Barbados has taken a significant step toward improving its business climate with the official launch of Business Barbados, a modernized entity designed to streamline business registration and regulatory processes.
Minister of Energy and Business Development, Senator Lisa Cummins, made the announcement, emphasizing that this initiative represents more than just a rebranding—it’s a strategic move to enhance Barbados’ international competitiveness.
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A Fresh Start for Business Facilitation
Business Barbados, which officially replaced the Corporate Affairs and Intellectual Property Office (CAIPO) last Saturday, aims to address long-standing inefficiencies that have frustrated the business community.
“This is about taking fresh guard,” Minister Cummins stated during a Senate debate on Wednesday.
“We’re not just renaming an entity—we’re ensuring that Barbados delivers on its business-friendly promise. This marks a new chapter for business facilitation on the island.”
Addressing Key Challenges
Located in StoneHaven, St Philip, Business Barbados will prioritize establishing standard operating procedures (SOPs) and service level agreements (SLAs) to improve efficiency.
“One of our first objectives this quarter is setting clear operating procedures with our key private sector partners,” Cummins explained.
She highlighted the need for improved collaboration among accountants, bankers, and legal professionals to modernize outdated systems while maintaining compliance standards.
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A Shared Responsibility
Minister Cummins stressed that making business easier in Barbados is not just a government responsibility.
“The business of doing business is all our business,” she asserted.
Beyond government efforts, she called on stakeholders to enhance efficiency—whether by accountants ensuring timely financial statements, banks accelerating account openings, or legal professionals expediting transactions.
A Digital and Customer-Centric Future
As part of its restructuring, Business Barbados will focus on digitization and customer service improvements.
“We are implementing a customer-focused approach,” Cummins noted.
“While it will take time, we are committed to driving this cultural shift.”
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The newly appointed board of directors held its first meeting on Monday, outlining strategic priorities and setting clear objectives for the coming months.
Minister Cummins assured the business community that while change will not happen overnight, visible improvements are on the way.
“With collaboration and commitment, we can ensure that when we promote Barbados as an excellent place to do business, we truly deliver on that promise.”
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