal for manual workers. Work undertaken in excess of the basic workweek and during public holidays normally attracts premium rates of pay.

Several pieces of legislation are in place to govern labour relations including the Employment Rights Act, the Severance Payments Act and the Holidays With Pay Act. The National Insurance and Social Security Act provides medical assistance for employees in the event of illness, maternity leave and accidents. It also makes provision for unemployment, disability and pension benefits. For further information visit www.nis.gov.bb.

The labour movement is represented by four major unions. There have been few work stoppages in recent years, primarily due to the existence of good labour relations.

Barbados has twelve paid public holidays. In addition, all workers have a statutory right to twelve weeks of maternity leave and three weeks of annual vacation with pay, which increases to four weeks after the fifth year of steady employment.

THE 2023 PUBLIC HOLIDAYS: New Year Holiday – January 2 Errol Barrow Day – January 21 Good Friday – April 7 Easter Monday – April 10 National Heroes Day – April 28 May Day – May 1 Whit Monday – May 29 Emancipation Day – August 1 Kadooment Day – August 7 Independence Day – November 30 Christmas Day – December 25 Boxing Day – December 26

SOCIAL SERVICES Education The Barbados educational system is modelled after the British system and is considered to provide one of the highest standards of education in the English Caribbean. The educational system ranges from pre-school to university. School is compulsory up to age 16 and government schools are free at the primary and secondary levels. Educational institutions at the post-secondary level include colleges, a university, vocational and technical training schools. There are also special schools for the mentally and physically disabled.

Health Barbados is recognised as having the most modern medical facilities in the Eastern Caribbean. The life expectancy at birth is 75.83 years for males and 79.73 years for females.

Medical services are provided by two major hospitals and several wellequipped clinics, health centres and nursing homes. The government-run 600 bed Queen Elizabeth Hospital provides several specialist services along with a 24-hour casualty service. The second major hospital, Bayview

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Hospital, is a private health facility that also provides a variety of medical services.

Queen Elizabeth Hospital - (246) 436-6450 Bayview Hospital - (246) 436-5446 Sandy Crest Medical Centre – (246) 419-4911 Coverley Medical Centre - (246) 627-1000 Island Care Ambulance - (246) 537-9425 or (246) 537-9315

THE ECONOMY Barbados has a market-based economy with both the private and public sectors actively involved in determining the goods and services made available to consumers. The Barbadian economy has diversified over the last five decades, with emphasis shifting from agriculture towards the provision of services. The economy is driven primarily by the following sectors: tourism, business, financial and general services, agriculture, and manufacturing.

PRIMARY SECTORS Tourism Tourism provides the main source of foreign exchange, economic activity, and employment. The major elements of Barbados’ tourism product are its solid historical and cultural legacy, varied entertainment, and its natural physical attributes. The four major markets for the Barbados tourist industry are the UK, USA, Continental Europe, and Canada.

Accommodation facilities in Barbados include a wide range of hotels, apartments, luxury villas, cottages, and beach houses. Barbados receives just over one million visitors per year, with cruise ship arrivals narrowly surpassing long-stay arrivals in recent years.

International Business and Financial Services Low tax rates, double taxation agreements and exchange of information treaties, have provided Barbados with an ideal environment for its development into a major international business and financial services centre. The key components of this sector are the banking and financial institutions and other global services and trading businesses.

Manufacturing The manufacturing sector comprises mainly of light industry which includes the production of cement blocks, clay tiles, garments and textiles, paint, paper products, furniture, electronic components, chemicals, edible oils, soap, and food products.

Agriculture Sugar continues to be the principal agricultural product. Most of the sugar produced is sold to the European Community at a guaranteed price.

Other products from this sector include root crops, vegetables, dairy products, chicken, and fish.

THE FINANCIAL SECTOR The Central Bank of Barbados is the main regulatory financial institution in Barbados, and is responsible for formulating, in association with Government, monetary and fiscal policies to assist with local economic development.

Barbados has taken advantage of the expansion in international business, in particular the financial services sector that is now the country’s second

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major foreign exchange earner. A robust telecommunications infrastructure, a well-trained and English-speaking workforce, and a stable political environment give the country an additional advantage over other, similar destinations. Barbados has also done well from the increased scrutiny and regulation of financial services by international organizations such as the Organization of Economic Cooperation and Development (OECD).

In addition to the above, a number of key factors help keep Barbados relatable to the North American market, thereby increasing opportunities to drive capital into the country. These include an exchange rate tied to the U.S dollar and a roster of regular flights to key North American business centres including Miami, New York, and Toronto.

The Stock Exchange The Barbados Securities Exchange was established in June 1987 in order to create a market to promote trading in financial securities and to encourage investment by the public in business enterprises. Since 2001 this organization became known as the Barbados Stock Exchange.

A company wishing to be listed on the exchange must meet certain criteria established by the Exchange, after which it must submit a prospectus compliant with both the Companies and Securities legislation of Barbados for review. A new Securities Act was passed in 2001 in order to facilitate the establishment of a securities commission and it makes better provision for the regulation of the securities market, the capital market and investors.

Currently there are over 20 listed securities on the regular market on the Barbados Stock Exchange including cross-listed securities belonging to issuers from within CARICOM. There is also one company listed on the International Securities Market. Two mutual funds are also traded on the Exchange. The Securities Exchanges of Barbados, Trinidad & Tobago and Jamaica work closely together, and nationals are eligible to cross trade in each market.

Mutual Funds Mutual funds in Barbados are governed by the Mutual Funds Act of 2002.

The Act stipulates that authorised Mutual Fund operators require a licence to operate in Barbados and must have a registered office in Barbados.

