country

<NREC>Barbados01 Barbados: Executive Summary <A>=Barbados

I. Executive Summary

This Country Commercial Guide (CCG) presents a comprehensive look at Barbados' commercial environment, using economic, political and market analysis. The CCGs were established [by recommendation of the trade promotion coordinating committee (TPCC), a multi-agency task force,] to consolidate various reporting documents prepared for the U.S. business community. Country Commercial Guides are prepared annually at U.S. embassies through the combined efforts of several agencies.

Barbados is an English speaking country with a long-standing democratic tradition, a strong commitment to the rule of law and an open economy with a marked dependence upon imports, primarily from the United States. Barbados imports most of what is consumed on the island. Like many of the small Caribbean Island states, Barbados' economy and foreign exchange earnings are based on tourism. The economy also benefits from sectors such as international financial services, sugar production and manufacturing, all of which generate foreign exchange. Barbados' monetary policy is focused on maintaining a constant rate of two Barbadian dollars to one U.S. dollar.

The Barbadian economy has performed well since coming out of recession in 1993. Growth rates have averaged about three percent each year, and inflation has remained low. This trend is expected to continue. The Government of Barbados introduced a value-added tax (VAT) on almost all goods and services. The tax has made most imports from outside of the region cheaper. This has benefited Barbadian consumers and extra-regional exporters. The system appears to be working smoothly and the temporary increase in inflation caused by the VAT in 1997 has since declined.

The local market is well developed in that most all consumer goods are readily available, if at a high price. U.S. companies trying to break into the market would be best advised to find a local agent/distributor and make a long-term commitment to exporting to the region.

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<NREC>Barbados02 Barbados: Economic Trends and Outlook <A>=Barbados

II. Economic Trends and Outlook

The Barbadian economy has been experiencing good growth for the past five years, based in large part on improved tourism receipts. The economy is growing at about 3 percent in 1998. Unemployment has decreased in line with the economic expansion, from a high of 24.5 percent in 1993 to about 12 percent in 1998. The Inflation rate is back to 3 percent in 1998. Foreign exchange holding remains at about 14 weeks of imports.

The exchange rate vis-à-vis the U.S. dollar has remained unchanged (at Bds$2.00=U.S.) since the end of 1975.

Much of the economic growth has come as a result of increases in tourism and its downstream effects, in particular construction. Another source of growth has been financial and other services. Sugar production has declined. Over the past decade agricultural and manufacturing sectors have shown little growth overall.

The commercial environment is generally favorable, although tax rates and import tariffs remain high. Infrastructure, including roads, ports, water service, electricity, and telecommunications is good if expensive. The attitude of government is generally favorable toward business and offers a variety of incentives to investors. The Government of Barbados focuses its resources on education and health care. Over the next five years, the government will be carrying out major investments in school computerization, the installation of a modern waste disposal system for the heavily populated south and west coasts, and upgrades of the sea and airports.

Key growth sectors remain tourism and tourism related industries, especially construction. Private sector construction projects valued at over USD 400 million are expected over the next two years. These projects include hotel upgrades, golf course development, marina expansion, and new office complexes. A boom in residential construction continues.

As a country with a relatively narrow resource base and limited production, Barbados imports much of what it needs to survive, including energy, food, and most consumer products. As the Barbadian economy continues to grow, trade opportunities will increase in parallel for U.S. exporters of goods to build and supply hotels, restaurants, and new residential construction.

Barbadian attitudes toward the United States and toward American business are generally favorable. Approximately 40 percent of the country’s imports are sourced from the United States. American business faces strong competition from Canada, the United Kingdom, and from within the Caribbean Community and Common Market (CARICOM).

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<NREC>Barbados03 Barbados: Political Environment <A>=Barbados

III. Political Environment

Barbados has a cordial, long‑standing relationship with the United States. As a democratic country and a member of the Commonwealth of Nations, many of Barbados' foreign policy goals coincide with our own. Barbados is also an active member of CARICOM, with which it sometimes votes as a bloc in international fora.

Barbados has two major political parties: the Barbados Labor Party (currently, the Government) and the Democratic Labour Party (the opposition). Both favor private sector led growth. Overall, the differences between the two parties are minimal.

Barbados is a parliamentary democracy. Executive authority is vested in the Prime Minister and cabinet, which is collectively responsible to the Parliament. The Prime Minister is appointed by the governor‑general as the member of the House of Assembly best able to command the support of the majority of the members. The Prime Minister usually selects a cabinet from his party members in the legislature. The bicameral Parliament consists of Assembly (the lower house) with 28 elected members and the Senate (the upper house) with 21 members appointed by the governor‑general. The term of office is five years, although the ruling party may call elections at any time to seek a new mandate. Elections must be held on or before September 1999. There is a tradition of stable policies pursued from one administration to the next. Each administration normally averages two consecutive terms in office.

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<NREC>Barbados04 Barbados: Marketing U.S. Products and Services <A>=Barbados

IV. Marketing U.S. Products and Services

Distribution and Sales Channels:

Wholesalers are the major importers, although some retailers import products directly from manufacturers, wholesalers, and retailers in the United States. Retailers normally import directly from U.S. sources only those goods with a high turnover rate. Distribution agreements are common because manufacturers often grant countrywide or regional exclusive distribution agreements

Use of Agents and Distributors; Finding a Partner:

Although the use of an agent or distributor is not required, it is often helpful to have a local point of contact if the U.S. exporter wishes to market a product or service on a regular basis.

The U.S. Department of Commerce, through the Foreign Commercial Service at the U.S. Embassy in Bridgetown, Barbados, can help U.S. exporters to find agents and distributors through the following services:

Agent Distributor Service (ADS): This service assists U.S. firms seeking representation for their products and services. The Embassy will have a search made for suitable representatives and a report prepared listing firms that have read the product/service literature and have agreed to consider a business relationship. Fee: to be determined.

Gold Key Service: This service consists of a survey of potential representatives or customers based on the client's requirements, as well as pre‑arranged appointments with these prospects. Fee: to be determined.

Please contact your local District office of the U.S. Department of Commerce to find out how to order the service(s).

