The Barbadian government is addressing long-standing concerns about the ease of doing business in the country with several new initiatives, according to Minister of Energy and Business, Senator Lisa Cummins.
During the launch of Global Business Week 2024, Senator Cummins outlined key strategies aimed at simplifying business processes, modernizing outdated legislation, and making the island more attractive for both local and international companies.
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Recognizing the difficulties businesses face when navigating government systems, she stated, “It’s sometimes really hard to find your way around government. That is a fact. Our job is to make things easier while focusing on compliance and regulatory management. We need to strike the right balance—making operations easier for businesses while ensuring we meet standards that protect the public and the State.”
A cornerstone of these reforms is the creation of Business Barbados, a new umbrella organization designed to streamline processes across all business sectors. Cummins highlighted that this initiative is not a quick fix but a long-overdue response to ongoing concerns voiced by organizations like BIBA, the Chamber of Commerce, and the Small Business Association. The aim is to create a more navigable system for businesses of all sizes while maintaining regulatory integrity.
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Inclusivity is a key focus of the initiative. “Business Barbados will cater to a wide range of businesses, from large corporations to small enterprises. We’re aiming to make life easier for everyone and make the country more attractive to investors,” Cummins explained.
Another critical area of reform is the outdated Companies Act, which had not seen comprehensive updates in many years. Cummins emphasized that significant legislative reform is necessary, particularly within the Corporate Affairs and Intellectual Property Office (CAIPO), which administers over 30 pieces of legislation. The government is now positioned to modernize these laws.
In addition to legislative reforms, the government is prioritizing digital transformation to streamline business processes. “The future of doing business is digital. We are committed to ensuring that businesses, from small entrepreneurs to large corporations, have access to digital tools to make processes quicker and smoother,” Cummins said.
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The decentralization of services is another key component of the government’s strategy. Plans are underway to establish satellite stations across the island to make government services more accessible. “People shouldn’t have to drive long distances to access services. We’re working on setting up key locations throughout the country to alleviate this issue,” she added.
Cummins reaffirmed the government’s commitment to making Barbados a more business-friendly environment for both local and international enterprises. “Our objective is to make Barbados an easier place to do business, retain local businesses, and attract global companies to establish their headquarters here,” she concluded.
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