Business Barbados 2020

CREDITS

Publisher & Editor - Keith Miller

Advertising Sales - Nia Vlahakis Juman & Natasha Vlahakis

Content Manager, BusinessBarbados.com - Natasha Vlahakis.

Design - Neil Barnard at 809 Design Associates

Main Photographer: Jaryd Niles-Morris, Assisted by: Sherika Rice, Anika Millington and Nahj Seale

Illustrations: Nicola Barnard for Business Barbados

Now available as an E-Book and Online at BusinessBarbados com

Business Barbados is published annually by Caribbean Business Publications Inc An initiative of: Miller Publishing Company Limited, Edgehill, St Thomas, Barbados, West Indies Tel: (246) 421 6700, Fax: (246) 421 6707

E-mail: keith@millerpublishing net

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

Left - Natasha Vlahakis

Right - Nia Vlahakis Juman

Photographer - Jaryd Niles Morris

Keith Miller

THE BUSINESS BARBADOS EDITORIAL BOARD 2020

Left to Right Standing

Lisa Taylor – Managing Partner, KPMG

Peter Boos – Chairman Emeritus, EY Caribbean

Maria Robinson – Country Managing Partner, EY Caribbean

Edward Clarke – Chairman, Barbados Private Sector Association

Left to Right Seated

Julia Hope – President, Barbados International Business Association

Tara Collymore-Kirton – Senior Manager, Deloitte

John Williams – Chairman, Invest Barbados

Keith Miller – Publisher, Business Barbados

Martin Ince – Chairman, Tourism Development Corporation

Connie Smith – Managing Director, Tricor Caribbean

Missing from Photo

Michael Bynoe – Territory Leader, PwC East Caribbean

Photographed on location at Sweetfield Manor

JANUARY

BUSINESS

27-29 - World Captive Forum in Miami worldcaptiveforum com

CRICKET

7 & 9 – West Indies vs Ireland Series

16-19 - Barbados Pride vs Guyana Jaguars windiescricket com

HORSE RACING

4 & 21 - 1st Season Races barbadosturfclub org

FILM FESTIVAL

14-19 - Barbados Independent Film Festival barbadosfilmfest org

POLO

12 - Barbados Cancer Society Day (Holders)

19 – Regatta Polo Day Local Tourn (Holders)

23 – Holders Local Tourn (Apes Hill)

26 – Holders Local Tourn (Holders) barbadospoloclub com

SAILING

12 – Taylor ’s Dinghy Regatta (1)

17-23 – Round Barbados Sailing Week sailbarbados com

21 - The Mount Gay Rum Round Barbados Race mountgayrumroundbarbadosrace com

NATIONAL HOLIDAY

1 - New Year's Day

21 – Errol Barrow Day

FEBRUARY

BUSINESS

Barbados Int'l Business Association: BiMonthly Networking Mingle (Date TBA) biba bb

AGRICULTURE

28-Mar 1– Agrofest (National Agricultural Exhibit)

basonevoice org

CHARITY

27-29 Neil Berg’s Broadway to Barbados –Hosted by Diamonds Int'l & Broadway to Barbados Charitable Trust facebook com/Broadwaytobarbados

CULTURAL

16-23 – Holetown Festival holetownfestivalbarbados org

CRICKET

13-16 - Barbados Pride vs T&T Red Force

27-Mar 1 - Barbados Pride vs Winwards Volcanoes windiescricket com

GOLF

8 – Barbados Golf Club Classic

13-15 – Optimist Junior Championship

18 & 20 – Barbados Golf Club Seniors

Open barbadosgolfclub com

HORSE RACING

1 & 15 - 1st Season Races barbadosturfclub org

POLO

2 - Canada Tour (Holders)

6 – Canada Tour (Apes Hill)

9 – Canada Tour (Holders)

16 – The Battle of the Sexes / Villages Tour (Holders)

20 – The Battle of the Sexes / Villages

Tour (Apes Hill)

23 – The Battle of the Sexes / Villages Tour (Holders) barbadospoloclub com

SAILING

2 – Taylor ’s Dinghy Regatta (2)

9 – Tiki Bar J/24 Regatta

23 – Taylor ’s J/24 & Offshore Regatta sailbarbados com

MARCH

BUSINESS

13-22 – South by Southwest Music Conference & Festival (SXSW) in Austin sxsw com/conference

8-10 – Captive Insurance Companies Assoc (CICA) 2020 Int’l Conference in Rancho Mirage cicaworld com

CRICKET

26-29 - Barbados Pride vs Jamaica Scorpions windiescricket com

HORSE RACING

7 – Sandy Lane Barbados Gold Cup

21 – 1st Season Races

barbadosturfclub org

POLO

1& 3 – Cheshire Tour (Holders)

5 – Cheshire Tour (Apes Hill)

8 – Cheshire Tour (Holders)

10 – Pick A Team 4 – 6 Goal

Tourn (Holders)

12 – Pick A Team 4 – 6 Goal Tourn (Apes Hill)

15 – Heart & Stroke Foundation Day: 4 – 6

Goal Final (Holders)

22 – Apes Hill Visiting Tour (Apes Hill)

24 – Apes Hill Visiting Tour (Holders)

26 & 29 – Apes Hill Visiting Tour (Apes Hill)

barbadospoloclub com

SAILING

1 – Clayton’s Kick Dinghy Regatta (1)

8 – Golden Ridge Farm’s Offshore Regatta

20-22 – Barbados Old Brigand Rum

Regatta

29 – Clayton’s Kick Dinghy Regatta (2) sailbarbados com

APRIL

CULTURAL

10-13 – Oistins Fish Festival visitbarbados org/oistins-fish-festival

CRICKET

2-5 – Barbados Pride vs Leewards

Hurricanes windiescricket com

GOLF

30-May 2 – Sir Garry Sobers Festival of Golf Championships visitbarbados org

HORSE RACING

4, 18 & 28 - 1st Season Races barbadosturfclub org

POLO

5 – Apes Hill Visiting Tour (Apes Hill)

7 – Apes Hill Visiting Tour (Holders)

9 & 11 – Apes Hill Visiting Tour (Apes Hill)

14 - Apes Hill Visiting Tour (Holders)

16 & 19 – Apes Hill Visiting Tour (Apes Hill)

21 – Over 40s v Under 40s Tourn (Holders)

23 - Over 40s v Under 40s Tourn (Apes Hill)

25 - Over 40s v Under 40s Tourn (Holders) barbadospoloclub com

SAILING

26 – Massy Stores Dinghy Regatta (1) sailbarbados com

TRIATHLON

26 - PATCO Triathlon American Cup triathlonbarbados com

NATIONAL HOLIDAYS

10 - Good Friday

13 - Easter Monday

28 - Heroes Day

MAY

BUSINESS

3-6 – RIMS 2020 Annual Conference & Exhibit in Denver, CO rims org

Barbados Int'l Business Association: BiMonthly Networking Mingle (Date TBA)

biba bb

CULTURAL

19-24 – Celtic Festival Barbados barbadoscelticfestival com

FOOTBALL

29-Jun 1 – Barbados Int'l Masters Football Festival

bimff biz

HORSE RACING

9 & 23 - 2nd Season Races (Barbados Guineas)

barbadosturfclub org

MOTORSPORT

23-24 - Rally Show & FLOW King of the Hill

29-31 – Sol Rally Barbados 2018 rallybarbados net

POLO

2 – Holders Club Matches (Holders)

9 – President’s and Kearns Trophies (Holders) barbadospoloclub com

SAILING

3 – Stansfeld Scott Offshore Regatta

16-17 – Barbados J/24 Open Championships sailbarbados com

NATIONAL HOLIDAYS

1 – May Day

JUNE

BUSINESS

BMEX Trade Show (Barbados Manufacturers Exhibit) Date: TBA

bmex bb

CULTURAL

1-Aug 3 – Crop Over Festival ncf bb

HORSE RACING

13 & 27 - 2nd Season Races

barbadosturfclub org

SAILING

7

Harris Paints J/24 & Offshore Regatta

Regatta

sailbarbados com

NATIONAL HOLIDAYS

1 – Whit Monday

JULY

HORSE RACING

11 & 25 - 2nd Season Races

barbadosturfclub org

SAILING

19-20 – National Dinghy Championships sailbarbados com

AUGUST

BUSINESS

Barbados Int'l Business Association: BiMonthly Networking Mingle (Date TBA) biba bb

HOCKEY

16-22 – Barbados Int'l Hockey Festival barbadoshockey org

HORSE RACING

8, 22 & 29 - 2nd Season Races

barbadosturfclub org

NATIONAL HOLIDAYS

1 – Emancipation Day

3 – Kadooment Day

SEPTEMBER

BUSINESS

13-16 – RIMS Canada Conference in Ottawa rimscanada ca

OCTOBER

BUSINESS

TRIATHLON

11 - Barbados National Triathlon triathlonbarbados com

GOLF

17-18 - Barbados Golf Club Open barbadosgolfclub com

NOVEMBER

BUSINESS

29-Dec 1 – CTF 72nd Annual Tax Conference in Montreal ctf ca

Barbados Int'l Business Association: BiMonthly Networking Mingle (Date TBA) biba bb

CULTURAL

1 – Independence Lighting Ceremony at Heroes Square, Bridgetown

30 – 54th Anniversary Independence Day

Parade, Kensington Oval

GOLF

2-4 – Shades Barbados

14 – QEH Tourn

28-29 - RBC Classic barbadosgolfclub com

HORSE RACING

21 - 3rd Season Races barbadosturfclub org

SWIMMING

4-8 – Barbados Open Water Festival swimbarbadosvacations com

NATIONAL HOLIDAYS

30 – Independence Day

DECEMBER

14

Massy Stores Dinghy Regatta (2)

28 – Lucky Horseshoe J/24 & Offshore

19-25 - Barbados Int'l Business Association: Int'l Business Week biba bb

HORSE RACING

5 & 12 – 3rd Season Races

26 – Boxing Day Races (Diamonds Int'l Challenge Series) barbadosturfclub org

MARATHON

4-6 –Run Barbados Marathon runbarbados org

RUGBY

12-13 - Rugby Barbados World 7s Tourn

NATIONAL HOLIDAYS

25 – Christmas Day

26 – Boxing Day

From the Publisher: Barbados Delivers Keith Miller, Publisher/Editor

Barbados: A Centre for Global Business

Henderson Holmes, Executive Director, Barbados International Business Association

Barbados Legislates for Economic Substance

Maria Robinson, Managing Partner, EY La-Tanya Edwards, Caribbean Tax Desk, EY New York

Robyn Rihanna Fenty - Entertainer, Philanthropist, Entrepreneur

Barbados Targets a Wider Global Audience

Marianne Greenidge, Senior Manager, Tax, KPMG

Business Barbados Buzz: Kyle and Maryam Taylor Turning Tropical Dreams into Viable Reality

The Barbados Energy Revolution

The Hon Wilfred A Abrahams, M P , Minister of Energy and Water Resources

Accelerating Barbados' Digital Transformation

Mark Elliott, Principal, Ghosti Limited, Programme Director CivTech Scotland

Barbados Embraces FinTech

Kaye Brathwaite, CEO, Invest Barbados

Business Barbados Buzz: Open Application Network

Sugar Island to Silicon Island

Barbados International Business Association

The Barbados Stock Exchange

Marlon Yarde, Managing Director, Barbados Stock Exchange

Improving Business Facilitation in the Public Sector

Edward Clarke, Chairman, Barbados Private Sector Association

Into the Blue: New Investor Opportunities

Connie Smith, Managing Director, Tricor

Business Barbados Buzz: Kailash Pardasani

Zero to Hero Entrepreneur

Medicinal Cannabis in Barbados

Chris Sulaiman, CPA, CA, Tax Manager, Tax & Legal, Deloitte

Ché Waithe, Senior Consultant, Strategy & Operations, Deloitte Kishmar Lorde, Associate, Tax & Legal, Deloitte

Barbados is ‘Moving On’

Sir Paul Altman, Altman Real Estate

Rolling the Barbados Wicket for Real Estate Growth

Terry Hanton, FCA, MRICS, Managing Director, PCS Consultancy Services

Business Barbados Buzz: ARGO Development Studio

Delivering Next Level Intelligence to the Construction Industry

The Hidden Golf Gems of Barbados

Roddy Carr, Senior International Representative, Nicklaus Design

Investment Opportunities in Tourism

Sirpaul Jaikaran, Assurance Engagement Leader, PricewaterhouseCoopers SRL

Why Barbados Needs a Geographical Indication for Rum

Richard Seale, Distiller, Foursquare Rum Distillery

Business Barbados Buzz: St. Nicholas Abbey

Crafting a Legacy for Barbados

Developing Talent to Drive the Economy

Dinah Sah, PhD and Cardinal Warde, PhD, Caribbean Science Foundation

Boosting Social Investment in Barbados

Amanda D Haynes, CEO, ASPIRE Foundation (Barbados) Inc

Peter N Boos, Founder & Advisory Board Chairman, ASPIRE Foundation (Barbados) Inc

Business Barbados Fast Facts Guide

Barbados Delivers

It is fair to say that when our current administration, ably led by Prime Minister the Hon Mia Amor Mottley, QC, was voted into power in May 2018, the business community generally welcomed the change in governance with a renewed sense of confidence and hope for the future

Many Barbadians believed that the Government, the Labour Movement and the Private Sector had a golden opportunity to come together under the auspices of the Barbados Social Partnership and work hand in hand to reboot the economy, retool the workforce and transform the nation for the greater benefit of all However, given the daunting scale and complexity of the many pivotal challenges that confronted the country, there remained a lingering groundswell of fear that we faced an extended period of economic decline So, for many people, the big question was, ‘Will Barbados be able to deliver?’

It didn’t take long to find out

One of the earliest, most publicly apparent indicators of a renewed national sense of purpose arose just weeks after the General Election, when the hitherto interminable plague of the compromised south coast sewerage system was tackled head-on with a degree of instant success That was a good start

A second positive indicator arose when the US-owned Ross University School of Medicine chose to relocate to Barbados, leaving local resources just 6-months to provide a suitable campus and accommodation for 1,500 students, plus faculty and staff Thanks to a major collaborative effort by the Government and the Private Sector - notably Terra Caribbean Real Estate and Preconco Construction – the Lloyd Erskine Sandiford Centre was converted into a medical school with state-of-the-art clinical learning laboratories, and the Villages at Coverley was upgraded to provide on-campus housing As a result, against all the odds, RUSM’s first semester began right on time in January 2019

That kind of progressive Public-Private Sector cooperation and ‘beyond the call of duty’ commitment was even more evident – at a profoundly more meaningful level - when a national task force, involving volunteer professionals, was set up to dismantle the existing tax regimen and replace it with one that is better equipped to meet the requirements of the OECD, while still

positioning Barbados as an attractive investment jurisdiction The new one-tier system, where domestic and international business companies are subject to the same tax rates, demands that all entities wishing to operate in Barbados must demonstrate ‘economic substance’ This more robust tax platform complements Barbados’ comprehensive suite of Double Taxation Agreements and Bilateral Investment Tax Treaties, thereby enabling businesses to operate globally from Barbados With that in mind, the Government has already started engaging with potential new business partners from a more diverse range of countries around the world

To facilitate the drive to encourage more investors to establish a physical presence in Barbados, the Special Entry and Reside Permit, SERP, allows non-nationals to live here for extended periods, or indefinitely in the case of anybody aged 60 or above While not qualifying for citizenship, a SERP holder can benefit from the Barbados tax structure and treaties

In the relatively short period since being elected, the Government has successfully implemented its IMF supported Barbados Economic Recovery and Transformation Programme, BERT, with a goal of ‘restoring macroeconomic stability and placing the economy on a path of strong, sustainable and inclusive growth, while safeguarding the financial and social sectors’ To date, Barbados has passed every single IMF test since entering the recovery programme Along the way, the country has achieved a fiscal surplus, including a balance of payments surplus for the first time in many years; inflation is down to 2%; at the end of October 2019 foreign reserves have increased to US$600 million, which equates to about 15 weeks of import coverage; and the National Debt has been restructured, saving in excess of $500m in interest payments

Against that backdrop of a vastly improved fiscal position, a variety of ground-breaking national initiatives have added further impetus to the country’s steadily growing economic momentum

Having been an early pioneer in solar water heating and the production of solar powered electricity for domestic and commercial use, Barbados is now also the Caribbean leader in carbon free transportation, with more than 500 zero emission, fully electric vehicles already on the road and 50 publicly accessible charge points island-wide Springboarding from that solid platform, the Government has launched a revolutionary National Energy Policy 2019 - 2030, with a pledge to transform Barbados from a petroleum-based economy to the world’s first 100% renewable energy, carbon neutral island state in the world by 2030

In a similar vein, Barbados is fully committed to delivering the digital transformation of the country into an advanced Smart Barbados, where the Public and Private Sectors embrace new technologies to streamline the way business is conducted, thereby

Keith Miller Publisher/Editor Business Barbados

promoting greater efficiency in all areas This quest to radically improve business facilitation in Barbados through the delivery of digital public services is already underway, initiated by the Government and guided by the same industry leaders responsible for the successful implementation of CivTech Scotland

Having already earned global recognition in the FinTech domain, thanks to the successful pioneering efforts of several young Barbadian entrepreneurs and international companies based in the island, Barbados has now introduced a regulatory sandbox regime to enable FinTech firms to test their new products in a controlled environment, under the supervision of the Central Bank of Barbados and the Financial Services Commission A Barbadian company has already made good use of this innovative regulatory framework to undertake a trial period with the Eastern Caribbean Central Bank, with the goal of launching the world’s first digitized fiat currency More FinTech investors are sure to follow

Other exciting possibilities for Barbados are currently being developed in hitherto under-utilized sectors such as the Blue Economy, which offers multiple investment opportunities in ecobusiness, maritime transportation, yachting services, a plethora of tourism activities, and the proposed construction of offshore islands to compensate for the limited amount of land available for high-end real estate and coastal recreational space

Barbados is also well positioned to enter the rapidly emerging, multi-billion-dollar medicinal cannabis industry With its mature, well-regulated international business sector, populated by a strong cadre of world-class professionals, and a longstanding relationship with Canada, Barbados could prove to be an attractive domain for Canadian companies in particular, several of which are global industry leaders At the time of writing, the Government is drafting a bill for the legalization of medicinal cannabis, with a long-term aim of facilitating the provision of professional services, research, cultivation and manufacturing While the inherent social challenges of legalizing medicinal cannabis will have to be stringently managed and regulated, entry into this highly lucrative sector could prove to be a game changer that underpins the Barbados economy for decades to come

Given the early success of the measures undertaken by the Government to reboot the economy, it is no surprise that the real estate sector, a traditional barometer of the wellbeing of Barbados, has witnessed significantly increased activity during the last year Potential investors have been particularly encouraged by the release of a new Bridgetown and South Coast Development Plan, the revised tax structure, the benefits of the SERP programme, the Government’s commitment to a gradual relaxation of foreign exchange controls, and an ongoing initiative to revise Town Planning, including new legislation to improve the efficiency and transparency of the application process

The upsurge in major investments during the last 12-months has included Hilton Grand Vacations purchasing US$50 million worth of inventory at the Crane Resort, and Marriott International paying an estimated US$130 million to acquire the Barbados-based Elegant Hotels Group With a number of large-scale projects currently due to break ground in and around Bridgetown, notably the $300 million Hyatt Hotel and the 400,000 square feet mixeduse Pierhead project, it is safe to assume that the resultant boom in construction will fuel the economy throughout 2020

While weighing Barbados in the balance, prospective new investors can draw some confidence from those who have gone before them In particular, it is worth noting that when the Apes Hill Golf and Residential Community was placed on the market in 2019, it was acquired by an internationally successful investor who has been operating a division of his global business out of the island for 20-years He clearly has longstanding faith in Barbados

As does Paul Doyle, the Canadian-born owner and developer of the Crane Resort who, in a similarly powerful investor vote of confidence, is re-investing the proceeds from the Hilton deal back into several new resorts on the island Can Barbados deliver? Apparently it can

Barbados: A Global Business Centre

its list of territories considered “noncooperative tax jurisdictions”

For several decades Barbados has stood as an international business and financial services centre of choice, mainly for Canadian investors, who valued the advantage provided by the jurisdiction’s legislative and tax regime However, last year the impact of international regulatory compliance demands resulted in changes to these regimes, which triggered a subtle but powerful shift for Barbados’ corporate landscape Effective January 1, 2019, four Acts were repealed, nine Acts were amended, and three new Acts were passed by the Government of Barbados to make the island one of the first countries in the Caribbean to converge its domestic and international tax rates

Barbados was confident in being a first mover in this tax reformation space because it has always prided itself on being a jurisdiction of substance rather than competing in the race to the bottom posed by zero tax environments These actions fulfilled Barbados’ commitment to be compliant with the Organisation for Economic Cooperation and Development (OECD) Base Erosion and Profit Shifting (BEPS) Action 5 Initiative On January 29, 2019, the OECD released its Harmful Tax Practices - 2018 Progress Report on Preferential Regimes report prepared by the Forum on Harmful Tax Practices (FHTP), which listed Barbados as one of 44 such regimes that had delivered on its commitment to make legislative changes to abolish or amend its tax regime and had been therefore found to be “not harmful” In May 2019, Barbados received a further stamp of approval when the European Union removed Barbados from

These sweeping changes meant that Barbados removed the ‘ring fence’ that had existed around International Business Companies (IBCs), and other special purpose business entities, which no longer legally exist, to keep them separated from the domestic corporate environment However, the convergence of the tax rate to a considerably lower level has now provided domestic companies with the same advantage previously enjoyed by international entities wanting to use Barbados as a conduit for their global business expansion Barbados’ deep network of over 30 Double Taxation Agreements (DTAs) and Bilateral Investment Tax Treaties (BITs) provides protection and stronger returns on investment for Barbadian companies looking to expand into emerging economies in nearby Latin America and even Africa In 2019 Barbados continued to deepen its relations with Africa, having concluded negotiations with Kenya on a BIT, while negotiating both a BIT and a DTA with Ghana and finalising arrangements with Morocco for a DTA

Barbados has already started to gain global recognition in the financial technology (FinTech) space with a local Barbados company providing the infrastructure to engage in a trial with the Eastern Caribbean Central Bank, which may result in the first central bank in the world to digitise fiat currency That Barbados could be leading in this area, ahead of China and other economies that have signalled their intention to move in this direction, speaks to the wealth of benefits in the areas of knowledge transfer, technological and infrastructural improvements, and economic and social development that the international business sector has brought to the island over the past five decades It is on this basis that the BIBA looks toward the future of the global business sector in Barbados with great anticipation

Through the sheer strength of its human capital, this island has become ranked among the international business and financial services centres of choice in the world, including Top 7 globally for captive insurance domiciles, and Top 3 recipient

of Canadian direct investment Now, Barbados has expressed an ambitious target of becoming a leading digital hub for business and living and BIBA will continue to support government in its strategies to engage the general public and private sector in understanding the digital priorities and programs that will be needed to support this transformation to a Smart Barbados

In a Smart Barbados, the thrust is towards providing specialised knowledge and training required in the use of cutting-edge technologies Residents will be exposed to more options in terms of job experience and job mobility; and the increased global business activity will provide new sources of revenue for our tourism products, relocation and real estate service providers, and a myriad of ancillary services needed to support these new businesses The potential exponential growth in our foreign reserves and improvement in other macroeconomic fundamentals makes this a win-win situation for all involved

BIBA has spent almost two decades championing the benefits of global business to Barbados and the concomitant development that it has brought to this island As we look to the future, despite the ongoing economic challenges, Barbados continues to see net growth in multinational businesses registering in the jurisdiction This, along with the benefits reaped by domestic companies due to the ease in their corporate tax obligations makes BIBA confident that, once the economic recovery takes firm hold, we should see a rapid acceleration in the expansion of global business from this small island

Henderson Holmes Executive Director, Barbados International Business Association

For several decades Barbados has stood as an international business and financial services centre of choice

Barbados Legislates for Economic Substance

January 1, 2019, was truly a red letter day for businesses in Barbados, both local and international On that day, in response to requirements of the Organisation of Economic Cooperation and Development (OECD), Barbados officially dismantled a decades old tax structure that had allowed international businesses to be taxed at far lower rates than local companies

In effect, as well as abolishing a number of incentives to international businesses that the OECD considered to be harmful tax practices, Barbados took down the socalled ‘ring fence’ that had maintained two separate tax rates for local and international business companies

As a result, a one-tiered tax rate system now rules them all Furthermore, there is now no such thing as an International Business Company as we once knew it For tax purposes, all companies are now Regular Barbados Companies, regardless of where their customers are and if they are foreign owned

But there is a specific piece of legislation contained in the new tax regime that foreign investors wanting to establish businesses in Barbados need to be aware of, and that is the newly implemented rules that demand ‘economic substance’ from any entity wishing to do business here

Maria Robinson

Country Managing Partner, EY

Barbados

La-Tanya Edwards

Caribbean Tax Desk, EY New York

Barbados Legislates for Economic Substance

In simple terms, economic substance means that any company wanting to do business in Barbados or from Barbados has to demonstrate that it is genuinely conducting business For example, it needs to employ people here, be managed from here and occupy physical premises in Barbados, among other things

Put another way, companies can’t enjoy the benefits and incentives of doing business in a low-tax jurisdiction by operating behind a brass plate, at least not here

To be precise, the new legislation is the Barbados Business Companies (Economic Substance) Act The Act has introduced an economic substance test It further stipulates that an ‘entity’ which is engaged in ‘relevant activities’ and is a tax resident of Barbados must satisfy the test in respect of each relevant activity

An entity would be seen to meet the Economic Substance test where:

• It is directed, managed and controlled, or in other words tax resident, in Barbados in relation to a relevant activity

• It has an adequate level of employees who are physically present in Barbados, adequate expenditure and premises in relation to the relevant activity

• It conducts its core income-generating activities in Barbados

• When core income-generating activities are outsourced, it must monitor and control the carrying out of the activities in Barbados

Let’s deal with residency first An entity is considered to be resident in Barbados when it is directed, managed and controlled in Barbados In effect it must meet the following criteria:

• The Board of Directors meets in Barbados at an adequate frequency to satisfy the amount of decision-making called for at that level

• A quorum of directors must be physically present at the meetings

• The Directors have the necessary knowledge and expertise needed to discharge the duties of the Board

• Strategic decisions are made at the

meetings and are reflected in the minutes of the meetings

• Those minutes, together with the records of the company, are kept in Barbados

As for ‘relevant activities’, the list is as follows:

• Banking business

• Insurance business

• Fund management business

• Finance and leasing business

• Headquarters business

• Shipping business

• Holding company business

• Intellectual property business

• Distribution and service-centre business

As an example, a Barbados tax resident company whose core income generating activities arise from a finance and leasing business must ensure that the following activities are conducted in Barbados:

• Agreeing funding terms

• Identifying and acquiring assets to be leased

• Setting the terms and duration of any financing or leasing

• Monitoring and revising any agreements

• Managing any risks

Entities also have to show that they comply with the rules, which means they must make an annual declaration to the Barbados Director of International Business (the Director) confirming that

they meet the economic substance test

The annual declaration should be backed up by documentary evidence to support the company’s claims These documents must be kept by the company and provided to the Director for inspection when requested

There are fines for non-compliance

For example, companies that fail to meet the test in one year are liable to a penalty of up to US$150,000 Failure to meet the test the following year means another US$150,000 penalty will be added to the first There is a penalty of US$75,000 for withholding information or providing inaccurate information

Apart from these financial penalties, information on the income of the Barbados entity can be exchanged with the tax authorities of the country in which its parent company is tax resident

It is expected that the Act will be revised to include the ability for the Registrar to strike off any non-compliant companies Regulations and guidelines are also to be issued Barbados is not the only jurisdiction in the Caribbean to implement economic substance legislation, but we were the first to address it It can also be said that we have set the pace for others

Both the current administration and members of the international business sector moved quickly to develop the Act in time to meet the deadline It was a coordinated effort that will hopefully serve as a template for any future necessary refinements to the island’s tax legislation

January 1, 2019, was truly a red letter day for businesses in Barbados, both local and international On that day, in response to requirements of the Organisation of Economic Cooperation and Development (OECD), Barbados officially dismantled a decades old tax structure that had allowed international businesses to be taxed at far lower rates than local companies.