Franchising:

The Minister of Finance, who will evaluate the potential competitive impact on non-franchised local businesses, must approve all franchises. Franchises pay an initial registration fee of Bds. $10,000 (U.S. $5,000), and annual renewal fees of Bds. $2,000 (U.S. $1,000). All franchises must be registered with the Ministry of Finance in order to operate legally; only legally operating franchises may repatriate profits and capital. Process franchises, such as those used in manufacturing or designs, must also be registered so that royalties can be remitted abroad. Barbados currently has a policy refusing to grant franchise applications to foreign fast food franchises.

Direct Marketing:

Direct marketing is not common in Barbados, although Avon has established a successful foreign‑owned marketing organization here. The Barbados Investment and Development Corporation (BIDC) can be helpful in arranging this type of activity. See Appendix E (pg. 27) for BIDC contacts.

Joint Ventures/Licensing:

There is considerable joint venture and licensing activity in Barbados. The Barbados Investment and Development Corporation (BIDC) can be helpful in arranging this type of activity. See Appendix E (pg. 27) for BIDC contacts.

Establishing an office:

Barbados’ laws allow the formation of several types of companies. One of these is the International Business Company. By law, a locally registered attorney will have to draft and file Articles of Incorporation. For an International Business Company (IBC) the cost of filing the application at the Corporate Affairs office is Bds. $750. The cost of share certificates, a company seal, and other secretarial documentation required to commence operations usually does not exceed an additional Bds. $250. Attorney’s fees are usually quoted at about Bds. $3,000, but those fees are negotiable. Both registration fees and attorney's fees are normally lower for incorporation of a local company under the Companies Act.

The Articles of Incorporation must conform to the Companies Act; among the requirements is that at least one of the incorporators must be a Barbadian citizen or legally permanent resident living in Barbados. For an IBC, no more than one‑tenth of the stock may be owned by a Barbadian citizen or legally permanent resident living in Barbados.

A name check with the Department of Corporate Affairs and Intellectual Property (Ministry of Finance) must be performed. The fee is Bds $35 (U.S.$17.50). This fee is normally included in the attorney's fee.

Any number of shares may be issued. Shares do not have to be fully subscribed and paid before incorporation takes place.

The Corporate Affairs and Intellectual Properties Office publishes a notice of the formation of the company in the Official Gazette.

An IBC is required to obtain a license from the Ministry of International Trade and Business in order to operate. This is a fairly routine procedure and costs about Bds.$200. This fee is normally included in the attorney's incorporation fee. This license allows the company to import inputs duty-free.

Selling Factors/Techniques:

In sales of services and manufactured goods, Barbadians prefer to buy proven and brand name goods. Because sales volumes may be low and storage space may be limited, it is not uncommon that Barbadians purchase smaller lots of goods more often than is the norm in larger countries.

Advertising and Trade Promotion:

Most businesses advertise in newspapers or on radio; the one local television station does not have programming in the morning hours and has started a print ad service on television (texts and telephone numbers appear on the screen). Local access to American channels via local cable is increasing.

Newspapers and radio and television stations

Newspapers:

The Barbados Advocate

Fontabelle

St. Michael

Tel: 246/426‑1210

Fax: 246/429‑7045

The Broad Street Journal

Hoyos Publishing Inc

Letchworth Complex

The Garrison

St. Michael, Barbados

Tel: 246/427‑8770

Fax: 246/437‑8772

Caribbean Week

Lefferts Place

River Road

St. Michael, Barbados

Tel: 246/436‑1902

Fax: 246/436‑1904

The Nation

Nation House

Fontabelle

St. Michael, Barbados

Tel: 246/436‑6240

Fax: 246/427‑6968

Radio Stations:

Barbados Broadcasting System 90.7 FM and

Faith 102.1 FM

"Dayrells"

St. George, Barbados

Tel: 246/437‑9550

Fax: 246/437‑9554

Barbados Rediffusion Service Ltd.

790 AM Voice of Barbados, 104.1 Yess FM, Star Radio Cable

River Road

Bridgetown, Barbados

Tel: 246/430‑7300

Fax: 246/429‑8093

Caribbean Broadcasting Corporation

The Pine

St. Michael, Barbados

Tel: 246/429‑2041

Fax: 246/429‑4795

Television:

Caribbean Broadcasting Corporation

The Pine

St. Michael, Barbados

Tel: 246/429‑2041

Fax: 246/429‑4795

Caribbean Broadcasting Union

Wilkins Lodge

Two Mile Hill

St. Michael, Barbados

Tel: 246/430-1000

Fax: 246/429-2171

Pricing Products:

Prices in Barbados are high, typically multiples of what a product would sell for in the United States. Import tariffs and taxes are high and competition at the wholesale and retail level is minimal. Barbadians, residents, tourists to the country are accustomed to paying exceptionally high prices. There is minimal competition at the retail level. To escape high prices Barbadians frequently make shopping trips to San Juan, New York, and Miami.

Selling to the Government:

Significant opportunities exist for selling to the government. This is particularly the case when project financing is available from international financial institutions or from foreign government aid sources in which do not require purchase from donor country companies. The Inter-American Development Bank is financing several ongoing high value projects in Education Reform (Computerization), Waste Management and Water Desalinization.

Protecting your Product from IPR Infringement:

Barbados is committed to providing world standard IPR protection to all investors. The Government of Barbados has posed new copyright legislation in February 1998. Pirating of U.S. artistic products should soon be brought under control. New laws protecting patents geographical indications, and Microsystems are slated to be posed before the end of 1998.

Need for a Local Attorney:

A local attorney is necessary when incorporating and advised under any circumstance.

The Consular Section of the U.S. Embassy in Bridgetown (Tel: 246/431‑0225, Fax: 246/431‑0179) maintains a current list of lawyers. The following list is in alphabetical order. Information is thought to be current but no assurance as to the accuracy of information contained herein is made.

