Information Communication Technology
The Ministry of Industry, Innovation, Science and Technology’s mandate is to transform Barbados into a Smart Barbados and make it easier to do business in the country. Some of the areas identified are:
- Software development
- Artificial intelligence
- Augmented reality
- Bio-medical technology
- Contact Centres
Barbados is a leader in Blockchain technology within the Caribbean, having given the green light to the first Blockchain start-up in the region – Bitt.com. This company was co-founded in 2014 by two visionary Barbadians who continue to work with other Caribbean territories that are keen to embrace this evolving technology. Since then, several investors have embraced Barbados, as a vibrant centre for Blockchain business.
Incentives and Factors
- Companies that earn 100% of their income outside of Barbados and hold a Foreign Currency Permit (FCP) are exempt from Exchange Control.
- Training grants based on wages paid to employees during the initial operating period
- Barbados offers a reliable telecommunications infrastructure, state-of-the-art technology based services and solutions, and a cultural affinity related to its geographic proximity to North America.
- Regulatory Sandbox – established by the Central Bank of Barbados and the Financial Services Commission to live test Fintech products and services.
- A Special Facility for the listing and tracking of all digital assets on the International Securities Market of the Barbados Stock Exchange.
Key Pieces of Legislation
- Companies Act
- Exchange Control Act
- Foreign Currency Permit Act