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BARBADOS

BARBADOS. Investment & International Business Opportunities. Jean-Paul Cumberbatch Regional Business Development Advisor Invest Barbados. Why Barbados?. Attractive business structuring opportunities Access int’l markets using Double Tax Treaties

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BARBADOS

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  1. BARBADOS Investment & International Business Opportunities Jean-Paul Cumberbatch Regional Business Development Advisor Invest Barbados

  2. Why Barbados? • Attractive business structuring opportunities • Access int’l markets using Double Tax Treaties • Similar time zones to US and Latin America • Attractive place to live & work • No restriction on Foreign Ownership • High Quality Lifestyle • Low Crime Rate • Very safe part of the world

  3. Why Barbados? • Barbados Company pays a maximum of 2.5% on international income; • Savings protected using Barbados’ double tax treaty with the UK • Repatriation of dividend income tax free in UK • Lower withholding tax rate on dividends paid out to UK shareholders • No capital gains or inheritance tax in Barbados

  4. Why Barbados? • Non Dom Residents can claim foreign currency tax credits & pay income taxes as low as 2% on foreign income remitted to Barbados; • Not taxed on unremitted foreign income • Withholding tax on foreign income effectively 0% • Achieve significant cost savings-Barbados wages are typically less than a half UK wages

  5. Barbados : Reputable Jurisdiction • The OECD in April 2009 recognized Barbados as a “white listed” jurisdiction • US’s IRS recognize Barbados Companies as “Qualified Foreign Corporations”. • Canadian Revenue Agency (CRA) confident in Barbados. • UK’s HMRC – Does not view Barbados as a tax haven • OECD has acknowledged that Barbados is not a tax or secrecy haven, but a respected and well regulated international financial services centre

  6. DOUBLE TAXATION USA CANADA SWEDEN NORWAY FINLAND BOTSWANA AUSTRIA SWITZERLAND CARICOM CUBA VENEZUELA CHINA UK MALTA MAURITIUS NETHERLANDS MEXICO SEYCHELLES LUXEMBOURG SPAIN PANAMA GHANA* PORTUGAL* CZECH REPUBLIC* ICELAND* * Signed but not yet enforced BILATERAL INVESTMENT CANADA GERMANY ITALY SWITZERLAND CUBA VENEZUELA CHINA MAURITIUS UNITED KINGDOM GHANA* BELGIUM-LUXEMBOURG Barbados’ Treaty Partners

  7. TREATY NETWORK DEVELOPMENT Proposed Tax Treaties • Italy (awaiting signature) • Vietnam (awaiting signature) • Belgium (awaiting signature) • Chile (Initialled) • India (1st round of discussions held in 2007) • Brazil (date to be agreed ) • Malaysia (date to be agreed) • South Africa (date to be agreed) • Ireland (date to be agreed) • Australia (date to be agreed) • Colombia (date to be agreed)

  8. Tax Efficient Vehicles • International Business Companies • Exempt Insurance Companies • International Banking • Domestic and International Trust • Societies with Restricted Liability • Ship Registration • Mutual Funds

  9. Barbados Incentive Legislation • International Business Companies Act; • International Societies with Restricted Liability Act; • International Financial Services Act • Exempt Insurance Companies Act; • International Banks; and • Trust Act

  10. Other Incentives for International Business & Financial Sector • No restriction on foreign ownership • Full exemption from import duties on components, raw materials, production machinery • Full and unrestricted repatriation of capital, profits and dividends during their tenure in Barbados. • Exemption from exchange control • No minimum capital requirement

  11. Track Record for Attracting FDI • Over 5000 Financial Service Companies present. • Barbados is 3rd largest recipient of Canadian outward investment behind USA and the UK MAJOR COMPANIES IN BARBADOS • Ernst Young Marsh • KPMG Aon • Pricewaterhousecoopers CIBC Offshore Bank • Deloitte Swiss Re • Amicorp Cidel Bank & Trust • Tricor Gildan • Lenstec CITCO

  12. Barbados’ Location Very safe part of the world Similar time zone to Eastern USA Good contact point Linking North and South America 7 hours from London 4.5 from New York, 3.5 from Miami Daily non stop flight

  13. Country Profile Size: 166 sq. miles/430sq.km Language: English Government: Democratic Population: 276,300 (2010) Workforce: 142,100 (2010) Per Capita Income £8271 (US$13, 300) (2010)

  14. Sectors Wholesale & Retail Business & Finance Tourism Construction Manufacturing General Services Agriculture GDP Contribution 21.8% 19.0 % 14.8% 6.0% 4.7% 6.4% 4.4% Major Business Sectors-2010

  15. Political and Legal System Independent since 1966. Second oldest democracy in the Western Hemisphere. Long history of economic, social and political stability. Well-developed legal system derived from English common law and statutes. Corporate law is based on the Canadian Business Corporation Act.

  16. Education • University of the West Indies – 5000 students • Education based on British model. Primary to tertiary levels is free to all citizens . • Literacy rate of 98 per cent. • A high level of productivity.

  17. Banking & Finance • Foreign exchange control regulations- international businesses are exempted • Well-established commercial banking sector • 3th soundest banking system in the Caribbean & LA(Global Competitiveness Report 2011/12)

  18. Professional Services • Legal services • Good base of well-educated, English-speaking professionals familiar with UK legal system • Accounting services - Big 4 • 600 members of Institute of Chartered Accountants, can provide full range of services

  19. Investment opportunities • Prominent areas of focus are : - International Business and Financial Services - Information Technology - Tourism - Services Exports

  20. International Competitiveness • 3rdin human development in the Caribbean & LA (United Nations Human Development Index 2011) • 1st in network readiness in the Caribbean & LA (World’s economic Forum’s Information & Technology report 2010/2011) • 2nd in Transparency/Freedom from corruption in the Caribbean & LA (transparency International’s Corruption Perception Index 2010) • 2nd freest economy inthe Caribbean & LA (Index of Economic Freedom,2011/12) • 3rd in Global Competitiveness in the Caribbean & LA (Competitiveness Index 2010/2011 Global Competitiveness Report) • 3rd in Soundness of Banks in the Caribbean & LA (Global Competitiveness Report, 2011/12)

  21. Invest Barbados: Your Business Facilitator • Provide information on Social, political & economic life of the country • Advise on legislation relating setting up business • Liaison between investor & appropriate government agencies • Consultation with the investor • Facilitate investor visits 1 Great Russell Street, London, WC1B3ND Tel: 0207 299 7196 Email: London@investbarbados.org

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