BARBADOS


BARBADOS: IN THE TOP 10


A hands-on cooperative approach to new captives and international business has helped to keep Barbados in the global top 10. Here, Emeline Taitt of Invest Barbados outlines its attractions as a business domicile of choice are outlined.


102 CICA | Forty years of captive leadership


B


abados has been attracting international insurance companies to its shores for decades and its international insurance sector continues to grow, irrespective of the global economic challenges. According to information


provided by the Ministry of International Business, the Central Bank of Barbados and the Offi ce of the Supervisor of Insurance, by the close of 2010, Barbados had recorded its highest-ever number of active international businesses, and new registrations for the calendar year 2010 exceeded those for the previous year by 7.2 percent.


Growth is even more encouraging for the fi scal year ending March 2011, which shows a 28 percent increase in registrations. At the end of December 2010, Barbados was the domicile of 242 captives, some of which were under management by the 23 captive management companies responsible for running the daily operations of such entities. This depth to the industry has kept Barbados within the top 10 captive insurance domiciles globally.


As a cost-effective business location, this country offers expertise in insurance, investment management, accounting, legal and banking services. These advantages, coupled with a well regulated, pro-business environment, excellent infrastructure, modern legislation, low tax structure and an expanding network of tax treaties, are among the key reasons Barbados attracts signifi cant international insurance business


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