BUSINESS NEWS
With its strong history in the European market, the Radisson brand is slated to bring additional tourism business to Barbados. The Radisson Aquatica Resort located in Aquatic Gap officially took on the Radisson name on April 30 and has already been receiving additional interest. That is according to Roland Mouly, Vice President of Development for the Caribbean, Mexico and Latin America at the Carlson Rezidor Hotel Group, the parent company of Radisson resorts.
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Antigua and Barbuda will be a “Caribbean headache” for President Barack Obama’s new nominee of chief trade negotiator - Michael Froman says Bloomberg Businessweek. Froman has “plenty of negotiating work ahead of him ...But unless he does find some bandwidth for the Caribbean nation, US software companies, drug makers, and Hollywood studios could face significant headaches,” it warns.
Read the full storyThe London Chamber of Commerce and Industry has described plans for a Financial Transaction Tax within parts the EU as potentially “particularly damaging” for London’s financial services industry and for businesses that support the financial sector.
The assessment appears in a new report by the LCCI, on how businesses in London regard the value of EU membership. Eleven Eurozone countries have agreed to implement the tax, under provisions for enhanced cooperation within the EU. It explains that the tax will apply to many types of transaction in Euros involving a member state within the FTT zone, and it argues that London would be disproportionately affected “as it is a major hub for euro trading,” even though the UK will not be part of the FTT zone.
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Investing in Barbados
Non-national investors will need to submit an application for permission to invest in Barbados to the Exchange Control Authority (ECA). The functions of the ECA have been delegated to the Central Bank of Barbados and are carried out by the Foreign Exchange and Export Credits Department of the Bank.
The applications are usually submitted by the applicant or their professional advisor prior to the execution of the transaction contemplated, for permission "in principle". This permission is readily granted, especially if employment in Barbados will be created, but usually states that the permission is subject to the remittance to Barbados of foreign currency and that evidence of the remittance be submitted to the ECA. Once permission in principle is obtained the transaction is completed and evidence of the foreign remittance submitted to the ECA; the amount of foreign currency becomes registered with the ECA. The certificate of registration of these funds is an important document as it must be presented at any time in the future that the investment proceeds are to be repatriated from Barbados.
The investment vehicle or business in which the non-national has invested is treated as resident and all transactions in foreign currency will be subject to exchange control permission or guidelines under delegated authority to the commercial banks. In certain circumstances when a business earns foreign exchange a commercial bank may open a foreign currency account in Barbados for the business. The commercial bank is required to monitor the transactions on the account in accordance with the guidelines issued by the ECA from time to time and to submit information on the transactions.
Non-national investors or corporations controlled by non-nationals are generally required to finance their operations from sources external to Barbados. Where a significant project is being undertaken in Barbados that will create employment and foreign exchange earnings the ECA will consider applications for permission for financing arrangements that vary from the general requirement.
BECOME A MEMBER OF BIBA
Become a Member
The Barbados International Business Association (BIBA) is a not-for-profit private sector trade organisation. It provides a network for meetings and exchange amongst persons involved in international business. BIBA serves as a growing voice in the development of international business in Barbados and has over 170 member firms at this time.
FREQUENTLY ASKED QUESTIONS
What is the minimum capitalisation required for an international business company?
For an exempt insurance company the minimum capital requirement is US $125,000; for a company licensed under the International Financial Services Act: US $2 million for a company accepting third-party deposits; and US $500,00 for a company not accepting third-party deposits.
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