BRATHWAITE, Ms. Vere P., 6 Glenda House, Roebuck Street, Bridgetown, Tel: 246/436‑1986, Fax: 246/436-1987. B.Sc. Honors (Public Administration) University of the West Indies (UWI), 1979; LL.B. Honors, UWI, 1982. Holbein Law Tutors, London. Lincoln's Inn, London, 1984. Call to Bar of England and Wales, 1984. Called to Barbados Bar, 1985. General Practice: Civil and Litigation. Collection cases ‑ Fee based on bar association published fees or negotiated amounts. Specialization: Offshore sector services, civil cases, insurance law, personal injury cases, land law, conveyances and mortgages. Language: English.

CARMICHAEL, Dr. Trevor A. Chancery House, High Street, Bridgetown, Tel: 246/431‑0070/0074. B.Sc. (Econ.), M.A., Ph.D. Graduated November 1977 at Middle Temple, London, with Degree of the Utter Bar. Specialization: Insurance law, commercial law, tax law, real Estate, trade marks and charities. Collection cases ‑ Fee based on bar association published fees or negotiated amounts. Languages: English, Spanish, and French.

CHASE, Ms. Cicely P. Epworth Chambers, Pinfold Street, Bridgetown, Tel: 246/436‑5379, Fax: 246/436-3843. Hugh Wooding Law School, Trinidad (LL.B., Hons.), 1983. General practice: family law, conveyancing law, civil litigation and corporate law, criminal cases, trade disputes. Collection cases ‑ percentage basis (retainer must be paid up front to cover legal expenses and preliminary legal work. Thereafter, a debt collection fee will be charged on all collections and balance of legal fees for further legal work). Specialization: Civil litigation. Language: English.

CLARKE, Ms. Cherry Brady, B.A., M.A., LL.B. (Hons.). "Harriet House," Spry Street, Bridgetown, Tel: 246/435-0867, Fax: 246/437-6543. Norman Manley Law School (Jamaica), 1985. Specialization: International business corporations, Personal injury, family law and company law. General practices: Estate cases, trade disputes, collection cases on a percentage basis if settled out of court, fee basis if litigated, contingency for either in some circumstances. Language: English.

CHELTENHAM, Mr. Patterson K.H. "Charlton House," Whitepark Road, St. Michael, Tel: 246/430-8953, Fax: 246/431‑0143. Graduated Hugh Wooding Law School (Trinidad). Specialization: Personal injury, labor law, divorce, criminal law, general and civil law. Collection cases ‑ Fee based on bar association published fees or negotiated amounts. Also member of the Saint Lucia bar. Languages: English and French.

CHELTENHAM, Dr. Richard L., Q.C., Ph.D. "Charlton House," Whitepark Road, St. Michael, Tel: 246/431‑0291, Fax: 246/431‑0143. Graduated Council of Legal Education and Inns of Court, Middle Temple, London, July 1970. Specialization: Motor vehicle claims, criminal law, family law, successions, constitutional and public law, labor law involving unlawful dismissal, and extradition.

ESTWICK, Mr. Tyrone 0. Suite 4, "Beacon House," Walrond Street, Bridgetown. Tel: 246/426‑2461, Home: 246/420‑6845, Fax: 246/426-2585. Graduated Hugh Wooding Law School (Trinidad), 1985. Also, B. Sc. (Public Administration), LL.B. General practice ‑ criminal and civil (estates, conveyancing). Collection cases ‑ Based on a percentage basis. Language: English.

FORDE, Mr. Henry de B., Q.C., M.A., LL.B. (Cantab.). Juris Chambers, "Keys House," Suite 203, Roebuck Street, Bridgetown, Tel: 246/429‑5320/2208/2203, Home: 246/433‑3388, Fax: 246/429‑2206. Education: Middle Temple, London; Christ's College, Cambridge (B.A., 1956, LL.B., 1957, Research Fellow, 1957‑59). Called to the Bar in England June 1959 and in Barbados, October 1959. Attorney General and Minister of Foreign Affairs of Barbados, September 1976 to June 1981. Specialization: Tax law, international law, arbitration, building, banking, commercial, corporation, insurance and real estate law. General practice: civil litigation, collection cases, trade disputes, trade marks, industrial and intellectual property law, maritime law, family law, export/import, customs and freight forwarding law, immigration law, international commercial transactions, offshore services law, trusts and pensions. Languages: English and French.

FORDE, Mr. John Fitzgerald Alexis, LL.B. (Hons.), LL.M. (Corporate and Commercial Law). Reece Chambers, "Mottley House," Coleridge Street, Bridgetown, Tel: 246/437‑6008, Fax: 246/429‑3769. Graduated Hugh Weeding Law School, Trinidad (LL.B. Hons, 1990) and Queen Mary Westfield College, London (LL.M. Corporate and Commercial Law, 1991). Admitted to practice 1991. General practice, estate cases, trade disputes, criminal cases. Collection cases ‑ Fee based on percentage; minimum of 25 percent of total amount. Also member of the Guyana Bar. Language: English.

KISSOON, Mr. Latchman P. Firm of Kissoon & Hanoman‑Kissoon, Synagogue Lane, Upper James Street, Bridgetown, Tel: 246/426‑9390/9394, Fax: 246/428‑4595. Graduated November 1970 at Inner Temple, London, as Barrister‑at‑Law. General Practice. Specialization: Criminal and international law. Collection cases ‑ Fee based on percentage; 25 percent or "to be negotiated". Criminal cases: Trade disputes on a limited basis. Also member of the England and Guyana Bars. Languages: English, Hindi, and Caribbean Creole.

REIFER, Ms. Margaret A. Inn Chambers, Inga Lodge, Pinfold St., Bridgetown, Tel: 246/437-3900. Hugh Weeding Law School (LL.B., July 1982, Upper Second Class Honors). Civil law practice. Collection cases ‑ Fees in accordance with the Attorneys'‑At‑Law Remuneration for Non‑Contentious Business Rules (1983) as follows: Local clients ‑ On first $50,000, 15 percent; on next $50,000, 10 percent; on next $400,000, 5 percent; on next $500,000, 4 percent; Thereafter, 2 percent. Overseas clients: 25 percent or to be negotiated being not less than that prescribed for local clients. Specialization: Corporate law, family law, conveyancing, probate. Language: English.