Robyn Rihanna Fenty Entertainer, Philanthropist, Entrepreneur

By Keith Miller

While New York City music producers Evan Rogers and Carl Sturken were relaxing on vacation in Barbados in 2003, they generously agreed to disrupt their much-needed R & R to meet and listen to a 15-year old Barbadian girl who had big dreams of becoming a professional singer Accustomed to being bombarded with similar requests on a regular basis, it would have been very easy for them to politely decline But they didn’t They agreed to give the youngster a chance Her name was Robyn Rihanna Fenty

Advised to drop Robyn and Fenty from her stage name, Rihanna was soon snapped up by Jay-Z for Def Jam Records Within two years, her debut song, Pon de Replay, reached the Top 5 in the charts of twelve different countries Since then, Rihanna has become a global icon as one of the world’s best-selling music artists Along the way, she has notched up 8 Grammy Awards, 14 Billboard Awards and countless other music accolades Rihanna has also starred in Hollywood movies, developed and produced TV shows, earned a Fashion Icon Lifetime Achievement Award, amassed a multi-million-dollar business empire, and been acclaimed as one of the world’s most influential people

With 80 million Facebook fans, 57 million Twitter and 35 million Instagram followers, Rihanna has put her monumental influence to

Wproductive use by supporting good causes and promoting her own philanthropic efforts, which started in 2006 with the launch of the Believe Foundation to help terminally-ill children Since then she has greatly expanded her endeavours, mainly assisting charities that focus on disaster relief, AIDS and environmental issues After establishing the Clara Lionel Foundation in memory of her grandmother in 2012, she donated $1 75 million to the Queen Elizabeth Hospital in Bridgetown In 2017, Rihanna was honoured by Harvard University with their Humanitarian of the Year Award in recognition of her outstanding work as Ambassador for the Global Partnership for Education The Government of Barbados has since appointed Rihanna as Ambassador Extraordinary and Plenipotentiary, with responsibility for promoting education, tourism and investment for the island

But for a young Barbadian girl from a humble background, perhaps Rihanna’s biggest achievement has been to launch her own fashion label, FENTY, with the world-renowned French luxury goods group LVMH, an acronym for Louis Vuitton Moët Hennessy, which also includes Christian Dior and Givenchy In doing so, not only has Rihanna introduced the first new label since 1987, she is also the first woman of colour to lead a house under LVMH and the first ever woman to create an original brand for the group Rihanna’s substantive role at FENTY is CEO and Artistic Director, and she undertakes her responsibilities with the same dynamic purpose and energy that she puts into her music In the words of Bernard Arnault, Chairman and CEO of LVMH:

"Everybody knows Rihanna as a wonderful singer, but through our partnership at FENTY Beauty, I discovered a true entrepreneur, a real CEO and a terrific leader ”

Robyn Rihanna Fenty is also a proud Barbadian woman And Barbados is proud of her

Barbados Targets a Wider Global Audience

Barbados Targets a Wider Global Audience

Marianne Greenidge Senior Manager, Tax,

We live in interesting times! The Internet and social media have made the world much smaller and have transformed the ways in which we do business and interact with each other Barbados’ international tax platform was established with a firm foundation and with solid business reasons to enable entities to operate globally from Barbados

As we aim to ensure economic diversification, Barbados is always on the lookout for new opportunities and enhanced ways of doing business and attracting foreign direct investment to the island During a recent visit to Morocco, the Barbados government was able to build strong relationships with local government officials which will enhance the establishment of trade in both goods and services between the nations In addition, government is looking into the future, paving the way for the signing of new bilateral investment treaties which are useful “asset protection” mechanisms and which signal to multinationals the jurisdiction’s interest in preserving the companies’ wealth Indeed, as Africa continues to remain a focus as a major opportunity to expand the Barbados’ offering of financial services, reciprocal visits are planned or have been carried out to Ghana and the UAE where public private sector partnerships have presented the depth of talent and the breadth of investment opportunity

While the international financial services sector continues to be the main tax revenue earner, and indeed foreign exchange earner for the Government of Barbados, tourism remains one of the mainstays of our economy Our

traditional markets for tourists have been the United Kingdom, United States, and Europe along with the Caribbean islands which are geographically near to us However, the time is right for Barbados to explore new markets to attract tourists Heritage Tourism is a niche market on which we can capitalize with our over 300-year history as we attract those visitors with an interest in the colonial architecture and traditional cuisine Barbados could also seek to attract those from the African continent who may be interested in seeing how life has evolved in the Caribbean

Of course, we still welcome those longstay High Net Worth Individuals (“HNWIs”) from the UK and other countries who have decided to make Barbados home, as they enjoy all that the island has to offer The introduction of the Special Entry and Reside Permit (“SERP ”) allows such individuals to remain on island for extended periods, and in the case of individuals over the age of 60, the permit is issued on an indefinite basis

While the SERP does not include the right of citizenship to the holder, Barbados benefits from the direct investment required by the applicant, whose net worth should be a minimum of US$5 million and who has made investment on the island in the form of real estate or other investment to the tune of at least US$2 million These HNWIs may also participate in the development of the financial services sector by carrying on business while in Barbados and being able to benefit from a reduced tax rate on income earned in Barbados from sources outside Barbados For the tax resident HNWI an effective tax rate of 10/15% percent allows the individual to recognize their contribution

to the social and economic fabric of Barbados, while allowing him/her to carry on investment activities

The present Government has dedicated one of its Ministries to Innovation, Science and Smart Technology It is possible that among these HNWIs are entrepreneurs and innovators who can create opportunities in Barbados with facilitation from such a Ministry, to the benefit of the island With the requirement for economic substance to be implemented by companies in the very near future, especially those in the intellectual property (IP) holding business, Barbados could further benefit from an influx of skilled workers for IP development

In fact, with the post-Brexit migration issues which may be experienced in the UK, Barbados may stand to gain if companies establish operations on island for the purposes of software development With our skilled workforce and high level of university graduates, these operations could be staffed by local talent supplemented by European staff who train the locals in the companies’ ways of doing business The new tiered corporate tax rates of 5 5 percent to 1 percent allow for the collection of significant tax revenue while generating after-tax profits which could in turn, fund the companies’ future activities, leading to increased employment, growth of capital assets, and increased returns to shareholders

Barbados has much to offer to a global audience and all stakeholders should seek ways to attract new opportunities for the overall benefit of our nation

Barbados’ international tax platform was established with a firm foundation and with solid business reasons to enable entities to operate globally from Barbados.

KPMG

C I.A.M Jet Centre Earns Top-20 Global Ranking

Currently celebrating its 30th Anniversary, the IAM Jet Centre at Grantley Adams International Airport can rightfully be considered one of Barbados’ best kept secrets, but that is merely because this homegrown Barbadian business chooses not to draw unnecessary attention to its stellar track record That determination to remain discrete is an integral part of the company’s commitment to providing a very private, very secure, very comfortable, stress-free gateway for high net worth individuals, business leaders and diplomats while entering and leaving Barbados Contrary to its carefully guarded low profile in Barbados, the IAM Jet Centre is very well-known and highly regarded in the worldwide business aviation community, with a sterling reputation for excellence in passenger and ground handling, as well as trip support

Having established the flagship facility in Barbados in 2004, the company later launched IAM Jet Centres in Jamaica, Grenada, Tortola and St Lucia While their core business revolves around the provision of high-end services to visiting private and business jet travellers, the IAM Jet Centre also offers fully-equipped private conference rooms which enable international companies to conduct transactions or hold their AGM in Barbados without leaving the facility It is not uncommon for a global company’s representatives to fly in from various locations around the world, conduct a meeting, complete their business, have lunch and then fly back home in time for dinner As a leading supplier of aviation fuel in the Caribbean, the IAM Jet Centre also regularly refuels private jets en route between the US or South America and

Southern Africa Those passengers usually get off the plane to stretch their legs and, if they wish, they can pop inside to relax in several comfortable lounges, freshen up or even take a shower

In all instances, the IAM Jet Centre serves their guests with the same elegance and modern convenience as that of a 5-star boutique hotel To ensure a consistently high level of service excellence, all of the staff are trained by the renowned British Butler Institute

In further pursuit of their mandate to deliver the highest possible standards, the IAM Jet Centre management team subjected their facilities in Barbados and the region to the rigorous scrutiny of the International Standard for Business Aircraft Handlers, IS-BAH, with regard to safety, operations and best service practices Having successfully gained Stage 1

Certification in 2016, they continued with the programme in a quest to attain and maintain even higher standards Two years later, IAM Jet Centre became the first jet centre group in Latin America and the Caribbean to be awarded IS-BAH Stage 2

Certification Perhaps even more impressively, they are one of only twenty business aviation enterprises in the entire world to earn that distinguished level of certification

Their burgeoning success did not go unnoticed in the rapidly globalising aviation industry, attracting interest from a number of world-class suitors, all keen to acquire such a high-performing asset Ultimately, the IAM Jet Centre shareholders accepted a bid from UK based BBA Aviation, the owners of Signature Flight Support, the world’s largest Fixed Base Operator (FBO) network

As a result of this acquisition, the IAM Jet Centre in Barbados is now directly linked to some 200 other Signature FBOs around the world, covering key destinations in North America, Europe, South America, Africa, Asia and the wider Caribbean

Turning Tropical Dreams into Viable Reality

Turning Tropical Dreams into Viable Reality

K

Kyle and Maryam Taylor, who left New York to relocate to Barbados with their two children, are the founder-owners of the successful ECO Lifestyle + Lodge, located in Bathsheba on the island’s East Coast In addition to developing their ground-breaking eco-initiative, Kyle continues to operate his US-based businesses from his new island-home, while Maryam plans to launch a new stateside healthcare business

Kyle: Maryam and I both love New York, but about five years ago we started feeling the pace of the rat race We had two young kids, Maryam was working as a Cardiovascular Physician Associate and I was running several businesses. Despite being considered successful, our life was becoming an unsatisfactory routine of commuting, working long hours, rushing home to put the kids to bed, grabbing a meal, then crashing out until it was time to repeat it all. So, when Maryam suggested that we should find somewhere healthier and less stressful to live for a while, I was all for it Fortunately, as my businesses are internet based, I can operate from anywhere with good connectivity The only other criteria were a similar time zone, ease of travel, safety and security, access to good healthcare, warm climate and the freedom to bring our dog Plus, in my perfect world, somewhere I could surf After visiting several Caribbean islands, we decided to check out Barbados

Maryam: The only thing we knew about Barbados was Rihanna But, by the end of our first 3-day trip, we were convinced we could happily live here for six months Apart from the natural beauty and advanced infrastructure, the people really impressed us All the Bajans we met were friendly and willing to help us It felt like a village with a wonderful community spirit By the time we got back to New York, with a plan forming in our minds, we decided to go for it Back then, we had no idea that when our 6month stint came to an end, we’d want to return to Barbados on a permanent basis, but that’s what happened We felt very comfortable living on the island, it’s a fantastic environment for raising children By then Kayden was 3 and Kai was 18-months, and we soon found wonderful nannies and excellent nursery schools, which made our life a lot easier Remarkably, while we would’ve been willing to pay more for that quality of childcare, it cost less than in the USA The same applies to healthcare, where the standards are high but the costs are low.

Kyle: After getting outstanding support from our local legal advisor, I registered a Society with Restricted Liability (SRL) to establish a business hub in Barbados Thanks to the advanced

telecommunications, which are better than most places in the world, it has been relatively easy to run my US businesses from the island By holding virtual meetings, and with my 212 number ringing here, many clients don’t know I’m not in the States And if I need to eye-ball a customer, daily flights to New York allow me to fly there or invite them here, which has to be the ultimate in corporate entertainment Where else can you drive for 20minutes and find great golf, polo, riding, sailing, surfing, diving, biking, even race car driving, plus all the tourist attractions, entertainment, music events and restaurants? My people just love it

Maryam: With Kyle’s businesses going well, we could’ve just enjoyed living here, but we wanted to broaden our horizons. In February 2018 we invested in a small boutique hotel, re-branded it as ECO Lifestyle + Lodge, and set out to transform it into a sustainable eco-friendly business Recognising that we have an opportunity to do something good for ourselves and for Barbados, we always ask, ‘Is this the most sustainable option?’ Year-round sunshine makes solar power a no-brainer We try to help people eat healthier food without depending on imports If we can’t grow it or source it locally then it’s not on the menu. Most of our furniture and fittings have been made by local crafts people, often using recycled materials When an appliance breaks down, instead of dumping it, we find somebody in the neighbourhood who can fix it This country is blessed with talented people who are willing to work and learn. They just need a platform to grow

Kyle: Barbados offers a bit of everything for everybody We live in a peaceful rural environment but can enjoy a cosmopolitan lifestyle whenever we want Our friends are a mixture of Bajans from all backgrounds and ex-pats from around the world There is a real melting-pot of diverse cultures, but the heart of Barbados is always at the core People are still courteous in an old-time kind of way, with strangers politely greeting each other and chatting It’s a lovely aspect of life that helps you feel at home

Maryam: We had our fair share of trying times when we first came, not everything went smoothly, and sometimes I felt like giving up But, in the end, it was well worth all the effort We now have a beautiful life Barbados has helped me find the right balance, to be a better person, a better mom and a better wife I’m very grateful for that. You can’t put a price tag on how much I value the wellbeing that our family enjoys

Kyle: The world is full of people who spend the entire year longing for their next vacation in a beautiful, warm tropical island. And while they are there, during a moment of blissful reflection, they’ll inevitably ask themselves, ‘Why can’t we live here forever ’? Well, you can in Barbados And you can do it very well

Powering Barbados Towards a Sustainable Future Williams Solar

AAfter starting out in 2008 as an energy management and energy control systems provider with the installation of a 30 kW Solar photovoltaic system in the relatively early days of renewable energy in Barbados, Williams Solar today ranks as one of the most experienced developers of solar photovoltaic (PV) projects in Barbados, having installed over 10MWp of solar PV to date The long list of solar generation systems successfully engineered, procured and constructed by Williams Solar ranges from modest residential premises to largescale commercial properties, including banks, offices, shopping complexes and factories, in Barbados and the wider Caribbean

As a subsidiary of the well-respected Williams Industries Inc company, Williams Solar is able to draw upon over 40-years of group experience to provide clients with tried, tested and proven quality in engineering, procurement and construction Given that the quality of any Solar PV installation is just as important as the quality of its components, this broad scope of expertise gives Williams Solar a significant competitive advantage over similar companies Recognising that the longevity of their systems provides even greater value for their clients, Williams Solar also focuses heavily on mitigating any potential risks to preserve the life of the system for twenty-five years and beyond

The end result is that Williams Solar is fully-equipped to offer complete turnkey PV solutions, individually tailored to meet each customer ’s specific needs This includes design, project management, installation and ongoing maintenance, as well as advice about energy saving devices and energy management

As an active member of the Barbados Renewable Energy Association (BREA), which gives the industry one powerful and collective voice, Williams Solar is fully committed to supporting the common goals of the country’s renewables sector In taking positive action to help the Government achieve its stated goal of 100% renewable energy by 2030, Williams Solar has affiliated with the Barbados Community College (BCC) and Samuel Jackman Prescod Institute of Technology (SJPI), to develop a course that will effectively train and certify students with Caribbean and National Vocational Qualifications (CVQs & NVQs), thereby establishing an improved workforce with recognised qualifications

in renewable energy and solar PV in particular Step by step, Williams Solar is powering Barbados towards a sustainable future

The Barbados Energy REVOLUTION

2020 will begin the third decade of the twenty-first century From where we stand in the Ministry of Energy and Water Resources, we envisage that by the end of that decade Barbados will be shaped by forces which at this time we are only beginning to conceptualize

This change will be influenced by Government’s vision to move the island to being 100% renewable and carbon neutral by 2030 To chart the energy destiny of the island, the Ministry of Energy and Water Resources has developed an energy policy and accompanying implementation

plan Together, these two documents articulate Government’s vision and provide a concise understanding of its philosophy in transforming the energy sector

The Barbados National Energy Policy (BNEP) advances transformational goals for energy which include:

• Providing reliable, safe, affordable, sustainable, modern and climate friendly energy services to all residents and visitors

• Zero domestic consumption of fossil fuels economy wide

The Hon Wilfred A Abrahams, M P Minister of Energy and Water Resources

The Barbados Energy Revolution

• Exporting all hydrocarbons produced both on land and offshore

• Maximising local participation (individual and corporate) in distributed renewable energy (RE) generation and storage (democratisation of energy)

• Minimising the outflow of foreign exchange

• Creating a regional centre of excellence in RE research and development

The Ministry recognises that these modern times require a more revolutionary approach to change; a need for a transformative shift in: the thinking that determines how we generate energy; who is able to generate power for our grid; what changes we need to make legislatively to facilitate the sharing of this energy space; and a working appreciation that the ways of the future will not resemble the static approach of the past The energy industry will be a much more dynamic and creative space limited only by our imagination

The expressed objectives and goals underpinning the policy will be supported with the legislative and regulatory changes necessary to advance the transformational changes that are required Indeed the bold step to shift away from the century old monopoly business model used to produce electricity from fossil fuels to one that supports a decentralized system that supports an energy mix that utilizes renewable resources such as wind, solar, bio-mass and waste-to energy through a sustainable waste-management programme is inspirational The BNEP has also identified energy efficiency measures that will result in a decrease in electricity consumption of 22 per cent

In the foreseeable future, the utility’s role will be redefined and a new role as the “traffic cop” should evolve where it will be coordinating the changing load and flow patterns of electricity instead of

functioning as a monopoly distributor of power coming from a few large plants Indeed, central to facilitating the high penetration of renewable energy that is envisaged will be the need for the utility to “smart its grid” “Smarting the grid” will require investment to allow it to integrate as much variable renewable energy as possible from very disparate points, facilitate the decentralization of the sector and facilitate the evolution of a modernised electricity market

This vision sets the foundation to spur the generation of electricity from thousands of smaller systems owned by individuals and companies on rooftops and larger independent power producers (IPPs) to operate in the market The utility will employ technology to manage the capacity on the grid and the demand from customers to ensure that there is always enough electricity and that it is delivered optimally, efficiently and affordably

This policy recognizes that the “business as usual” state of producing electricity from fossil fuel continues to hurt the island economically and environmentally, and that we simply can no longer afford the cost of our fossil fuel addiction wither in real monetary terms or in the increasingly devastating effects of climate change The innovations that have taken place with respect to renewable energy have given small island states like ours - blessed with an abundance of renewables – sun, sea, wind previously exploited mainly for tourism - the first real opportunity for energy security Policy makers and business persons understand the implication for spurring economic growth

With the continuous decline in the capital cost required to produce renewable energy, an economic opportunity for small economies such Barbados is at hand This opportunity comes in the form of significant improvement of Barbados’ competitiveness with the advent of a

substantial fall in the cost of energy that can be achieved from the correct application of renewable energy into the economic fabric of Barbados Moreover, renewable energy can bring improved synergies that can reduce operating cost in several industries such as tourism, agriculture and manufacturing, while presenting a possible solution for waste management

It is in this context that Government acknowledges that the revolution in the energy sector cannot be achieved without the input of all stakeholders and wide participation, and indeed buy-in, of the average Barbadian This new reality brings with it investment opportunities, new expertise and skills, new learning, knowledge and employment

Moreover, institutions of learning will have to re-think and upgrade their offerings to remain relevant and be responsive to the needs of the industry New investment products will have to be developed by financial institutions to keep pace and fuel the innovations contemplated in the market place in order to sustain the transformation

Fuelling this country from alternate sources of energy is not restricted only to the electricity sector The transport sector is particularly integral to the transition, since a third of the imported oil is used by this sector As such, opportunities for investment lie with respect to deployment of electric vehicles or hybrids In the case of hybrids, a solution that will assist the country is the conversion of approximately 100,000 carbon consuming vehicles to be powered by alternative fuels This will galvanise the powering of the transport sector from renewable sources and avert potential financial and environmental challenges relating to stranded assets and their disposal

As Government takes the next steps on this journey, it is committed to ensuring that Barbadians are not left out

Embedded in the Barbados National Energy Policy is the promise to democratize the provision of energy, promote local investment, entrepreneurship and ownership

The Barbados Energy Revolution is not only real it has begun

Embedded in the Barbados National Energy Policy is the promise to democratize the provision of energy, promote local investment, entrepreneurship and ownership

F Knowledge is Power Solar Watt Systems

Founded upon decades of experience and state-of-the-art technological expertise, reinforced by a customerfocused philosophy and strong corporate values, Solar Watt Systems is a cutting-edge company that specialises in the installation of photovoltaic

systems In recent years, Solar Watt has successfully delivered a number of large-scale commercial projects within both the private and public sectors, including fulfilling a major contract to retrofit government offices and buildings with solar, as part of the Barbados Public Sector Smart Energy Programme In 2019 alone, Solar Watt installed a variety of systems producing in excess of 4 5 mW of power, ranging from a car port at the Barbados Water Authority to a ground mount system at the Grantley Adams International Airport’s Engineering Department and a roof top solar system at R L Seale & Company Ltd

Having firmly established itself as a leading installer of

Photovoltaic Systems, Solar Watt Systems is fully committed to playing an integral role in the country’s green economy push to save energy and reduce toxic emissions As part of its adopted mission to educate Barbadians about solar energy, particularly young people, the company has conducted programmes in primary and secondary level schools, teaching students about the different components that make up a solar installation and how they work These pioneer programmes have made a positive impact on both pupils and teachers alike, inspiring several schools to launch their own projects dedicated to renewable energy In conjunction with their education initiative, Solar Watt has installed solar systems at Samuel Jackman Prescod Institute of Technology, Barbados Community College and Lockerbie College, as well as donating a system to The Schoolhouse for Special Needs

Passionate about educating Barbadians at all levels, Solar Watt Systems is also keen to raise customer awareness of the benefits to be gained from the new Fair Trading Commission’s decision on Feed-in-Tariffs (FITs) for Renewable Energy (RE) Technologies, up to and including 1 mW The FIT will replace the Renewable Energy Rider (RER) programme and existing RER customers will be permitted to maintain their existing arrangements with BL&P for 20 years, with their system’s commission date used as the start date This will be advantageous to customers as it will allow them to see a true return on their investment

Solar Watt Systems is dedicated to supporting the government on its mission to move Barbados towards a 100% renewable energy island by 2030

OUR VISION FOR 2020 AND BEYOND IS TO

• Help Barbados become a 100% renewable energy island by 2030

• Be a champion for solar energy education & initiatives

• Continue to provide the best solar products on the market and give outstanding customer service

A c c e l e r a t i n g Barbados' Digital Transformation

Consider this It’s an editorial from the 24th May 2022 Yes, you read that right

Accolades flow as Barbados hailed a world leader

During the past week, accolades have flowed for Barbados as the United Nations and World Bank hail the tiny island nation as a global exemplar of digital transformation This digital transformation was carefully designed and imaginatively implemented early in the administration of what was in 2018 a cash-strapped Barbados Government In four short years, it has revitalised the country, triggering not just a renaissance of civic life and engagement, but significant benefits to the economy

The World Bank now rates the delivery of public services and Barbados’ ease of doing business – both crucial to the economy – in the top quartile of 178 countries it assesses Four years ago it was in the bottom quarter Citizen satisfaction ratings for public services also have shot up, as has the economy What had been a tech sector ravaged by years of government neglect, under-investment and a harsh regulatory and tax environment is now booming, with smart strategic alliances allowing both products and services, skills and knowhow to flow freely into and out of the country through significant export growth in key areas of niche specialisation

There is an ease to doing business with government and the public sector that has never been experienced People are able to do more with less effort and less time – leaving them more freedom to be productive and do what they want Along with the increasingly buoyant economy, society is on a path to wellbeing Health, education and social services are just some of the areas that are markedly improving The country is demonstrably more equal, fairer, and more just

Not a bad vision is it? And it’s most definitely one that can be achieved if digital transformation is successfully

delivered in Barbados But that requires it to be well thought-out, well planned, and backed up by determination, the right resources, and leadership As of writing, some of the most important elements of this are either in place, or being put in place

There’s no doubt about leadership –the Prime Minister of Barbados, the Hon Mia Amor Mottley, Q C , M P , has made her ambitions in regard to digital transformation very clear There’s more to put in place, of course – for example, the Prime Minister ’s stated ambition needs to be taken up wholeheartedly at every level of government and the public sector –but there is clearly a will to see change throughout Barbados And a public tech accelerator along the lines of Scotland’s CivTech could be one vital element

CivTech is the world’s first successful public sector-focused accelerator system

It takes problems public sector organisations have and turns them into challenges, which are then put out so that anyone – any individual, team, start-up, established SME or big business – can offer up a solution The proposals then go through an exhaustive selection process and the best one for the challenge goes through to the Accelerator

In case you don’t know what an Accelerator is [and why should you?],

Mark Elliott Principal, Ghosti Limited, Programme Director CivTech Scotland

Accelerating Barbados' Digital Transformation

think of a super-intensive rollercoaster where you take your idea and turn it into a working product: 15 weeks of incredibly hard work, crammed full of workshops and coaching, so you build not just a product but a business capable of growing fast Easy it ain’t - but at CivTech we’ve never had a single person who wouldn’t go through it again!

