BIBA-Canada
The Barbados International Business Association (BIBA) expanded its international presence by opening a chapter association in Canada in 2010. At the inaugural meeting of BIBA-Canada, held on August 30th, 2010 in Toronto Canada, the following were appointed as directors of the new Chapter: Thomas C. Sears (Chairman), Dave Thomas, Alison Manzer (Secretary) and Ken Campbell.
The new Chapter of BIBA-Canada will allow Canada-based parent organizations to support their businesses and the mission of BIBA from their home locations in Canada. As well, Canadian individuals who have worked and lived in Barbados as corporate members of BIBA in Barbados will have the ability to continue their involvement and support of international business relations between Canada and Barbados even after returning to Canada.
The Mission of BIBA-Canada is to further the interests of Canadian business in Barbados and to support the continued growth of healthy business relationships between these two great trading partners. In support of this mission, BIBA-Canada will focus on the active promotion, research and support of business opportunities for companies and individuals located in Canada and Barbado
To join BIBA-Canada please download and complete the Membership Form and forward the completed and signed form to BIBA-Canada c/o our friends at Invest Barbados, in Toronto via:
E-Mail: Toronto@InvestBarbados.org (scan of a completed and signed form), or
By Post: BIBA-Canada c/o Invest Barbados, 105 Adelaide Street West, Suite 1010, Toronto, Ontario M5H 1P9
For more information please refer to:
Thomas C. Sears, Chairman, BIBA-Canada
Phone: (905) 800-0548
E-Mail Tom.Sears@Rogers.com
MEMBER DIRECTORY
Search our list of Member Businesses
TREATIES
BUSINESS FACTS
Investing in Barbados
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.
BECOME A MEMBER OF BIBA
Become a Member
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.
FREQUENTLY ASKED QUESTIONS
What is the minimum capitalisation required for an international business company?
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.
NEW LEGISLATION
BIBA is not responsible for the content of external internet sites.
Copyright © 2006-2012
- OTHER PLACES YOU CAN FIND BIBA:
Back to top