SIMMONS, Mr. David, Q.C. Equitas Chambers, "Alexander House," Pinfold Street, Bridgetown, Tel: 809/426‑1846, Home: 246/436‑3900. University of London/ Lincoln's Inn, LL.B. and LL.M. General practice: primarily civil (especially estate cases, trade disputes); selected criminal cases accepted (mainly murder and manslaughter). Specialization: commercial and company law. Collection cases handled on a percentage basis. Language: English.

TAITT, Ms. Monique C. Reece Chambers, "Mottley House," Coleridge Street, Bridgetown, Tel: 246/436‑6727, Home: 246/424‑4113, Fax: 246/437-6777. Hugh Weeding Law School, Trinidad (LL.B., Hons.), 1989). General legal practice. Collection cases ‑ minimum fee is 25 percent of total collected. Member of the Trinidad and Tobago Bar. Language: English.

WORRELL, Mr. Randall. Equitas Chambers, "Alexander House," Pinfold Street,' ,

Bridgetown, Tel: 246/436‑8815. London School of Economics and Political Science,

University of London (LL.B.)/ Lincoln's Inn; Council of Legal Education (England).

Called to the Bar of England and Wales. Language: English.

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<NREC>Barbados05 Barbados: Leading Sectors for U.S. Exports & Investments <A>=Barbados

V. Leading Sectors for U.S. Export and Investment

The U.S. Embassy in Bridgetown has identified the following sectors as best prospects

for U.S. exports:

[In alphabetical order]

[Sector name & ITA code]

Construction Materials BLD

Food Processing and Packaging Equipment FPP

Hotel and Restaurant Equipment HTL

Household Appliances HCG

Personal Computers and Peripheral Equipment and Accessories CPT

Personal and Home Security‑Related Equipment SEC

Processed Foods (all types) FOD

Sportswear and Sports Equipment SPT

Telecommunications Equipment TEL

Water and Energy Conservation Consumer Goods

For Agricultural Products:

Bulk wheat and Coarse Grains

Soybean and Soybean products

Snack Foods

Note for Exporters: Barbadian consumers buy goods based on price, quality and habit. Longstanding connections with the United Kingdom and Canada have tended to favor exporters from those countries. However, close proximity to the United States, price, quality and vast selection have induced Barbadian businesses to focus increasingly on U.S. providers. Miami has become the nexus of much of the commerce of the Caribbean in large part because of its status as the hub of regional air and sea transportation. Best prospects focus on tourism-related purchases, associated construction and agricultural products that can not be sourced from the Caribbean. U.S. firms have an advantage where they can use proximity and existing excellent air and sea links to provide quality merchandise at competitive prices.

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<NREC>Barbados06 Barbados: Trade Regulations & Standards <A>=Barbados

VI. Trade Regulations and Standards

Tariffs and Import Taxes:

Barbados is an active member of the CARICOM, and as such, has implemented CARICOM's common external tariff for goods, with duties ranging from 0-70 percent. An additional environmental levy is also imposed. The amount of this levy varies according to the item being imported. Tobacco products, motor vehicles, alcoholic beverages and petroleum products are subject to an exise tax. A value added tax (VAT) was instituted on January 1, 1997, replacing eleven existing taxes, which fell primarily on imports, including the consumption tax and stamp duties. The VAT is levied at 15 percent on most goods and services and 7.5 percent on hotel accommodations. Many basic food products, and a few goods and services, for example water and medical services, have been zero‑rated or exempted from the tax.

Customs Valuation:

Customs valuations are based on the CIF value of the supplier's invoice.

Import Licenses:

Import licenses are required for most agricultural products that can be sourced locally or within the CARICOM. The list includes, carrots, onions, chicken, fish and rice. A complete list of items that require an import license can be obtained from the Government Printery (tel.246/436-6776). The publication is called Open Import General License Regulation 1995.

Export Controls:

There are no significant export controls.

Import/Export Documentation:

Below are some of the documents that must be presented to customs when goods arrive in Barbados.

Airway bills or bills of lading depending on the method of import.

The CARICOM document invoice.

(The Commercial Invoice is acceptable if all of the required information is present).

The supplier's invoice documenting all items in the shipment

The C-60 form signed by the importer - indicating insurance paid, freight paid and invoiced items.

A C-63 form - indicating the items shipped, the weight, the shipper, the tariff code etc. must also be attached.

For exports, the C-63 form is also used. The Commercial Invoice and the relevant central bank forms must also be presented to customs.

When import licenses are required, they should be obtained prior to importation.

The use of a registered customs broker is recommended when preparing export/import documents.

Temporary Entry:

Most goods can be brought temporarily into Barbados, though they must be registered by Customs at the port of entry. Frequently, a bond must be posted to ensure the re-export of the goods.

Prohibited Imports:

Almost all goods can be imported into Barbados, though some require an import license. Beer and fruit drinks can be imported with a license; however, licenses are unavailable for imports from countries, which are not members of CARICOM. Fruit juices may be imported from countries that are not CARICOM member states. It would be best to contact a customs broker to determine the difference between a juice and a drink.

Standards:

Importing goods that meet U.S. or European standards is not a problem. Very few local companies have successfully completed the ISO 9000 certification process.

Free Trade Zones/Warehouses:

There are no free trade zones in Barbados. The government permits goods to be stored in bonded warehouses with duties collected upon removal.

Membership in Free Trade Arrangements:

Most products manufactured in Barbados are eligible for duty‑free and quota‑free entry to major world markets:

Under the Caribbean Basin Initiative (CBI) and the Generalized System of Preferences (GSP), many products made in Barbados enter the United States duty free provided one of either two requirements are met: 1) at least 35 percent of the product's value originated in Barbados, or 2) at least 20 percent of the product's value originated in Barbados if not less than 15 percent originated in the United States or Puerto Rico.

Under CARIBCAN, products manufactured or assembled in Barbados can be exported to Canada free of duty if at least 60 percent of the ex‑factory price of the product originated in Barbados or Canada.

Under the Lome IV Convention, certain products meeting specified rules of origin can be shipped to countries of the European Union and their overseas departments free of duty.