The Barbados Stock Exchange is responsible for the regulation of both domestic and foreign mutual funds. Exempt or foreign mutual funds can conduct business in Barbados provided they are registered with the Barbados Stock Exchange and have paid an annual registration fee. The minimum number of shares that can be purchased by a prospective investor must be BB$100 (US$50) or its equivalent in any currency. Local investors are also exempt from stamp duty and property transfer tax with respect to transactions involving the ownership or transfer of shares.

Exchange Control The Government has a liberal policy toward foreign exchange controls and is committed to moving towards the elimination of all foreign exchange controls. The Exchange Control Act of Barbados provides for: • Registration and repatriation of foreign investment.

• Remittance of dividends, profits, interest, and rentals from real estate to non-residents.

• Transfer of land and buildings situated in Barbados.

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on the amount of foreign transactions available to residents and nonresidents. A 2% foreign exchange fee is charged on purchases of foreign currency and payments related to foreign currency transactions, provided the transaction is not made from a foreign currency account. Residents are allowed US$10,000 for personal travel, and a higher limit for business travel. Foreign nationals working in Barbados may operate an external account, which can be credited with foreign currency from specific sources, provided that they are not classified as residents.

The Government is seeking to liberalize the Exchange Control regime with a phased approach. As a part of this process, in August of 2019 the Central Bank of Barbados issued guidance allowing all resident individuals and companies to open foreign currency denominated bank accounts locally, and to hold foreign currency which they have earned in Barbados or abroad.

Corporate Law The Barbados Companies Act, which came into effect in 1985, is modelled on the Canada Business Corporations Act. The procedure for incorporating a company is simple and efficient. A company can be established by either residents or non-residents without a license or other authorisation, unless one is seeking to obtain a Foreign Currency Permit or intends to become licensed as an Insurance company or financial institution. There is a minimum of one director required. The names and addresses of the directors must be filed at the Corporate Registry. There is no limit on the amount of authorised share capital and shares are without par value. A company can carry on any type of legal activity, unless its articles of incorporation specifically provide otherwise.

INCENTIVES FOR INTERNATIONAL BUSINESSES The Government has established a separate Ministry to facilitate the development and expansion of the international business sector.

In addition to incorporated entities, people can organize another legal entity known as the Society with Restricted Liability (SRL). While not a “company” the SRL has many characteristics similar to the limited liability company.

An SRL has the characteristics set out below: • Limited liability • Perpetual duration • The rights, powers and privileges of an individual • Stipulation that the transfer of quotas in a society will not confer on the transferee the right to become a member or participate in the management of the society without the written consent of all the members.

Organisation for Economic Co-operation and Development (OECD) Considerations Beginning in October of 2017 the OECD, through its Forum on Harmful Tax Practices (FHTP) required Barbados to revise its tax regime in several ways. In addition to abolishing the special incentive vehicles previously offered to conduct exclusively offshore business, there have been requirements to implement economic substance requirements as a result of the reduction of the country’s standard domestic corporation tax rate.

Economic Substance Requirements The Companies (Economic Substance) Act (“The Act”) took effect from 1 January 2019. The Act and its accompanying guidelines require a resident entity that earns income from carrying on relevant activities (see list below)

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to satisfy an economic substance test in relation to that activity. Note that these economic substance rules took effect for grandfathered international entities (e.g., IBCs and ISRLs) on 1 January 2021.

In order to meet the economic substance requirements entities, including a partnership formed in Barbados which is carrying on one or more relevant activities, will be required to show that, for each relevant activity that it carries on, the core income generating activities of the entity are conducted in Barbados and the company is directed, managed and controlled in Barbados in relation to that activity. This would take into account various factors such as the number of employees, premises used in the business, etc.

Entities that conduct relevant activities must demonstrate compliance by filing an annual economic substance declaration with the Ministry of International Business. Entities that do not conduct relevant activities are not required to comply with the legislation but are however required to file a declaration which would be limited to confirming that the entity conducts no relevant activities.

The list of relevant activities currently includes: • banking business • insurance business • fund management business • finance and leasing business • headquarters business • shipping business

• holding company business • intellectual property holding business • distribution and service centre business • such other activities as may be prescribed

Foreign Currency Permit Effective 1 January 2019 all entities which earn 100% of their income in foreign currency are entitled to receive a Foreign Currency Permit (FCP) allowing them the following benefits where certain requirements are met: • Exemption from exchange control • Exemption from payment of ad valorem stamp duty and property transfer tax • Exemption from payment of value added tax and duties on importation of plant, machinery and raw materials • Income tax concessions for specifically qualified individuals

TAXATION Companies and individuals who are resident and domiciled in Barbados for tax purposes are subject to income tax on their worldwide income whether or not the income is remitted to Barbados. People who are resident but not domiciled in Barbados are taxed on their income derived from Barbados and on any overseas income remitted to (or from which a benefit is received in) Barbados. Non-residents are taxed only on income derived from Barbados.

Corporations (including Foreign Currency Earning Banks) are taxed in accordance with the rates illustrated in the table below.

Taxable Income (US)

Rate %

Up to $500,000

5.5

Above $500,000 to $10 million

3.0

Above $10 million to $15 million

2.5

Above $15 million

1.0

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In addition, insurance companies are taxed in accordance with the table illustrated below based on the Class of licence which the company obtains (see discussion above regarding classification of insurance licences).

