Initiatives to make it easier to do business in Barbados

Government is looking to address long-standing concerns about the ease of doing business in the country through several new initiatives, according to Minister of Energy and Business, Senator Lisa Cummins.

Speaking at the launch of Global Business Week 2024 on Monday, she outlined key measures aimed at simplifying business processes, modernising legislation, and making the island a more attractive destination for both local and international companies.

Acknowledging the challenges that businesses have faced in navigating government systems, said: “It’s just sometimes really hard to find your way around government. That is a fact. And so, I don’t step away from that, and it is our job to make things easier while simultaneously focusing on the obligations that we have to compliance and regulatory management. But that doesn’t mean that you make it impossible for people to navigate the system. It is absolutely critical that we strike the right balance – making things easier for businesses to operate while ensuring that we meet all regulatory and compliance standards that protect both the public and the State.”

One of the central pillars of the government’s reform efforts is the establishment of Business Barbados, a new umbrella body designed to streamline processes for businesses across sectors. “Business Barbados is being designed not to be a knee-jerk reaction to what we’re dealing with today, and I think BIBA has been very much at the vanguard of this conversation, and it’s been a long-standing conversation. BIBA, Chamber of Commerce, Small Business Association — there’s no association in this country representing the private sector that has not talked about the legitimate concerns around business facilitation in this country. It’s an ongoing issue,” Senator Cummins acknowledged. “The question is: How do we make life easier for businesses, whether large or small, while still maintaining regulatory integrity? Business Barbados is the answer to that.”

Cummins emphasised that the initiative would serve a wide range of businesses, with a focus on inclusivity and accessibility. “Business Barbados has taken into consideration much of what you’ve said, and so we have taken a full sweep of large companies like those that are represented here in BIBA, to small entities like those that are represented in the Small Business Association, and everything in between. How do we make life easier for people, but how do we make the country more attractive as well? And that’s the balance we are aiming to strike,” she said.

Minister Cummins also stressed the need for comprehensive legislative reform, particularly with regard to the outdated Companies Act which she said had not been updated in many years.

“CAIPO [Corporate Affairs and Intellectual Property Office], as it stands now, administers over 30 pieces of legislation, and many of those pieces of legislation have not been updated comprehensively in probably as long as that. You’ve had some reforms here and there to bring it up to speed with one thing or another, but a comprehensive legislative reform has been necessary for a long time. We’re now in a position where we can make that happen,” she said.

In addition to legislative reforms, Senator Cummins also noted the importance of leveraging technology to improve efficiency in business processes: “The future of doing business is digital, and we’re making sure that Barbados is at the forefront of that transformation. But it’s not just about technology for the sake of technology—it’s about making processes smoother and quicker for everyone involved. We’re committed to ensuring that businesses, from the smallest entrepreneurs to the largest corporations, have access to these digital tools.”

Another key component of the government’s efforts is the decentralisation of services to make them more accessible to people in different parts of the island.

“We’re looking at the logistics of having satellite stations in outposts where persons can transact business. Right now, people might have to drive from places like St Lucy or St Philip all the way to Warrens just to access services. We don’t think that’s fair or efficient. So we’re working on making government services more accessible to people, regardless of where they live, through satellite stations in key locations across the country,” Cummins said.

She gave the government’s commitment to making Barbados a more business-friendly environment, both for local enterprises and international investors.

“Making Barbados an easier place to do business and, in so doing, keeping Barbadian businesses headquartered here even as they spread their wings abroad, and attracting global companies to establish Barbados as their domicile — this is our objective. We want to make sure that both local and international companies can thrive here, without unnecessary hurdles or red tape. That’s what we’re working towards, and that’s what Business Barbados will help achieve,” Minister Cummins said.

(RG)