The results at CivTech have been remarkable Not only is it producing solutions to public sector problems that help efficiencies, reduce costs and make lives better, it’s also triggering new businesses, new jobs, and new revenuesand for the right products, new markets on a worldwide basis

There’s another element at play: investors worldwide tend to look for great, scalable products, driven by teams who are capable and knowledgeable, who already have revenue flow And because their time is limited, they tend to look for places that have concentrations of these kinds of propositions CivTech alumni tend to have these qualities – in Scotland, they tend to be seen as at least ‘prequalified’ for consideration for investment This means a successful Barbados Tech Accelerator could easily become a focus of attention for those looking to invest in Barbados and the Caribbean

Movement towards a Barbados Accelerator is already underway There’s a commitment in the Throne Speech of 2018, and a mapping exercise has just been completed It’s told us that there is indeed real potential to both drive digital transformation from within Barbados and establish a successful accelerator right here, triggering benefits across the board, and contributing to not just the digital transformation of the nation but also to its total renaissance It’s a start, and the future editorial is clear as to where we need to go

When asked to explain this unprecedented transformation, a government spokesperson said, “We planned well and got things right at the outset We brought in talented people and the best tech to help us, but ensured when those people left, their skills were retained so we could grow the tech sector ourselves We always looked for

opportunities for Barbados itself We put the citizen first in everything we did We put aside political agendas for the common good ”

Others point to the wise decision to fully empower and properly resource a small agile supra-governmental unit to take the lead on this “It brought buy-in on an unprecedented level from all sectors of society and brought investment to the island on unprecedented scales,” commented a private sector source “It meant everything could move fast in four short years of the new Government coming into existence,” she continued

Update on the Barbados Tech Accelerator Trial Run

Reports coming in from those who attended Smart Barbados Week 2019 (SBW 2019) indicate it was a resounding success From October 1-4, 2019, speakers and participants from Europe, North America, Africa, Latin America and the Caribbean met at the Lloyd Erskine Sandiford Centre for this first-of-its kind event designed to showcase the Smart Barbados of the future

A highlight of the week was the participation of Mark Elliott and Rui Cardoso of CivTech Scotland, who jointly introduced the concept of a Barbados Tech Accelerator for the delivery of digital public services In addition to a presentation during the main conference, Mark and Rui demoed the Civtech challenge methodology during two workshop sessions, winning kudos from those in attendance The challenges identified by the enthusiastic participants and the innovative solutions they developed are being seen as an exciting new way to improve Government’s procurements processes, particularly as they relate to tech projects and digital

solutions

The excitement was echoed by Minister of Innovation, Science and Smart Technology, Senator the Hon Kay McConney, who announced Government’s commitment to fully developing the tech accelerator in the weeks and months ahead

SBW 2019 was jointly planned and hosted by the Ministry of Innovation, Science and Smart Technology (MIST), the Internet Society – Barbados Chapter, Barbados international Business Association (BIBA), Barbados Chamber of Commerce and Industry (BCCI), and the Small Business Association (SBA)

Billed as 4 days / 4 events / 1 vision, SBW 2019 signalled the start of a national partnership that aims to:

1 Define what it means for Barbados to be a smart nation;

2 Explain how smart solutions can improve the lives of citizens and residents;

3 Identify strategies for realising a shared vision for Smart Barbados (SB); and

4 Build national consensus around actions required for smart transformation

SBW 2019 attracted innovators, entrepreneurs, policymakers, academics, students, business support organisations, local and regional firms to a series of presentations and panel discussions on areas central to Barbados’ digital transformation Other keynote speakers included Mr Linnar Viik, co-founder of Estonia’s e-Governance Academy, and Mrs Claudette McGowan, Chief Information Officer, Enterprise Technology Employee Experience, BMO Financial Group, Canada

The results at CivTech have been remarkable Not only is it producing solutions to public sector problems that help efficiencies, reduce costs and make lives better, it’s also triggering new businesses, new jobs, and new revenues - and for the right products, new markets on a worldwide basis

Disrupting Mindsets as Part of The Digital Transformation Journey

DDisruption has become the new norm in the global world and for Cave Shepherd & Co Limited, our recent disruption has been informed by our desire and commitment to continuously introduce innovative and value-added services within the digital payments industry

September 2016 was a watershed moment in the history of Cave Shepherd & Co Limited It was the year the Company through its Cards Business Unit reset the Barbados Cards Market with the announcement of its new strategic partnership with globally recognized payments network company, VISA Inc This partnership resulted in the introduction of the Cave Shepherd Visa Credit Card product, which allows over 35,000 Cardholders access to a globally accepted payments product

Notably, our micro, small and medium-sized businesses have a major role to play in moving us forward as we embark as a country towards a new digital transformation journey Kristie Powell, Technical Advisor to the Government of Bahamas on Digital Transformation in a Digital Transformation Workshop hosted by the Cave Shepherd Card business back in April 2019 stated that, “Digital Transformation is a combination of transforming digital technologies, tools, processes, but mostly people, culture, mindset, truly transforming the way you do business ”

Disruption with a Purpose

Further disruption came in 2018 with the launch of the Cave Shepherd Card Mobile App; a digital payments platform that acts as a companion to the existing credit card product The Cave Shepherd Card Mobile App allows Cardholders to send and receive funds digitally, view account information and to pay for products and services at registered Mobile Partners; all from the convenience of a mobile device

As micro and small businesses all over the world continue to be faced with the challenge of receiving payments quickly and more securely, Cave Shepherd & Co is excited to help reposition the Barbados payments industry through education of this important sector The Cave Shepherd Card Mobile solution offers a digital payments platform similar to the technology offered to big merchants through the traditional point of sale terminals; however, providing a more cost effective and hassle-free experience

Business owners in Barbados can now access a payments solution that allows for user-friendly digital payments acceptance and

viewing of real-time payments, along with the added benefit of initiating transfers directly to their bank account

With exposure to new and emerging digital payment trends through our strategic alliance to VISA Inc , and other Fintech experts, our hope is to continue to bridge the gap in educating a wider cross section of the market in the area of digital payments

Our key strategic partnerships with the Barbados Trust Loan Fund, the Small Business Association and the Ministry of Innovation, Science and Smart Technology acts as an endorsement of our commitment to actively support the national mandate for a “Smart Barbados”

Gail Welch, Business Development Officer, Card Services, Cave Shepherd & Co Ltd

BARBADOS EMBRACES FINTECH

The financial services sector in Barbados and globally has developed tremendously over the decades, from the early years of persons stashing money in a ‘safe’ place within their homes to savvy investors trusting their hard-earned income to financial institutions such as commercial banks and credit unions Fast forward to the modern-day financial services, with the introduction of offshore banking, insurance, accounting, wealth management, mutual funds, trusts, stock brokerage firms and more - all businesses that currently comprise financial services

Barbados, in particular, has a welldeveloped financial services industry and has been regarded as a financial services hub for several years This industry accounts for approximately 10% of Barbados’ Gross Domestic Product and is an integral component of the country’s business sector Barbados is home to a number of globally recognized brands such as CIBC, RBC and Scotiabank The country is known for the soundness of its banking system within Latin America and the Caribbean Barbados also boasts top accounting firms such as BDO, Deloitte,

Kaye Brathwaite CEO, Invest Barbados

Barbados Embraces FinTech

EY, KPMG and PwC In addition, the jurisdiction continues to maintain its position within the Top 10 captive domiciles globally

In the same way that financial services have developed, so too has technology Technology plays a significant and, some may argue, a transformational role in the facilitation and delivery of these services, providing a more effective, secure, innovative and automated way to conduct financial transactions Financial technology, also referred to as fintech, is therefore vital in this modern-day, technological business environment Blockchain, cryptocurrencies, mobile payments, financial apps, which are all components of the value chain of the new era of finance, seek to make our lives simpler, faster and more convenient

Embracing Fintech

The Government of Barbados, being cognisant of this, is moving the country’s public service towards a paperless, digital platform, via its national digitisation programme Government already has in place a payment platform where citizens can pay for select government services online It is anticipated that continuing upgrades and expansion of this process will significantly enhance the ease of doing business in Barbados for locals and investors alike So critical an aspect is this, as part of the wider vision of the Barbados government and other stakeholders, that the initial process towards further development of the fintech industry was to launch an mMoney pilot in 2018, which facilitated electronic and digital payments at certain establishments across the island Quite notably too, Barbados is emerging as a leader in blockchain technology within the Caribbean, having thrown its support behind the first fintech start-up in the region, Bitt Inc

The Barbados Stock Exchange has also embraced the blockchain based, distributed ledger technology and digital asset trading as a part of its operations and is confident that this technological revolution will further enhance business facilitation in Barbados

Why Barbados for Fintech

Co-founder of Bitt Inc , Gabriel Abed,

has endorsed Barbados as the place to do business generally, and specifically as it relates to the financial services sector:

“Barbados is one of the most beautiful paradise islands with the right mix of sun, crystal clear blue seas and business culture Blockchain and relevant technologies are well understood and supported by the government and regulators, making Barbados a great place to establish a company, especially in light of a competitive corporate tax structure and superior island lifestyle Barbados is extremely welcoming of foreigners, it’s very safe with low crime and there is a growing community of blockchain companies onshore Year round warm sun, calm oceans, beautiful people, with an action-oriented government and blockchain development what more do you want ”

In addition to Bitt, the country has attracted five other fintech companies to its shores, including Shyft, Polymath, AION, Nuco Global Inc and One Ledger This is due in part to Barbados’ enabling business environment and its signal that the country is open for business In efforts to further attract similar companies in the fintech industry, Barbados seeks to capitalise on its value proposition and other attributes which include:

• Knowledgeable human resources –access to a pool of business professionals and an educated workforce

• Business friendly– a competitive tax regime including the right regulatory environment to encourage innovation

• Sound infrastructure – excellent IC infrastructure with island-wide 4G LTE and Fibre Optic high-speed internet

• Solid reputation – apart from having a mature financial services industry,

Barbados is known as a trusted jurisdiction with good economic, political and social stability

• Quality of Life – Barbados boasts a safe and welcoming environment to live, work and play

Similarly, fintech-friendly countries such as Dubai, Switzerland, Estonia, Singapore and, closer to home, Bermuda and the Cayman Islands, have already ramped up their fintech sector and are making great strides as early adopters of cryptocurrency and blockchain technology Some of these countries have seen increased business as a result

Charting the Course

Barbados too is making steady strides

The country has remained on a positive trajectory while it continues to further stabilise and transform its economy and business sector, and has revised certain pieces of legislation that are attractive to both local and foreign investors Barbados also has an appropriate regulatory framework in place It is noteworthy that in mid-2019, Bitt Digital Inc became the first company to successfully complete and exit the regulatory sandbox regime under the supervision of the Central Bank of Barbados and the Financial Services Commission The sandbox provides the opportunity for fintech firms to test their products in a controlled environment, while affording consumers, stakeholders and the financial system the requisite protection from undue financial risk Barbados’ financial services industry stands on a firm foundation Given the opportunities that are emerging locally and globally, the country is poised for accelerated growth Barbados is ready to engage the world come grow with us!

Barbados too is making steady strides

The country has remained on a positive trajectory while it continues to further stabilise and transform its economy and business sector

C Carilend

Carilend is the first of its kind in the region, providing a fully integrated endto-end online lending experience via its state-of-theart electronic exchange platform

Its first success was the introduction of a Peer to Peer Lending service in Barbados in 2017

Peer to Peer Lending is a billiondollar industry in the UK, US and Canada, and now a multimilliondollar business in the Caribbean

Peer to Peer Lending connects people who have money to lend with people who want to borrow money in a secure online marketplace In this way, it brings Lenders’ money, currently sitting idly in financial institutions, back into circulation via the Borrowers spending those funds and thereby stimulating growth in the economy

Carilend was founded in 2015 by two seasoned executives, Mark Linehan and Mark Young Young, the CEO of the business, has a 25-year track record as a regional senior executive with Barclays and CIBC in the Caribbean

Since inception, Carilend has approved over B$20,000,000 in loans for over 1300 Barbadian consumers and has already seen over B$6,500,000 in successful repayments from their clients Over 400 Barbadian Lenders have invested over B$15,000,000 in loans via Carilend Investors come from all walks of life and invest in various amounts ranging from B$2,500 to over B$900,000, and they are currently earning 8 17% on the outstanding loans Carilend recently announced that Victoria Mutual Investments Limited and Kailash Pardasani have acquired stakes in the business A 30% stake was acquired by Victoria Mutual Investments Limited (VMIL) of Jamaica VMIL is an 80% owned subsidiary of the Victoria Mutual Building Society (VMBS), the largest building society in Jamaica VMBS has been operating for over 140 years in Jamaica and has over 300,000 Jamaican clients A further minority stake was acquired by Kailash Pardasani, the Barbados based, successful serial entrepreneur

The partnership between VMIL and Carilend draws on the similarities of the Peer to Peer Lending concept of Lenders and Borrowers helping each other and the mutual society model of members helping members It represents the perfect match of a new agile fintech with a storied financial institution that has a clear vision for the future These transactions are in preparation for the expansion of Carilend’s business to Jamaica and Trinidad in the near future

Mark Young, CEO & Co-Founder, Carilend

Sugar Island to Silicon Island Open Application Network

“Sugar was the currency of old, now Barbados is positioning itself as a leader in Blockchain technology, the platform for digital currencies, the new wave of currency innovation.”

IIn the 17th century, the English Colony of Barbados was also known as Sugar Island and sat at the centre of the lucrative sugar trade With the exceedingly remunerative sugar cane, and its spirited by-product rum, the island’s main export served not only as a luxury commodity but as currency to pay for the expansion of the British Empire Rum originated in Barbados and so did, to a large extent, currency innovation

Barbados was at one time the Head Quarters for the regional monetary system for the English speaking Caribbean Its monetary systems and structures were so attractive that George Washington once attempted to invade Barbados, supported by a naval fleet from France, with the ultimate goal of re-assigning the entire country to the United States from the British Interestingly, Barbados was the only country Washington ever visited outside the US, when aged 19, and had served to save his life

Today, the island’s rapidly developing tech community continues exporting some of the world’s leading innovations, including Blockchain development, central bank digital currencies, artificial intelligence and smart technologies Such is the case with the formidable team working hand in hand with the brilliant thinker and visionary Matthew Spoke, Founder of Aion and the Open Applications Network

Barbadians Patrick Tannis and Roland Haggins are two of the key leaders making waves in the growing financial technology space

Former Head of Premier and Personal Banking or Wealth for one of the big 10 global banks, Patrick Tannis sees a New Commonwealth developing with Barbados at the centre of trade once again Tannis has over 30 years’ experience in banking and finance, from multicurrency loans to the Tannis maneuver, which saw offshore mortgages in one territory being legally booked in another jurisdiction Rev Tannis is a John Maxwell Executive Director and sits as a Board Director within the Aion group Prior to this, he sat as an Executive Director for Global Games Inc , which developed an early form of Blockchain technology used in gaming

Roland Haggins has a strong background in finance and technology, having being raised in a technology household His father produced the world’s first commercial C++ compiler Haggins’ first job was working for a Fortune 500 technology company with offices at the Harbour Industrial Estate in Bridgetown He later worked in London, England, for some of the largest banking and investment institutions in the world His passion for technology, with an academic background in economics and finance, encouraged him to develop and lecture

online courses in banking and finance for the University of the West Indies (U W I) Today he manages the CARICOM operations for Open Application Network and sits as the Executive in Residence at the U W I Sagicor Cave Hill School of Business and Management

Together, Patrick Tannis and Roland Haggins developed the framework for the world’s first blockchain based central bank digital currency (CBDC) and a regulatory sandbox model that could be used to foster innovation Haggins presented this framework and model to the Governors of the Central Banks of the Commonwealth at the Annual Spring International Monetary Fund meetings in 2017

The team worked with Matthew Spoke, the Founder of Aion, to launch the first blockchain network from Barbados on 25 April, 2018 The Aion Foundation was recently renamed the Open Application Network (OAN) The focus of the OAN platform is on the limitations and frictions of the old business model to:

• Foster user engagement

• Gather as much user data as possible

• Use that data to enhance advertising

This model has become incredibly profitable for some platforms but has had unintended consequences such as data breaches, loss of consumer trust and stakeholder misalignment, all of which need to be addressed by next-generation solutions The Open Applications Network team believes there is a new way for platforms and stakeholders to build open applications that create healthy, competitive and sustainable ecosystems An Open Applications Network can serve as the public utility with open standards for participation that is owned by everyone Open applications provide compounding innovation and are fundamentally accessible, privacy-focused and have mathematically verifiable guarantees

Globally, the Open Applications Network employs over 50 people, with offices and affiliates in Toronto, Israel, Shanghai, Kenya, Ethiopia and Romania Matthew Spoke, Patrick Tannis and Roland Haggins are recognised as three of the leading voices in this transformative industry, regularly speaking at conferences globally and contributing to international publications

The team continues to lead the industry, not only in building the technology but importantly in demonstrating the much-needed accountability and transparency They are laying out a vision to make Barbados the new innovation hub ‘Silicon Island’, building on the country’s excellent:

• information communication technology infrastructure

• skilled workforce and educational programmes

• corporate and tax structures

• right regulatory environment for innovation

With Brexit looming and the Commonwealth playing a greater role in the future global economy, Tannis and Haggins have an additional vision they believe will put Barbados at the centre of international trade by utilizing the advantages of the country's wide treaty network The strategy would invigorate the local international business sector, bringing new opportunities to the local legal, accounting and technology expertise

Sugar Island to Silicon Island - Open Application Network

Barbados International Business Association

• provide a forum for membership exchange of information an ideas;

• be the catalysts or creating and maintaining public and private sector unity for Barbados’s development;

Barbados International Business Association

• liaise with and facilitate the work of the relevant government ministries, statutory boards and other organizations involved in the development and regulation of international business in Barbados;

• be an invaluable partner to the government and the people of Barbados as it relates to the country’s developmental efforts;

• be an authority and major source of information on matters relating to international business;

• be a major point of contact for helpful advice and orientation for new investors to the island

Executive Director

Julia Hope

2019-2020 President

The Barbados International Business Association (BIBA) was originally formed in 1993 under The Barbados Association of International Business Companies and Offshore Banks (BAIBCOB) Four years later it was incorporated under the Barbados Companies Act (Cap 308) In November 1997 a decision was made to embrace a more diverse membership and the Association’s name was changed BIBA This change welcomed members of the former BAIBCOB, the Canada Barbados Business Association as well as the Barbados International Insurance Association BIBA is a private sector organization that is comprised of companies involved in international business in Barbados; including companies that may only be locally registered and companies that are otherwise strategically associated with this sector BIBA has a current membership of over 170 companies BIBA’s key functions are to:

• be the industry’s voice for social and governmental concerns;

BIBA members are open to an array of benefits that are designed to give their businesses the ability to function according to their individual goals and objectives These include, but are not limited to:

• the offering of input into laws, regulations and policy decisions affecting international business;

• the accessibility to valuable sources of information and analysis Of developments in the sector;

• the availability of an attractive medical plan to all members in good financial standing;

• listing in the on-line BIBA members’ directory;

• networking opportunities with local and international contacts;

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

Conveniently, the BIBA office is located in the heart of St Michael, a mere 2 7km from the capital of Bridgetown Please see the below contact information Postal Address: 19 Pine Road, Belleville, St. Michael, BB11114, Barbados

Telephone: (246) 537-2422 • Facsimile: (246) 537-2423

Email: biba@biba bb

Website: www biba bb

Director

Henderson Holmes

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 & Mutual Funds”

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

Anthony G Ellis - 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: aellis@greatpacificgroup.com

A Jim Pattison Group Company

Liza Harridyal-Sodha, LL.B. (Hons.), LL.M., TEP

Attorney-at-Law

The Grove, 21 Pine Road

Belleville, St Michael BB11113, Barbados

Tel 246 228 9888 • Fax 246 228 9382

Cell 246.231.9609

E-mail liza@lizalaw com • www lizalaw com

We specialize in international financial services, establishment of companies (IBC, SRL, Banks, Insurance Companies), Estate Planning & Taxation, Conveyancing, Commercial/Corporate matters, Employment

Anthony G Ellis - 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: aellis@greatpacificgroup.com

A Jim Pattison Group Company

Barbados International Business Association

Customised Solutions for Clients of Substance Platinum International Business Solutions

Currently celebrating twenty successful years in the international business sector, Platinum International Business Solutions has earned global respect as a leading provider of crossborder business services Under the direction of a management team that boasts a combined 45-years of hands-on experience in the industry, Platinum’s multi-disciplined team of dedicated business professionals possesses an usually broad spectrum of accumulated first-hand knowledge and expertise, having built lasting relationships with a diverse range of clients operating in a wide variety of cross-border activities

C

With a client-base comprised of high net worth individuals, multinational corporations and publicly traded corporationsincluding internet-related and software development ventures, oil and gas industries, inter-company financing and holding companies, located in Canada, United States, Latin America, China and Europe - Platinum has repeatedly proven itself to be wellequipped to provide effective customised solutions for bona fide clients of substance

Against that solid background of allencompassing experience, Platinum has also distinguished itself as a forwardthinking company This includes a willingness to share its ample collective knowledge and industry-specific information with clients and strategic partners, if it will redound to the ultimate benefit of the client In a similarly enlightened manner, Platinum has long been a proponent of encouraging and enabling female leadership within the company, thereby creating equal opportunity for all employees to excel and develop the business Given the current scenario where Barbados has its first ever female Prime Minister and many of the leading

professional services companies and organizations are today headed by women, it is apparent that Platinum’s visionary adoption of such a policy was not only commendable, but also good business

With a corporate ethos founded upon professionalism, teamwork, responsiveness, flexibility and reliability, Platinum is ideally positioned to provide value-added expertise for discerning clients seeking optimum global business solutions

Stephen Greaves - President, Platinum International Business Solutions, Inc

“

The International Business Sector is continuously evolving, so we have to be analytical, creative and flexible enough to adjust to any changes, ideally before they even happen. That is why we at Platinum, and Barbados as a whole, have been able to adapt so readily to the legislative changes to our income tax regime in response to the OECD-driven BEPS and the new international standards governing economic substance. We have been promoting the concept of central management and control since inception, whereby any Board of Directors should have the right expertise, contemporaneous documentation and a physical presence, including having a quorum of the board that must attend meetings of Barbados subsidiaries All of that is now part and parcel of the new economic substance requirements, but we are already well-accustomed to delivering that level of legitimacy These are exciting times and I am optimistic about the future opportunities for the sector in Barbados.”

THE BARBADOS STOCK EXCHANGE

The Caribbean’s Cabochon for Capital Accretion

The Barbados Stock Exchange - The Caribbean’s Cabochon for Capital Accretion

Our efforts, thankfully, have been met with success As such, we are pleased to report that we are now duly designated as a ‘Recognised Stock Exchange’ by Her Majesty’s Revenue and Customs (HMRC) This designation was achieved on 2 April 2019, and was conferred, in the UK, under Section 1005 of the Income Tax Act (2007)

receive interest payments – without deduction – as a result of availing themselves of the QEE

Barbados is renowned as a commercial entrepôt with a vibrant ecosystem for a myriad of businesses This, undoubtedly, is a positive paradigm Yet it might be passé in describing our chronicle With a new disposition

towards earning global distinction

Barbados is augmenting its value propositions and looking to actively reposition itself as a hub for growth and innovation

Two strategies have proven invaluable to progress The first: the embrace of technological advancements The second: the formation of strategic alliances These strategies, combined, are building Barbados – a nation now awash with both talent and innovation While valued, perhaps, for their pecuniary potential, these strategies are leading us to a future of promise

Going Global

Like Barbados, the Barbados Stock Exchange (BSE) has embraced a global focus This began with our corporate demutualization – which was the strategic reorganization, in December 2015, of our legal structure Thereafter we launched our International Securities Market (ISM) which has positioned us, truly, as a global exchange

Procuring ‘exchange recognitions’ is our contemporary focus and an incremental step towards building global credibility With a handful of markets strategically identified – including Canada, the United Kingdom (UK) and the United States (US) for starters – the BSE is poised to become an exchange of consequence; a development that will redound to the benefit of Barbados

A material implication has arisen as a result: for securities residing in any of our markets, the HMRC definition of either ‘listed’ or ‘not listed’ will apply for the purposes of legislation in the U K This will certainly be a boon for our markets Additionally, securities will still retain their inherent coverage under securities legislation in Barbados

HMRC’s designation is highly strategic, and has enabled us to offer:

- eligibility for BSE-listed securities to be included in both UK pension funds and UK Individuals Savings Accounts (ISAs);

- the potential for inheritance tax allowances to accrue to UK holders of BSE-listed securities;

- and holders of satisfying BSE-listed debt securities to avail of the Quoted Eurobond Exemption (QEE) – a mechanism that ensures an exemption from withholding taxes on distributions

Further, while the benefits above are outlined for investors, there are, of course, clear benefits for issuers (whether local, regional or international in origin):

- Listing securities on the BSE’s HMRCrecognised markets can provide market eligibility for them to be offered directly, or as part of a packaged offering, to the gamut of investors resident in the UK;

- Companies looking to finance acquisitions can use the BSE’s HMRCrecognised markets for structured finance transactions We envision a growth in the use of special purpose vehicles (SPVs), which are subsidiary –bankruptcy-remote – corporate entities that can be used for either risk sharing, securitizations, property sales or asset transfers

- By lending funds through the BSE’s HMRC-recognised markets, UK companies can enhance their access to global capital This is largely due to the fact that international investors can

The BSE intends – by the end of 2020 –to secure similar designations in Canada and the US Though the benefits derived will be similar to HMRC’s, they will accrue, instead, to investors resident in Canada and the US respectively

The Barbados Opportunity

Barbados is a land of sea and sun with the timeless allure of sensational living While patently the trappings of the cursory glance, they can obscure, on occasion, our commercial propositions

The BSE’s proposition is decidedly clear: by becoming a platform with global connectivity, the exchange can transform into a confluence for capital This is a proposition of appreciable significance that has thankfully appealed to Barbados’ international business and financial services (IBFS) sector Support from this sector will be critically important and will be an asset that contributes to Barbados’ perennial reputation as a trusted jurisdiction for capital accretion

Digital assets are a focus in the medium-term These are instruments that utilize the blockchain – a game-changing innovation with practical applications A particular digital asset is burgeoning with appeal: security tokens While vanguard in nature, the BSE views security tokens as fit for purpose as they are analogous, in substance, to contemporary securities: namely equities, debt and investment products The BSE is intrigued by the promise of these instruments In fact, we have already devised both Rules and Guidance for their eventual adoption as market instruments All that remains is the procurement of the (right) technology that will facilitate their trading for market participants

The BSE is committed to its transformative development and is thankful for the support from a cadre of stakeholders Not only has this empowered us to redefine our purpose; it has positioned us to grow as Barbados’ cabochon – forever to be remembered as the gem of the Caribbean

Marlon Yarde Managing Director, Barbados Stock Exchange

P ICBL CONTINUES TO DELIVER!