Accommodation

Rates (US)

Apartments

$4.38

Licences for Insurance Companies

Rate %

Guest House

$4.38

Class 1

0.0

Hotel “B” Class

$4.38

Class 2

2.0

Hotel “A” Class

$9.63

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2.0

Hotel luxury Class

$17.50

Vacation rental property

3.75% of the nightly rate (maximum $17.50 per night)

Villas

3.75% of the nightly rate (maximum $17.50 per night)

Also, effective income year 2019, the basis of taxation for life insurance companies was changed from gross investment income to net income.

Individuals are subject to income tax at the rate of 12.5% on taxable income up to and including US$25,000, and 28.5% on taxable income exceeding US$25,000. Resident individuals earn the first US$12,500.00 (and first US$ 20,000.00 in case of individuals who is 60 years of age or over and in receipt of a pension) of their annual income tax free as personal allowance.

There are no capital gains taxes levied in Barbados, and gift, inheritance, and estate taxes are not applicable. Property transfer tax applies to the transfer of property situated in Barbados at a rate of 2.5%. This includes real estate as well as certain leasehold interests and shares. Stamp duty is also payable on instruments executed in Barbados, which relate to any property situated in Barbados or to any matter or thing done or to be done in Barbados. Generally, stamp duty at the rate of approximately 1% is applied to instruments executing the sale of real estate.

Value Added Tax (VAT) Barbados introduced a value-added tax on January 1, 1997. Generally, value-added tax is levied at the rate of 17.5% on all goods and services supplied in Barbados, and on goods imported into Barbados. However, there is provision for specific zero-rated and exempt goods and services that would not attract the value-added tax. VAT is included in the final price the consumer pays for goods and services. Effective 1 January 2020 the VAT rate for hotel accommodation and certain supplies related to tourism, increased from 7. 5% to 10%. Additionally, the supply of mobile services of voice, data, and text messaging attracts an enhanced VAT rate of 22%.

In 2019 The Value Added Tax Act was amended to apply VAT to online purchases from overseas vendors where the good or service purchased will be consumed in Barbados. Effective 1 December 2019 these overseas vendors are required to charge and collect VAT and remit it to the Barbados Revenue Authority by the 21st January, April, July and October of each year.

Official guidance on the application of this process has not yet been issued by the Barbados Revenue Authority.

ROOM RATE LEVY In July 2018, a room rate levy was imposed on all tourist accommodation including apartments, guest houses, hotels, vacation rental properties and villas.

Effective April 1, 2019, the room rate levy is as outlined below:

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PRODUCT DEVELOPMENT LEVY In July 2018, a product development levy was introduced and applied to direct tourism services. Effective April 1, 2019 the levy is applied at the rate of 3.75% of the cost of the Direct Tourism Service.

Shared Accommodation Levy A 10% Shared Accommodation Levy also applies to all fees charged for shared accommodation by providers of such (e.g. AirBnB, Home Away, and others).

DOUBLE TAXATION/INVESTMENT TREATIES Barbados has entered into Double Taxation Agreements (DTAs) and bilateral investment treaties with the countries as indicated in the table below.

Austria

Iceland

Rwanda

Bahrain

Italy*

San Marino

Botswana

Luxembourg

Seychelles

Canada*

Malta

Slovak Republic

CARICOM

Mauritius*

Spain

China Mainland*

Mexico

Sweden

Cuba*

Netherlands

Switzerland*

Cyprus

Norway

United Arab Emirates

Czech Republic

Panama

United States

Finland

Portugal

United Kingdom*

Ghana

Qatar

Venezuela*

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Awaiting a Date for Entry into Force The Barbados/Slovak Republic DTA was signed on October 28th, 2015.

Barbados and the Slovak Republic have completed their ratification procedures. Barbados is awaiting official notification from the Slovak Republic on the determination of the date for entry into force of the Agreement.

The Protocol to the Barbados/Republic of Mauritius DTA was signed on December 6th, 2017. Barbados and Mauritius have completed their ratification procedures. Barbados is awaiting official notification from Mauritius on the determination of the date for entry into force of the Agreement.

Awaiting ratification Three(3) DTAs and one Protocol await ratification and are outlined below: The Barbados/Ghana DTA was signed on April 22nd, 2008. Barbados has completed its ratification procedures and awaits official notification from Ghana on the status of their ratification procedures.

The Protocol to the Barbados/Botswana DTA. This was signed on September 4th, 2014. Barbados has completed its ratification procedures and awaits official notification from Botswana on the status of its ratification procedures.

The Barbados/Kenya DTA was signed on December 11, 2019 and is awaiting ratification.

Awaiting signature Three (3) initialled DTAs with Malaysia, Belgium and Vietnam are awaiting signature.

In January 2018, Barbados signed on to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Sharing (MLI). Barbados has deposited its Instrument of Ratification for the Multilateral BEPS Convention which has entered into force on April 1, 2021.

Countries indicated with an asterisk (*) above are also signatories of a Bilateral Investment Treaty (BIT) with Barbados. This combination of double taxation, investment treaties and tax incentives make Barbados unique within the Caribbean and particularly attractive to foreign investors.

As indicated in the previous table, in addition to its extensive network of DTAs, Barbados also has BITs with several important jurisdictions.

These BITs provide benefits and protections for cross border investments including: • Investment promotion and protection • Provision of compensation for losses • The granting of most-favoured nation and national treatment provisions • Protection from unfair expropriation and nationalisation of investment • Procedures for the fair and equitable settlement of disputes arising • Procedures for the timely repatriation of investment and returns • Procedures for prompt transfer of funds • Subrogation Note that Barbados has also entered into a BIT with Germany. BITs are also pending with Ghana and Luxembourg and are awaiting ratification.