As a member of the Caribbean Community and Common Market (CARICOM), products manufactured in Barbados can be exported free of customs duties to the markets of the other CARICOM states if the products meet a minimum value‑added criterion or a change in customs classification.

Under a CARICOM‑Venezuela agreement, Barbadian‑manufactured products can be exported to Venezuela duty‑free if at lease 50 percent of their value is local value‑added or if the final product is classified under a different tariff heading than any of the material inputs.

CARICOM signed a trade agreement with Colombia that allows duty‑free treatment into Colombia of a list of goods that comprised 86 percent of CARICOM's exports to Colombia (in a particular base year). Tariffs on goods accounting for another 4% of exports to Columbia are gradually being eliminated. CARICOM and Columbia plan to negotiate Colombia's tariff liberalization on the remaining goods as well as tariff concessions to be made by the four major CARICOM economies (Jamaica, Trinidad and Tobago, Guyana, and Barbados) and the Bahamas. The agreement with Colombia has a 40 percent regional content rule of origin.

Barbados is a member of the General Agreement on Tariffs and Trade (1947) and has signed, but not yet implemented, all provisions of the World Trade Organization (1994).

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<NREC>Barbados07 Barbados: Investment Climate <A>=Barbados

VII. Investment Climate

Investment Practices:

The Government of Barbados through the Barbados Investment and Development Corporation (BIDC) strongly encourages foreign direct investment in Barbados. Foreign nationals receive the same protections as local citizens. Barbados is rightfully proud of its tradition of the rule of law. The police and court systems are efficient and unbiased, and the government operates in a transparent manner. Foreign investment should be registered with the Central Bank so that profits and capital may be freely repatriated.

Currency Conversion and Transfer:

The Central Bank of Barbados administers exchange control regulations under the Exchange Control Act. Individuals may convert the equivalent of U.S.$2,500 per year without special permission if they are traveling outside the country by applying to a local bank. Amounts in excess of U.S. $2,500 may be obtained upon application to the Central Bank. Profits and capital from foreign direct investment may be repatriated if the investment was registered with the Bank at the time the investment was made. The Central Bank may limit or delay conversions depending on the level of international reserves under the Bank's control.

Investment Incentives:

Incentives for manufacturing are available under The Fiscal Incentives Act (1974), which does not discriminate between foreign and national ownership. Any manufacturer may qualify for a maximum 10‑year tax holiday by satisfying a value‑ added criterion or as a so‑called "enclave" (International Business Company) that, by definition, exports 100 percent of its output to markets outside of CARICOM.

Under Section 14A of the Income Tax Act, any manufacturing company in Barbados can enjoy tax reductions that are based on the percentage of its profits derived from export income. Again, no distinction is made between locally‑ and foreign‑owned companies. The scale is as follows:

Export Profits as % Rebate of Income Tax as a %

of Total Profits Export Profits of Income Tax on Export

Profits

Up to 20 percent 35%

More than 20 and up to 40 % 45%

More than 40 and up to 60 % 64%

More than 60 and up to 80 % 79%

Above 80 % 93%

An International Business Company, which must by the terms of its incorporation export 100 percent of its manufacture, enjoys an even more advantageous tax structure; the rate of tax is as follows:

For gains and profits up to $10 million 2.5 %

More than $10 million and up to $20 million 2.0 %

More than $20 million and up to $30 million 1.5 %

More than $30 million %

An IBC is entitled to import into Barbados machinery and equipment free from certain taxes and duties. An IBC also enjoys exemption from Withholding Tax and Transfer Tax on the transfer of its assets. An IBC also may make certain foreign exchange

transactions for which other types of companies would need permission from the Central Bank of Barbados which administers the Exchange Control regulations.

The Training Grant Scheme, which makes modest reimbursements toward training costs at the time of company start‑up, is similarly open to participation by both locally‑ and foreign‑owned companies. The Barbados Investment and Development Corporation (BIDC) administers this program.

The BIDC also administers two programs with a focus on developing local business. The Export Grant and Incentive Scheme, helps both locally- and foreign‑owned companies (but only those foreign companies with management/ marketing branches located in Barbados). The scheme helps to defray export costs such as the preparation and shipment of samples and the development of marketing materials. The second type of assisted to local business is the Technical Assistance Program. which helps companies solve a range of problems. Local small businesses can also use the services of the BIDC's Small Business Development Centre, which offers conference room facilities, communications services, short‑term office space, and access to a commercial library, among other services.

Expropriation and Compensation:

Like most governments, the Government of Barbados reserves the right to compulsorily acquire property for public uses, but the Embassy is not aware of any outstanding expropriation claim.

Dispute Settlement:

The United States and Barbados are both parties to the World Trade Organization, under which disputes involving that agreement may be subject to dispute

resolution by an arbitral panel. There is no forum available to private disputants, other than courts of appropriate jurisdiction in both countries. Barbadian law is based on the British "common law" system. Barbados is a member of the International Center for the Settlement of Investment Disputes (ICSID, also known as the Washington Convention). However, Barbados has not yet ratified the New York Convention (1958) on the Negotiation and Enforcement of Foreign Arbitral Awards, although the New York Convention's provisions have been written into Barbados', domestic law.

Political Violence:

Political violence is unknown in Barbados.

Performance requirements and incentives:

Other than reductions on income tax rates for exporting manufacturers, there are no performance requirements or incentives in Barbados.

Right to Private Ownership and Establishment:

Foreign investment is subject to the approval of the Government (normally, the Minister of Industry, Commerce and Business Development or the Minister of Finance). Please refer to sections on franchises and on investment practices.

Protection of Property Rights:

Property rights are protected in Barbados. Liens can be placed on property, including chattel property; mortgage claims can be pursued in court.

Bilateral Investment Arrangements:

Barbados has not yet signed a bilateral investment treaty with the United States, though the Government has indicated an interest in concluding such a treaty with the aim of encouraging more direct investment by U.S. nationals.

Major U.S. Investors:

[List may not be complete]

American Airlines

ANCO Caribbean, Inc. (joint venture)

Atlantic Manufacturing

Barbados Flight Kitchen Ltd. (joint venture)

Bondhus Corp.

