BRIDGETOWN, Barbados, October 11, 2013 — The Barbados International Business Association (BIBA) rejects the recent assertions made by the Canadian Broadcasting Corporation (CBC) which attempts to discredit Barbados’ International Financial Services sector. CBC’s sensationalist reporting was unbalanced, inaccurate and inflammatory.
Barbados prides itself as a reputable and important hub for global business and is a jurisdiction of choice for companies originating in Canada, Latin America, the United Kingdom, Europe, China, among others. Barbados is recognized globally as a well-regulated jurisdiction with stringent up-to-date Anti Money Laundering legislation.
In 1980, Barbados cemented its century-old trade partnership with Canada with a Double Taxation Agreement (DTA), which was amended in 2011. The Barbados-Canada DTA promotes the exchange of tax information with Canadian regulatory authorities. Barbados attracts many high-quality, transparent Canadian businesses, which provide strong support through foreign direct investment into Barbados.
A ground breaking study carried out by Professor Walid Hejazi of the prestigious Rotman School of Management at the University of Toronto in 2007 provides empirical evidence of the positive impact of Canadian investment through jurisdictions such as Barbados. Professor Hejazi states that ”these investments into the global economy, for the most part, have opened foreign markets for Canadian exports and have thus stimulated Canadian domestic investment and employment”.
BIBA continues to work with government and all stakeholders toward the further development of the international business sector and remains confident that through our collective efforts Barbados will be recognised as the premier international business and financial services centre in this hemisphere.