“Practicing gratitude and celebrating milestones and victories”, Brené Brown makes this important leadership point in her recent book, ‘Dare to Lead’

As part of our ongoing transformation, ICBL is certainly following that lead We have adopted a position to bring about change by “braving trust and courage”, where leaders are encouraged to celebrate small victories with contributors at every level

Our customers asked and we delivered innovative, convenient solutions We continue to invest in providing exceptional customer service, ensuring that our engagement is seamless and excellent Launched in July 2019, easyINSURE provides a safe and secure environment where quotes and purchases for home and motor insurance can be transacted online The staff of our Group Health clients are more productive, engaged and living improved, healthier lifestyles because of our easyWELLNESS program This initiative revolutionized preventative health care in Barbados by monitoring potential risks and providing the best advice in the health and wellness industry

A trusted insurance advisor, leading in the provision of novel solutions that avert unwarranted risks, ICBL delivered the first ever parametric insurance solution to the Barbados hospitality sector No longer do hospitality providers have to bear the losses due to severe weather systems that threaten operational ability, as parametric insurance provides a progressive solution to mitigate against loss of business due to hurricane systems

Building a high performance team and engaging our staff in our business success is etched in our DNA We’ve trained our teams and will continue to develop them professionally and personally; shaping them for the future marketplace and the new ways of doing business As we maximize on new technologies and advance in our efficiencies, a culture of collaboration, boldness and creativity will be fostered We celebrate the successful launch of the ICBL Women’s Interest Network (iWIN) and ICBL Men’s Advancement Network (iMAN) and through these groups we are laying the platform for continued development

As it relates to our corporate responsibility, we continue to demonstrate our commitment to our communities, working with the Government of Barbados to provide solutions to enhance the environment in which we operate From preventative health care to youth initiatives, we have leveraged our finances and expertise towards community development In September 2019, we

launched the first ever ICBL National Junior Spelling Bee competition, positively influencing the culture of reading amongst our nation’s youth Additionally, we contributed to a safer Barbados, through our partnership with the Royal Barbados Police Force by providing several closed-circuit cameras to buttress citizen security

Our strategic partners are vital to our success and we continue to work together towards common goals Through continued application of new technologies and the creation of bespoke product offerings, we have established a framework for sustained growth in an evolving marketplace We embrace our ecosystem of partners and our aim is to continue to deliver trusted, innovative products and services

We continue to bring comfort to our shareholders as we aim to deliver each and every time We recently retained our A M Best rating of A-(Excellent), demonstrating our commitment to excellence ICBL is recognized globally for our financial strength and creditworthiness, our ability to insure major catastrophic risks and meet ongoing policy and contract obligations These characteristics position us for continuous growth

The future is indeed bright, and we will forge ahead seeking greater opportunities to augment the company’s standing and further generate positive returns for the benefit of all our stakeholders

Geoffrey Scott, CEO, ICBL

Improving Business Facilitation in the Public Sector

refers to the simplification, modernization and harmonisation of export/import processes Barbados (and other CARICOM Member States) is signatory to the WTO Trade Facilitation Agreement which entered into force in February 2017 and requires Customs and other border agencies to undertake reforms aimed at improving how cargo is managed at ports of entry These commitments cover a range of areas that if implemented, could result in an improvement in supply chain management in Barbados Any effort to improve business facilitation must therefore encompass trade facilitation

customs administration processes and should be maintained as an essential element of the reform process

Government has stated as one of its main objectives, transforming how business is done in Barbados through the increased use of new technology across all sectors of Government The integration of ICT into how government works will be an important factor if Barbados is to significantly improve the way it conducts business and facilitates the private sector

There is no precise definition of the term ‘business facilitation’ but anyone in business understands its importance While there may be varying views as to its present ‘state’, there is likely to be unanimity that improved business facilitation in the Public Sector in Barbados is required to foster growth and competitiveness in the economy and that it is required to improve the investor environment It is also recognized that a core component to improving business facilitation is improving the ease of doing business in Barbados

The Barbados Private Sector Association (BPSA) has for some time called for an improvement in the ease of doing business, such as starting a business, easier access to credit, registration of a company, acquisition and sale of property, opening bank accounts and transacting business with Government, as a necessary precondition to resuscitate Barbados’ competitiveness and its image as a premier business destination Improving the ease of doing business has significant potential to lower operating costs while improving the delivery of goods and services to customers

While distinguished from business facilitation, trade facilitation is a key component to the ease of doing business Trade facilitation is an important factor that impacts day-to-day business processes and Barbados’ overall economic output given the country’s level of openness and dependence on imports and exports to drive the economy

According to the World Trade Organisation (WTO), trade facilitation

The BPSA welcomes the priority placed by the Ministry of Finance and other Government departments in the reform processes underway at the Customs and Excise Division and the Barbados Port There is also a noticeable improvement in the cooperation between the border agencies, which should be sustained Plans to construct new facilities at the Barbados Port are welcomed In addition, the transition to the ASYCUDA World Platform is expected to realize benefits in trade facilitation These technological improvements undertaken by the Customs and Excise Division and at the Barbados Port to provide stakeholders, including brokers and agents, with real time information about their respective consignments entering or leaving the port are important steps to improve customs service as well as the timeliness in the delivery of cargo

The BPSA also welcomes the fact that representatives of the Barbados Private Sector are able to participate in the National Task Force on Trade Facilitation established to coordinate the implementation of the country’s trade facilitation obligations At the regional level, the private sector also sits on the Regional Task Force Committee which is responsible for the implementation of the CARICOM Strategy to support states with the implementation of the WTO Trade Facilitation Agreement The Caribbean Customs Brokers Association is a member of the committee and it is anticipated that the recently established Network of Caribbean Chambers of Commerce will be approved to serve on the Committee

Private sector participation in these structures guarantees their input into the

Thus, the effort of the Government of Barbados to ‘digitize’ operations within the public sector is regarded as another positive development for business facilitation on the island The work being undertaken to remove the duplication in the submission of documents, streamline the various processes and provide for online service interaction in an effort to improve efficiency is welcomed These are all signs that Government is committed to improving Barbados’ ranking on the global ease of doing business index These developments are supported by the private sector and we will continue to work with Government to realize Barbados’ true potential

With renewed and more vibrant consultations within the local tripartite body, the Social Partnership of Barbados, along with the implementation of the Barbados Economic Recovery and Transformation (BERT) plan, the transition to improved business facilitation is now more of a reality for improving the attractiveness of Barbados’ business landscape We are optimistic that in next year ’s report we will be able to state that we have made significant progress in achieving this goal

One of the attractive features of the business landscape of any country for an investor is its enabling climate Barbados offers a well-regulated, transparent and supportive environment for business which will be further improved by the ongoing efforts to improve business facilitation We believe these improvements are also contributing to the rising confidence within the market and that Barbados is becoming an even more attractive jurisdiction for both local and international investors

Edward Clarke Chairman, Barbados Private Sector Association (BPSA)

t o t h e B l u e

Into the Blue: New Investor Opportunities

the perspective of His Excellency Anton Ojala, High Commissioner of New Zealand to Barbados

Connie Smith Managing Director,

As a small green dot in a big blue ocean, Barbados has built a reputation for managing increasingly finite resources while having the fourth highest population density in this hemisphere

Since 1994, when the Barbados Programme of Action was adopted on these shores by 125 states and territories, this island has been focused on balancing sustainability while responding to the socio-development issues particular to many such small island developing states

The challenges of how to sustainably use our land and ocean resources for economic growth, improved livelihoods and jobs while preserving our unique natural environment has not been lost on the current government administration

One of the first tasks that Prime Minister, The Hon Mia Mottley undertook when she became leader of government was to appoint a Minister for Maritime Affairs and the Blue Economy, possibly the only government in the world to have such a ministry Having spent a number of years in a previous administration delineating and litigating for the rights of Barbados to exploit the marine resources within its Exclusive Economic Zone, which stretches between 12 and 200 nautical miles off our shore, the Prime Minister was obviously acutely aware of the need to balance the highest and best uses of these resources against preserving them for future generations

I have been struck by the parallels with another female prime minister of a relatively small island nation with ambitious targets for her country in mitigating the effects of climate change, and I welcomed the opportunity to get

“I would say that New Zealand is among a lot of countries, particularly small island developing states, that want to be very ambitious in our targets It’s not enough to just come up with a good enough type of outcome, because if we’re going to actually deal with the issues of the changing climates it is going to require ambitious targets We’re pushing ourselves and, where we can, we’re pushing other countries to be ambitious themselves,” said High Commissioner Ojala, as he outlined the comprehensive approach that Prime Minister Jacinda Ardern has taken to ensuring her country is stepping up in taking responsible climate action

I was impressed as the senior diplomat described Prime Minister Ardern’s intention to have New Zealand bring down its carbon emissions to zero by 2035; have 1 billion additional trees planted by 2028 (they have already planted 150 million trees toward that target); and aiming at 100 per cent renewable electricity generation by 2035 He also noted that the government was no longer issuing permits to oil and gas companies for offshore exploration I was even more impressed to hear that the private sector had come together across

industries to form a climate leaders coalition aimed at reducing their greenhouse gas emissions; and that farming, which is responsible for 50 per cent of New Zealand’s greenhouse gas emissions, is embracing science to measure and reduce actions that were causing such emissions

High Commissioner Ojala noted that The Hon Kirk Humphrey, Minister for Maritime Affairs and the Blue Economy, was exposed to the New Zealand government’s strategies for mitigating the effects of climate change when he visited the Pacific nation in 2018 As the High Commissioner observed, the Caribbean, like the islands in the Pacific, are acutely aware of the need for urgent change Having had this conversation with New Zealand’s head of mission for the Eastern Caribbean, I was eager to discuss with Minister Humphrey how his Ministry intended to reposition Barbados to also marry climate change efforts with the need to place Barbados on a surer economic footing As we discussed these issues, I was stirred by how much he recognises the great responsibility he faces

“I think it’s important to set the context of where we are when we talk of investment opportunities The unfortunate paradox is that Barbados is extremely vulnerable at the moment

As a small green dot in a big blue ocean, Barbados has built a reputation for managing increasingly finite resources while having the fourth highest population density in this hemisphere.

Tricor Caribbean Limited

Into the Blue: New Investor Opportunities

because we are low lying, we’re flat, we’re subject to the vagaries of environment and climate change Those are the things that also provide opportunities, in my opinion, for investment However, for each of these investments you have to understand that every time we do something within the natural environment there is a cost Newton got it right when he said that for every action there is an equal and opposite reaction”

Conscious of that trade off, Minister Humphrey identified several areas where inward investment was cleverly tied to conservation efforts The most ambitious of these is a ‘debt for nature swap’ whereby Barbados would see approximately BDS $250 million of its foreign debt bought by an investor in exchange for government’s commitment to pour funding equivalent to the debt into local environmental initiatives This has the dual benefit of reducing the dangerous demand on Barbados’ international foreign reserves caused by trying to meet external debt repayments, while providing serious support to climate resilience and climate mitigation efforts In the words of the Minister: “This will be

significant for us in terms of a debt reduction and putting us out to the world market as a country that is very serious about managing its environmental space and treating seriously to the environment”

The year ahead promises exciting times for Barbados as we look to welcome new investment in coral reef regeneration; the design and build of a more resilient housing stock; and the installation of several new berths and jetties around the island, intended to pave the way for a water taxi system between the south and west coast tourism meccas and a heavily anticipated inter-island ferry Recognising the enormous potential that Barbados has been missing out on by not being able to provide haul out facilities and easily accessible safe harbour for the ocean-going public, proposals are being considered for two new marinas on the west coast and in St Lucy The yachting class can also expect to pay user fees should they intend to continue mooring off of Folkestone on the west coast and Carlisle Bay, which are earmarked to be fully converted into marine management areas

And Barbados has not given up on the idea of becoming the Dubai of the Caribbean with three artificial offshore islands still under consideration for placement off the south east coast of the island, another near Brandon’s Beach, and the third far up the west coast near to St Peter However, not wishing to experience the same fallout as Dubai where its much vaunted luxury offshore islands have caused some coastal erosion, damage to the marine habitat and disruptions to the wave patterns, Minister Humphrey said that environmental impact studies and financial feasibility studies were being undertaken before any plans were taken to go forward with the engineering feat Should the projects go ahead, this too is expected to be an attractive prospect for inward investment

This wide range of business opportunities in the marine space is a powerful additive to Barbados’s practiced formula for attracting inward investment and will surely create the necessary diversification that is needed to ensure that our global business sector continues to renew and refresh its product offerings

Photo: David Lewis, Caribbean Aerial Photography

Zero to Hero Entrepreneur Kailash Pardasani

Zero to Hero Entrepreneur - Kailash Pardasani

Whether hurtling down a ski slope, plunging into a canyon, overextending to purchase a property or investing in an underperforming cricket franchise, self-confessed risk taker Kailash Pardasani is always going to give it his best shot

Fortunately, this serial entrepreneur

can back his bold approach with a shrewd business mind and a relentless work ethic that leaves nothing to chance An insight into his formative years might help explain what makes Kailash tick

As a little boy, Kailash enjoyed working in the family store But, at the tender age of 11, he suddenly found extra responsibility thrust upon his young shoulders following the premature passing of his father At that point he resolved to do all he could to help his mother During his teenage years Kailash taught himself how to fix computers and build websites, so that by the age of 16, he was earning extra pocket-money for himself in between his college studies Encouraged by his early entrepreneurial experience, Kailash was only 18 when he launched his first business, an internet café located in Bridgetown After rapidly discovering that his Net Café was never going to make enough money to be sustainable, Kailash decided to look for suitable premises to open a computer shop

Now fast forward 20 years to October 2019

Kailash Pardasani’s core business, Promotech Computers and Business Solutions, operates three retail outlets and an office/warehouse, is ranked as Barbados’ #1 technology company, and is currently building a new state-of-the-art headquarters with additional space for office rentals He co-owns two buzzing restaurants, Café 195 and Amigos 195, both of which are performing well He has recently acquired a stake in Carilend, the first peer to peer lending service in the region, which he believes ‘is going to radically transform the financial landscape in the Caribbean through ground-breaking innovations in Fintech’ He is a co-owner and co-CEO of the Barbados Tridents, a Twenty20 cricket franchise in the Caribbean Premier League, who have just won the 2019 championship in dramatic style And, in between all of that, he has also accumulated a healthy portfolio of property investments

Kailash Pardasani: “I think that the ability to spot a good opportunity has helped me a lot over the years, and then having the faith and self-confidence to fully commit to whatever needs doing, including finding the finance. That’s why I am willing to invest every dollar I make back into the business or into something new Including people I’m never afraid to give blindfolded because I know that it will somehow come back to my family or my friends one day, maybe not for the same reason,

but something will come back to the right person in our beautiful world That is why I run my businesses the same way I run my home, like a family, because it’s important for me to be able to help my staff improve themselves and their lives Success in business is really about success with people. Relationships are key Over the years I have learned to respect the fact that you can do so much more with partnerships It’s better to have a slice or two of a bigger pie than no pie at all

The Barbados Tridents is a good example. When Manish Patel, former owner of the Jamaica Tallawahs, asked me, Terrol Cummins and Arvind Gopwani if we were interested in joining him to buy the Tridents’ franchise, even though it hadn’t performed well recently, we didn’t hesitate He is a great The deal was sealed on a handshake. We worked well as travelling everywhere with the squad, strategically suppo them off the field, especially with replacement players throughout the season, always looking after their interest making sure never to meddle with the cricket side of thin

The tournament turned out to be a hugely emotional rollercoaster ride of desperate lows and unforgettable hig lost so many of the qualifying games that we were on the of elimination more than once. But, no matter how stress losses might have been, we never lost focus I kept telling family and friends, ‘Have faith, keep the faith, we’re going this’ And, incredibly, we did We started winning matche got to the final and we won! It was our very first season a had gone from zero to hero in a matter of weeks. Withou losses we would not have learnt what we know today and would not have bettered ourselves to become Champion losses moulded us into who we are and took us to #1

We are all in for the long haul with the Tridents and we even stronger next year, but 2019 will always be hard to b

When we came home the Prime Minister, Mia Mottley, ask arrange a cavalcade from Bridgetown to Café 195 in Warr celebrate the Tridents’ success I couldn’t believe my eye saw the thousands of people who came out to support u dressed in blue and yellow and waving flags It was a very moving experience to realize just how happy we had mad many Bajans It got even better later that evening when t used the Tridents as a metaphor, telling the crowd to use victory as an example of how Barbadians should pull tog make the country a better place, by not expecting everyt be rosy all the time, keeping going through every challen never giving up, even when things are going wrong. Just standing there, surrounded by that big crowd of happy p celebrating the Tridents’ victory, was truly priceless I nee money to live and feed my family, but there’s nothing I va more than getting that kind of spiritual reward ”

Private Offices, Co-Working Spaces and Meeting Rooms to Support

Today’s Business Professionals

P

Private Executive Suites

Overheads and start-up costs can be detrimental to the operations of a business The Desktops model was created to alleviate this burden by allowing business professionals to just walk in and get to work They simply pay one-flat rate and rent as needed – daily, weekly, monthly or yearly These office units are fully-loaded and completely adaptable to your needs

Co-Working Spaces – what’s this new concept?

Co-working spaces are essentially shared workspaces that offer affordable office space for those looking to escape the isolation of a home office or the coffee shops Walk into a co-working space and you’ll immediately notice that it feels totally different from a regular office Be inspired by the positive and energetic atmosphere that the occupants bring to the space, engage and network with other professionals Shared workspaces also offer a suite of office-like amenities such as private meeting rooms, private suites/desktops, kitchen facilities, copier station, reception services, coffee and more Occupants typically are freelancers, entrepreneurs, start-ups and small business professionals who want to take advantage of a flexible space In addition to the positive culture, cost is another big draw One of the advantages of these co-working spaces is the ability to rent only what you need, as opposed to an entire private office space, which can be very costly

All-Inclusive Flat Rate

For a flat rate, you will get a fully furnished air-conditioned office, including furniture, Wi-Fi, telephones, electricity, water and a staffed reception For other consumables, such as secretarial services, photocopies, international calls, stationery and Tech station services, you will be billed separately Desktops has a compliment of 19 office suitess: 13 x single occupancy, 3 x double occupancy and 3 x triple occupancy All spaces can be adapted to accommodate larger staffing needs Each tenant will be given 24hr access to their office space and a magnetic key card/Bluetooth enabled

What’s Included

• WIFI

• Shared Reception and Reception Areas

• Bathroom Facilities

• Cleaning and Maintenance

• Utilities

• Coffee and Tea Station

• Lunch and Recreation Room

• Stationery Station

• Photocopy and Scanning Station

• Tech Station

Co-Working and Desktop Rental

Get the benefit of a full-time office and only pay for the number of desktops you require Choose to have a private unit, which is fully enclosed, or rent your own permanent desktop, which is an open, shared space Double and Triple shared spaces can also be privatized and enclosed upon request

Virtual Offices and Business Addresses

Our Virtual Office package includes call answering services and mail handling with a professional business address We also offer a specialized service of forwarding your mail anywhere in the world Your mailing address will be: <Your name here>, DEGA COMPLEX, Lower Estate, St George, Barbados, West Indies

Meeting Rooms Rental

There will be times when only a professional meeting room can get the job done For these occasions consider using our meeting room facilities which are fully equipped for video conferencing, conferences, interviews, client pitches or staff training

BOOK ONLINE: www desktops bb

Medicinal Cannabis in Barbados An Industry Poised for Growth

Prime Minister Mia Amor Mottley and her government are working on a framework for the legalization of medicinal cannabis in Barbados Ms Mottley has noted Barbados can no longer afford to miss out on the emerging, multi-billion-dollar global cannabis industry

creating new jobs, new opportunities for local businesses and new revenues for the government The legalization of medicinal cannabis also presents great opportunity for international investors

Local Sector Creation

Senior Consultant, Strategy & Operations, Deloitte

Associate, Tax & Legal, Deloitte

The legalization of medicinal cannabis marks a significant transition for a conservative Barbadian society However, to maximize Barbados’ global market share and overall impact of the cannabis market, the government will need to complete proper due diligence, which includes considering social opposition, sensitization process and socio-economic factors Nevertheless, this dynamic and sophisticated sector can be a catalyst in

The Barbados business sector is poised to experience significant positive disruption should the cannabis industry and all its potential for Barbados be embraced It can create new opportunities for research, cultivation, manufacturing, exportation and quality control standards As cannabis legislation continues to evolve, there is a greater need for quality control There is currently no standard body for governing and stipulating the quality control and

Left to right: Chris Sulaiman, CPA, CA

Tax Manager, Tax & Legal, Deloitte

Ché Waithe

Kishmar Lorde

Medicinal Cannabis in Barbados - An Industry Poised for Growth

assurance requirements; however, this presents an opportunity for the Barbados government to partner with and involve best-in-class companies and talent in cannabis quality control

Barbados has hectares of unused or underutilized land, which could become the main vehicle for extensive cultivation and manufacturing of cannabis and cannabis by-products in Barbados The University of the West Indies has established the Cannabis Research Group to cultivate cannabis for research purposes and is set to establish an institute to coordinate research efforts on medicinal and commercial products of cannabis

Legalization presents an opportunity for Barbados to globally leverage research strengths and become a leading global authority on cannabis quality control and assurance In many countries where medicinal cannabis is legalized, governance bodies are already in place in response to the need for global standards In 2015, Jamaica created the Cannabis Licensing Authority to establish and regulate Jamaica’s legal cannabis and hemp industry While in Canada, approximately $800 million was spent on medical cannabis in 2018

These opportunities not only represent Barbados’ ability to compete as a global player, they also support the requirements for attracting and sustaining high quality local and foreign investment

International Sector Creation

Specifically, in the international sector, there is potential for the cannabis business to strive Barbados is recognized as a global hub for international business because of its attractive tax incentives, compliance with international best practices and standards, and skilled labour force in providing weightless professional services Barbados has a wide double-taxation treaty network and is recognized as a transparent jurisdiction for international business with procedures for information exchange and disclosure

There are 31 concluded treaties that allow foreign investors in the international cannabis sector to access certain treaty incentives The island also offers competitive tax rates for businesses at 5 5 % to 1 %, as compared to its Caribbean

neighbours: Jamaica (25%), St Vincent (16%) and Antigua (25%) Notably, these three territories were among the first in the Caribbean to have passed cannabis legislation

The international business regime in Barbados is well-established to host international entities which are a part of the medicinal cannabis industry International entities seeking to register cannabis entities in Barbados are required to meet the economic substance guidelines These guidelines can be beneficial to cultivators, manufacturers and the general labour force through the transfer of knowledge, thereby improving the skills of the local workforce At the same time, cannabis business can be beneficial to incoming international entities as they can access the highlyskilled and well-rounded labour force

In addition to quality control involvement as aforementioned, strong strategic partnerships between the government and experienced investors with knowledge of the sector can be beneficial to both parties in terms of business facilitation and the development of human capital

Other Considerations

There are several other considerations that need to be thought out With Canada being the first G7 nation to fully decriminalize the use of cannabis, Barbados can make efforts to utilize available resources, such as working groups and accounting or consulting firms Deloitte, a global leader in the Cannabis Sector, issued a 2018 Cannabis Report, in which several considerations are applicable to Barbados This report notes that the legalization of cannabis,

whether for medicinal purposes and/or recreational, is a complex effort, whereby the needs of diverse stakeholders must be delicately balanced Public safety –from a health, security and justice perspective – is paramount At the same time, there is a strong desire to foster innovation and entrepreneurship across CARICOM and to show the world that a well-regulated, well-run, highly professional cannabis industry can be a positive contributor to a national economy Barbados will also have to strongly consider correspondent banking relationships As countries push to decriminalize cannabis, it can be an opportunity to reinforce Barbados as a global hub for cannabis companies, with the ability to pay dividends and interest to global foreign companies with no issues from respective governments or central banks On the other hand, countries like the United States, where cannabis remains a federally illicit substance, could face banking issues, as profits from cannabis are viewed to be derived from unlawful activities and rejected by a correspondence bank

Conclusion

The globalization of cannabis has caught on around the world For those stakeholders involved, there will be continued lessons to be learned As Barbados embarks on the first steps into the legalization of medicinal cannabis, there will be several opportunities for revenue growth, collaboration with neighbouring islands and building relationships with global cannabis professionals and entities

this dynamic and sophisticated sector can be a catalyst in creating new jobs, new opportunities for local businesses and new revenues for the government The legalization of medicinal cannabis also presents great opportunity for international investors

Barbados is ‘Moving On’

“Barbados remains the Caribbean’s most attractive tourist and secondhome destination. It has also become a place where wealthy people want to spend more than just the winter months. The opportunity to invest in a house or business and achieve residency is real. In the past five years, many high net worth families have become Barbadian residents.”