TRADING PARTNERS Special trading arrangements have been entered into with other jurisdictions. These can be summarised as follows:

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CARICOM Allows products manufactured in Barbados and other CARICOM member states to be exported among member countries free of customs duty, provided all qualifying conditions are met. In addition, CARICOM has already signed or is currently negotiating trade agreements with the Bahamas, Colombia, Costa Rica, Cuba, Dominican Republic, and Venezuela.

ECONOMIC PARTNERSHIP AGREEMENT Among other things this agreement removes all quotas and tariffs from Caribbean exports to the EU, with the exception of sugar and rice, both of which will be liberalized over time. The EU has also agreed to open up new markets for Caribbean companies and professionals offering services to Europe, and to permit young services professionals to gain work experience in the European market.

Caribbean countries which are signatory to the agreement have agreed to gradually open their markets to European exports over the next 25 years.

CARIBBEAN BASIN TRADE PARTNERSHIP ACT (CBTPA) Duty free export of some products to the USA market.

CaribCan (Caribbean-Canada) Duty free export of some products from the Commonwealth Caribbean into the Canadian market.

REAL ESTATE Buying and selling property in Barbados There is no restriction on the purchase of property in Barbados by persons who are not citizens or permanent residents. These funds must be registered with the Central Bank of Barbados and the permission of the Exchange Control Authority obtained for the sale or purchase of property by a non-resident whether such non-resident is a Barbadian citizen or not.

The sale of property by all persons including citizens or permanent residents is subject to a property transfer tax of 2.5% plus approximately 1% stamp duty. However, the first US$75,000 of the sale proceeds is exempt from Property Transfer Tax provided that there is a building on the property. Attorney’s fees for both the seller and the purchaser are on a sliding scale generally ranging between 1% and 2% depending the sale price of the real estate.

The scale is: Up to Bds $25 000

$750/$1000

On the next Bds $75 000

2.00%

On the next Bds $100 000

1.50%

On the next Bds $300 000

1.25%

Thereafter

1.00%

Note that this is only the minimum fee that may be charged.

Note that in the case of registered land the minimum fee for the sale of registered land is 2/3 or 1/3 of the cost for a normal conveyance (above) depending on if acting for vendor or purchaser. However, the vast majority land on the island is not registered as yet.

The real estate agent’s commission fees are normally 5% of the sale.

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Both fees are subject to 17.5% VAT. A deposit of 10% is typically due upon the signing of the purchase agreement with the balance payable on completion of the purchase.

UTILITIES Electricity Barbados has a reliable supply of electricity. The domestic and commercial supply voltage in major residential areas and in all new developments is 115/230 volts at 50Hz. In Bridgetown and some other areas, the supply voltage is 115/200volts at 50Hz. Water The Barbados Water Authority, a Government statutory corporation, is the sole provider of water services. Water service can be connected within 48 to 72 hours. A monthly payment for continued service is based on the meter system, with garbage and sewage contribution fees also being collected on this monthly bill. The water service in Barbados is reliable and tap water is safe to drink.

Telecommunications Barbados is equipped with a modern telecommunications infrastructure with the latest in digital technology and fibre optics systems including international direct dialling, facsimile transfer and satellite telecommunications which allows for the efficient transmission of electronic data. Internet and e-mail services, as well as express mail and courier delivery, are also available.

Local cell-phone operators are divisions of international telecommunications providers with service offerings that the international business traveller has come to expect, such as the ability to easily roam and the availability of high-speed 3G and 4G data networks island-wide. The International direct distance dialling code for Barbados is (1-246), followed by a seven-digit local number.

TRANSPORTATION FACILITIES Roads Barbados has an extensive road system of about 1,475 km of paved roads. Highways link the north and south of the island, as well as the west coast and the airport on the south-east coast.

Airport The Grantley Adams International Airport, located about 15 minutes from the capital city Bridgetown, plays an important role as a vital centre and link for international air traffic in the Eastern Caribbean. The main passenger terminal handles in excess of 2 million passengers each year and has been upgraded to accommodate increases in traffic.

Seaport Barbados has one of the most modern ports in the Caribbean with both a deep-water harbour and a shallow draught facility. There are regular freight sailings to North America, Europe, and the Caribbean. The Bridgetown port is well equipped with container-handling and berth facilities for oceangoing freighters and passenger vessels, including major luxury liners and has undergone recent upgrading to expand its berth and customs facilities.

The port has won awards for the most improved port facility and the most receptive destination.

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INTERNATIONAL FLIGHTS TO BARBADOS Prior to Covid-19, there are non-stop daily scheduled airline services to major business hubs including New York, Miami, Toronto, London and the Caribbean islands. There were also regular non-stop scheduled airline services to other major markets including Frankfurt, Charlotte and Panama.

Airlines that flew to Barbados include American Airlines, Air Canada, British Airways, Caribbean Airlines, Copa Airlines, Jet Blue, LIAT, Virgin Atlantic, West Jet, Lufthansa, Intercaribbean Airways and several charter flights companies. With the global Covid-19 pandemic, the airline industry has been significantly impacted and, international flights to Barbados have been reduced. However, the Ministry of Tourism has been working on increasing airlift to the island including the introduction of new airlines such as KLM and Aer Lingus.

IMMIGRATION AND WORK PERMITS The Barbados Immigration Act allows non-citizens to work on the island only if they have been granted a work permit. Certain CARICOM skilled nationals may live and work in Barbados without a work permit. The person has to possess a degree, diploma or professional accreditation and an offer of employment or plan to undertake employment as a self-employed person.

There are no statutory restrictions on the number of foreign employees on the payroll of a company at any time. Foreign workers contribute to and are entitled to social security benefits on the same basis as Barbadian nationals. A work permit is usually processed in about six to eight weeks.

The forms and list of required documentation is available from the Immigration Department in Bridgetown.

