Barbados International Business Sector Gets Boost

by Amanda Banks, Tax-News.com, London

20 April 2011

Barbados's international business sector will see an improved performance during 2011, bolstered by efforts to promote the island's attractiveness as an investment hub, according to the Minister of International Business.

Speaking at an event on April 16, George Hutson told listeners that increased sales and profits had been posted by international business companies during the first quarter of 2011.

In addition, Hutson reiterated the government's commitment to promoting growth in the sector, and detailed the efforts being made to market Barbados as an attractive location for local and foreign investment.

Such initiatives include measures to guarantee high regulatory standards in the island. In particular, the recent passage of the International Corporate and Trust Service Providers Act, 2010, provides for the registration and regulation of service providers in the international business and financial sector.

Hutson also spoke of the commissioning of a European Union funded project, which is to to make recommendations for the institutional strengthening of the Corporate Affairs and Intellectual Property Office and the International Business Unit. According to Hutson, a final report is currently being prepared.

"Careful and effective supervision and regulation of international business and financial services activity in Barbados constitutes a critical element of Government's policy, not only to uphold best practices in terms of regulation in accordance with international standards, but also for the development and expansion of the sector," he said.

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