IMPROVEMENTS PROMISED FOR LICENCE RENEWALS FOR IBCs

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Minister of International Business and International Transport, George Hutson

Improvements are in the pipeline for international business entities conducting licence renewals.

Word of this has come from Minister of International Business and International Transport, George Hutson, who recently alluded to plans for amendments to the requisite legislation which governs the process.

“Later this year I expect to amend the legislation to implement a new system for International Business entities, whereby licenses may be renewable on a September and December cycle,” the Minister  revealed, noting that under the amended legislation licences granted could also be valid for one, two or three years.

“It is expected that these changes would enable better strategic planning for these entities in the face of the uncertainty which currently exists in the primary markets from which we source our investments as well as improve the general efficiency with which renewal of licences are processed,” he underlined.

Under the current system,  licences for International Business Companies and International Societies with Restricted Liability are eligible for renewal at December 31 annually.

cgaskin@barbados.gov.bb

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