Barbados' highly qualified and experienced consulting community is made up of a number of individuals, small and medium sized firms. Among the world class business advisory services offered to both public and private sector organisations are legal, finance and accounting, human resource management and advertising and marketing.
A number of hemispheric and multilateral agencies including the Inter-American Development Bank (IADB), Department for International Development (DFID), the European Commission (EC), the World Bank, Caribbean Development Bank (CDB) and CARICOM have used Barbadian consultants extensively to provide business advisory services for their clients. In addition, Barbados' business professionals have gained substantial experience working with numerous international banks, IBCs, SRLs, international insurance companies and other related entities that are registered on the island.
Barbados is in a strong position to offer similar outsourcing and offshoring services to clients and potential partners in emerging markets in the region and beyond. There exists a significant opportunity in the economic development field in the region and collaboration among consultants could increase the number of successful bids for publicly tendered projects. In this regard, there are efforts on stream to develop an association of certified and accredited management consultants.
The Bar Association comprises over 300 members educated under the English common law system. This training equips them with legal skills required for providing advisory services to US and Commonwealth clients. In particular, there's a growing demand for outsourced services to international markets, and in this regard, the Barbadian legal Diaspora in the US, UK and Canada may provide an excellent opportunity for forging strategic alliances.
Finance and Accounting Services
The local accounting industry is well developed and is able to offer quality services across a wide range of specialties. The big four international accounting firms, PriceWaterHouseCoopers, Ernst & Young, KMPG and Deloitte & Touche are present along with a number of smaller firms and partnerships. The range of services offered includes treasury and risk management, tax management, financial analysis, transaction management and general accounting.