More persons are choosing to set up their businesses in Barbados.
President of the Barbados International Business (IB) Association, Julia Hope revealed this to The Barbados Advocate during an interview on the sidelines of the Invest Barbados Secondary Schools’ Symposium, which took place at the Lloyd Erskine Sandiford Centre yesterday morning.
“We are doing well in spite of deficiencies, and we do have deficiencies, and through talking to practitioners in the field we are getting a lot of businesses who are choosing to domicile in Barbados which is good news but we need to do more,” she said.
“We are waiting for some pieces of legislation to be amended. In particular, the legislation coming from the OECD and the EU regarding Substance, which talks about certain categories of activities that must have employees based in Barbados. Now the reason we are waiting for the legislation to be amended is because it was brought into force when it was needed but there are some tweaks that are needed. We are waiting on the guidelines so that we understand the true nature of that and can inform the clients,” it was explained.