Barbados is ‘Moving On’

Caribbean Sea on the West coast A constant North Easterly breeze sweeping over a lush landscape which the British kept as their ‘Jewel in the Crown’ for 340 years It was a jewel that produced huge fortunes from the cultivation of sugar and rum and fuelled lavish lifestyles Slave labour made all this possible and emancipation in 1837 left an uneven playing field, with one obvious opportunity to achieve upward mobility –education Today, Barbados boasts one of the most educated and sophisticated populations (approx 280,000) whose U W I campus is rated among the top 4% of universities globally

the equivalent of 15 6 weeks of imports as of September 2019 Receipts from tourism, our largest foreign exchange earner, stood at approx BDS $2 3 billion for the year 2018 In order for our economy to grow, foreign investments must play a key role in attracting capital inflows Such investments, while creating employment, also improve and expand our capacity to attract more visitors and provide for our own citizens It also serves as a way to maintain and regenerate our built and natural environment and to improve our infrastructure

Barbados’ economy is well on the road to recovery After 17 months in office, P M Mottley has improved our fiscal balance by some Bds $420 million Property taxes have made a significant contribution to this recovery This source of Government revenue has more than compensated for the reduction in Corporation Tax from 25% to 5% Land Tax rates have increased but are still acceptable in the context of a government committed to improving all infrastructure and related facilities For example, a house or condominium valued at US$1 million would pay an annual tax of US $6,935 (after a prompt payment discount of 5%) and a house valued at US$5 million would pay a discounted sum of US$44,935 The maximum land tax is capped at US$50,000

Barbados remains the Caribbean’s most attractive tourist and second-home destination It has also become a place where wealthy people want to spend more than just the winter months The opportunity to invest in a house or business and achieve residency is real In the past five years, many high net worth families have become Barbadian residents Unlike several other Caribbean islands, Barbados does not offer a CIP or Citizen by Investment Programme The difference is clear - Barbados offers residency as opposed to passports

What Makes Barbados Attractive

Barbados has not suddenly emerged as the place to live Much of what exists here is God given A compact 166 square miles of rolling land separating the Atlantic Ocean on the East coast from the

What an Independent Barbados inherited is today a coral island with infrastructural integrity and historical authenticity There is a pride that binds all of the moving parts

As a result, we recognize that today’s connected world allows business to be conducted from any point on the globe The new approach is to stretch the imagination in making Barbados even more user friendly Self-sustainability is at the tip of our leaderships’ tongues as we aim to drive electric vehicles and get rid of single use plastics, use solar energy and improve the delivery of basic necessities such as water, health, power and housing

Our P M spoke on climate issues at the U N in September One statement that resounded was, “the fate and needs of 20% of the United Nations’ membership rests in the hands of major nations ” That concern extends to managing the limited land area of our island We are therefore committed to development following a master plan That is why our towns and cities have been identified as the key areas for new development to occur under the banner of ‘redevelopment’ Our capital city, Bridgetown, is a UNESCO World Heritage Site and the vision for that city starts with a futuristic image of its attached Carlisle Bay

Foreign Investments and Real Estate

Our Central Bank’s foreign currency reserves, which measure our ability to pay for imports whether this be fuel, food or other items, stood at BDS $1,225 6M or

The objective therefore is to encourage foreign investments in areas that serve our best interests, one such area is the redevelopment of our cities and towns rather than greenfield development The Pierhead Project is an excellent example of urban redevelopment through foreign investment

The Pierhead Project anchors Government’s vision for the Carlisle Bay redevelopment, this stretches from the Pierhead in the north, to the Hilton at the southern end of Carlisle Bay, while giving consideration to the UNESCO World Heritage Designation that encompasses Bridgetown and most of Carlisle Bay This project includes the entire careenage waterfront from the Chamberlain Bridge to Fort Willoughby as well as the historical screw dock which leads onto a magnificent beach on the northern end of Carlisle Bay The Pierhead Project is best described as a ‘mixed use’ development which will include a signature hotel and apartments aimed at the international market as well as young, entrepreneurial, trendy Barbadians who see themselves living, working and enjoying the facilities being offered in this one location Altman Real Estate/ Property Consultancy Services are working with a team to ensure that all of the targeted objectives are met, leading into the sales and tenanting of the residential and commercial spaces The project is currently in the planning phase Altman Real Estate/Property Consultancy Services are negotiating with potential commercial tenants as well as a hotel brand for the project Barbadian architect, Doug Luke, who designed Limegrove Lifestyle Centre, has been appointed as

Sir Paul Altman Managing Director, Altman Real Estate

Barbados is ‘Moving On’

the architect for this project

While plans are progressing well for The Pierhead Project, The Apes Hill Golf Resort has a new owner who has engaged Ron Kirby, a world recognized golf architect, to carry out a significant upgrade to that course As plans emerge, Apes Hill promises to be even more spectacular as its new signature should attract many well-qualified purchasers of their villa product

New Opportunities

The prevailing view in the business sector is that Barbados’ economy is ready for take-off As our government stabilizes its finances under the current IMF programme (after approximately half of the four year programme, it has met all targets set) and as we attract new investment, there is a sense of confidence not felt for the past ten years Sometimes we have to look beyond our shores One may ask how the oil find in Guyana, projected to boost that economy enormously, can have an effect on

Barbados Let’s just say that 120,000 barrels of oil per day, along with a GDP of $3 63 billion and a population of 778,000, makes a great neighbour with whom we have an ongoing close relationship The opportunities for Barbadians to invest in Guyana, the wider Caribbean, and even further abroad, have never been better

Many multinational companies working in Guyana have identified Barbados as a base to locate the families of their key employees, who will shuttle between Barbados and Guyana

Other strengths exist and have the capacity to build confidence and influence investment

Our Government recently granted permission for Barbadians to open US dollar bank accounts and the expectation is that this will not only be used by residents living here but also by our wider diaspora of nationals The local banking system is holding deposits in the amount of Bds$10 2 billion as at June 2019, which translates to Bds $36, 248 00 per citizen, all ready to be invested in meaningful

opportunities This all amounts to that take-off reality

One Major Project

Barbados is back on track Proposals for new projects or expansions of existing projects are coming into our town and country planning office at an accelerated pace While Government is aiming to attract a new hotel adjacent to the Hilton, expansion is taking place at the Crane and Ocean One on the South Coast, while two major hotels are close to starting construction – Blue Horizons and the Bridgetown Hyatt - with Sam Lords Castle hoping to continue work on its new hotel

On the west coast, the owners of the Royalton brand will commence construction of a new hotel to replace Discovery Bay Hotel and the new Sandals and the Four Seasons are still hoping to push forward

With all this activity, our plan to build an offshore island is gaining momentum One such project that would move the goal post forward by ten years

Image from the Proposed Bridgetown Development Plan

Rolling the Barbados Wicket for Real Estate Growth

growth in numbers of rental villas and condo’s, which now exceed hotel rooms

This element of the market has been the fastest growing segment, spurred by the growth of the Airbnb phenomenon The government has levelled the playing field on how those different visitor revenues are taxed by introducing a ‘shared economy levy’ of 10%, whilst announcing the intention to increase VAT on hotel accommodation to 10% next year, a level of room tax which is still much lower than that which applies in our major tourism source markets

to proceed in 2020

Marriott Hotels have announced the acquisition of Elegant Hotels Group Plc, which owns and operates seven hotels on the island This will be Marriott’s first foray into the Caribbean luxury allinclusive market, and they intend to renovate the hotels and create an exciting new product

There is a Barbadian saying that if you want to score runs you have to ‘roll the wicket’ The new Barbados government has certainly rolled the wicket and is ready to score some runs There has been a paradigm shift in the governance of the economy which has had striking results A fiscal surplus has been achieved, the country has a balance of payments surplus for the first time in many years, inflation is down to 2%, and foreign reserves are up to 15 weeks of imports, which protects the currency peg against the US dollar The National debt has been restructured with longer tenors and lower rates and, as a result, over $500m in interest payments have been saved

More than just correcting the management of the economy, the government has rolled out an economic transformation plan which is intended to make the country the most competitive in the region As part of the plan, the Town and Country Planning Act has been reformed with simpler processes and faster turnaround times Major real estate projects now have much greater clarity as to the requirements for approval

This comes on the heels of five years of record tourism arrivals and a doubling of the room stock on the island, mostly by

This growth in tourism has also focused the government on its tourism assets and they have announced a search for an international airport management company to operate the airport The bidders will have to commit to provide capital to renovate and enhance the physical plant and to improve the visitor experience

Real estate developers are responding positively The recent purchase of five buildings at the Pierhead in Bridgetown will result in over 400,000 square feet of mixed-use development, including a hotel, apartments, retail office and restaurants

The purchase of Apes Hill Golf Club by a wealthy investor who already had a significant economic footprint on the island promises an exciting re-launch of a magnificent asset for the island with new luxury residential options

In the hotel sector, the Hyatt project will commence construction and Blue Diamond Resorts will be constructing a 200 room Royalton hotel on the site of the existing 90 room Discovery Bay Hotel Blue Diamond is the fastest growing hospitality player in the region Part of the Sunwing group, they plan over 10,000 new rooms in the region in the next few years An Indigo hotel is planned for the old Caribbee Hotel site and the Beaches project, one of the Sandals brands, is likely

I mentioned earlier the ‘Airbnb phenomenon’ It encompasses a wide array of industry online travel businesses, including VRBO, Owner Direct, Expedia, Booking com, Trip Advisor and others, and it has changed the way we book our vacations putting the power of choice in the hands of the consumer This paradigm shift has spurred numerous new developments on the island, including Westmoreland Hills, Mullins Grove, Garden Grove, Zinnia and Harmony Hall Green, to name a few These appeal to the buyer who wants to earn a yield on his investment either by renting on those engines or in a ‘low frills’ rental programme This sub-market has been the fastest growing segment of the market and has changed even developments that have been around for 25 years, such as Royal Westmoreland

We live in a new ‘uber ’ world where the younger generation is less motivated to owning large assets and more attuned to controlling their exposure and varying their experiences That is probably the biggest lesson to be learned by today’s developers

Barbados is on the cusp of a new wave of development, driven by all of these very positive initiatives and encouraged by a well-managed business friendly economy, a competitive low tax environment and all of the island’s many natural attributes

The next few years promise to be exciting times

Terry Hanton, FCA, MRICS Managing Director, PCS Consultancy Services

The Value of Investing in Design

R

Renovating or refurbishing a space is an exciting time, but it can also be a stressful one No matter if it’s a room in your home, a commercial office space, or an entire building in the hospitality sector; getting the perfect design together is no easy task At Dwellings we offer the solution of a complete design service – from turn-key interior design services to working alongside other designers to offer logistics, sourcing and installation solutions We can take any project from conceptualization to completion, on time and in budget

Let’s take a look at the overall process of how this works and how we can add value to your property and project

Phase 1 - Design

First, we meet with the client to discuss the type of property at hand; whether it is a long-term home for personal use, a vacation home, an investment property for rental or a commercial project

At Dwellings, we have experience with all types of properties from commercial to residential, high end to economical, and can help guide clients to select items at the right quality level and price point to meet their objectives

Once we have established the property’s main use, we dive into the finer details, which include design aesthetic, style, overall feel and budget We then hone the design through the presentation of concept boards and 3D renderings so that clients can get a true feel for the final space

Once a design is approved, an itemized list of items including landed costs into Barbados will be presented to the client for review and final signoff

Phase 2 - Sourcing

Once the design is approved and items have been specified, we then move to the sourcing or ordering phase

Dwellings has developed a vast network of suppliers since its inception in 2006, including well-known brands and factory-direct contacts from around the globe We have access to many styles of furnishings to meet any budget so we can ensure furnishings meet your style and budget requirements

Having developed our own private label brands, we are familiar with custom product development and production to achieve the best value for our customers, whether residential or commercial

We also proudly work with local artisans to create unique

furniture pieces, commissioned art, drapery and wallpaper installation

In the case where a client is working with an external designer, we can source all items based on the designer ’s specifications and generate an itemized proposal for review

Phase 3 - Importation

Shipping and importing furnishings into Barbados can be complicated and costly Dwellings’ expertise of shipping from countries spanning the world and importation processes in the Caribbean is second to none We currently import over 200 containers per year into the region and know how to speed up the process, reduce possible damages and eliminate unnecessary costs to make this phase as efficient and smooth as possible for our clients

Should there be any damages in shipping or product issues, we cover manufacturer warranties for all products purchased through Dwellings giving our clients peace of mind

Phase 4 - Installation

We do all the heavy lifting and put the final touches on your project Our experienced white – glove delivery team and our company owned enclosed trucks ensure your furniture and fragile décor items arrive safely to your property We handle the placement of all purchased items including furniture, décor, wall art, drapery as well as kitchen and bed & bath packs for a turnkey solution Clients can simply relax and enjoy

In addition to design services, Dwellings also operates a 12,000 sf store offering a wide selection of stocked goods including indoor and outdoor furniture, décor, kitchen, dining and bed & bath items Visit us at Millhouse & Home in Canewood, 7 days a week, or online at www dwellingshome com

For design inquiries please contact us at design bb@dwellingshome com or (246)629-2915

Award-winning ARGO Development

Studio is a leadingedge architectural design practice that has transformed the AEC (Architecture, Engineering, Construction) industry in the Caribbean with its highly successful implementation of the BIM approach to design, construction and project management BIM, an anacronym for Building Information Modelling, is a disruptive technology that enables ARGO to design and construct a building in a virtual world before going to site This digital twin of the building can be systematically scrutinised to identify and eliminate any potential flaws before construction begins, thereby guaranteeing a more efficient delivery, minimising time delays and saving up to 20% of the project budget compared to traditional construction

Headquartered in Barbados, with offices in Dominica, St Vincent & the Grenadines and Ireland, ARGO boasts a long list of successful projects, including commercial buildings, offices, hotels and airports While the company focuses on delivering efficient expertise and cost certainty through intelligent 3D Digital Modelling, ARGO can also provide a consultancy service to safeguard a project from concept to completion

In the short 7-years since ARGO was established by Irish-born Managing Director David Campion, the practice has grown from one employee to thirty-six, opened three new offices and worked in twenty-two different countries

David Campion: We are currently working on live projects in eight countries, as far afield as Ireland and Bermuda, where we are working on a new international airport It’s been quite a ride since I first arrived in Barbados in 2010 with my wife Edel and 3 young kids Back then I was working for an Irish architectural firm, but when the office closed down I had to decide between accepting an opportunity in Kuala Lumpur or staying here Well, by then we had our fourth child, so uprooting the family was not a good idea. And we all liked living in Barbados, so that wasn’t a big decision either The real crossroads was that I had always wanted to start my own practice, but felt reluctant to step off the edge In the end it was my father who gave me the push I needed, simply by believing in me. It turned out to be the best thing I could possibly have done

What helped ARGO grow quickly was our commitment to BIM and investing heavily in the latest software and hardware, plus regular training for our team. We use the most advanced technology available to supply next level intelligence at the concept stage, including climate resilience, environmental risk and sea-level change analysis, which are particularly relevant in the Caribbean Not many design or construction companies in

the region have embraced BIM, despite the fact it is compulsory in countries like the UK, so we have to play our part in helping the industry to upskill to be able to operate on a digital platform The upside is that we are now seen by many to be the industry leader.

Our biggest challenge while expanding was having different teams of people in four different offices, all working on different projects, in different locations, with different building codes, different environments and different challenges. It could have been completely mind-boggling but we managed to turn it into a strength Twice per week, we coordinate a 20-minute group ‘huddle’ by connecting all four countries via a big TV screen in each office The teams give an update on their projects, including any major challenges, which allows the others to suggest possible solutions based on their experience As well as the obvious advantage of solving problems with a vast amount of collective knowledge, it’s a fantastic way for all our employees to stay connected and have a better understanding of the bigger ARGO picture It also encourages ambition and keeps people excited Including me! We recently had all four offices simultaneously working on the same presentation for a project in Guyana, all collaborating in real time via the TV link-up. It was incredible to be part of that process Another competitive advantage we gain is that, between the four offices, we can offer clients a minimum 13-hour working day by taking advantage of the 5-hour time difference with Europe

In our tech-driven business we have to stay 10-years ahead of the game, which means we need employees who are ambitious for themselves and ambitious for ARGO So whenever somebody with talent exhibits a strong work ethic and a dogged determination to succeed, then I want to help them improve their qualifications To facilitate that possibility, we have set up the ARGO Development Studio’s Scholarship Programme One of the team, Daneisha Pile, is currently pursuing a BSc in Architecture at Dublin Institute of Technology Thanks to the weekly huddles, she already knows the folks at the Dublin office, which makes relocating easier, and she can work there during her vacations

It’s a great experience for her in many ways I want to help our employees expand their horizons and fire up their ambition

As a young lad of seventeen, doing an internship at an architectural practice in Dublin, I stumbled upon a collection of Architectural Digest magazines Instantly hooked, I spent every lunch break admiring amazing photos of wonderful buildings I can vividly remember thinking to myself that if I applied myself properly and worked really hard, then the day might come when I could work on a design that ended up in one of those magazines That idea really inspired me So, imagine how I felt when I recently got a call from a client encouraging me to read the latest edition of Architectural Digest. And, lo and behold, there was a lovely feature about one of our projects, the Zing Zing Restaurant at Secret Bay in Dominica As I’m always telling our team at ARGO, dare to dream and dream big, because dreams can come true!

Delivering Next Level Intelligence to the Construction Industry - ARGO Development Studio

JADA Building a Stronger Barbados One Project at a Time

TTo the citizens and communities that inspire us, JADA Group of Companies owes much Without them, it is hard to see how we could have risen to the challenge of becoming innovators in building and construction in Barbados for the last 20 years

Our extensive property portfolio includes the award winning Port Ferdinand, Palazatte and St Peter ’s Bay all in St Peter; commercial headquarters such as The CGI Towers in Warrens and public-sector projects like the Barbados Judicial Centre

But, while we are proud of the projects we have built thus far, we are prouder still of the way we have been able to work alongside community leaders, nation-builders and charities across the island

1 CEMIX has been a huge supporter of various initiatives that support early detection of Cancer In 2014 we partnered with the Breast Screening Programme of the Barbados Cancer Society to offer free breast screenings to women across Barbados at our various pop-up events Chairperson Dr Elizabeth Ferdinand and her team were pleased to accept our cheque of $37,600 towards their worthy cause

2 We are always thrilled with their stellar performances Infra Equipment Rentals has proudly partnered with the Under-13 Pro-Shottas Soccer School’s Elite Team since 2016 Managing Director of JADA Group, the parent company of Infra Equipment Rentals, Philip Tempro, is seen here presenting a donation of $3000 to go towards equipment awards and trophies, and covering the expenses of a visiting coach to the team and coach Fabian Massiah

3. CEMIX is a cheerful giver! Here, General Manager of Cemix Jason Edwards presents a cheque to Dr Dorothy Cooke-Johnson for the Barbados Cancer Society’s annual Children’s Christmas Party

4 It saves lives by communicating accurate diagnostic information That is, in part what a Nihon Kohden monitor does President of the Barbados Cancer Society Dr Dorothy Cooke-Johnson and Paediatrician/Neonatologist Dr Clyde Cave were happy to receive a brand new one on behalf of the Queen Elizabeth Hospital from Jason Edwards, General Manager of Cemix back in 2017

5 We are always happy to partner with schools to help with their upkeep and maintenance Back in 2018 we presented a leaf blower to Principal of St Gabriel's School Angela Blackette and students

6 The future is theirs and CEMIX is always happy to host tours for Barbados’ future leaders

THE HIDDEN GOLF GEMS OF BARBADOS

“There is little doubt that the world-class quality of the golf courses, coupled with the sea, fine cuisine, quality international schools, friendly people and the safe openness of Barbados, has been a key driver in attracting some very wealthy people and FDI to Barbados in recent years ”

The Hidden Golf Gems of Barbados

home

Of the four continents that I have lived in around the world, the lilt in the Bajan accent is the closest thing to a soft West Cork accent that I have ever heard Perhaps that is no great surprise, given that so many Irish people were shipped to Barbados by Oliver Cromwell in the mid1600s to serve as indentured servants

Over the centuries their descendants made their mark on society, so much so that the main pillars of Barbadian life today - the church, the family, the ‘craic’ (doing something for the pure fun of it) horses and ‘liming’ (hanging out over a few drinks) - are not dissimilar to Ireland

That is probably why the Irish feel so comfortable here, and why this connection has led to over US$ 1 billion of FDI by the Irish into Barbados over the years

The crown jewel of these investments is the iconic Sandy Lane Resort, with its two Tom Fazio golf courses and stunning sixstar hotel The exclusive Green Monkey golf course, carved out of an old coral stone quarry, is quite spectacular and qualifies as one of the few ‘trophy’ golf courses in the Caribbean The Sandy Lane Country Club, which hosted the 2007 World Cup of Golf, is a pure five-star experience

Just up the road on the ‘platinum’ west coast as it’s known, is Royal Westmoreland, the most successful highend real estate golf development on the island It’s a Robert Trent Jones Jnr designed golf course and probably the best he has designed The challenging course is surrounded by impressive villas that are home to the rich and famous, many of whom call Barbados their second

Directly up the hill, just 10 minutes away and close to the island’s highest point, lies the hidden gem of Apes Hill, nestled among hillsides and deep winding gullies that are populated by families of monkeys, birds and an abundance of tropical foliage This beautiful natural environment, together with the dramatic vistas over the wild east coast and Atlantic Ocean, make it arguably the most spectacular golf experience in the Caribbean Several holes on the course are bordered by open pastures, home to some of the horses that belong to the Sir Charles ‘Cow’ Williams polo dynasty Polo Matches are played regularly on the Apes Hill Polo field, adjacent to the golf course The Apes Hill Golf Course is currently being renovated by its new owner and will reopen in 2020 A new short course, with state of the art practice, training and wellness facilities, along with other new outdoor pursuits such as cycling, hiking, gully walking and tennis, will make Apes Hill one of the most sought after places to live on the island

On the final approach over the sea as you fly into Barbados, the Barbados Golf Club sits on the left side of the plane, just up from the famous ‘Friday Fish Fry’ village of Oistins, five minutes away from the airport Fully open to the public, it is the only 18-hole championship golf course on the south coast, with a catchment area of over 2,000 hotel rooms The links style layout, with fresh prevailing winds, was first opened in the early seventies but closed in 1975 In 1998 I moved to Barbados for five years and was involved

with a group of local golfers, the Government, businessmen and hoteliers, in rebuilding the golf course which had reverted to 30 foot of wild bush with a derelict clubhouse The Barbados Golf Club is now proudly the Home of Golf in Barbados for the majority of the 1,000 or so local golfers It is also the most popular and affordable golf course in Barbados for tourists and the many snowbirds that frequent the island in the winter months Golf for All is the slogan of the club, which is completely inclusive and the main teaching centre for the growing number of young Barbadians learning the game It is also by far the most social golf club on the island

Two years ago, when asked to address the Antiguan Cabinet about renovating Cedar Valley GC, I told them that Antigua, famous for its sailing heritage, had probably lost over US$500 million in FDI by not having a championship golf course There is little doubt that the world-class quality of the golf courses, coupled with the sea, fine cuisine, quality international schools, friendly people and the safe openness of Barbados, has been a key driver in attracting some very wealthy people and FDI to Barbados in recent years

There are a number of physically more beautiful islands in the Caribbean, that is for sure, but none of them can deliver the same quality of life as Barbados As I say to many of my international friends, there is a life in Barbados, with lots going on and plenty to do And its biggest asset of all is the friendliness of its well-educated people

Roddy Carr

Senior International Representative Nicklaus Design

Sandy Lane Green Monkey Course

Realtors Limited Shaping Barbados Real Estate

R

firm in Barbados

Realtors Limited opened its doors in November of 1952 with the husband and wife team of Sheila and Nick Parravicino More than six decades later their customized rental and property management portfolio has set the company apart as the premiere fullservice real estate

Launching the company at the advent of the tourism boom in Barbados, Realtors Limited has been a keystone in the shaping of the villa rental and property sales sectors on the island Still a family owned and operated company today, the dedicated team continues to provide a hands-on and tailored service to our clients Whether you are planning to holiday in Barbados, buy a dream home or enlist a company to oversee your investment, the team at Realtors Limited is ready to provide you with an unmatched and proven service

Our staff complement consists of a mix of longstanding managers all of whom have 25 plus years either with the company, or within the industry and supported by a body of competent staff, creating a perfect blend of expertise and innovation

Currently, our General Manager, Christopher Parravicino is the nephew of Nick and Sheila Parravicino Manager of Holiday and Vacation rentals Mrs Allison Gill has been with the company for 25 years and overseeing property sales and marketing is the youngest grandson of Nick and Sheila, Mr Simon Parravicino

Finally, the accounts department is headed by Mrs Susan Sampson who celebrated 40 years with the company in 2018 and provides a customer service like no other The team is like a family and as such we work together to ensure clients are taken care of like family, staying true to our slogan, our family serving your family since 1952

Realtors Limited has over 65 years of knowledge and experience in the vacation villa rental and property management business and is firmly established in the Barbados market Since inception Realtors has been a pioneer in the development and sale of Barbados properties From luxury villas and land to hotels and development opportunities, we offer a wide range of options for anyone looking to invest in Barbados real estate Our dedicated property managers ensure that your investment is looked after in your absence Our core belief is that communication is number one and we ensure this via a number of mediums, including real time online access for homeowners to view all pertinent details relevant to their homes

Realtors has been affiliated with many Barbados developments from inception to sale, ranging from land division for individual sale to the building and oversight of a beachfront condominium complex The knowledge and expertise available to all of its clients ensures they achieve a positive return on their investment, both from a financial and personal level

Investment Opportunities in the Tourism Sector

August 27, 2019, 9:43 pm, Tropical Storm Dorian is passing just 30 miles to the south of Barbados It will be a long night but the country has taken heed to words of the Honourable Prime Minister, Mia Amor Mottley, and precautions have

been taken to ensure safety to life and property Over the past 18 months we have endured a different kind of storm, an economic storm greater than a Category 5 Hurricane Barbados is still in the process of emerging from this storm, but is taking significant steps to get the pillars of the economy functioning again

One of these pillars is tourism - the engine of our economy New investment in tourism is a must and planned investments in The Hyatt Centric, Blue Horizon, Sam Lords Castle, Sandals Beaches, The Sands and the recently opened Azura, clearly demonstrate the great attraction this pillar holds for major investors

Further demonstrating this appetite for investing in Barbados is the US company, Hilton Grand Vacations Inc, making its first investment in the Caribbean by acquiring a US$45m interest in The Crane Resort, with plans for further investments Plus

Canadian investor, Glenn Chamandy, who already holds successful operations in Barbados through Gildan Activewear, recently acquiring Apes Hill Club Golf and Residential Community, with plans for significant further development

You may ask why invest in Barbados when less than 18 months ago we entered into an IMF programme This answer is simple: Confidence Thanks to the successful recovery measures undertaken so far by the current Government, there has been a flood of confidence returning to Barbados’ economy And while there is still a significant amount of work that needs to be done to ensure that the economy remains on a sustainable path, we have witnessed real evidence of light shining through the dark economic clouds

With Barbados continuing to enjoy a strong reputation for a tourism product that offers visitors a safe and experiential

Sirpaul Jaikaran Assurance Engagement Leader PricewaterhouseCoopers SRL

vacation, we can assume that this renewed confidence will lead to profitable growth and economic prosperity for all, as Barbados progresses along the continuum of the IMF programme

As a mature destination, Barbados has to continuously add new guest experiences to our tourism product, and recent investments indicate that eco and agri-tourism are becoming increasingly popular PEG Farms in the heart of parish of St Joseph and Coco Hill in the parish of St Andrew, both provide new product offerings, including educational tours and farm-to-table dining experiences These innovative projects, which were initiated during the challenging economic period of the last 10 years, are now well-positioned to reap a good return on their investment, as they add a popular new dimension to our tourism package In the business of providing destination experiences, guests in all segments of the market are looking for new and distinctive experiences that form a datapoint in how they value their vacation This also provides new opportunities for investment in this sector

The reason why tourism is considered the engine of the economy is that it drives all other major sectors of the economy I have borrowed this line of thinking where we even see tourism as a key driver behind the International Business Sector Most international business companies want a country with reliable infrastructure, highly skilled human capital and support services, and tourism has helped to drive each of these As a result, many expats have been able to thrive and seamlessly integrate on arrival to this beautiful island

To encourage investment in the sector, the Government of Barbados offers incentives through the Tourism Development (Amendment) Act Cap 341, which provides specific benefits to Approved Tourism Projects and Approved Tourism Products In addition, the Government, via the Barbados Tourism Marketing Inc , supports the tourism industry through a marketing programme that aims to continuously drive growth in the sector

There are numerous opportunities for investment in both room stock and services, with prime real estate currently available on the south and west coasts, in

what is still considered a buyers’ market With Government’s continued push to increase both cruise and land tourism over the medium to long term, there is a need to increase room stock to cater for each segment of the tourism market In conjunction with recent changes to our corporate tax structure, this creates exponential investment opportunities

Over the past 5 years there have been 6 1 million long stay and cruise visitors providing a steady stream of customers for the services side of the industry I’ve had the chance to hike through some beautiful areas of Barbados, which provide magnificent views and a good work out Adventure tourism meets the needs of our ever-changing visitor demographics Activities such as hiking and biking through the Chalky Mount and Naniki trail or kayaking and surfing on the East Coast bring the thrills adventure seekers desire

With capital injection and local expertise, these products can be significantly expanded to meet the continuously expanding needs of our guests

I see good potential for new investments based on flexible business models, where human capital can crosstrain in multiple services, allowing businesses to operate on an annual schedule, as opposed to seasonal tourism operations This year-round model is already well supported by a full calendar of activities, including cricket, motorsports, golf tournaments, athletics, polo and horseracing to name just a few In a similar vein, there appears to be several opportunities to fill obvious gaps in the market, such as entertainment centres, water parks and conference facilities Barbados is open and ready for business, and the time for investing is now!

