Enabling Environment a Must for International Business

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An enabling and sustainable environment must be created by Government, for investors.

This assertion was made by Minister of International Business, Donville Inniss during a reception yesterday at Royal Westmoreland for the launch of International Business Week.

???No one is obligated to invest in Barbados. Investors have options [and] our role is to create the best enabling environment and sustain it,??? he said.

Mr. Inniss told his audience, which comprised stakeholders and key members of the business community: ???We will do our part. All I ask is that you service providers and companies here seek to conduct yourself at all times in a highly professional manner that will not seek to bring this domicile into disrepute.???

The Minister stated that more must be done to market this jurisdiction, and encouraged everyone to get ???fully onboard and have a private sector led marketing programme for our IB sector.???

Revealing that current estimates from the International Business sector indicated that it contributed approximately $900 million to this economy, the Minister also outlined other benefits that accrued from the sector; including the existence of over 4,000 jobs and rental of properties.

He also stated that over time, Government had undertaken some legislative reforms which would among other things; enhance this country???s overall framework for exchange of information.

???These reforms included the amendment of existing legislation and the introduction of new ones [such as] the Tax (Exchange of Information) Regulations, 2011; Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011; the Financial Services Commission Act as well as the International Corporate and Trust Service Providers Act.,??? he said.

Mr. Inniss pointed out that there were several other legislative and administrative matters which had to be addressed if Barbados was to become the domicile of choice of international investors.

According to him, this includes: the completion of regulations for International Trust and Corporate Providers Act; amendments to the SRL and Limited Liability Partnership to allow for retention of accounting and shareholders records which have been approved by Cabinet; amendments to the Companies Act, which have been approved by Cabinet and are now before the Chief Parliamentary Counsel???s office for drafting as well as a stakeholders meeting next week, to forge ahead with new legislation to govern Mutual Funds in Barbados.

theresa.blackman@barbados.gov.bb

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