Caribbean Cabinets (joint venture)

Caribbean Data Services Ltd.

Caribbean Electronics Mfg.

Charles T. Gamble Industries

Cirrus Logic

Clifford Electronics (joint venture)

Conoco Inc.

Crowley American Transport

C S Caribbean Flavors

David Seaham Associates

Donnelley Caribbean Graphics

Doyle Offshore Sails (joint venture)

Ecolab Barbados Ltd. (joint venture)

EDI (Barbados) Inc.

Galt Controls Inc.

Gas Products Ltd.

IRC Barbados Ltd.

Island Furniture Ltd. (joint venture)

Lentech Ltd.

McCann‑Erickson Ltd.

MSI International Ltd.

N A L Data Services Ltd.

NDL International (B'dos) Ltd.

Offshore Keyboarding

Seabows Marine

Total Technology Solutions

Tropical Shipping

Texaco

Waggoner Barbados Ltd.

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<NREC>Barbados08 Barbados: Trade and Project Financing <A>=Barbados

VIII. Trade and Project Financing

Barbadian, Canadian‑parent, and United Kingdom‑parent banks operate on equal terms in Barbados. Although U.S.‑parent commercial banks have operated in Barbados in the past, none currently do so. Financing using domestically generated funds is generally available only to Barbadians or permanent residents of Barbados.

The Embassy recommends that U.S. sellers to Barbados require payment using confirmed letters of credit at least until firms have a satisfactory record of doing business.

Both Barbados and the United States are members of the Inter‑American Development

Bank; as such, U.S. firms are eligible to bid on IDB‑financed projects. The Embassy submits notice of these projects to the National Trade Data Bank as soon as information is available about them.

Commercial Banks:

The Bank of Nova Scotia

Mr. Doug Cochrane, Manager

P.O. Box 202

Broad Street

Bridgetown, Barbados

Tel: 246/431‑3000

Fax: 246/426‑0969

Mr. Coswin Branch

Broad Street

Bridgetown, Barbados

Tel: 246/431‑5700

Fax: 246/429-2106

Barclays Bank PLC

Mr. Tony Marshall, Senior Caribbean Director

P.O. Box 301

Broad Street

Bridgetown, Barbados

Tel: 246/429‑5300

Fax: 246/431‑0608

Caldon Finance Merchant Bank (Barbados) Ltd.

Mr. Ian Murphy, Consultant/Director

Tweedside Road

St. Michael

Tel: 246/437‑7550

Fax: 246/436‑4999

Canadian Imperial Bank of Commerce

Mr. David McConney, Managing Director

P.O. Box 405

Broad Street

Bridgetown, Barbados

Tel: 246/417‑2400

Fax: 246/424‑8923

Caribbean Commercial Bank Ltd.

P.O. Box 1007C

Broad Street

Bridgetown, Barbados

Tel: 246/431‑2500

Fax: 246/431‑2530

Caribbean Financial Services Corporation

Radley Court, Collymore Rock

St. Michael, Barbados

Tel: 246/436‑1960

Fax: 246/426‑1869

Mutual Bank of the Caribbean Inc.

Trident House

Lower Broad Street

Bridgetown, Barbados

Tel: 246/436‑8335

Fax: 246/429‑5734

Royal Bank of Canada

Barbados & Eastern Caribbean Regional Office

1st Floor, Bldg1, Chelston Park

St. Michael, Barbados

Tel: 246/431‑6501

Fax: 246/430-9160

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<NREC>Barbados09 Barbados: Business Travel <A>=Barbados

IX. Business Travel

A. Business Customs

For men, suit and tie is the normal business attire for non‑Barbadians; Barbadian men sometimes wear a "shirt‑jack," which is akin to a safari‑type short‑sleeved jacket with matching trousers. For women, a long‑ or short‑sleeved suit, or a dress, is appropriate. Business hours are generally from 8:00 am ‑ 4:30 PM. Luncheon meetings are common, but breakfast meetings are not. Business appointments are generally required, and punctuality in business affairs is appreciated.

B. Travel Advisory and Visas

No travel advisories are in effect. Visas are not necessary for U.S. citizens carrying United States passports. In fact, U.S. citizens traveling direct from the U.S.A. to Barbados may be admitted without a passport for a period not exceeding three (3) months, as long as they present photo identification establishing their identity and nationality, along with a valid return ticket. However, U.S. citizens may find it easier to re‑enter the United States if they carry a valid passport. Barbados collects a departure tax of Bds. $25.00 (U.S.$13.00).

C. Holidays

New Year's Day (January 1)

Errol Barrow's Birthday (January 21)

Good Friday (April 10)

Easter Monday (April 13)

National Hero’s Day (?)

May Day (May 1)

Whit Monday (June 1)

Emancipation Day (August 1)

Kadooment Day (August 3)

Independence Day (November 30)

Christmas Day (December 25)

Boxing Day (December 26)

D. Business Infrastructure

Airport: Grantley Adams International.

Runway: L 6,200 feet x W 150 feet.

Accommodates international, regional, and local traffic; passenger and freight service.

One US commercial airline flies to the US ‑‑ directly to San Juan, Miami, and New York, and by connecting flights to the rest of the world daily. Canadian and British airlines fly direct service to those countries, and Caribbean‑based air carriers provide frequent service to the rest of the Caribbean and to Venezuela.

Language: English.

Communications:

There is one local television station (government‑owned Caribbean Broadcasting Corporation) which, in addition to local programming, sells satellite service which broadcasts a number of U.S. "cable" television channels. There are two AM, and four FM radio stations, and two daily newspapers (the Advocate and the Nation). The Caribbean News Agency (CANA) is based in Barbados. Many U.S.‑based courier and package delivery services operate in Barbados, and the Barbados Post Office has an express delivery service that guarantees delivery within 48 hours. In‑country, mail is delivered twice daily in Bridgetown and its suburbs, and once daily in rural districts. Local letter rates are Bds. $0.40 for unsealed letters and Bds. $0.45 for sealed (Closed) letters, and Bds. $1.15 for letters to the United States.