Investment Opportunities in the Tourism Sector

There are numerous opportunities for investment in both room stock and services, with prime real estate currently available on the south and west coasts, in what is still considered a buyers’ market.

Finding Solutions Where Others See problems

Ever since the 2008 financial meltdown changed the way business is conducted in the development sector, Blueprint Management has systematically taken strategic measures to meet the particular requirements of today’s more circumspect clientele Well established as a go-to Project Management company – boasting a long list of happy customers in Barbados, Trinidad, Jamaica, St Lucia, Antigua, St Vincent & Grenadines and Canada – Blueprint now also provides services in Feasibility Studies, Architecture, Interior Design and Procurement As a logical extension of their procurement capabilities, Blueprint Management maintains an inhouse stock of building materials and hardware, a selection of which is retailed through their ‘store within a store’ at the Gajah Home retail outlet

Joseé Atkinson, President and CEO

“The ‘money no object’ days are gone There are still clients willing to buy or build a $20 million dollar home or office, but they are now much less extravagant with their post-purchase spending Today’s more cautious investors want to shop around for the best value and the best people for the job, and they have to know exactly what they are paying for They still want quality in their life, but they need to be sure that they are not being ripped off This is particularly true in the case of foreign investors who have to appoint somebody to oversee their project when they go back home Ultimately, it is all about trust

Over the last 5-years we have evolved into a one-stop-shop operation that can give our clients exactly what they are looking for, including that vital sense of confidence and dependability

Joseé

While we can provide any aspect of project management, many of our clients prefer to take advantage of the full turnkey solutions we offer As well as saving time and money, people value being able to make a single call to get an update on the entire project This is especially important in the case of procuring fittings and furniture from overseas, which can be a difficult task in a small Caribbean island, but we work directly with a wide range of reliable international suppliers. And all those advantages apply equally to a modest $500,000 house or a multi-million dollar tourism facility

We feel confident that we are doing the right thing because so many of our clients come back to us with more work Right now we are managing a new project for Chefette Restaurants after having successfully rolled out their latest location at Lancaster Similarly, we have been contracted to oversee a new Buzo restaurant in Jamaica, having previously worked for the owners when they opened in Barbados. In both cases, we delivered on time and within budget Importantly, by supplying the right kind of materials, we also helped to significantly reduce their projected future maintenance costs It is that kind of focussed, long-term practical approach that has won us a lot of big clients, including a proposed large-scale health facility in Barbados, for which we have been initially appointed to conduct a feasibility study

Regardless of the size of the project, our objective is to give clients what they dreamed of, at the price they wanted to pay, without any hassle and on time To achieve that, we find solutions where other people only see problems ”

Atkinson, President and CEO

W Crane Resorts Deliver Quality of Life

While the original 132-year-old Crane Hotel retains a special place in the history of Barbados, the remarkable success story of The Crane Resort really began in 1988, when Paul Doyle boldly purchased the then ailing property Today, The Crane is one of the world’s leading private residence resorts, a status that is emphatically endorsed by The Crane’s top global ranking by the exclusive Registry Collection Hilton Grand Vacations, the second largest sharedownership company in the world, recently underscored their faith in The Crane Resort by purchasing in excess of US$50 million worth of its luxury fractional ownership inventory It is hugely significant for Barbados that HGV chose The Crane to be its first ever destination in the Caribbean

Paul Doyle’s intention is to create several new resorts using the same Crane model and in-house development team, which he credits as being a major factor behind the company’s success: “Over the last 20 years we have learned a lot about building in a costal environment, including what materials stand up best to the climate, what equipment functions most efficiently and how to design to minimize the challenges And because we do it all ourselves, from concept to construction to furnishing, we cut costs considerably Those savings are then passed onto our purchasers, which creates excellent value for money ”

Crane Resorts have now taken their unparalleled experience and resources to deliver their second resort on the St Philip coastline, Beach Houses, located at Whitehaven, overlooking

picturesque Skeete’s Bay and Culpepper Island Conceptualised for people who want to escape the hurly burly of modern life, the eco-friendly contemporary one, two, three and four-bedroom residences provide the best of modern conveniences, including a large private swimming pool, BBQ and hammocks, coupled with the laid-back lifestyle of the traditional Bajan beach house As with The Crane, Beach Houses will feature first-class common amenities, including casual and formal dining, swimming pool,

tennis courts, convenience store, fitness centre and spa, all within a short walking distance

Between these two outstanding properties, Crane Resorts offers an extensive range of fractional and full Resort Residential Ownership choices, including a wide selection of home sizes and designs, with resort facilities that provide an enviable lifestyle But, perhaps the greatest success of the Crane Resorts team, from designers to gardeners to managers to homeowners, is that they

have created real communities Communities where people are courteous, where staff and residents know each other, where friendships are made and kept

It is this elusive element, the intrinsic value of enjoying an authentic quality of life, supported by the evident financial advantages, that makes Crane Resorts such an appealing investment

Moving to Barbados Can Make Good Business Sense

JJust over 2-years ago, as a Canadian resident doing business in the United States and soon approaching retirement, I was faced with the tricky dilemma of deciding where I should retire, both from a financial perspective and where I’d like to live I was confident that I’d enjoy living in Barbados because of all the many countries I’ve been to, I’ve never found anywhere more appealing than this island It doesn’t matter how old, what nationality, religion or colour you are, if you are a good person, you will be made welcome So, I was more interested in learning about the financial aspects of owning a property here

Initially, I liked the fact that I could purchase a Crane Private Residence outright to live in and still generate some income through The Crane’s rental programme And what made renting out possible for me is that the 2-bedroom residence is designed as two adjoining units, a one bedroom and a junior suite that can be locked off from each other and used as individual independent

units That means my home is available to me on a full-time basis, but I can still rent out one of the units whenever I choose

On a broader scale, it impressed me that the new government has established appropriate legislation to accommodate the needs of bona fide investors, including permanent residency By committing to a minimum investment, which can include the cost of the property, I was eligible to apply for a 5-year Special Entry and Reside Permit, SERP Better still, by waiting until I was 60, I could apply for an SERP for an indefinite period What is particularly appealing is that the SERP has been designed to link residency in Barbados with the country’s network of Dual Taxation Treaties, which enables SERP holders to benefit from the very competitive Barbados income-tax structure, which has one of the lowest OECD-approved rates in the world

What’s more, as a result of the country’s well-established international business sector, Barbados is home to various global brands in banking and professional services It’s like being back at home or in the US While purchasing at The Crane, I’ve developed great working relationships with the Royal Bank of Canada, my tax advisor who is a Canadian tax expert resident in Barbados, and my Barbadian immigration lawyer who has been extremely helpful By making the move I am now in a better tax position, I feel more financially secure and I can live very comfortably It has been a good business move for me, which is why I am willing to share my first-hand experiences with anybody considering doing the same thing brucejewer@hotmail.com

Bruce Jewer

Bruce Jewer

Why Barbados Needs a Geographical Indication for Rum

Why Barbados Needs a Geographical Indication for Rum

a spirit to be aged elsewhere can result in the loss of over 90% of its economic value to the country of origin

“Unlike Cognac, Bourbon or Scotch, rum has little or no rules”

This oft repeated canard is a non sequitur The former three are specific forms of brandy or whisky If you look to regional rum types, you can find the specific rules As is the case for Whisky or Brandy, different standards apply in different countries The canard is pervasive because these regional rules are typically not recognised outside of the home country

Cognac and Scotch Whisky are protected terms in the EU and the US

When sold in the EU or the US, the rules of France and Scotland respectively apply Contrast that with Jamaica - It is a violation of Jamaica Excise Law to adulterate Jamaican rum, but once sold in the US it can be flavoured and when sold in the EU it can be sweetened (and in both cases sold simply as Jamaica Rum) It is not that Jamaica ‘has no rules’, it is that they are not recognised in export markets

The Protected Geographical Indication (PGI) is the tool by which the EU will recognise, protect and enforce the standards for a product of a particular geographic repute While enforcing home grown standards is the common justification for a PGI, often overlooked is the economic argument The PGI of Scotland forbids the ageing of Scotch Whisky outside of Scotland, and it also forbids the bottling of single malt outside of Scotland It is not just about ageing in the environment but also retaining the economic value of production Exporting

In 1992, International Distillers and Vintners (IDV), switched sourcing for its rum ‘base’ of the then IDV owned Malibu to a Barbados Distillery The low value, un-aged product is shipped in bulk to be packaged elsewhere The production of Malibu saw Barbados rum exports increase significantly But, with little value-added earned in Barbados, the economic impact was minimal The Malibu brand was sold in 2002 for USD 800 million The Barbados Distillery, still with Malibu production contract in hand, was sold in 2017 for a reported USD 12 million You do not need to be a professor of economics to understand where the value of the brand was earned Barbados was not making the most out of its limited resource of local molasses, nor making the most of its gilded reputation for making some of the world’s best rums

This story is a familiar one to the colonial West Indies Whether it is sugar, molasses, rum, bauxite or coffee, under the colonial model goods leave as basic commodities for most of the value to be added in the ‘mother country’ Bulk brown sugar and molasses left in the ship’s hold to be sold as packaged and branded granulated sugar and treacle respectively in European supermarkets Rum, for most of the near 400-year anglophone Caribbean tradition, has been

shipped as a commodity to be ultimately sold by European owned brands It is only in the last decade that some of the most famous Jamaican distilleries have shipped an aged and bottled at home brand for the first time The story is the same outside of manufacturing, where rapacious cruise lines and hotel chains demand to market and exploit the Barbados destination free of taxation, while using business schemes to shift income offshore The Prime Minister of Barbados recently lamented that despite record levels of tourism arrivals, income from tourism was less than it was a decade ago

A very different story was started just three years earlier to the above Malibu debacle In 1989, Remy Cointreau acquired a majority interest in the Mount Gay brand from the American firm Foremost-McKesson At this time, the American company pretty much did it the colonial way, shipments were in bulk, to be bottled elsewhere, and the low end of the market was the target The ethos of Remy was very different They immediately recognised the intrinsic value of what they had acquired and, over the next 30 years, developed higher-end super-premium rums and moved all ageing and bottling to Barbados They have also invested in the historic sugar estates surrounding the distillery to maintain and develop sources of local molasses

Richard Seale, Distiller, Foursquare Rum Distillery

Raphael Grisoni, Mount Gay:

“It is time to bring an end to the old colonial business model whereby foreign companies come into Barbados and the Caribbean to buy cheap rum in bulk from various suppliers, take it back to Britain or Europe to blend, sometimes adulterating it by adding sugar or flavouring, then bottle it and stick on a label saying Barbados Rum. That system might be profitable for them, but it is damaging for the wellbeing of the rum industry in Barbados because we lose control of the quality and authenticity of our own Barbados Rum Brand In the long-term, it also deprives the country of an opportunity to earn increased foreign exchange and create more jobs in the sector

Barbados is the birthplace of rum, with more than 300-years of accumulated expertise, so rum that is produced on the island by using traditional methods, then aged and bottled here, is recognised as a premium product Today’s consumers around the world place a high value on artisanal products and are willing to pay more for them So we must protect the integrity of the

Barbados Rum Brand in order to generate the greatest possible value for the island’s premium quality rum, such as we produce at Mount Gay Distilleries

Establishing a Geographical Indicator for Barbados Rum will help us build a stronger valueproposition and keep the financial benefits of that added-value here in Barbados This has already been proven in many countries, ranging from single malt scotch whisky from the island of Islay in Scotland, to Portugal and their port wine, where each bottle has a registered seal with a specific number, so it can be traced back to the producer We can learn a lot from that Barbados Rum needs a GI founded on clear parameters with specific rules, that legally protects the brand and guarantees authenticity for the consumer We will have to build up capacity, but it can be done We should be aiming to create a scenario where people anywhere in the world looking for a premium rum will automatically ask for a Barbados Rum That is the level of recognition we should aspire to achieve ”

Why Barbados Needs a Geographical Indication for Rum

Why Barbados Needs a Geographical Indication for Rum

Through fate, my family is the last of the historic Barbadian families in Rum Today, we still bottle several legacy brands - John D Taylor, ESA Field, Alleyne Arthur and, of course, Martin Doorly - all named for the historic merchant blenders, or independent bottlers in modern day terminology, that produced them The independent Barbadian Rum blending tradition arose at the turn of the century when the estate and city distilleries were restricted by law to selling only in bulk Independent blenders, such as my greatgrandfather and Martin Doorly, purchased in bulk from the distilleries for blending and bottling under their own name In 1994, the rum blending tradition married with the sugar estate tradition when my family acquired the closed Foursquare Estate and returned it once again to rum making While Foursquare no longer makes its own sugar and molasses, we use local molasses when available and once again mill sugar cane on the estate to produce sugar cane juice to be directly used in rum making, as was done a little over 100 years ago on all estates in Barbados

As might be expected of a Barbadian family, we have invested in Barbados We have grown our aged reserves from a few

Larry Warren, St. Nicholas Abbey:

hundred casks 25 years ago to over 40,000 casks today and expanded our bottling capacity from a single line to five The integrity and economic value of our historic brands added to the Barbados economy remain in our hands What if we sell? What protection is in place? A PGI can provide that protection How can we derive the additional value to justify using local sugar cane, over cheaper imported molasses, and to justify the more costly tropical ageing and local bottling A PGI can assist in communicating and selling that higher value proposition

An effective PGI will, in all export markets:

• Protect Barbados Rum from adulteration

• Protect the organoleptic qualities attributed to Barbados Rum that earned its reputation

• Protect Barbados Rum from deceptive marketing

• Ensure the essential characteristics of Barbados Rum are derived from the geographical origin

• Ensure the highest possible economic value added is earned within the origin

A PGI for Barbados Rum will be the tool by which we can reverse the colonial

“Foursquare, Mount Gay and St Nicholas Abbey have made significant efforts to raise the standard, authenticity and premiumisation of the Barbados Rum Brand produced in Barbados Much of the criticism levelled at the current draft of the GI, which has already been agreed to by 3 of the 4 distilleries, is that it is too restrictive and stifles innovation But the whole point of a GI is to be necessarily restrictive and to set a minimum standard that must be met for the production of rum in Barbados, which can be legally defended internationally In response, we continue to produce brands with world class pedigree that give the consumers transparency and, more importantly, portrays our brands with integrity, which after all is the hallmark of Barbados, the birth place of rum Nothing within the GI should diminish this ”

economic model We can shift rum production from un-aged to aged From bulk sales to packaged brands bottled in Barbados It can be the tool by which we can cease importing molasses to once again relying entirely on local sugar cane Today’s market demands and rewards authenticity We can deliver this and communicate these distinctions using the PGI The PGI will be the tool which will make Barbados Rum immune to whether the brands are foreign or locally owned and to whether my family retains the business or not It must outlive us It will be the tool to ensure that only firms of the right ethos will desire to invest in Barbados Rum

It will come as no surprise then that the Remy Cointreau owned Mount Gay and Foursquare both support the adoption of a strong PGI for Barbados Rum We may be competitors but we share a common philosophy Likewise, the Campari owned Appleton supports the Jamaica Rum PGI We need the Barbados Government to seize the opportunity and to get it right The protection of the near 400 year heritage of West Indian Rum and its economic value to the Islands go hand in hand

GCG Events

IIf you know the name GCG Catering and thought that they were only into airline catering, then you need to think again! The company that was the Barbados Flight Kitchen is now way more than airplane food

Back in 2007, when the demand occurred for a company that could

handle large volumes of people, all demanding food at the same time, GCG Catering stepped up to the plate and was selected as the official caterer for the Cricket World Cup The successful completion of this mammoth task showed the mastering of a capability that previously had only been discussed This was the genesis of GCG Events which was launched the following year

As the company grew, so did its popularity and the demand to cater to events both large and small The result is that GCG Events can now cater to any size event, from an intimate dinner for six at home with all the trimmings, to the largest staff Christmas party in Barbados of 1,500 people, to even larger events or fetes for 4,000 people

Corporate Barbados has for the last seven years been discovering the culinary delights of Executive Chef Craig McKenzie as he designs and directs menu and meal preparation for board meetings, conferences, cocktail receptions and dinners The venue can be anywhere in Barbados of the client’s choosing

Chef Craig’s love for cooking has shown up in all the places he has worked, from Prince Edward Island to Toronto to Nevis, and now Barbados as the 20year veteran of the culinary industry confesses that he ‘just loves to see people sharing a good meal’

On the personal side, the team at GCG Events pulls out the stops for weddings, baby showers and parties

During the busy Crop Over season, the GCG team is delighting party-goers with unique creations and good ole Bajan comfort food

GCG Events has invested in the continued culinary development of its team by sending chefs around the world, including most recently to Le Cordon Bleu in Peru, for training exposure to new cuisines and cutting-edge production techniques The Event Operations team frequently attends the Catersource Conference and Tradeshow to stay current with the latest trends in the industry

Along with Executive Chef Craig, the team is led by Judith Giovine who has hosted guests such as George H W Bush, 41st President of the United States of America Judith’s team consists of two Account Executives and two Service Coordinators who work closely with the culinary team to ensure that your event is successful

This team is more than ready and willing to help plan any event, large or small, corporate or personal, to ensure that you have a smooth-running event with the very best cuisine you desire

Crafting a Legacy for Barbados St. Nicholas Abbey

AAs one of Barbados’ most accomplished architects, with his company now celebrating some thirty-four years of successful design work, Larry Warren is eminently qualified to appreciate the immense heritage value of St Nicholas Abbey, which was built in 1658 and is one of only three Jacobean mansions remaining in the Western Hemisphere So, when he and his wife Anna purchased the magnificent property in 2006, they did so acutely aware of the enormous responsibility they were assuming by taking over guardianship of this important historical treasure Suitably motivated, the Warrens, along with sons Simon and Shae, made it a family mission to sustainably develop St Nicholas Abbey

Determined to create a permanent legacy for Barbados, the Warrens planned a long-term mixed development strategy founded on three key elements: a meticulous restoration of the house as a world-class heritage tourism attraction; reviving the property as a functioning plantation growing sugar cane; and producing the estate’s own sugar-based products, including St Nicholas Abbey branded rum

Some 13 years after first opening its doors to the general public, St Nicholas Abbey has successfully attained those three fundamental objectives and now stands well poised to surpass them

Larry Warren: This is a really exciting phase at the Abbey because we’ve been around long enough that we are now witnessing the benefits of all the foundation work we had to undertake in the early start-up days For example, when we first launched St. Nicholas Abbey rum, the only way we could get started was to purchase good quality rum from another supplier, which we aged in the barrel and bottled straight from the barrel by hand And that worked very well for us at the time, but it was never our long-term plan to operate like that We have always been committed to the ethos of bringing together all the elements of authenticity and the traditional artisanal style of four centuries of rum-making in Barbados, and that is what we set out to achieve Today we are in an enviable position whereby we can do everything on site: grow sugar cane, crush it in our mill, process the cane juice in an evaporator to make syrup, feed the syrup into the distillery, refine and bottle our own rum for retail We still have a few barrels of the original rum stock we bought, including some outstanding premium 15 and 20 year olds, but it means so much more to me that we are now selling our own completely home-produced 5 and 8 year-old aged rums When that St Nicholas Abbey Rum label goes onto the bottle it really belongs there All in all, that makes our rum a rarity in the

modern world So, even though we are still a relatively small operation, we are actually regarded as an important brand

The house has always been well supported by customers, especially long-stay visitors to the island, but we have seen a substantial increase in the numbers since we opened the St Nicholas Abbey Heritage Railway in late 2018 And that was always my main motivation in bringing an authentic 1914 steam locomotive to Barbados The tremendous interest generated by that new drawing card has dramatically increased the number of visitors, including many locals who might not otherwise have stepped foot in the house And that is a very good thing, as we want Barbadians to experience the Abbey because it’s part of their heritage

As a rule, we like to develop our business in a slow burn, just one step at a time, but we are already planning to extend the railway track so that the train can travel further away from the property, out across Cherry Tree Hill where we have a 100-acre peninsula. In addition to the obvious point of making the return trip a longer experience, it will also open up some incredible views of the East Coast and give passengers an opportunity to disembark at a stopping point

Having the railway also opens other exciting options, allowing us to further fulfil our mixed development strategy. We are currently converting a disused coral-stone quarry into a unique venue for major outdoor events By using dramatic landscaping and creative lighting, we can provide a truly amazing ‘fantasy land’ effect. But what will make the whole incredible experience really unforgettable will be riding to the venue on the train, passing through trees illuminated with giant chandeliers It will be spectacular!

