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Barbados: Barbados transitioning to new business ethos

As of December 31st, 2018, the Ministry of International Business and Industry, through its International Business Unit, will cease to issue International Business Company licences and International Societies with Restricted Liability licences.

This will, in effect, close off these regimes as the IBC Act will be repealed and the SRL Act will be amended to give effect to the end of new International Societies.

Word of this came from Minister of International Business and Industry, the Hon. Ronald Toppin, during the opening of the 10th International Business Week Conference, held at the Lloyd Erskine Sandiford Centre (LESC) yesterday.

He was at the time reiterating Barbados’ commitment to implementing Action 5 on Harmful Tax Practices of the Organisation for Economic Cooperation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) project, as well as the ongoing economic recovery transformation programme, which has caused them to critically examine their systems with a view to understanding how they contribute to Barbados’ overall competitiveness or the lack thereof and improving them.

The Minister therefore highlighted some of the changes that, subject to the approval of Cabinet, will be soon implemented during the transition from an International Business Sector mindset to a global business ethos.

“A new regime will be rolled out in January 2019 which will seek to maintain, as far as possible, the current benefits to the industry. Again, the details will be taken to Cabinet, hopefully, next week,” he indicated.

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