Most business offices and hotels have facsimile machines; travelers can generally use hotels, machines on a fee basis. Barbados External Telecommunications Ltd. (BET) has a service whereby that firm can receive facsimile messages at no fee to the addressee, but the senders pay to send faxes. Incoming facsimile messages should have the addressee's name clearly marked, and sent to the following fax number: 246/429‑4854. Senders are charged Bds. $5.00 for the first page plus Bds. $2.00 for each additional page, plus any long‑distance phone charges. Telephone calls and faxes are free within Barbados, while calls and faxes to the US cost Bds. $3.00 per minute of transmission time. Various secretarial service firms will also send facsimile messages for a fee.

Making telephone calls to the US and to most parts of the world is generally as easy as making calls within the US. Tone service is usually available. Telephone operators accept most global (as opposed to US only) calling cards for billing ‑‑ AT&T, Global Sprint, Bell, Discover, Visa and MasterCard are accepted. The long- distance telephone operators for billing do not accept MCI, US-Sprint, and American Express.

Health:

The main hospital is the 600‑bed Queen Elizabeth Hospital in Bridgetown, and there are several well‑equipped health clinics distributed throughout the island. The medical community includes specialists trained in the Caribbean, the United States, Canada, and Europe.

Food:

Foods are safe to eat. Specialties of the island include flying fish (and many other types of fish) and Baxter Road chicken. Fresh tropical fruits and vegetables are readily available. Fresh water around the island is safe to drink.

Other: Electricity is 110 volts/50 cycles.

(The U.S. is 110 volts/60 cycles. The cycle difference affects made-for-the-U.S. electronic items especially those with timing mechanism.)

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<NREC>BarbadosA01 Barbados: Country Data <A>=Barbados

Appendix A: Country Data

Population: 264,400 (estimated mid-1996).

Population Growth Rate: 0.3 percent (estimated mid-1996)

Religion(s): The population is 70 percent Anglican. Of the remaining 30 percent, Methodists, Moravians, and Roman Catholics are represented most strongly. Hindu, Muslim, Jewish and Baha'i congregations also exist in Barbados..

Work Week: Monday through Friday, 8:00 a.m. ‑ 4:30 p.m. Banking hours are 8:00

a.m. to 3:00 p.m. from Monday through Thursday, and from 8:00 a.m. to 5:00 p.m. on Friday; closed Saturday.

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<NREC>BarbadosA02 Barbados: Domestic Economy <A>=Barbados

Appendix B: Domestic Economy

Please see attached table.

BARBADOS

Key Economic Indicators .

(in millions of U.S. dollars,

unless otherwise noted)

1995 1996 1997

Nominal GDP (U.S.$ millions) 1,900 1,999 2199

Population (in thousands, est.) 264 265 266

Nominal GDP per

capita (in U.S. $) 7,200 7,550 8,200

Unemployment 21 16 14

Foreign Exchange

Reserves (U.S.$ millions) 203 264 300

Average Exchange Rate 2.- 2.- 2.-

(local dollar/U.S. $)

Debt Service Ratio 10.7 10.6 5.8

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<NREC>BarbadosA03 Barbados: Trade <A>=Barbados

Appendix C: Trade

Total Exports (millions US$) 246 287 301

Total Imports (millions US$) 691 743 951

Imports from U.S. (millions US$) 297 338 n/a

Exports to U.S. (millions US$) 37.9 37.7 n/a.

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<NREC>BarbadosA04 Barbados: Investment Statistics <A>=Barbados

Appendix D: Investment Statistics

Statistics on the stock of foreign direct investment are not available.

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<NREC>BarbadosA05 Barbados: U.S. and Country Contacts <A>=Barbados

Appendix E: U.S. and Country Contacts

Government of Barbados

‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑

Office of the Prime Minister,

Minister of Finance and Economic Affairs, Defense and Security

The Rt. Honorable Owen S. Arthur, MP

Government Headquarters

Bay Street

St. Michael, Barbados

Tel: 246/436‑6435

Fax: 246/436‑9280

Office of the Deputy Prime Minister, Minister of Foreign Affairs and Tourism,

International Transport & Environment

The Honorable Billie A. Miller, MP

Government Headquarters

Bay Street

St. Michael, Barbados

Tel: 246/431‑7108

Fax: 246/436‑9250

Ministry of Civil Service

The Honorable Glyne Murray

1 Culloden Road

St. Michael, Barbados

Tel: 246/426‑2390

Fax: 246/429‑6652

Ministry of International Trade & Business

The Honorable Philip Goddard

No. 1 Culloden Road

St. Michael, Barbados

Tel: 246/427‑0427

Fax: 246/429‑6652

Ministry of Industry, Commerce & Business Development

The Honorable Reginald Farley

Reef Road

Fontabelle

St. Michael, Barbados

Tel: 246/427‑5270

Fax: 246/431‑0056

Ministry of Labour, Community Development, and Sports

The Honorable Rudolph "Cappy" Greenidge, MP

Pine East/West Blvd.

The Pine

St. Michael, Barbados

Tel: 246/429‑2191

Fax: 246/426‑8959

Ministry of Agriculture & Rural Development

The Honorable Rawle Eastmond

Graeme Hall

Christ Church, Barbados

Tel: 246/428‑4150

Fax: 246/420‑8444

Ministry of Education, Youth Affairs & Culture

The Honorable Mia Amor Mottley

Elsie Payne Complex

Constitution Road

Bridgetown, Barbados

Tel: 246/427‑3272

Fax: 246/436‑2411

Ministry of the Public Works, Transport & Housing

The Honorable George W. Payne, MP

P.O. Box 25

The Pine

St. Michael, Barbados

Tel: 246/429‑2863 Ext. 203

Fax: 246/437‑8133

Ministry of Health

The Honorable Elizabeth Thompson, MP

Jemmotts Lane

St. Michael, Barbados

Tel: 246/426‑5080

Fax: 246/426‑5570

Trade Associations/Chambers of Commerce in Barbados:

