An Excellent Location for Near-shore Medical Transcription Services
Barbados, the business hub of the Caribbean, offers social, political and economic stability. Noted for its service-oriented, loyal, trainable and productive workforce, the country has a business infrastructure that is efficient, cost competitive, and state-of-the-art.
The Government of Barbados actively encourages foreign direct investment and is committed to developing a thriving Information Services Industry. Investors may benefit from an attractive incentives package comprising low corporate tax rates, and cost competitive office accommodation.
Attractive Features of the Business Environment
– Entities offering medical transcription or other health information management services can establish as a Regular Barbados Company (RBC) or Society with Restricted Liability (SRL). Incentives include:
– Suitability of Labour – Available, productive, English-speaking, easily trainable workforce with good work ethic.
– Training Grant – Grant assistance of US$50 per week per employee for a specified period.
– Telecommunications – Barbados is equipped with modern infrastructure offering the latest in digital technology and broadband fibre optic capabilities. Internet service is available island-wide.
– Electricity – The Barbados Light & Power Co. Ltd. supplies clean and reliable electricity service throughout the island. Electric supply is available for 110Volts/50 Cycles as well as for 220Volts/50 Cycles.
– International Accessibility – Excellent air and sea links provide good connections for passenger, cargo and courier services.
– Local Transportation – Reliable public transportation system
– Time Zone – Compatible time zone with Eastern USA.
– Operating Facilities – Available in business parks at competitive rental rates. Units are specially outfitted with fibre optics, satellite and cable to accommodate the needs of this industry.
– Competitive tax rate on a sliding scale of 1.0% – 5.5%.
All entities that earn 100% of their income in foreign currency, from January 1, 2019, are entitled to receive a FCP. These entities benefit from:
– Exemption from exchange control
– Exemptions from property transfer taxes on transfers of shares or quotas
– Income tax concessions for specially qualified individuals as employees
A person who is not a citizen of Barbados is required to obtain a work permit in order to work. Qualifying CARICOM nationals under a special free movement regime do not require a work permit. The application fee is US$150. There is also a fee for the work permit. Short term work permits are issued for a maximum of 11 months while long term permits are granted, on average, for a period of three years. It typically takes 8 weeks to secure approval for a long-term work permit. Further information is available from the Immigration Department.