Partnerships are key

The strong partnerships that BIBA, The Association For Global Business, has forged over the years are crucial to its ability to respond adeptly to the challenges facing the sector.

Carmel Haynes, executive director of BIBA, explained that those alliances with major facilitation agencies of government such as the Corporate Affairs and Intellectual Property Office, the Barbados Revenue Authority, the International Business Unit, the Financial Services Commission, the Immigration Authority, and the Central Bank of Barbados have helped to advance the cause of global business entities on the island.

Haynes also highlighted the “strong partnership” with Invest Barbados to jointly tackle and resolve issues facing the sector such as work permit delays, or bank account set-up challenges. BIBA also works closely with the Ministry of International Business to identify new target markets and clients, and develop new business products and structures that can attract new investment to the island.

She said: “Fully aware that Barbados is facing strong tax advantage challenges from global regulators and home country jurisdictions, BIBA has also been a member of government’s Treaty Negotiating Team that develops the bilateral investment treaties and double taxation agreements that are the backbone of our wide network of tax-based treaties.”

As BIBA prepares to stage Global Business Week from October 24 to 30, the executive director said the cross-sectoral issues to be addressed are so compelling it was a must-attend event for officials across all economic sectors. (PR)