Barbados is preparing to overhaul its business regulatory environment, with sweeping reforms and new digital systems set to roll out in the coming months — changes the government says will make doing business on the island faster, easier, and more predictable.
Minister for Business Development, Senator Lisa Cummins, outlined the ambitious agenda on Monday while addressing industry leaders at a Jamaica Money Market Brokers (JMMB) thought leadership forum hosted at O2 Beach Club. She acknowledged that the current system is weighed down by slow processes and outdated structures, but assured stakeholders that major upgrades are already underway.
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Digital Transformation at the Core
Senator Cummins revealed that new digital tools and platforms — scheduled for full implementation by March 2026 — will streamline approvals, reduce excessive paperwork, and modernise how businesses interact with government.
“Within the coming months, it will get easier, largely because we are transitioning to new platforms,” she stated. “As a government, we’re committed to ensuring that the environment is fit for investment.”
The upgrades are part of a broader digital transformation strategy aimed at building systems that drive business confidence, support long-term investment, and reduce uncertainty.
Cutting Red Tape and Modernising Approvals
The minister said the government is actively tackling long-standing issues around delays and unclear processes, pledging:
- Modernised approval systems
- Reduced red tape
- Stronger institutional governance
- Clear and transparent monitoring frameworks
- A more predictable regulatory environment
She highlighted the Enterprise Exchange as one of the mechanisms supporting these reforms.
Cummins stressed that the island’s policy environment must evolve if Barbados is to remain competitive globally.
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A Unified Approach Across Government
One of the biggest challenges, she said, has been the fragmentation of policies across ministries. To address this, the government is creating an intersectoral working group to ensure policy alignment and eliminate contradictory instructions between agencies.
The goal is simple: stop forcing businesses to run from one office to another in search of clarity.
Strengthening Support for Small Businesses
Senator Cummins emphasised that reforms must go hand-in-hand with stronger support systems for MSMEs. She outlined a vision that includes:
- Improved financial reporting standards
- Enhanced governance and transparency
- More resources for training and development
- Support for export readiness
- Greater adoption of digital tools and innovation
- Sector-based communities of practice
“These reforms are necessary to give MSMEs and investors what they value most — continuity, predictability, and confidence,” she said. “Investment follows systems, not speeches. And so we are building the systems.”
Addressing Regulatory Burdens
During the Q&A session, industry members voiced concerns about regulatory overload, noting that requirements have become burdensome even for large firms.
Senator Cummins agreed that compliance is a challenge, explaining that this was one of the reasons behind the creation of Business Barbados, a structure designed to examine and fix the way business is conducted on the island.
She pointed to outdated legislation — especially the nearly 30-year-old Companies Act — as a major contributor to inefficiencies. Applying old laws to modern realities often creates conflict and confusion, she said, making legislative reform crucial.
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Long Wait Times Still a Major Pain Point
The minister acknowledged that slow turnaround times remain one of the biggest frustrations for local businesses.
“Sometimes the number of steps you have to go through is painful,” she admitted. “How long does it take for Barbados to register a business, or to change directors?”
She emphasised that while some compliance requirements are imposed locally, many originate from international bodies such as the OECD and FATF, limiting the government’s ability to streamline certain processes.
A More Predictable Business Landscape Ahead
Despite the challenges, Senator Cummins stressed that the government is committed to strengthening the island’s business ecosystem through modern legislation, digital solutions, and unified policy approaches.
With significant reforms planned through 2026, Barbados aims to deliver a regulatory environment that is more consistent, transparent, investor-friendly, and globally competitive — positioning the island for stronger economic growth and renewed investor confidence.
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