Barbados’ International Business and Financial Services (IBFS) sector is in for several upgrades. These sentiments were expressed by Barbados’ Minster of Industry, International Business, Commerce and Small Business Development, Hon. Donville Inniss, as he addressed the Institute of Chartered Accountants of Barbados’ (ICAB) Annual International Business Seminar at the Lloyd Erskine Sandiford Centre recently.
Among some of the adaptive strategies that would enhance competitiveness in the sector were “proposed amendments to the Income Tax and Insurance Act to provide for what we call warranty business to be granted exemptions here in Barbados,” the Minister said, while noting that the Miscellaneous International Business Bill had already been passed.
Minister Inniss indicated that a range of legislation was in the process of being drafted, including the Limited Liability Partnership (LLP) and Incorporated Cell Company legislation. Also on the horizon, according to the Minister, will be the move towards facilitating online incorporations and licensing of entities, about which discussions were “at an advanced stage”.
Mr. Inniss further added that his Ministry was working in collaboration with the Ministry of Labour, Social Security and Human Resource Development in commissioning a Manpower Needs Assessment Survey for the International Business sector. It is envisioned that this survey will identify the varied academic and professional skill sets required for the present and future development of this critical sector.
He continued, “My Ministry, in association with other stakeholder agencies, continues to focus on the development of an integrated approach to marketing and promotion at the domestic level and internationally as well, refashioning our regulatory framework, creating a new dynamism in the development of policies for the sector as well as placing renewed emphasis on product formulation and development.”