‘Substance’ is a characteristic that has become consistently linked to the Barbados international business brand. It is a well-known attribute of a mature economic sector capable of providing downstream and upstream benefits, particularly in small state economies.
‘Substance’ is manifested in several ways, but principally in employment opportunities, quality of work life, salary scale and, oftentimes, the ability to move from one geographical location to another because the entity of ‘substance’ has offices or operations across the globe.
‘Substance’, as an index of a mature, reputable and responsible international business and financial services centre, is one that successive governments of Barbados have insisted on because of the propensity of capital flight, which is often endemic, especially with small open economies. Substantive activities are highly prized by governments because they present tangible expressions of why a particular path of economic activity and its associated incentives have been granted to a national, regional or international entity.
Written by Françoise Hendy-Yarde, International Treaties Negotiator & Special Advisor, Government of Barbados. Source: Barbados International Finance & Business 2016