Barbados now offers Special Entry and Reside Permits (SERPs) to enter and reside in Barbados with little or no restrictions. These SERPs may either be granted for an indefinite period or for a fixed period, depending on the particular category the individual falls under.

Welcome Stamp On 30 June 2020 the Barbados Government introduced the Barbados Welcome Stamp. This is a remote work initiative which allows non-nationals employed outside of Barbados to work remotely from Barbados without the need to obtain a work permit. Applications for the initiative are made online. After the application is approved and the requisite fee is paid, the applicant and their spouse and dependents can live and work in Barbados for a maximum of 12 months.

Suitable applicants must have a valid passport and health insurance and earn a minimum annual income of US$50,000.00 from a source outside of Barbados. Additionally, the applicant and their family cannot take up employment in Barbados other than the employment sanctioned by the Welcome Stamp.

Welcome stamp residents are not deemed to be tax resident.

Additionally, although the Stamp expires after 12 months, there is an option to renew.

Visa Entry Requirements A valid passport is required by all visitors to Barbados. All visitors are required to have onward or return tickets. Citizens of certain countries will require a visa to visit Barbados. Contact your nearest Barbados Tourism Authority office, one of the Invest Barbados offices or visit https:// immigration.gov.bb/pages/Visa_Requirements.aspx for further information.

Visas are not required for passengers on cruise ships subject to certain exceptions.

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CO N TAC TS Government Ministries Ministry of Agriculture and Food and Nutritional Security Graeme Hall, Christ Church, Barbados Tel: (246) 535-5100 Fax: (246) 535-5257 / 5258 Email: minister@agriculture.gov.bb Website: agriculture.gov.bb Ministry of Education, Technological and Vocational Training Elsie Payne Complex, Constitution Road, St. Michael, Barbados PBX: (246) 535-0600 Fax: (246) 436-2411 Email: info@mes.gov.bb Website: mes.gov.bb Ministry of Energy & Business Development Trinity Business Centre, Country Road, St. Michael, Barbados Tel: (246) 535-2500 Email: info@energy.gov.bb Websites: https://energy.gov.bb / https://smartenergybarbados.com Ministry of Environment and National Beautification 10th Floor Warrens Tower II, Warrens, St. Michael, BB1200, Barbados Phone: 1 (246) 535-4350 Fax: 1 (246) 535-4377 Email: menb@barbados.gov.bb Ministry of Finance, Economic Affairs & Investment Government Headquarters, Bay Street, St. Michael, Barbados Tel: (246) 535-5300 Fax: (246) 535-5344 Website: bdsfinance.gov.bb Ministry of Foreign Affairs & Foreign Trade 1 Culloden Road, St. Michael, Barbados, BB14018 Tel: (246) 535-6620 Fax: (246) 429-6652 Email: barbados@foreign.gov.bb Website: foreign.gov.bb Ministry of Health & Wellness Frank Walcott Building, Culloden Road, St. Michael, Barbados Tel: (246) 536-3800 Email: ps-secretary@health.gov.bb Website: health.gov.bb Ministry of Home Affairs and Information Ground Floor Jones Building, Webster Business Park, Wildey, St. Michael, Barbados Email: homeaffairs@mha.gov.bb Tel: (246) 535-7260 Fax: (246) 535-7286 Ministry of Housing, Lands and Maintenance National Housing Corporation, Country Road, St. Michael, Barbados Email: pshousing@barbados.gov.bb Tel: (246) 467-7800 or (246) 436-7657

Ministry of Industry, Innovation, Science & Technology 4th Floor Baobab Tower, Warrens, St. Michael, Barbados Tel: (246) 535-1200/1201/1202 Fax: (246) 535-1284 Email: psmist@barbados.gov.bb Ministry of Labour, Social Security and Third Sector 3rd Floor West Wing, Warrens Office Complex, Warrens, St. Michael, Barbados Tel: (246) 535-1400 Fax: (246) 425-0266 Email: persec@labour.gov.bb Website: labour.gov.bb Ministry of People Empowerment and Elder Affairs 4th Floor Warrens Office Complex, Warrens, St. Michael, Barbados Tel: (246) 310-1600/01/02 Fax : (246) 424-2908 Email: socialcare@barbados.gov.bb Website: socialcare.gov.bb Ministry of the Public Service E. Humphrey Walcott Building, Cnr. Collymore Rock and Culloden Road, St. Michael, Barbados Tel: (246) 535-4500 Website: mps.gov.bb Ministry of Tourism & International Transport Tourism: Lloyd Erskine Sandiford Center, Two Mile Hill, St. Michael, Barbados International Transport: 8th Floor Baobab Tower, Warrens, St. Michael, Barbados Tel: (246) 535-7500 Fax: (246) 436-4828 Website: gov.bb/Ministries/tourism Ministry of Transport, Works and Water Resources Pine East/West Boulevard, The Pine, St. Michael, Barbados Tel: (246) 429-2191 Fax: (246) 437-8133 Website: mtw.gov.bb Ministry of Youth, Sports and Community Empowerment Sky Mall, Haggatt Hall, St. Michael, Barbados Tel: (246) 535-3835 Office of the Attorney General & Legal Affairs Jones Building, Webster’s Business Park, Wildey, St. Michael, Barbados Tel: (246) 535-0467 Fax: (246) 535-0559 Email: ps@oag.gov.bb Website: oag.gov.bb Prime Minister’s Office Government Headquarters, Bay Street, St. Michael, Barbados Tel: (246) 535-5300 Fax: (246) 535-5659 Email: pspmo@barbados.gov.bb

