B’dos looks to Latin America
Latin America has been identified as one of the fastest growing markets for Barbados to do business with.
This is coming from Director of Invest Promotions at Invest Barbados, Kenneth Campbell, who spoke to the media on the sidelines of the Latam Inward Mission held at the Hilton Hotel Barbados yesterday.
He said that this is in fact why they are holding this event, which is a follow-up of seeing how they can attract foreign direct investment (FDI) into this island and
they have targeted those persons who play a crucial role in ensuring that this business relationship develops.
“We have identified Latin America as one of the fastest growing markets for us and hence, this is why for this event, we have attracted 11 service providers from Mexico, Colombia, Panama, Guatemala, Venezuela… These are the service providers in the various markets. So we are targeting the lawyers, the accountants, the
tax advisors … and they would encourage (persons) to use Barbados as part of the international tax planning programme.”
He said that there are many reasons why businesses from Latin America would want to do business with this island, such as it being a well-regulated place.
“The process of doing business in Barbados, the reputation of Barbados being a well-regulated centre as well as the network of (the) double taxation treaties as well as the abilities to provide substance. We have the service providers in Barbados, all of whom are very competent and are able to provide the support to set up the businesses or the processes that are required; the legislation has all of the checks and balances that international players are looking for and with respect and hence, makes Barbados a good place to do business.”
Campbell stated that being a well-regulated country is in fact, one of the things that they promote when it comes to attracting international investors.
“We sell Barbados as a well-regulated country with a strong network of international tax agreements which would allow for the global business and hence, also with the ability to provide substance – the need to provide substance – and to facilitate the business through Barbados is one of the key components of getting the investment into Barbados.”
He added that if Barbados is going to take advantage of this Latin American market, then they are going to have to ensure that there is a level of certainty when it comes to business facilitation.
“The certainty of a process. I think that that is one of the key things is that when they come to set up a business, they want to know exactly what is required of them and what they would get for that process said as the Minister said, the facilitation process is key to ensuring that we get additional business. Taxation is of interest. However, for most of the businesses, the facilitation processes is by far one of major components of providers coming to a jurisdiction.”