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The Barbados International Business Association (BIBA) is a private sector organization comprising companies engaged in international business in Barbados and companies which are otherwise strategically associated with this sector.
BIBA’s mission is to work in partnership with the government towards the development of the international business sector in the interest of Barbados and the members of the Association.
The BIBA has its origins in an organisation known as the Barbados Association of International Business Companies and Offshore Banks (BAIBCOB) which was formed in 1993 and incorporated in February 1997 under the Companies Act (Cap 308) of Barbados. In November 1997 as a result of a decision to accept a broader range of membership, the name of the organisation was officially changed to the Barbados International Business Association and from there on, the association's membership included the members of the former Canada Barbados Business Association (CBBA) and the Barbados International Insurance Association (BIIA), along with the former BAIBCOB members.
Aims and objectives
1. To serve as the industry voice to the Barbados government and community.
2. To provide a forum for exchanges of information and ideas among members.
3. To ensure that our members professional and personal interests are adequately served.
4. To be the catalyst for creating and maintaining the commitment of the private and public sector to a unity of purpose in the efforts to develop Barbados i.e. Team Barbados or Barbados Inc.
5. To liaise with and facilitate the work of the relevant Government Ministries, statutory bodies and other organizations involved in the development and regulation of international business in Barbados.
6. To be perceived as an invaluable partner to the government and the people of Barbados in the development efforts of the country.
7. To be perceived as an authority and major source of information on matters related to international business.
8. To be seen as a major point of contact for helpful advice and orientation of new investors to the island.
Non-national investors will need to submit an application for permission to invest in Barbados to the Exchange Control Authority (ECA). The functions of the ECA have been delegated to the Central Bank of Barbados and are carried out by the Foreign Exchange and Export Credits Department of the Bank.
The applications are usually submitted by the applicant or their professional advisor prior to the execution of the transaction contemplated, for permission "in principle". This permission is readily granted, especially if employment in Barbados will be created, but usually states that the permission is subject to the remittance to Barbados of foreign currency and that evidence of the remittance be submitted to the ECA. Once permission in principle is obtained the transaction is completed and evidence of the foreign remittance submitted to the ECA; the amount of foreign currency becomes registered with the ECA. The certificate of registration of these funds is an important document as it must be presented at any time in the future that the investment proceeds are to be repatriated from Barbados.
The investment vehicle or business in which the non-national has invested is treated as resident and all transactions in foreign currency will be subject to exchange control permission or guidelines under delegated authority to the commercial banks. In certain circumstances when a business earns foreign exchange a commercial bank may open a foreign currency account in Barbados for the business. The commercial bank is required to monitor the transactions on the account in accordance with the guidelines issued by the ECA from time to time and to submit information on the transactions.
Non-national investors or corporations controlled by non-nationals are generally required to finance their operations from sources external to Barbados. Where a significant project is being undertaken in Barbados that will create employment and foreign exchange earnings the ECA will consider applications for permission for financing arrangements that vary from the general requirement.
The Barbados International Business Association (BIBA) is a not-for-profit private sector trade organisation. It provides a network for meetings and exchange amongst persons involved in international business. BIBA serves as a growing voice in the development of international business in Barbados and has over 170 member firms at this time.
For an exempt insurance company the minimum capital requirement is US $125,000; for a company licensed under the International Financial Services Act: US $2 million for a company accepting third-party deposits; and US $500,00 for a company not accepting third-party deposits.