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Government Corporations, Depts. & Statutory Bodies Barbados Investment & Development Corporation Export Barbados Pelican House, Princess Alice Highway, Bridgetown, St. Michael, Barbados, BB11000 Tel: (246) 427-5350 Fax: (246) 426-7802 Email: bidc@bidc.org Website: exportbarbados.org Barbados Port Inc. University Row, Bridgetown, St. Michael, Barbados Tel: (246) 434-6100 Fax (246) 429-5348 Email: administrator@barbadosport.com Website: barbadosport.com Barbados Revenue Authority 4th Floor Weymouth Corporate Centre, Roebuck Street, St. Michael, Barbados Tel: (246) 535-8000 Fax: (246) 535-8075 Website: bra.gov.bb Barbados Tourism Investment Inc. Ground Floor, Old Town Hall Building, Cheapside, Bridgetown, St. Michael BB11142, Barbados Tel: (246) 426-7085 Fax: (246) 426-7086 Email: btii@tourisminvest.com.bb Website: barbadostourisminvestment.com Barbados Tourism Marketing Inc. 2nd Floor, One Barbados Place, Warrens, St. Michael, Barbados Tel: (246) 535-3700 Fax: (246) 535-3799 Email: btmiinfo@visitbarbados.org Website: corporate.visitbarbados.org Barbados Tourism Product Authority 1st Floor, One Barbados Place, Warrens, St. Michael, Barbados Tel: (246) 535-3700/467-3600 Fax: (246) 535-3799 Email: btpainfo@visitbarbados.org Website: visitbarbados.org Central Bank of Barbados Tom Adams Financial Centre, Spry Street, Bridgetown, St. Michael, Barbados Tel: (246) 436-6870 Fax: (246) 427-9559 Email: info@centralbank.org.bb Website: centralbank.org.bb Corporate Affairs & Intellectual Property Office (CAIPO) 7th Floor, Baobab Towers, Warrens, St. Michael, Barbados Tel: (246) 535-2401 Email: general@barbados.gov.bb Website: caipo.gov.bb

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Customs & Excise Department 2nd Floor West Wing, Warrens Office Complex, Warrens, St. Michael, Barbados Tel: (246) 535-8700 / 535-8701 Fax: (246) 421-2029 Email: comptroller@customs.gov.bb Comptroller of Customs: owen.holder@customs.gov.bb Website: customs.gov.bb Financial Services Commission #34, Warrens Industrial Park, Warrens, St. Michael, Barbados Tel: (246) 421-2142 Fax: (246) 421-2146 Email: info@fsc.gov.bb Website: fsc.gov.bb Immigration Department BTI Corporate Centre, Princess Alice Highway, Bridgetown, St. Michael, BB11093, Barbados Tel: (246) 535-4100 Fax: (246) 535-4183 Email: immigration@barbados.gov.bb Website: immigration.gov.bb Invest Barbados Barbados Head Office Trident Insurance Financial Centre, Hastings, Christ Church BB15156, Barbados Tel (Local): (246) 626-2000 Tel (From Canada): 1-647-977-5996 Tel (From UK): +44 (0) 203-318-9036 Tel (From USA): 1-347-433-8942 Fax: (246) 626-2099 Email: info@investbarbados.org Website: investbarbados.org Invest Barbados - Toronto 110 Sheppard Avenue East, Suite 205, North York, Ontario, M2N 6Y8, Canada Tel: 1 (416) 214-9919 Fax: 1 (416) 214-9815 Email: toronto@investbarbados.org Invest Barbados - New York 820 Second Avenue, 5th Floor New York, NY 10017, USA Tel: 1 (212) 551-4375 Toll Free: 1-800-841-7860 Fax: 1 (646) 329-6758 newyork@investbarbados.org Town & Country Development Planning Office Ground Floor, West Wing, Warrens Office Complex, Warrens, St. Michael, Barbados Tel: (246) 535-3000 Fax: (246) 535-3093 Website: http://www.townplanning.gov.bb

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Government Overseas Offices/ Missions Embassy of Barbados - Belgium 166 Avenue Franklin D. Roosevelt, 1050 Brussels, Belgium Tel: (011 322) 737-1170 Tel 2: (011 322) 7371171 Fax: (011 322) 732-3266 Email: brussels@foreign.gov.bb Embassy of Barbados - Brazil SHIS Q1 13 Conjunto 10 Casa 03, Lago Sul, Brasilia, D.F. Cep: 71 635 100, Brazil Tel: (+55) (61) 3526-8310 Tel 2: (+55) (61) 3526-8210 Fax: (55 61) 3546-8310 Email: brasilia@foreign.gov.bb High Commission of Barbados - Ottawa, Canada 55 Metcalfe Street, Suite 470 Ottawa, Ontario KIP6L5, Canada Tel: 1 (613) 236-9517/8 Fax: 1 (613) 230-4362 Email: ottawa@foreign.gov.bb Consulate-General of Barbados - Toronto, Canada 110 Sheppard Avenue East Suite 205 North York Ontario M2N 6Y8 Canada Tel: (1 416) 214-9805 Fax: (1 416) 214-9815 Email: torontoinfo@foreign.gov.bb Embassy of Barbados - China Villa 09-02 Block A, Liang Ma Qiao Diplomatic Compound, No. 22 Dong Fang Dong Lu Chaoyang District 100600, Beijing, People’s Republic of China Tel: 86 010 8532 5404 Tel 2: 86 010 13439791691 Fax: 86 010 8532 5437 Email: beijing@foreign.gov.bb Embassy of Barbados - Havana, Cuba Calle 18 # 715e / 7ma y 31 Miramar, Playa, La Habana, Cuba Tel: (+53) 7 212-5894 Tel 2: (+53) 7 212-5895 Fax: (+53) 7 212-5897 Email: havana@foreign.gov.bb Embassy of Barbados - Ghana 10 Klotey Crescent, Labone, Accra, Ghana Tel: +233 59 699 2942 Email: accra@foreign.gov.bb High Commission for Barbados in Kenya 7th Floor, South Towers, Two Rivers Office Complex, Runda Tel: +254 11 268-9665 Email: nairobi@foreign.gov.bb

