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 comprised of 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.