Initiatives to Make It Easier to Do Business in Barbados

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The Barbados government is looking to address long-standing concerns about the ease of doing business in the country through several new initiatives, according to Minister of Energy and Business Senator Lisa Cummins.

Speaking at the launch of Global Business Week 2024 on Monday, she outlined key measures aimed at simplifying business processes, modernizing legislation, and making the island a more attractive destination for both local and international companies.

Cummins emphasized that the initiative would serve a wide range of businesses, with a focus on inclusivity and accessibility. 

“Business Barbados has taken into consideration much of what you’ve said, and so we have taken a full sweep of large companies like those that are represented here in BIBA, to small entities like those that are represented in the Small Business Association, and everything in between,” she said.

Minister Cummins also stressed the need for comprehensive legislative reform, particularly with regard to the outdated Companies Act which she said had not been updated in many years.

“[Corporate Affairs and Intellectual Property Office] (CAIPO) as it stands now, administers over 30 pieces of legislation, and many of those pieces of legislation have not been updated comprehensively in probably as long as that. You’ve had some reforms here and there to bring it up to speed with one thing or another, but a comprehensive legislative reform has been necessary for a long time. We’re now in a position where we can make that happen,” she said.

In addition to legislative reforms, Cummins also noted the importance of leveraging technology to improve efficiency in business processes. 

“The future of doing business is digital, and we’re making sure that Barbados is at the forefront of that transformation. But it’s not just about technology for the sake of technology—it’s about making processes smoother and quicker for everyone involved. We’re committed to ensuring that businesses, from the smallest entrepreneurs to the largest corporations, have access to these digital tools.”