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High Commission for Barbados - United Kingdom 1 Great Russell Street, London WC1B 3ND, United Kingdom Tel: (011 44 207) 299-7150 Tel 2: 0207 299 7150 Fax: (011 44 207) 323-6872 Email: london@foreign.gov.bb Embassy of Barbados - Washington, DC, USA 2144 Wyoming Avenue N.W. Washington, D.C. 20008, USA Tel: (1 202) 939-9200 Fax: (1 202) 332-7467 Email: washington@foreign.gov.bb Consulate-General of Barbados - Miami, Florida, USA 2121 Ponce de Leon Blvd, Suite 1300 (PH), Coral Gables, Florida 33134, USA Tel: (1 786) 515-1201 Fax: (1 305) 455-7975 Email: miami@foreign.gov.bb Consulate-General of Barbados - New York 820 Second Avenue, 5th floor (Between 43rd and 44th Streets), New York, N.Y 10017, USA Tel: (1 212) 551-4325 Fax: (646) 329-6591 Email: newyork@foreign.gov.bb Embassy of Barbados - Caracas, Venezuela Edificio Los Frailes, Oficina 501, Piso 5, Avenida Principal de Chuao Chuano, Caracas, Venezuela Tel: (+58) 212-710-2180 Fax: (+58) 212 9910333 Email: caracas@foreign.gov.bb Embassy of Barbados in Abu Dhabi, UAE Villa #6, Salalah Street (Muroor Road) Al Nahyan Abu Dhabi United Arab Emirates Tel: +9715513113699 Email: abudhabi@foreign.gov.bb Permanent Mission to the United Nations’ Office & Other International Organisations at Geneva, Switzerland 18 A Chemin Francois-LehMann, 1218 Grand Saconnex Geneva, Switzerland Tel: (011 41 22) 791-8500 Fax: (011 41 22) 791-8509 Email: geneva@foreign.gov.bb Permanent Mission of Barbados to the United Nations, New York, USA 820 Second Avenue, 9th Floor, (Between 43rd and 44th Streets), New York, NY 10017, USA Tel: +1 (212) 551-4300 Fax: (1 212) 986-1030 Email: prun@foreign.gov.bb

Embassy of Barbados - Panama City, Panama Ofc 22D, Oceania Business Plaza Torre 2000, Punta Pacifica Cuidad de Panama Panama Tel: +(507) 6099-7071 Email: panamacity@foreign.gov.bb

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Business Associations Barbados Bar Association “Leeton”, Perry Gap Roebuck Street, St. Michael, Barbados Tel: (246) 537-7316 Fax: (246) 538-1739 Email: admin@barbadosbarassociation.com Website: barbadosbarassociation.com Barbados Chamber of Commerce and Industry (BCCI) Braemar Court, Deighton Road, St. Michael, Barbados Tel: (246) 434-4750 Fax: (246) 228-2907 Email: bcci@barbadoschamber.com Website: barbadoschamberofcommerce.com Barbados Coalition of Service Industries (BCSI) Unit 2B, Building #3, Harbour Industrial Estate, St. Michael, Barbados Tel: (246) 429-5357 Fax: (246) 429-5352 Email: info@bcsi.org.bb Website: bcsi.org.bb Barbados Estate Agents and Valuers Association Inc. (BEAVA) P.O. Box 130, Worthing, Christ Church, Barbados Tel: (246) 836-0650 Email: admin@beavainc.com Website: beavainc.com Barbados Hotel and Tourism Association (BHTA) 4th Avenue Belleville, St. Michael, Barbados Tel: (246) 622-5041 Fax: (246) 429-2845 Email: info@bhta.org Website: bhta.org Barbados International Business Association (BIBA) 19 Pine Road, Belleville, St. Michael, Barbados Tel: (246) 537-2422 Fax: (246) 537-2423 Email: biba@biba.bb Website: biba.bb BIBA - Canada Thomas C. Sears, Chairman Tel: (905) 800-0548 Tom.Sears@Rogers.com Barbados Manufacturers Association (BMA) First Floor, James Fort Building, Hincks Street, Bridgetown, St Michael, Barbados Tel: (246) 426-4474 Fax: (246) 436-5182 Email: info@bma.bb Website: bma.bb Barbados Private Sector Trade Team (BPSTT) Goddards Complex, Fontabelle, St. Michael, Barbados Tel: (246) 430-6541 Email: info@tradeteam.bb Website: tradeteam.bb

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Barbados Small Business Association (SBA) Suite 101, Building 4, Harbour Industrial Estate, Bridgetown, Barbados Tel: (246) 228-0162 Fax: (246) 228-0613 Email: theoffice@sba.bb Website: sba.bb Institute of Chartered Accountants of Barbados (ICAB) Room 29, Hastings Plaza, Hastings, Christ Church, Barbados Tel: (246) 429-5678 Fax: (246) 426-0970 Email: admin@icab.bb Website: icab.bb Barbados Stock Exchange (BSE) 8th Avenue, Belleville, St. Michael, BB11114, Barbados Tel: (246) 436-9871 Fax: (246) 429-8942 Email: info@bse.com.bb Website: bse.com.bb

