Doing business in Barbados has gotten harder, an international study has found.
In their new Doing Business 2013 report, the World Bank and its affiliate the International Finance Corporation said the island lost its previous ranking 88, falling four places lower in the survey of business regulations in 185 world economies.
Both the Barbados International Business Association and Institute of Chartered Accountants of Barbados have voiced concerns about business facilitation in recent weeks.
The Doing Business publication has now found that the island lost ground in six out of 10 categories related to the ease of doing business.
The category which suffered most was starting a business, where the island dropped 11 places, while the second biggest ranking drop was in the area of paying taxes.
There were also decreased rankings for getting credit (minus three places), protecting investors (minus two places). Getting electricity and enforcing contracts down one point each.
The biggest improvement was in the registering of property, dealing with construction permits, trading across borders, and resolving insolvency.
St. Lucia, with a ranking of 53 and Trinidad and Tobago, 69, had higher placed than Barbados.
The publication said that based on data it collected, starting a business here required eight procedures, took 18 days, costs 7.2 per cent of income per capita and required no paid-in minimum capital of income per capita. Barbados’ ranking for the ease with which people could start a business here placed it in position 70 out of 185 economies. It also said that there was improvement in this between 2008 and now.
“Economies around the world have taken steps making it easier to start a business, streamlining procedures by setting up a one-stop shop, making procedures simpler or faster by introducing technology and reducing or eliminating minimum capital requirements,” the report said.
“Many have undertaken business registration reforms in stages, and they often are part of a larger regulatory reform programme. Among the benefits have been greater firm satisfaction and savings and more registered businesses, financial resources and job,” it added. (SC)