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.

PURPOSE

The goals of the Association are:

  • To provide a forum for the exchange of ideas and information among members so as to promote their interests and develop the industry in Barbados;
  • To liaise with the relevant Government statutory bodies and other organizations affecting international business in order to preserve the good reputation of Barbados as an international business centre;
  • To promote goodwill in the Barbados business community and an understanding of the role of international business in Barbados;
  • To provide a unified approach to problems and opportunities that may be of concern to the Association’s members;
  • To develop, encourage and promote endeavours that will be of benefit to the international business entities;
  • To encourage professionalism among the members in the carrying out of their business.

ORGANISATION

Annually, the membership of the Association elects a Board of Directors which meets quarterly. In accordance with the Association’s By-laws the Board appoints an Executive Committee which oversees the day-to-day affairs of the Association. The Executive Committee meets monthly.  General Meetings are held as frequently as circumstances dictate, with the Annual General Meeting taking place in June of each year.

Working Committees, organized functionally are as follows:  Insurance, Banking, IBCs/Service Providers, Immigration, Economic Contribution, Legal, Tax, and Marketing & Communications. For a current profile of the various committees please visit here. Committees are expected to meet as often as the subject matter or issues with which they are involved dictates, but must meet at least once per quarter and not later than one week prior to the meetings of the Board of Directors.

 

MEMBERSHIP BENEFITS

Information Resource:  The Association is continually developing itself as an effective source of information about developments in the international business sector.

Medical Plan:   An attractive Medical Plan is available to all members in good financial standing.  This programme provides Group Rates for full medical coverage and is available to all employees of member companies. Our broker for this medical plan is Mr. Derek Gill of Insurance Solutions Ltd. who may be contacted at 427-4547.

Group Life, Accidental Death and Dismemberment: This plan is administered by B.B.Insurance Services Ltd. for whom the contact person is Ms. Margaret Banfield and the telephone number is 436-1840.

Local Mind & Management: Being a member of BIBA could help firms to substantiate the claim of having 'mind and management' in Barbados.

Other Benefits:  BIBA is continually working at securing for its members, new benefits with a wide range of suppliers of good and services.  The current programme includes telecommunications and laundry services.

Please also find here:

  • A copy of the Association’s By-Laws

MEMBER SUBSCRIPTIONS (all prices in BDS $)

1 - 5 employees 
$1,000.00 per annum + 17.5% VAT

6 - 10 employees
$2,000.00 per annum + 17.5% VAT

More than 10 employees
$3,500.00 per annum + 17.5% VAT

Since the membership year ends on March 31st, new applications are pro-rated quarterly from April 1st in each year as received.  Receipts are issued on request only.

Should you have any questions pertaining to the Association, please do not hesitate to contact us.

Download our Membership form here.

 

MEMBER DIRECTORY

Search our list of Member Businesses

Name :
Sector :
Location :

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.

View More Business Facts

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.

View More Details

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.

View More FAQs

NEW LEGISLATION