International Agencies Caribbean Development Bank (CDB) P.O. Box 408, Wildey, St. Michael, Barbados, BB11000 Tel: (246) 539-1600 Fax: (246) 426-7269 Email: info@caribank.org Website: caribank.org Caribbean Export Development Agency (Caribbean Export) Baobab Tower, Warrens, St. Michael, Barbados Tel: (246) 436-0578 Fax: (246) 436-9999 Email: info@carib-export.com Website: carib-export.com Caribbean Tourism Organization (CTO) 7th Floor, Baobab Towers, Warrens, St. Michael, BB22026, Barbados Tel: (246) 427-5242 Fax: (246) 429-3065 Email: ctobarbados@caribtourism.com Website: onecaribbean.org Delegation of the European Union to Barbados, the Eastern Caribbean States, the OECS and CARICOM/CARIFORUM Palm Beach Corporate Centre, Hastings, Christ Church BB15156, Barbados Tel: (246) 434-8501 Email: delegation-barbados@eeas.europa.eu Website: eeas.europa.eu/delegations/barbados_en

Office of Trade Negotiations (OTN) 1st Floor, Sky Mall, Haggatt Hall, St. Michael BB11063, Barbados Tel: (246) 430-1670 Fax: (246) 228-9528 Email: communications@caricom.org Website: caricom.org

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Inter-American Development Bank (IADB) “Hythe”, Welches, Maxwell Main Road, Christ Church BB17068, Barbados Tel: (246) 627-8500 Fax: (246) 429-8869 Email: idbbarbados@iadb.org Website: iadb.org Pan American Health Organization (PAHO) Dayrells Rd & Navy Garden, Christ Church, Barbados Tel: (246) 426-3860 Fax: (246) 228-5402 Website: paho.org/ecc United Nations (UN) UN House, Marine Gardens, Hastings, Christ Church, Barbados Tel: (246) 467-6000 Fax: (246) 429-2448 Email: communications.bb@undp.org Website: un.org

Non-Governmental Organizations Barbados Entrepreneurship Foundation Inc. (BEF) Lex Caribbean, Worthing Corporate Centre, Worthing, Christ Church, Barbados Tel/Fax: (246) 435-3308 Email: info@barbadosentrepreneurshipfoundation.org Website: barbadosentrepreneurshipfoundation.org Future Centre Trust Little Edgehill, St. Thomas BB22118, Barbados Tel: (246) 625-2020 or 836-6187 Fax: (246) 620-2021 Email: info@futurecentretrust.org Website: futurecentretrust.org Tourism Development Corporation (TDC) BHTA Building, 4th Avenue, Belleville, St. Michael, Barbados Tel: (246) 228-8900 Email: tourismdev@caribsurf.com Website: tdcbarbados.com

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LEG A L L IST IN GS Chancery Chambers

Hastings Attorneys-At-Law

Sir Trevor Carmichael, KA, LVO, K.C. Chancery House, High Street Bridgetown St. Michael, Barbados Tel: (246) 434-3400 Fax: (246) 431-0076 chancery@chancerychambers.com www.chancerychambers.com

“Chelsea House” Chelsea Road, St Michael, Barbados, BB14022 Tel: (246) 228-9420 Fax: (246) 429-8056 Barry L.V. Gale K.C. bgale@hastings-attorneys.com Jacqueline R.M. Chacko jchacko@hastings-attorneys.com Laura F Harvey-Read lread@hastings-attorneys.com Mawena Maynard mmaynard@hastings-attorneys.com Shirley Beharre Procope sprocope@hastings-attorneys.com Micaela Pile mpile@hastings-attorneys.com

Clarke Gittens Farmer Gillian M.H Clarke Partner Parker House, Wildey Business Park Wildey Road, St. Michael BB14006, Barbados Tel: (246) 436-6287 Fax: (246) 436-9812 www.clarkegittensfarmer.com

David King & Co. Attorneys-at-Law Heather Tull, Attorney-at-Law Suite 101, Lauriston Building, Lower Collymore Rock, St Michael, Barbados Tel: (246) 427-3174 Fax: (246) 436-9541 daveking@caribsurf.com www.barbadoscorporatelaw.com

FT Legal Attorneys-at-law Tara E. Frater LL.B. (Hons), TEP No. 1 Mango Drive, Porters, St. James, Barbados, BB24033 Tel: (246) 422-6482 tara.frater@ft-legal.com www.ft-legal.com

Harridyal Sodha & Associates Liza A. Harridyal Sodha, LLB (Hons), LLM, TEP Attorney-at-Law The Grove, 21 Pine Road Belleville, St. Michael, Barbados BB11113 Tel: (246) 228-9888 ext 222 Fax: (246) 228-9382 Cell: (246) 231-9609 liza@lizalaw.com www.lizalaw.com

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InterCaribbean Legal Attorney- at-Law Karen A Perreira, LLB (Hons); TEP “Palm Court”, #28 Pine Road Belleville, St. Michael, Barbados, BB11113 Tel: (246) 228-7504 Fax: (246) 228-1591 Cell: (246) 231-8453 kperreira@intercaribbeanlegal.com www.intercaribbeanlegal.com

LEX Caribbean Group Melanie Jones Managing Partner The Goddard Building, Haggatt Hall, St Michael, BB11059 Barbados Tel: (246) 539-3797 Fax: (246) 430-3899 melanie.jones@bb.lexcaribbean.com

Peter G. Symmonds, K.C., J.P Attorney-At-Law GH House, 3rd Floor, Trents, St. James, BB24017 Barbados, W.I. Tel: (246) 419-4196 Fax: (246) 419-4188 pgsymmondslaw@gmail.com