Barbados’ ability to attract and retain quality international investment will depend increasingly on its ability to demonstrate transparency, embrace innovation and make it easier to do business, Permanent Secretary in the Ministry of Energy, Business Development and Commerce Kevin Hunte has said.
Hunte made the point while addressing the September 23 media launch of the 2026 Global Business Week, organised by the Barbados International Business Association (BIBA) in partnership with Invest Barbados and the Ministry’s Business Compliance Division. Global Business Week takes place from October 18 to 24 under the theme “Resilience: Adapting, Transforming, Thriving.”
A major focus of Hunte’s remarks was Barbados’ new beneficial ownership framework and the importance of businesses ensuring that their information is accurate, complete and up to date.
He noted that the Beneficial Ownership Transparency and Register Act, 2026, passed by Parliament in August, applies to all legal persons incorporated, organised or registered in Barbados – not only international business entities.
Under the new framework, businesses are required to identify their beneficial owners, maintain the relevant information at their registered office, file it with the Register, confirm it annually and notify the Beneficial Ownership Unit of changes.
While speaking at the launch staged at CIBC Caribbean Warrens Great House, Warrens, St Michael, Hunte urged directors, corporate secretaries, corporate and trust service providers and business owners to review their records and ensure that their filings meet the requirements.
“Transparency is no longer optional; it is the price of admission,” he said, while stressing that the quality of information in the Register has implications for Barbados’ international reputation.
He also rejected the idea that compliance and competitiveness are opposing objectives.
“Compliance and competitiveness are not rivals. They are mutually reinforcing pillars,” Hunte said, arguing that a jurisdiction able to demonstrate its integrity is better positioned to attract quality investment.
Director, Business Compliance Division, Sangene Watkins-Diagne
Director of the Ministry’s Business Compliance Division, Sangene Watkins-Diagne, reinforced the call for businesses to act, particularly smaller companies.
She explained that companies earning less than $1 million can file their beneficial ownership information through Business Barbados. However, the response from this group has so far been less robust than expected.
Watkins-Diagne encouraged small companies and limited partnerships without a corporate and trust service provider to come forward and complete their filings.
She said officers at Business Barbados are available to assist businesses with the process and urged companies not to allow concerns about outstanding annual returns to prevent them from addressing their beneficial ownership obligations.
Meanwhile, BIBA President Joanna M. Austin also reiterated the compliance focus and directly connected it to one of the priorities she identified on taking office in July – business facilitation.
“We must make it easier to do business in Barbados while maintaining a strong and effective compliance framework,” Austin said. “Those two aims are not in conflict. A jurisdiction that is both efficient and well regulated is precisely what serious international investors look for.”
Carmel Haynes, Executive Director of BIBA (left) with President Joanna M. Austin addressing members of the media and other stakeholders.
She said the pressures facing the global business sector – including changing international tax rules, geopolitical uncertainty and rapid technological change – have not eased, making resilience an ongoing requirement for Barbados.
Austin in her first year as President of BIBA, also highlighted the wider significance of this year’s Global Business Week, coming as Barbados prepares to mark 60 years of Independence in November.
For decades, she noted, the global business sector has contributed to Barbados through foreign exchange earnings, tax revenue and skilled employment, and Global Business Week provides an opportunity to explain that contribution more broadly to Barbadians.
Austin said the programme reflects BIBA’s intention to make Global Business Week a conversation about both the challenges facing the sector and the opportunities available to Barbados.
“We must position Barbados not simply to withstand change, but to thrive,” she said.
Meanwhile, Hunte also challenged the sector to look beyond compliance and use innovation to create new opportunities for Barbados, the Caribbean and international markets. He encouraged BIBA members to strengthen relationships with local small businesses, champion compliance, promote Barbados internationally and identify new products and services that could be developed within the jurisdiction.
The week will include a Commencement Service on Sunday, October 18, a Secondary Schools Symposium on Tuesday, October 20, a Public Discussion Forum on the human impact of artificial intelligence on the same day, and a Careers Showcase at Barbados Community College on Wednesday, October 21.
The centrepiece, the Global Business Conference, will take place on Thursday, October 22 and Friday, October 23 at Wyndham Grand Barbados Sam Lord’s Castle Resort, with online participation also available.
The Conference theme, “Business Beyond Borders: Driving Ideas, Innovation and Impact,” will bring together speakers from Barbados and international markets to examine issues including the global minimum tax, Barbados’ next FATF evaluation, artificial intelligence and business leadership, the future of Barbados’ capital markets, and climate and risk resilience.
More than 120 delegates have already registered before the early registration period closed, with registration continuing through BIBA.
Sponsors of Global Business Week 2026
Global Business Week 2026 is supported by Diamond Sponsor Invest Barbados; Platinum Sponsor the Business Compliance Division; Gold Sponsors CIBC Caribbean and the Central Bank of Barbados; and Silver Sponsors American International Insurance Managers, Bank of Nova Scotia, Clarke Gittens Farmer Attorneys-at-Law, EY Management Ltd, KPMG, Lex Caribbean Attorneys-at-Law, Trident Corporate Services and Vistra (Barbados).
By Geralyn Edward for BIBA, the Association for Global Business
