The BIBA has its origins in an organisation known as the Barbados Association of International Business Companies and Offshore Banks (BAIBCOB) which was formed in 1993 and incorporated in February 1997 under the Companies Act (Cap 308) of Barbados . In November 1997 as a result of a decision to accept a broader range of membership, the name of the organisation was officially changed to the Barbados International Business Association and from there on, the association's membership included the members of the former Canada Barbados Business Association (CBBA) and the Barbados International Insurance Association (BIIA), along with the former BAIBCOB members.