Whatever else we do in the future, it must always comply with our original mission to sustain St Nicholas Abbey as close as possible to its original form and preserve the plantation And I like that kind of challenge because it forces us to find innovative ways to develop the property in an eco-sensitive way We are located in a beautiful, peaceful corner of Barbados that remains relatively free of traffic So we must protect that precious natural environment while also expanding our product

Inspired by that proviso, one ambitions is to build a limited n wooden, one and two-bedroom spaciously distributed througho peninsula, all self-sustaining and off the grid Instead of driving to them, residents and guests would check-in at the Abbey, leave their cars there, then ride the steam train to their accommodation It would be like stepping back in time, to the days when the old Barbados railway line stopped at the Atlantis Hotel

That would undoubtedly add a compelling new dimension to heritage tourism in Barbados

Crafting a Legacy for Barbados - St Nicholas Abbey

STEM Initiatives of the Caribbean Science Foundation

Developing Talent to Drive the Economy

STEM Initiatives of the Caribbean Science Foundation - Developing Talent to Drive the Economy

Exploiting Science, Technology, Engineering and Math (STEM) for economic growth is a primary goal for most developing countries, including Caribbean countries such as Barbados To harness STEM in the Caribbean for economic development, education reform is needed, as well as increased technology-based entrepreneurship The Caribbean Science Foundation (CSF) is an independent, non-profit, nongovernmental organization headquartered in Barbados Its mission is to assist with the development and diversification of the economies of the Caribbean Region by promoting STEM education reform and stimulating technology-based entrepreneurship (see also http://caribbeanscience org) In this article, the CSF ’s STEM educational initiatives are highlighted

To date, the CSF has launched five STEM educational programs: (a) the Student Program for Innovation in Science and Engineering (SPISE), (b) the Barbados Junior Robotics Camps (BJRC), (c) the Computer Coding Workshops (CCW), (d) the STEM Teacher-training Workshops, and (e) the Sagicor Visionaries Challenge The first three programs are discussed in more detail below

The CSF ’s overarching educational goal is to encourage more young people in the Caribbean to pursue STEM-based careers, not only through STEM education reform, but also through (a) science popularization programs, (b) greater exposure to role models in science and engineering, and (c) increased awareness of the diverse career opportunities

available in the STEM fields Indeed, the CSF ’s mantra is, ‘Grooming the Next Generation of Caribbean Science and Engineering Leaders’

A fundamental goal of all the CSF STEM education initiatives is mastery of concepts and fundamental principles, rather than rote learning Students are trained to think critically and develop logical and analytical problem-solving approaches Importantly, hands-on learning, where the students engage in projects is critical, so students in CSF programs participate in designing and conducting experiments that apply the theory learned in the classroom The value of teamwork is emphasized in the CSF hands-on classes

The CSF ’s flagship program, SPISE, is an intensive, 4-week, residential summer enrichment program offered for exceptional Caribbean high school students, 16-17 years of age, who are interested in studying and exploring careers in the STEM-related disciplines SPISE is modeled after the well-known MITES (Minority Introduction to Engineering and Science) program at MIT: (http://oeop mit edu/programs/mites)

SPISE provides a special risk-free learning environment in which students are trained to think critically and to develop analytical and logical problem-solving approaches in several disciplines Rote learning is discouraged and, instead, the focus is on teaching students to understand and apply the fundamentals so as to achieve mastery

SPISE students are immersed in rigorous university-level courses in calculus, physics, biochemistry, computer

programming, Caribbean unity and entrepreneurship, as well as hands-on projects in underwater robotics or renewable energy and electronics SPISE students attend career seminars offered by luminaries in their fields, which expose them to the broad range of careers possible with a STEM degree The students are also guided and mentored by role models from the diaspora on career paths and choices SPISE has served 152 students since its inception in 2012 Graduates from the 2012-2018 classes have attended or are attending the world’s top science and engineering universities, including MIT, Stanford, Harvard, Yale, Princeton, Columbia, Dartmouth, University of Pennsylvania, Georgia Tech, University of Rochester, McMaster University and the University of the West Indies Most have received generous financial aid packages All SPISE graduates have made a non-binding pledge to give back to the Caribbean

The annual Barbados Junior Robotics Camp (BJRC), for Barbadian students ages 10 to 18, is primarily hands-on, with problem-solving at the core of the project The interdisciplinary nature of robotics provides an excellent opportunity to introduce computer programming and principles of physics (such as mechanics, sensors, optics and engineering design) in a fun environment, and shows the young students how math and science are applied to engineering Teamwork is an essential skill that is also developed in BJRC In addition, a tour to a company which uses robots is sometimes planned, so that the campers can observe real robots in action The

The tremendous enthusiasm for the CSF ’ s STEM programs in Barbados clearly shows that STEM is an area of high interest.

Dinah Sah, PhD and Cardinal Warde, PhD Caribbean Science Foundation

STEM Initiatives of the Caribbean Science Foundation - Developing Talent to Drive the Economy

Barbados Junior Robotics Camp has served about 230 Caribbean students ages 10 to 18 since its inception in 2015

The Computer Coding Workshops in Barbados and St Lucia (and in Dominica in 2020) provide an introduction to computer coding The goals are to help train the technology workforce of the future and to increase the number of skilled Information and Communication Technology (ICT) workers in the Region In addition, the Computer Coding Workshops are meant to stimulate more interest in science and engineering careers, as well as computer science careers, and help prepare students for university study in the STEM disciplines

All of the CSF Education Reform

programs described above will ultimately help create and support more technology-based companies in the Caribbean, through graduates launching their own technology companies and providing a highly qualified workforce for such companies in the region More opportunities for investment in technology-based industries in Barbados will follow, as the pool of technology leaders with demonstrated track records of success and well-qualified staff increases

Near-term CSF plans include: (a) expanding SPISE form 4 weeks to 5 weeks, (b) replicating the Computer Coding Workshops in more Caribbean countries, (c) assisting other countries

with building up their robotics programs, and (d) working more closely with the Ministries of Education of the Region and with the Caribbean Examinations Council to add more STEM initiatives such as coding in modern computer languages and robotics to the curricula in the schools

The tremendous enthusiasm for the CSF ’s STEM programs in Barbados clearly shows that STEM is an area of high interest Continued support will be critical to ensure that these STEM programs do indeed generate the leadership and workforce that are essential for a significant expansion in future technology-based industries in Barbados

T Building Career Success Through Lifelong Learning

Today’s work environment is constantly evolving, at times with dizzying changes that require innovative solutions

Employees are hardpressed to keep pace with job demands, many of which are driven by forces of globalization and technological advances that often require the pursuit of new knowledge These developments have not only resulted in fast-paced economic transformations across the globe, including the emergence of knowledge-based economies, but they have also generated an increase of more diverse and dynamic career paths

In recognition of this, a growing number of adult learners are seeking to optimize opportunities for learning especially at the highest level Many have realized, too, that in order to be truly competitive and successful, they must embrace the concept of education as a lifelong endeavour; one that enables them to retool and upgrade their capabilities, acquire new competencies, and align their knowledge to the emerging new economies That being said, however, the transformative demands of the labour market do not easily allow for the substantial investment of time and money, required by busy employees to engage in longterm study such as a full degree programme For this reason, they are seeking educational opportunities which are focused, practical, and support the achievement of their career goals in a short space of time Through its Centre for Professional Development and Lifelong Learning (CPDLL), The UWI, Cave Hill Campus affords individuals this opportunity

The CPDLL, at the Cave Hill Campus caters to the learning needs of an extensive range of learners; from mid-career professionals seeking to remain competitive, to school leavers seeking to determine future courses of study or enhance immediate employment possibilities With over 50 short courses covering a wide variety of areas and formatted for convenience, individuals are able to enhance their career prospects as they seek to:

- keep pace with the ever-changing requirements of today’s business world

- find better, more satisfying jobs and increase their earning potential

- gain the capacity to become more successful in their chosen field, with greater active engagement in civic life, and

- lead multidimensional, enriching and fulfilling lives

This is particularly useful to those who want to develop their understanding or capabilities in their current field, without having to pause their careers to do so In addition, as persons continue to equip themselves with new skills, knowledge and expertise, they become more integral to their company’s success

There are also enhanced benefits for those looking to move into an entirely new industry Through short courses, they can gain insight into the type of knowledge required for a particular area without having to make a two or three-year commitment

Short courses are particularly relevant and indeed profitable for entrepreneurs and other self-employed persons Working every day on the same tasks, small business owners run the risk of their ideas becoming tired, their minds uninspired A short course, which may offer new ideas and skills, can reinvigorate the mind and inspire greater business success

The CPDLL is also useful to young adults who face many concerns regarding their next academic or professional steps These include the costs versus benefits of any investment in their future, the prospect of immediate employment upon leaving school, along with a variety of other factors Accreditation in these programmes can serve to not only enhance qualifications, but establish dedication to self-motivation, self-improvement and increase one’s prospects of finding employment or gaining a promotion

With a mission “to meet the lifelong learning needs of the Caribbean and the wider world by offering innovative, accessible, flexible and high quality professional development lifelong learning products/services”, the CPDLL is dedicated to providing an extensive range of educational programmes for a cross-section of professionals and adult learners seeking to take their career to the next level

It is an ideal avenue to encourage voluntary pursuit of personal and professional development in a smart, cutting-edge, learning environment Welcome to the CPDLL and to a world of enhanced career opportunities!

Boosting Social Investment in Barbados

Boosting Social Investment in Barbados

profits and nascent social enterprises on the island

“On average, NGOs [social organisations] in Barbados have operated for 8-10 years However, they have severe human resources limitations On average these NGOs operate with no full-time or part-time staff and depend on 6-10 volunteers Average annual budgets range from US$10,001- US$20,000 and NGOs have only enough cash reserves to operate for another 3 months ” – US AID/RTI 2018

The heart of philanthropy in Barbados is investing in people and improving their quality of life Making this more effective is about increasing the volume of capital, operational funding and in-kind business support available to the innovators who, with little or no resources, are creating solutions to the challenges and potential they see in our communities These innovators can be found in the social sector, typically among those who startup and run the 100 to 1000 charities, non-

Quite often, these leaders are tackling evidenced social priorities that will make or break our shared quality of life and economic growth in Barbados over the next ten years These issues include health, education, social protection, strategic support of vulnerable persons (at risk women, children, youth, LBGTQI, poor and special needs persons), equality, sustainability/climate resilience, culture/heritage preservation and innovation High-impact, well supported social enterprises have already shown how philanthropy can make a difference in vital areas of social change

At ASPIRE, we are working to connect social leaders with the long-term funding

investment and pro-bono business support they need to be impactful The recent launch of the Barbados Council for the Disabled’s FAB Project, a model initiative to create a Fully Accessible Barbados for persons with special needs, is an example of fresh social investment opportunities In the youth sphere, Operation Triple Threat is revolutionising education through experiential, creative approaches to learning and professional development Consistent alumini success at the tertiary level signals its potential impact It is now looking to transition its national and regional impact into an ambitious sustainability project: a Barbados creative academy

The Verdun House Renewable Energy Project, a project of the Substance Abuse Foundation Inc (SAF), is a stellar example of social investment in action SAF ’s Verdun House, which has developed a diversified funding model of microbusiness programming and features a highly skilled professional workforce, is currently one of the few centres for addiction treatment in this hemisphere It also recently implemented an innovative model of sustainability: implementing solar energy generation to subside over

Amanda D Haynes CEO, ASPIRE Foundation (Barbados) Inc

Peter N. Boos Founder & Advisory Board Chairman, ASPIRE Foundation (Barbados) Inc

Boosting Social Investment in Barbados

10%-50% of its own operating costs

Long-term funding support by major patrons, the Rausing family, has been essential to Verdun House’s sustainability Between the Rausing family and grantgiving foundation The Maria Holder Memorial Trust, SAF has received donations of over BDS $25 Mil since 2000 to support the development, administration and delivery of its operations including the retention of a highly skilled workforce Additional funding, in-kind donations, pro-bono giving and volunteerism are also key contributors to the organisation’s sustainability

Although government subventions/support are essential to the roll-out of its projects, private fundingby philanthropists who have a personal connection to the social mission of these organisations - is often the major source of consistent funding support This sustained social investment in SAF has resulted in an increase in the rehabilitation of women and men suffering from addiction in Barbados, including the mitigation of criminal activity It has also enabled SAF to develop a more self-sufficient financing model over time

“Social investing is investing for the primary purpose of supporting an organisation to make positive social impact ”

Pioneers Post Barbados has benefitted from the support of generous philanthropists, international co-operations, developmental agencies and nongovernmental organisations that frequent its shores Yet, the volume of giving in Barbados is stagnant in comparison to its social needs, diaspora networks and human resources In addition, a 2016 CSR survey identified that despite the high levels of domestic private sector giving (over 90%), only 5% implement a strategic approach to their giving The volume of financial giving to fuel social innovation in Barbados (and the Caribbean) – not just to meet bare needs, but to empower the transformation of society – is arguably one of the lowest in the world

Major social investors in Barbados have included The Maria Holder Memorial Trust, The Sandy Lane Charitable Trust, The

Hans Rausing Family Trust, The Barbados Community Foundation, The Massy Foundation and many other individuals and corporations locally and internationally It is estimated that at least US $100 million has been gifted to the Barbados social sector by philanthropists in the last 10-years alone Most recently The Clara Lionel Foundation, founded by Barbadian businesswoman and entertainer Robyn Rihanna Fenty, pledged support to build a “climate safe” region, in response to the front-line threat of climate change facing small island developing states (SIDS) like Barbados and its Caribbean neighbours We can build on this legacy of generosity to ensure social justice for the common good New opportunities for local social investing include:

1. Social venture funding: Social enterprises need investment to become sustainable Donations to support operating costs, seed capital and/or the giving of assets like land, or endowments, are major gifts that can help organisations become sustainable in the long-term

2. In-kind business support: Social enterprises need business support Implementing corporate volunteer ‘giveback’ programs that add value for

employees and help lift the human resource burden of your favourite nonprofits

3. Strategic giving: Siloed giving reduces opportunities for collaboration and strategic resource allocation Aligning individual and corporate giving with personal, organisational and national priority areas, such as the 2030 Sustainable Development Goal, can increase the social impact of giving

4. Diaspora connections: Networking local philanthropy to better engage diaspora giving to local causes

Barbados is well placed to be a hub for philanthropy and social innovation by 2030 Increasing vulnerability to climate change, crime, decreasing opportunities for youth locally, widening wealth inequalities and global political unrest are our calls to action

Can ASPIRE help you help charities? Let us know at amanda@aspirebarbados org

ASPIRE is a member of the Barbados NGO Major Group, the WINGS philanthropic network (Worldwide Initiatives for Grantmaker Support) and the Caribbean Philanthropy Alliance (CPA)

Although government subventions/support are essential to the roll-out of its projects, private funding - by philanthropists who have a personal connection to the social mission of these organisations - is often the major source of consistent funding support.

Diamonds International Delivers Corporate Social Responsibility

My wife Michal and I relocated to Barbados in 1996 to open the first Diamonds International store in Bridgetown, so we have lived on the island for almost 25years During that time we have learned a lot about this country because, from the very beginning, we made a big effort to make Bajan friends and get involved in local society All three of our children were born here, so we have plenty of first-hand experience of the traditional culture of good family values And

one of the best outcomes of that family-oriented atmosphere is the high level of philanthropy that exists in Barbados So many people are willing to support charities in a really impactful and meaningful way Even in hard economic times, people come together to help when the need arises – not just big organisations and businesses, but also individuals, rich and poor alike I have never seen anything like this anywhere else in the world Every country has charities but not like the widespread spirit of giving that exists on this island Barbados has every reason to be very proud of this aspect of the national character

That is why we at Diamonds International are always happy to play our part and support worthy causes whenever we can We recognize that it is important for all businesses, our own included, to contribute to national development, especially the health and wellbeing of all the people who live here The government cannot do everything on its own, so the corporate sector must accept its responsibility to help improve the country’s social services

Over the years, Diamonds International has provided significant support to many charities and a wide range of worthy

Jacob Hassid Managing Director, Diamonds International, Barbados

organisations, but we are perhaps best known for our commitment to the Broadway to Barbados Charitable Trust, which is a registered non-profit organisation specifically established to support the Queen Elizabeth Hospital As at March 31, 2017, after five annual Broadway to Barbados shows, the trust had raised $2 6 million That significant amount of money has been allocated towards achieving the trust’s primary mandate to establish and fund a Medical Intensive Care Unit at the Queen Elizabeth Hospital Regular patrons are eagerly looking forward to the 2020 Broadway to Barbados Show, which is scheduled for the two weekends between February 27 – 07 March

We also contribute to the Queen Elizabeth Hospital through staging annual golf tournaments in collaboration with the Rotary Club of Barbados West For 2019 the Diamonds International Rotary West Charity Golf Tournament donated a portion of the funds generated at the 2019 event have been used to support The Nature Fun Ranch, a fully working farm that provides positive alternatives for at-risk young Barbadians, as well as the Rotary West Scholarship for academically proficient students who are not able to attend university without financial assistance This charity raises over $100,000 annually

Diamonds International also works very effectively with the Substance Abuse Foundation to host the Diamonds International Royal Westmoreland Substance Abuse Foundation Golf Tournament All proceeds from this annual event are donated to the Substance Abuse Foundation, a registered charity established to fight the harmful impact of illicit drugs and alcohol on the shattered lives of individuals and their families The funds raised are primarily used to help keep the two SBA residential treatment facilities operational, the all-male Verdun House and all-female Marina House

Diamonds International will continue to honour our CSR commitments and I hope we can encourage other companies to join us If all the various stakeholders, both private and public sector, come together and share resources then we can achieve a great deal for the common good of the country Barbados has a promising future and Diamonds International intends to be part of that future

www diamondsbarbados com

Business Barbados Fast Facts Guide

Business Barbados Fast Facts Guide

FACTS AT A GLANCE 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) nor thwest 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 ver y convenient for doing business with Nor th 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 day time 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 ser ves 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 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. The Governor General, who represents the British Monarch, 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 cour ts administer the laws of Barbados, which consist solely of local legislation The judicial system comprises a lower Magistrates cour t and the Supreme Cour t, which includes a Cour t of Appeal and a High Court. The Attorney General is responsible for the administration of the legal and judicial system In Februar y of 2001, the Heads of Government of the Caribbean Community signed an agreement to form a Caribbean Cour t of Justice (CCJ). The inauguration ceremony took place on April 16, 2005. At present, final appeal from Barbadian cour ts 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 272,853 at the end of second quar ter for 2019 The ethnic mix consists of 93% of

Land Area

Population (July 2016 est )

Time Zone

Capital City

Currency Language Literacy

Life Expectancy at Birth (years)

Countr y Phone Code

Unemployment (2018)

Labour Force (2018)

Exchange Rate (BB$ to US$)

Major Industries

Principal Exports

Principal Imports

Major Trading Partners

431Km/166sq miles

293,131 (July 2018 est )

EST +1/0; GMT-4/ -5 *

Bridgetown

Barbadian Dollar

English

99 7%

Male: 73 3 Female: 78 1 (2018 est )

246

9 7%

139, 700

2:1

Tourism, Financial Ser vices, Agriculture, Light manufacturing

Tourism, Financial Ser vices, Sugar, Rum, Chemicals, Electrical Components

Machiner y, Food and Beverages, Construction Materials

USA, Canada, Caricom**, Japan, UK

*Barbados is in the same time zone as North America and four hours behind the U K and the rest of Western Europe when there is no observance of Daylight Savings Time

**Barbados is a founding member of the Caribbean Community and Common Market (CARICOM) Other member States are Antigua and Barbuda, The Bahamas, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St Kitts-Nevis, St Lucia, St Vincent & the Grenadines, Suriname, Trinidad & Tobago and Haiti (July 2002)

Source: Barbados Statistical Ser vice, Ministry of Labour, and The CIA World Fact Book

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 The labour force is estimated at 144,300. The Central Bank of Barbados Economic Review for January to June 2019 stated that the twelve-month moving average unemployment rate ending August 2019, was 10 1% which was slightly higher than the comparable 2018 period.

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

Business Barbados Fast Facts Guide

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 fur ther informat ion visit http://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 statutor y 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.

E Employment by Major Indust rial Division

The 2019 Public Holidays

• New Year's Day - Januar y 1

• Errol Barrow Day - Januar y 21

• Good Friday – April 10

• Easter Monday – April 13

• National Heroes Day - April 28

• May Day – May 1

• Whit Monday – June 1

• Emancipation Day - August 1

• Kadooment Day – August 3

• Independence Day – November 30

• Christmas Day - December 25

• Boxing Day - December 26

SOCIAL SERVICES Education

The Barbados educational system is modeled af ter 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 compulsor y up to age 16 and government schools are free at the primar y and secondar y levels. Educational institutions at the post-secondar y 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 bir th is 72.75 years for males and 78.6 years for females.

Medical services are provided by two major hospitals and several well-equipped clinics, health centres and nursing homes. The government-run 600 bed Queen Elizabeth Hospital provides several specialist ser vices along with a 24-hour casualty ser vice. The second major hospital, Bayview Hospital, is a private health facility that also provides a variety of medical ser vices.

Queen Elizabeth Hospital - (246) 436-6450

BayView Hospital - (246) 436-5446

Sandy Crest Medical Center - (246) 419-4911

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 ser vices, agriculture and manufacturing.

Business Barbados Fast Facts Guide

ECONOMIC INDICATORS

Source: Barbados Statistical Ser vice and Central Bank of Barbados (p) - Provisional (e) - Estimate

1 - Central Bank of Barbados Estimates

2 - Data to October 2017

3 - Data to September 2017

4 - Gross Public Sector Debt = Gross Central Government Debt + Contingent Liabilities + Arrears

PRIMARY SECTORS

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 enter tainment and its natural physical attributes. The four major markets for the Barbados tourist industr y 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 Ser vices

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 ser vices centre The key components of this sector are the banking and financial institutions and international businesses.

Manufacturing

The manufacturing sector comprises mainly of light industr y 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.

Source: International Business Division, Ending September 30, 2018

Stay-over and Cruide Arrivals by Major Markets

* No of cruise ship passengers who did not permanently disembark in Barbados

Source: Barbados Tourism Marketing Inc

1 Central Bank of Barbados Review of the Economy for January to June 2018

Business Barbados Fast Facts Guide

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, dair y products, chicken and fish.

THE FINANCIAL SECTOR

The Central Bank of Barbados is the main regulator y financial The Central Bank of Barbados is the main regulatory financial institution in Barbados, and is responsible for formulating, in association with Government, monetar y and fiscal policies to assist with local economic development

Barbados has taken advantage of the expansion in international business, in par ticular the financial ser vices sector that is now the countr y’s second major foreign exchange earner Adequate telecommunications infrastructure, a well-trained and Englis hspeaking workforce, and a stable political environment give the countr y an additional advantage over other, similar destinations Barbados has also done well from the increased scrutiny and regulation of financial ser vices 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 Nor th American market, thereby increasing oppor tunities to drive capital into the countr y. These include an exchange rate tied to the U.S dollar, and a roster of daily flights to key Nor th American business centers 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 cer tain 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 (13 companies) on the Barbados Stock Exchange including crosslisted securities belonging to issuers from within CARICOM There is also an 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 is BB$100 (US$50) or its equivalent in any currency. Local investors are also exempt from stamp duty and proper ty 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.

It is possible to buy foreign currency directly from the commercial banks however the Government, through the Central Bank, has imposed limits on the amount of foreign transactions available to residents and non-residents Residents are allowed US$20,000 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 new guidance allowing all resident individuals 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 simp le 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

Business Barbados Fast Facts Guide

one director required. The names and addresses of the directors must be filed at the Corporate Registr y. There is no limit on the amount of authorised share capital and shares are without par value. A company can carr y on any type of legal activity, unless its ar ticles of incorporation specifically provide otherwise.

INCENTIVES FOR INTERNATIONAL BUSINESSES

The Government has established a separate Ministr y to facilitate the development and expansion of the international business sector. Under the recently repealed International Business regimes, several concessions were granted to entities carr ying on international business from Barbados

While the International Business regimes have now been repealed, entities incorporated and licensed prior to 17 October 2017 were granted the option to be grandfathered until 30 June 2021 and continue to enjoy the benefits of these concessions. These include a reduced tax rate of between 2.5% and 1%, an exemption from withholding tax on dividends, interest, royalties or other income paid to non-residents, and an exemption from exchange controls. Additionally, a percentage of the remuneration of qualified foreign employees working in grandfathered IBCs, International Banks, International Societies with Restricted Liability, Qualif ying Insurance Companies and Exempt Insurance Companies can be paid free of Barbadian income tax and in any foreign currency as follows:

a) on amounts not exceeding $150 000 – 35%

b) on amounts exceeding $150,000 but not exceeding $500,000

50%

c) on amounts not exceeding $500,000 – 60%

International Business Companies

The International Business Companies Act of 1991 (now repealed with savings) defines an International Business Company (IBC) as a company that carries on business in international manufacturing, international trade and commerce from within Barbados.

However, this regime was abolished effective 1 January 2019, and grandfathered entities will, following the end of the grandfathering period on 30 June 2021, become regular dom estic companies by operation of law and be subject to tax at the new converged tax rates discussed below.

It should be noted that grandfathered entities must still renew their international licenses annually at a fee of US$500 in order for the grandfathered license to be valid. A company ceasing to transact business as an IBC, ceasing to satisf y the requirements of the Act, or that wishes to no longer be grandfathered must notif y the Minister in writing.

Entities that were not grandfathered (due to election or ineligibility) have, by operation of law, become regular Barbados companies and are already subject to tax at the new converged tax

rates discussed below.

Benefits of the IBC Act along with other relevant features are:

• Tax on income on a sliding scale, from a maximum of 2 5% to a minimum of 1%

• Exemption from all withholding taxes

• No capital gains tax

• Tax credit in respect of taxes paid outside of Barbados is allowable but only insofar as it does not reduce the tax payable in Barbados to less than 1%

• Freedom from exchange control

• Audited financial statements, where required, must be filed with the Ministr y of International Business

• Tax concessions for specially qualified persons

• Bearer shares are not permitted

• An IBC can keep books and records in a foreign currency

• Impor ts of equipment and machiner y free of customs duty, consumption tax and stamp duties

• An IBC, which is solely owned by an Offshore Trust under the management of a licensed Barbados International Bank, is exempt from tax if its activities are restricted to buying, holding or managing securities

Exempt Insurance Act

While the Exempt Insurance Company regime has now been repealed, entities incorporated and licensed prior to 17 October, 2017 were granted the option to be grandfathered until 30 June, 2021 and continue to enjoy the benefits of that regime until that date.

The Barbados Exempt Insurance Act (1983) states that for a company to qualif y as an Exempt Insurance Company it must be incorporated or reg istered in Barbados with a minimum capital of BB$250,000 (US$ 125,000).

Exempt Insurance Companies cannot insure risks originating in Barbados or risks of local residents. The resident director may not own shares in the company.

Exempt Insurance companies are taxed on their profits at the rate of 0% for the first 15 years and thereaf ter 8% on the first BB$250,000 (US$125,000) of profits. They are exem pt from withholding tax and exchange control restrictions Tax concessions are made for specially qualified persons and convention expenses are allowed by US authorities.

There is an annual licence fee of BB$20,000 (US$10,000) which is applicable during the first 15 years of operation.

Qualif ying Insurance Companies

A 1998 legislative enactment allows companies involved in international insurance business to register under the domestic insurance legislation as Qualif ying Insurance Companies (QIC) on the condition that at least 90% of its premiums originate outside

Business Barbados Fast Facts Guide

Barbados and at least 90% of its risks insured are located outside CARICOM.

Following the 2018 amendments, companies that were classified as qualif ying insurance companies (QIC) which were entitled to the foreign currency allowance will be subject to tax at the rate of 2% in respect of general insurance business and 0 35% in respect of life insurance business until 30 June 2021.

International Banks

The International Financial Ser vices Act 2002was repealed at the end of 2018 and entities formerly licensed under that Act are now considered to be qualified foreign currency earning banks under the Financial Institutions Act and are regulated accordingly. However, entities which were licensed under the International Financial Ser vices Act before 17 October 2017 were entitled to be grandfathered under that Act, and thereby to continue to receive the benefits of same, until 30 June 2021.

The International Financial Ser vices Act provides that dividends, royalties, interest, foreign securities funds, gains and assets generated or managed by a grandfathered licensee are automatically exempt from the provisions of the Exchange Control Act.

