The number of people registering businesses is on the increase.
This was confirmed by Deputy Registrar at the Corporate Affairs and Intellectual Property Office (CAIPO), Kevin Hunte, who noted that there were already 809 applications so far this year.
This compares to 2, 393 applications received last year; 2, 251 received in 2010; and 2, 351 received in 2009. "If this continues, we will probably surpass last year’s applications," Mr. Hunte said, adding the age ranges varied.
He attributed the increase to a combination of the present economic climate and Barbadians becoming more industrious. "I think the economic climate has a significant part to play, and people are looking for more and more ways to make a living even if they have a substantive job. People are putting their skills to use, so a person who bakes well will create a business and sell cakes on weekends," Mr. Hunte explained.
The Deputy Director said there was also a change in people operating businesses with names that were not registered. He attributed that change to education and Barbados becoming a more structured society.
Mr. Hunte drew the scenario that someone may start with a contract to supply a supermarket with cakes after giving them a sample. But, he said, there will come a point in time when the business entity would not want to write a cheque to an individual name, but to a business name, especially for accounting purposes.
"Most companies, if they are doing business, want to do business with a business entity," he explained. As a result, he noted, people were registering their businesses and establishing business accounts at banks to make themselves competitive in the business environment.
"It lends itself to the idea that you [the entrepreneur] are more serious in terms of having a business as a going concern," he stated.
Mr. Hunte added that as registered businesses became more successful, their owners were taking the next step and having them incorporated.
Business names are registered at CAIPO’s Corporate Registry at its Belmont Road, St. Michael office at a cost of $104. Once successful, registration certificates can be collected within 24 hours.