Barbados Association of Professional Engineers

P.O. Box 666

Bridgetown, Barbados

Tel: 246/425‑6105

Fax: 246/425‑6673

Barbados Bar Association

Geddes Grant Building

White Park Road

St. Michael, Barbados

Tel: 246/437‑7316

Barbados Chamber of Commerce and Industry

Mr. Rolph Jordan, Executive Director

Nemwil House

Collymore Rock

St. Michael, Barbados

Tel: 246/426‑0747

Fax: 246/429‑2907

Barbados Employers' Confederation

Nemwil House

Collymore Rock

St. Michael, Barbados

Tel: 246/426‑1574

Barbados Hotel Association

Fourth Avenue

Belleville

St. Michael, Barbados

Tel: 246/426‑5041 or 429‑7113

Barbados Manufacturers' Association

Pelican Industrial Park

St. Michael, Barbados

Tel: 246/426‑4474 or 427‑9898

Fax: 246/436‑5182

Barbados Sugar Industry Limited

Warrens

St. Michael, Barbados

Tel: 246/425‑0010

Caribbean Association of Industry and Commerce Inc.

P.O. Box 259

S.P. Musson Building

Hincks Street

Bridgetown, Barbados

Tel: 246/436‑6385

Caribbean Broadcasting Union

Wilkins Lodge

Two Mile Hill

St. Michael, Barbados

Tel: 246/4301000

Fax: 246/429‑2171

Caribbean Conservation Association

Savannah Lodge

Garrison

St. Michael, Barbados

Tel: 246/426‑5373

Fax: 246/429‑8483

Insurance Association of the Caribbean

IAC Building

Mer1rose

Lower Collymore Rock

Tel: 246/427‑5608

Life Underwriters Association of Barbados Ltd.

Room 411

Third Floor, Norman Center

Broad Street

Bridgetown, Barbados

Tel: 246/426‑2266

Shipping Association of Barbados Ltd.

Second Floor, Trident House

Broad Street

Bridgetown, Barbados

Tel: 246/427‑9860

Fax: 246/426‑8392

Government of Barbados Development Banks/ Agencies and Central Bank:

Barbados Investment and Development Corporation (BIDC)

Pelican House

Princess Alice Highway

Bridgetown

Barbados

Tel: 246/ 427-5350

Fax: 246/ 426-7802

Central Bank of Barbados

Central Bank Building

Church Village

Bridgetown, Barbados

Tel: 246/436‑6870

Fax: 246/427‑9559

Development Banks and Agencies

Caribbean Development Bank

Wildey

St. Michael, Barbados

Tel: 246/431-1600

Fax: 246/426-7269

Inter-American Development Bank

Maple Manor

Hastings, Christ Church

Tel: 246/427-3612

Fax: 246/429-8869

Caribbean Export Development Agency

Mutual Building

Hastings, Christ Church

Tel: 246/436-0578

Fax: 246/436-9999

Market Research Firms:

Applied Marketing Consultants

Mr. James Nurse, Managing Director

Lowland Road

Christ Church, Barbados

Tel: 246/428‑0400

Fax: 246/428‑0514

Marketing Specialists (Caribbean) Ltd.

157 Lowlands Park

Christ Church, Barbados

Tel: 246/420‑9421

Systems Caribbean Ltd.

Dr. Basil Springer, Managing Director

Baslen House

Kingston Terrace

St. Michael, Barbados

Tel: 246/431‑8950

Fax: 246/429‑5188

Commercial Banks in Barbados:

Listed in Section VIII.

Economic Section, United States Embassy, Bridgetown, Barbados

Leo Gallagher, Economic/Commercial Officer

United States Embassy Trade Personnel:

‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑

U.S. Department of State

Leo Gallagher, Economic/Commercial Officer

United States Embassy

Address for mail from the United States:

FPO AA 34055

International Mail Address:

P.O. Box 302, Bridgetown, Barbados, W.I.

Tel: 246/436‑4950

Fax: 246/429‑5246

U.S. and Foreign Commercial Service

Sherrey-Ann Morris, Commercial Assistant

United States Embassy

Address for mail from the United States:

FPO AA 34055

International Mail Address:

P.O. Box 302, Bridgetown, Barbados, W.I.

Tel: 246/436‑4950

Fax: 246/429‑5246

Washington‑based U.S. Government Country Contacts:

U.S. Department of State

Ms. Ann E. Pfozheimer

Desk Officer for Barbados and the Eastern Caribbean

Room 3248

2201 C Street, N.W.

Washington, D.C. 20520

Tel: 202/647‑2621

Fax: 202/647‑4477

U.S. Department of the Treasury

Bureau of Customs

Washington, D.C. 20226

Tel: 202/927‑2096

Office of the U.S. Trade Representative 600 Seventeenth Street, N.W.

Washington, D.C. 20506

Tel: 202/395‑3000

Fax: 202/395‑3911

TPCC Trade Information Centre

Washington

1-800-USA-TRADE

1-800-872-8723

U. S. Department of State

Office of the Coordinator for Business Affairs

Tel: 202/746-1625

Fax:202/647-3953

U.S. Department of Commerce

Michelle Brooks

Desk Officer Barbados and the Eastern Caribbean

14th & Constitution Ave. NW

Washington, DC 20230

Tel: 202/482-1658

Fax: 202/482-0464

U. S. Department of Agriculture

Foreign Agricultural Service

Trade Assistance and Promotion Office

14th & Independence Ave. SW

South Building

Washington, DC 20250

Tel: 202/720-7420

Willis G. Collie, Director

U.S. Caribbean Basin Agricultural Trade Office

Suite 720

909 SE 1st Avenue

Miami, FL 33131

Tel: 305/536-5300

Fax:305/536-7577

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<NREC>BarbadosA06 Barbados: Available Market Research <A>=Barbados

Appendix F: Market Research

A complete list of market research is available on the NTDB

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<NREC>BarbadosA07 Barbados: Trade Event Schedule <A>=Barbados

Appendix G: Trade Event Schedule

BMEX 99

Barbados Manufactures Associations Trade Show

May/July

Contact: Barbados Manufactures Association- 246/426-4474

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<NREC>BarbadosA07 Barbados: Trade Event Schedule <A>=Barbados

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