In order to establish a Foreign Currency Earning Bank in Barbados, details of the proposed bank must first be submitted to the Central Bank of Barbados for approval . Approval must be

sought from the Ministr y of Finance prior to the incorporation of a company. A company must have a licence before engaging in banking business Applications for a licence are submitted to the Central Bank which may issue the license, subject to the approval of the Minister of Finance. A licence to operate is issued only to suitably qualified applicants Licences are under the control and oversight of the Central Bank of Barbados. Foreign Currency Earning Banks are subject to income tax on a sliding scale of 5.5% up to US$500,000, 3% above US$500,000, 2 5% above US$10m and up to US$15m, 1%, above US$15m. Non-deposit taking Foreign Currency Earning Banks are subject to an annual licence fee of BB$50,000 (US$25000), whereas deposit taking International Banks must pay an annual licence fee of BB$100,000 (US$50,000).

Societies with Restricted Liability Act

The Societies with Restricted Liability Act 1995 was designed to favourably position Barbados in yet another niche market for international financial ser vices An entity formed under the Societies with Restricted Liability (SRL) Act possesses the flexibility to be treated as a corporation, a partnership or a disregarded entity for US tax purposes

Prior to the changes to Barbados’ International business regimes, an SRL may have been licensed as an International Society with Restricted Liability (ISRL) ISRLs that were created and licensed prior to 17 October 2017 were granted the option to be

Business Barbados Fast Facts Guide

grandfathered until 30 June 2021 in order to continue enjoying the benefits of the ISRL regime until that date. ISRLs are used mainly for international transactions and are prohibited from acquiring or holding land in Barbados, other than land leased for business purposes.

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 par ticipate in the management of the society without the written consent of all the members.

A grandfathered ISRL has the following benefits:

• Tax on income on a sliding scale, from a maximum of 2 5% to a minimum of 1%

• Exemption from withholding taxes on dividends and interest payments

• Tax credit in respect of taxes paid outside of Barbados, in so far as it does not reduce tax payable to less than 1%

• Re-domiciliation provisions

• No capital gains tax

• Exemption from all impor t duties on machiner y or equipment for

use in its business

• Freedom from exchange control.

ORGANISTAION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (“OECD”) CONSIDERATIONS

In October of 2017 the OECD, through its Forum on Harmful Tax Practices (“FHTP”) required Barbados to revise or abolish the international business regimes outlined above. As a result, these regimes in their current form were closed on December 31, 2018 We have provided a table below outlining the key changes resulting from the changes to the international business regimes.

INSURANCE SECTOR

Effective Januar y 1, 2019, three classes of licenses came into existence for the insurance sector as follows:

• Class 1: Insurance companies which restrict the business they can underwrite to related par ty business. These insurance companies will be taxed at zero

• Class 2: Insurance companies which can underwrite risks of third par ties. These companies will be taxed at a rate of 2%.

• Class 3: Includes brokers, intermediaries, insurance management companies, insurance holding companies, etc. These entities will be taxed at a rate of 2%.

Business Barbados Fast Facts Guide

ECONOMIC SUBSTANCE REQUIREMENTS

The Business Companies Economic Substance Act took effect for income years commencing on or af ter Januar y 1, 2019 for companies conducting insurance activities. For all other companies, the legislation, although already enacted, will not be implemented until after 1 Januar y 2020 (date not yet confirmed) Note that international entities (e.g. IBCs and ISRLs) that have been grandfathered will not be subject to these economic substance rules until 1 Januar y 2021

Economic substance refers to the requirement that an entity which is engaged in relevant activities (see list below) and is tax resident in Barbados must satisf y in order to establish that it has a adequate presence in Barbados. This would take into account various factors such as the number of employees, premises for use in the business, etc

The list of relevant activities currently includes:

banking business; shipping business; insurance business; holding company business; fund management business; intellectual property holding business; finance and leasing business; distribution and ser vice centre business; headquarters business; such other activities as may be prescribed

FOREIGN CURRENCY PERMIT

Effective 1 Januar y 2019 all entities that earn 100% of their income in foreign currency are entitled to receive a Foreign Currency Permit (“FCP”) allowing them the following benefits where cer tain requirements are met:

• Exemption from exchange control

• Exemption from payment of stamp duty and property transfer tax

• Exemption from payment of value added tax and duties on impor tation of plant, machiner y 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. Persons who are resident but not domiciled in Barbados are taxed on their income derived from Barbados and on any overseas income remitted to Barbados. Non-residents are taxed only on income derived from Barbados.

Corporations are taxed in accordance with the rates illustrated

in the table below:

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).

Individuals are subject to income tax at the rate of 12 5% on taxable income up to and including BBD$50,000 (US$25,000), and 33.5% on taxable income exceeding BBD$50,0 00 (US$25,000). However, the top rate of tax is set to be reduced to 28 5% from 1 Januar y 2020. Resident individuals earn the first BB$25,000.00 (US$12,500.00) of their annual income tax free.

There are no capital gains taxes levied in Barbados, and gif t, inheritance, and estate taxes are not applicable. Proper ty transfer tax applies to the transfer of proper ty situated in Barbados at a rate of 2 5% T his includes real estate as well as cer tain leasehold interests and shares. Stamp duty is also payable on instruments executed in Barbados, which relate to any proper ty 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 Januar y 1, 1997. Generally, value-added tax is levied at the rate of 17 5% on all goods and ser vices supplied in Barbados, and on goods impor ted into Barbados. However, there is provision for specific zero-rated and exempt goods and ser vices that would not attract the value-added tax. VAT is included in the final price the consumer pays for goods and ser vices. Hotel accommodation, and certain supplies related to tourism, enjoy a lower VAT rate of 7. 5% currently, but which is set

Licences for In surance Com pan ies

Business Barbados Fast Facts Guide

to be increased to 10% effective 1 Januar y 2020. However, the supply of mobile ser vices of voice, data, and text messaging attracts an enhanced VAT rate of 22%.

It has also been announced that the Barbados Government is seeking to apply VAT to online transactions where the supply will be enjoyed in Barbados However, no official date has been provided on which this measure will be implemented.

ROOM RATE LEVY

In July 2018, a room rate levy was imposed on all tourist accommodation including apar tments, guest houses, hotels, vacation rental proper ties and villas The levy was applied in accordance with the table below:

Accom moda tion Rates (US)

Apartments $2 50 per bedroom per night

Guest House $2 50 per bedroom per night

Hotel “B” Class $2 50 per bedroom per night

Hotel “A” Class $5 50 per bedroom per night

Hotel luxur y Class $10 00 per bedroom per night

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 Finland Norway Sweden

Bahrain Ghana Panama Switzerland*

Botswana Iceland Por tugal United Arab Emirates

Canada* Italy* Qatar United Kingdom*

CARICOM+ Luxembourg San Marino United States

China* Malta Seychelles Venezuela*

Cuba* Mauritius* Singapore

Effective April 1,2019, the room rate levy was increased by 75%. A table illustrating the new room rate levy is outlined below:

Vacation rental property 2 5% of the nightly rate Accommo

Cyprus Mexico Slovak Republic

Czech Republic Netherlands Spain

* Also bilateral investment treaties + CARICOM member states are Antigua & Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St Kitts & Nevis, St Lucia, St Vincent and the Grenadines, Suriname and Trinidad & Tobago However, Bahamas and Suriname are not signatories to the CARICOM Tax Treaty

Hotel luxur y 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)

PRODUCT DEVELOPMENT LEVY

In July 2018, a product development levy was introduced and applied to direct tourism ser vices at the rate of 2.5% of the cost of the Direct Tourism Ser vice.

In addition to the above, a DTA with Rwanda awaits ratification while DTAs with Ghana and Slovak Republic have been ratified but are not yet in force.

In Januar y 2018, Barbados signed on to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Sharing (“MLI”). The countr y must now complete the necessar y domestic ratification procedures and determine the application of the MLI to its existing DTAs.

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 par ticularly attractive to foreign investors.

Business Barbados Fast Facts Guide

As indicated in the previous table, in addition to its extensive network of DTAs, Barbados also has BITs with several impor tant 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:

CARICOM

Allows products manufactured in Barbados and other CARICOM member states to be expor ted among member countries free of customs duty, provided all qualif ying 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 (EPA)

Among other things this agreement removes all quotas and tariffs from Caribbean expor ts 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 ser vices to Europe, and to permit young ser vices professionals to gain work experience in the European market

Caribbean countries which are signator y to the agreement have agreed to gradually open their markets to European expor ts over the next 25 years.

Caribbean Basin Trade Partnership Act (CBTPA)

Duty free expor t of some products to the USA market.

CaribCan (Caribbean-Canada)

Duty free expor t 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 proper ty 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 proper ty by a non-resident whether such nonresident is a Barbadian citizen or not.

The sale of proper ty by all persons including citizens or permanent residents is subject to a proper ty transfer tax of 2.5% plus approximately 1% stamp duty. However, the first BB$150,000 (US$75,000) of the sale proceeds is exempt from Proper ty 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:

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

Note that in the case of registered land the minimum fees 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 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 with rates being among the lowest in the Caribbean. 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 ser vices. Water ser vice can be connected within 48 to 72 hours. A monthly payment for continued ser vice is based on the meter system, wi th garbage and sewage contribution fees also being collected on this monthly bill . The water ser vice in Barbados is reliable and tap water is safe to drink.

Business Barbados Fast Facts Guide

Telecommunications

Barbados is equipped with a modern telecommunications infrastructure with the latest in digital technology and fibre optics systems including international direct dialing, 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 deliver y, are also available.

Local cell-phone operators are divisions of international telecommunications providers with ser vice offerings that the international business traveler 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 dialing 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 nor th and south of the island, as well as the west coast and the airpor t on the south-east coast.

Airport

The Grantley Adams International Airport, located about 15 minutes from the capital city Bridgetown, plays an impor tant 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 por ts in the Caribbean with both a deep-water harbour and a shallow draught facility. There are regular freight sailings to Nor th America, Europe, and the Caribbean. The Bridgetown por t is well equipped with containerhandling and ber th facilities for ocean-going freighters and passenger vessels, including major luxur y liners and has undergone recent upgrading to expand its ber th and customs facilities. The por t has won awards for the most improved por t facility and the most receptive destination

INTERNATIONAL FLIGHTS TO BARBADOS

There are non-stop daily scheduled airline ser vices to major business hubs including New York, Miami, Toronto, London and the Caribbean islands. There are also regular non-stop scheduled airline ser vices to other major markets including Frankfur t, Charlotte and Panama.

Airlines flying to Barbados include American Airlines, Air Canada, British Air ways, Caribbean Airlines, Copa Airlines, Jet Blue, LIAT, Virgin Atlantic, West Jet, Luf thansa and several char ter flights companies.

IMMIGRAT ION AND WORK PERMITS

The Barbados Immigration Act allows non-citizens to work on the island only if they have been granted a work permit Cer tain 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 under take employment as a self-employed person.

There are no statuto r y 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 Depar tment in Bridgetown.

New Immigration Policies

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 par ticular categor y the individual falls under

Visa Entry Requirements

A valid passpor t is required by all visitors to Barbados All visitors are required to have onward or return tickets. Citizens of cer tain 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 with the exception of citizens of the CIS Eastern European states, The Peoples Republic of China, Taiwan, South Africa, Korea and some Middle Eastern states

SOURCES

Barbados Hotel & Tourism Association

www.bhta.org

Barbados Statistical Ser vice

www barstats gov bb

Barbados Stock Exchange

www.bse.com.bb

Barbados Tourism Authority

www.visitbarbados.org

Central Bank of Barbados

www centralbank org bb

PUBLISHER'S NOTE:

All of the information in this guide 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. Readers can contact the relevant authorities mentioned. A comprehensive list of Government Services, Legal Services, Business Associations and Agencies can be found at the end of this guide.

Government Ministries

Ministry of Creative Economy, Culture & Sports

Sky Mall, Haggatt Hall, St. Michael

Tel: (246) 535-5840

https://www gov bb/Ministries/creativeeconomy-culture-sports

Ministry of Energy and Water Resources

Trinity Business Centre Inc., Country Road, St Michael, Barbados

Tel: (246) 535-2500

https://www.energy.gov.bb

Ministry of Finance, Economic Affairs & Investment

Government Headquarters, Bay Street, St. Michael, Barbados

Tel: (246) 535-5300/01/02

Fax: (246) 535-5344

https://www.gov.bb/Ministries/financeeconomic-affairs

Ministry of Foreign Affairs & Foreign Trade

1 Culloden Road, St. Michael, Barbados, BB14018

Tel: (246) 431-2200

Fax: (246) 429-6652

barbados@foreign.gov.bb

http://www.foreign.gov.bb

Ministry of Health & Wellness

Frank Walcott Building, Culloden Road, St Michael, Barbados

Tel: (246) 536-3800

ps-secretary@health.gov.bb

http://www health gov bb

Ministry of Innovation, Science & Smart Technology

4th Floor Baobab Tower, Warrens, St

Michael

Tel: (246) 535-1200

Email: psmist@barbados.gov.bb

Ministry of International Business and Industry

8th Floor Baobab Towers, Warrens, St. Michael, Barbados

Tel: (246) 535-7200

Fax: (246) 535-7245

info@barbadosbusiness.gov.bb

http://www.internationalbusiness.gov.bb

Ministry of Maritime Affairs & The Blue Economy

Civil Aviation Building, Charnocks, Christ Church, Barbados

Tel: (246) 535-3334

Fax: (246) 535-0030

Minister.MMABE@barbados.gov.bb

https://www.gov.bb/Ministries/maritimeaffairs-blue-economy

Ministry of Tourism & International Transport

4th and 5th Floors, One Barbados Place, Warrens, St. Michael, Barbados

Tel: (246) 535-7500

Fax: (246) 436-4828 donna.cadogan@barbados.gov.bb

https://www.gov.bb/Ministries/tourism

Office of the Attorney General & Legal Affairs

Webster’s Business Park, St. Michael, Barbados

Tel: (246) 535-0467

Fax: (246) 535-0559

ps@oag.gov.bb

http://www.oag.gov.bb

Prime Minister’s Office

Government Headquarters, Bay Street, St. Michael

Permanent Secretary

Tel: (246) 535-5351

Government Corporations, Depts. & Statutory Bodies

Barbados Investment & Development Corporation

Pelican House, Princess Alice Highway, Bridgetown, St. Michael, Barbados, BB11000

Tel: (246) 427-5350

Fax: (246) 426-7802 bidc@bidc.org

http://www.bidc.org

Barbados Port Inc.

University Row, Bridgetown, St. Michael

Tel: (246) 434-6100

Fax (246) 429-5348

administrator@barbadosport.com

http://www.barbadosport.com

Barbados Revenue Authority

6th Floor Treasury Building, Bridge Street, Bridgetown, Barbados

Tel: (246) 535-8200

Fax: (246) 535-8075

https://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

btii@tourisminvest.com.bb

http://www.barbadostourisminvestment.c om

Barbados Tourism Marketing Inc

2nd Floor, One Barbados Place, Warrens, St. Michael, Barbados

Tel: (246) 535-3700

Fax: (246) 535-3799

btmiinfo@visitbarbados.org

https://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

btpainfo@visitbarbados org

http://visitbarbados.org

Central Bank of Barbados

Tom Adams Financial Centre, Spry Street, Bridgetown, St. Michael, Barbados

Tel: (246) 436-6870

Fax: (246) 427-9559

info@centralbank org bb

http://www centralbank org bb

Corporate Affairs & Intellectual Property Office (CAIPO)

Ground Floor, Baobab Towers, Warrens, St Michael, Barbados

Tel: (246) 535-2444

Fax: (246) 535-2401

general@caipo gov bb

http://www.caipo.gov.bb

Customs & Excise Department

2nd Floor West Wing, Warrens Office Complex, Warrens, St Michael, Barbados

Tel: (246) 310-2300

Fax: (246) 421-2029

annette.weekes@customs.gov.bb (Ms. Annette Weekes, Comptroller of Customs Ag.)

http://www.customs.gov.bb

Financial Services Commission

#34 Warrens Industrial Park, Warrens, St Michael, Barbados

Tel: (246) 421-2142

Fax: (246) 421-2146

info@fsc gov bb

http://fsc.gov.bb

Contacts

Immigration Department

Careenage House, The Warf, St Michael, Barbados

Tel: (246) 535-4100

Fax: (246) 426-0819

immigration@barbados gov bb http://www.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 info@investbarbados.org http://www investbarbados org

Invest Barbados - Canada

110 Sheppard Avenue East, Suite 205, North York, Ontario, M2N 6Y8, Canada

Tel: (416) 214-9919

Fax: (416) 214-9815 toronto@investbarbados.org

Invest Barbados - United States of America

820 Second Avenue, 5th Floor New York, NY 10017, USA

Tel: (212) 551-4375

Toll Free: 1-800-841-7860

Fax: (212) 682-5496 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

http://www.townplanning.gov.bb

Government Overseas Offices/ Missions

Embassy of Barbados - Belgium

166 Avenue Franklin D. Roosevelt, 1050 Brussels, Belgium

Tel: (011 322) 737-1170

Fax: (011 322) 732-3266 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) 35268310

Fax: (55 61) 35468310 brasilia@foreign.gov.bb

High Commission of Barbados - United Kingdom

1 Great Russell Street, London WC1B 3ND, United Kingdom

Tel: (011 44 207) 299-7150

Fax: (011 44 207) 323-6872 london@foreign.gov.bb

High Commission of Barbados - Canada

55 Metcalfe Street, Suite 470 Ottawa, Ontario KIP6L5, Canada

Tel: (1 613) 236-9517/8

Fax: (1 613) 230-4362 ottawa@foreign.gov.bb

Consulate-General of Barbados - Toronto 110 Sheppard Avenue East, Suite 205, North York, Ontario M2N 6Y8, Canada

Tel: (1 416) 214-9805

Fax: (1 416) 214-9815 toronto@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: (011 8610) 85325404

Fax: (011 8610) 85325437 beijing@foreign.gov.bb

Embassy of Barbados - Cuba

Calle 18 # 715e / 7ma y 31 Miramar, Playa, La Habana, Cuba

Tel: (011 537) 212-5894

Fax: (011 537) 212-5897 havana@foreign gov bb

Embassy of Barbados - USA

2144 Wyoming Avenue N.W. Washington, D C 20008, USA

Tel: (1 202) 939-9200

Fax: (1 202) 332-7467 washington@foreign.gov.bb

Consulate-General of Barbados - Miami

2121 Ponce de Leon Blvd, Suite 1300 (PH), Coral Gables, Florida 33134, USA

Tel: (1 786) 515-1201

Fax: (1 305) 455-7975 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: (1 212) 867-8899 newyork@foreign gov bb

Embassy of Barbados - Venezuela

Edificio Los Frailes

Oficina 501, Piso 5

Avenida Principal de Chuao

Chuano, Caracas, Venezuela

Tel: (011 58212) 313-3425

Fax: (011 58212) 991-0333 caracas@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 geneva@foreign.gov.bb

Permanent Mission of Barbados to the United Nations 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 prun@foreign.gov.bb

Business Associations & Agencies

Emergency Numbers

Police 211

Fire 311

Ambulance 511

Business Associations

Barbados Bar Association

“Leeton”, Perry Gap Roebuck Street, St Michael, Barbados

Tel: (246) 537-7316

Fax: (246) 538-1739

admin@barbadosbarassociation com http://www.barbadosbarassociation.com

Barbados Chamber of Commerce and Industry (BCCI)

Braemar Court, Deighton Road, St Michael, Barbados

Tel: (246) 434-4750

Fax: (246) 228-2907

bcci@barbadoschamber com

http://www.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 info@bcsi.org.bb

http://www.bcsi.org.bb

Barbados Estate Agents and Valuers Association Inc (BEAVA)

P.O. Box 130, Worthing, Christ Church, Barbados

Tel: (246) 836-0650 admin@beavainc com http://www.beavainc.com

Barbados Hotel and Tourism Association (BHTA)

4th Avenue Belleville, St Michael, Barbados

Tel: (246) 622-5041

Fax: (246) 429-2845 info@bhta org http://www.bhta.org

Barbados International Business Association (BIBA)

19 Pine Road, Belleville, St Michael, Barbados

Tel: (246) 537-2422

Fax: (246) 537-2423

biba@biba bb

http://www.biba.bb

BIBA - Canada

Thomas C Sears, Chairman

Tel: (905) 800-0548

Tom.Sears@Rogers.com

Barbados Manufacturers Association (BMA)

Suite 201, Bldg #8 Harbour Industrial Estate, St. Michael, Barbados, BB11142

Tel: (246) 426-4474

Fax: (246) 436-5182

info@bma bb

http://www.bma.bb

Barbados Private Sector Trade Team (BPSTT)

Goddards Complex, Fontabelle, St. Michael, Barbados

Tel: (246) 430-6541

info@tradeteam.bb

http://www tradeteam bb

Barbados Small Business Association (SBA)

Suite 101, Building 4, Harbour Industrial Estate, Bridgetown, St. Michael, Barbados

Tel: (246) 228-0162

Fax: (246) 228-0613

theoffice@sba bb

http://www 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 admin@icab.bb http://www.icab.bb

Barbados Stock Exchange (BSE)

8th Avenue, Belleville, St Michael, Barbados

Tel: (246) 436-9871

Fax: (246) 429-8942 info@bse com bb http://www.bse.com.bb

International Agencies

Caribbean Development Bank (CDB)

P O Box 408, Wildey, St Michael, Barbados, BB11000

Tel: (246) 431-1600

Fax: (246) 426-7269 info@caribank org http://www.caribank.org

Caribbean Export Development Agency (Caribbean Export)

Baobab Tower, Warrens, St. Michael BB14000, Barbados

Tel: (246) 436-0578

Fax: (246) 436-9999 info@carib-export com http://www.carib-export.com

Caribbean Tourism Organization (CTO)

7th Floor, Baobab Towers, Warrens, St Michael, Barbados, BB22026

Tel: (246) 427-5242

Fax: (246) 429-3065 ctobarbados@caribtourism com http://www.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 delegation-barbados@eeas europa eu https://eeas.europa.eu/delegations/barba dos en

Office of Trade Negotiations (OTN) 1st Floor, Sky Mall, Haggatt Hall, St Michael BB11063, Barbados

Tel: (246) 430-1670

Fax: (246) 228-9528 communications@caricom org http://www.crnm.org

Inter-American Development Bank (IADB) “Hythe”, Welches, Maxwell Main Road, Christ Church BB17068, Barbados

Tel: (246) 627-8500

Fax: (246) 429-8869

idbbarbados@iadb org

http://www.iadb.org

Pan American Health Organization (PAHO) Dayrells Rd & Navy Garden, Christ Church, Barbados

Tel: (246) 434-5200

Fax: (246) 436-9779

http://www.paho.org/ecc/

United Nations (UN)

UN House, Marine Gardens, Hastings, Christ Church, Barbados

Tel: (246) 467-6000

Fax: (246) 429-2448

communications.bb@undp.org

http://www.un.org

Non-Governmental Organizations

Barbados Entrepreneurship Foundation Inc. (BEF)

Lex Caribbean, Worthing Corporate Centre, Worthing, Christ Church, Barbados

Tel/Fax: (246) 435-3308

info@barbadosentrepreneurshipfoundatio n org

http://www barbadosentrepreneurshipfou ndation.org

Future Centre Trust

Little Edgehill, St Thomas BB22118, Barbados

Tel: (246) 625-2020

Fax: (246) 620-2021

info@futurecentretrust org

http://www.futurecentretrust.org

Tourism Development Corporation (TDC) BHTA Building, 4th Avenue, Belleville, St. Michael, Barbados

Tel: (246) 228-8900

tourismdev@caribsurf.com

http://www.tdcbarbados.com

Legal Services

Carrington & Sealy

H Adrian W Cummins Q C ,Ph D

Belmont House, Belmont Rd

St Michael, Barbados

Tel: (246) 367-6700

Fax:(246) 427-5807

hawc@carr-sealy com bb

Chancery Chambers

Sir Trevor Carmichael, KA, LVO, Q C Chancery House, High Street

Bridgetown

St Michael, Barbados

Tel: (246) 431-0070

Fax: (246) 431-0076

chancery@chancerychambers com

www chancerychambers com

Clarke Gittens Farmer

Ramon O Alleyne

Managing 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 & Company

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

Dormers, Prior Park

St James, Barbados, BB23017

Tel: (246) 537-4159

Mobile: (246) 851-7651

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

Hastings Attorneys-At-Law

“Chelsea House” Chelsea Road, St Michael, Barbados, BB14022

Tel: (246) 228-9420

Fax: (246) 429-8056

Barry L.V. Gale Q.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

Harford Chambers

Cnr Roebuck Street & Gills Road

Bridgetown, St Michael Barbados, W I

Tel: (246) 437-8532

Fax: (246) 436-8295 sahgollop@gmail com

InterCaribbean Legal Attorneyat-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

Mary J Mahabir, Q C Worthing Corporate Centre

Worthing, Christ Church, Barbados

Tel: (246) 539-1000

Fax: (246) 430-3899

Mary mahabir@bb lexcaribbean com www lexcaribbean com

Meridian Law

Dawn Williams

Ashton House, Strathclyde

St Michael, Barbados

Tel: (246) 431-6677

Fax: (246) 435-0607

daw@meridianlaw bb

Peter G. Symmonds, Q.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

Pinebridge Law

Kaye A Williams, BA, LLB, MCIArb, Commonwealth Fellow

#3 St Caroline’s Business Complex

Pine Plantation Road, St Michael

Barbados, BB11091

Tel: 246-228-2751

kwilliams@pinebridgelaw com

www pinebridgelaw com

Reece Associates

Attorneys-at-Law

‘Chelsea House’, Chelsea Road St Michael, BB14022

Barbados

Tel : (246) 620-3772

Fax: (246) 620-3771

Anthony P L Reece apl@reeceassociates bb

Joia W S Reece

jws@reeceassociates bb

Brian A P Reece bap@reeceassociates.bb

Rita Evans & Associates

Rita L Evans

“King Cote”, No 12, 8th Avenue Belleville St Michael, Barbados

Tel: (246) 429-4643

Fax: (246) 429-9339

ritaevansassociates@gmail com

Zarina Khan

Attorneys-at-law

Prospect Chambers

Summerland House, Prospect St James, BB24008

Barbados

Tel: (246) 622-0050/51

zarina@prospectchambers com