APPEALING ICT INVESTMENT OPPORTUNITIES

Barbados - a Preferred Choice

Barbados is on the move. With a mission to transform its digital footprint and modernise its services, the country is on track to further enhance its global competitiveness and the ease of doing business. This aligns well with the affirmation that Barbados is a preferred choice for investors who require Information and Communications Technology (ICT) to drive their operations. Known to many as a vibrant global financial centre, Barbados continues to focus on providing world class service to local and global businesses. ICT is just one of the several appealing investment opportunities to be found in the jurisdiction.

Talented Workforce

Kaye-Anne Brathwaite CEO, Invest Barbados

It is often said that an organisation is only as good as its employees. One of the reasons why Barbados excels as a suitable location to establish or expand operations is due to its well-educated, productive and highly skilled human resources. With regards to the ICT sector, information technology and computer studies programmes can be found on the syllabus within several educational institutions from secondary to tertiary levels. In fact, many of our tertiary institutions annually produce a cadre of well-trained and qualified candidates for ICT related jobs.

Additionally, there is also no shortage of ICT support services, technology skills and experts, as there are several local and foreign owned business engaged in the ICT services sector. These include software development, contact centres, transaction processing, health insurance claims processing, web application, IT consulting, credit card applications and computer aided design, among others.

Competitive Costs

For decades now, several ICT companies have proven/found Barbados to be an attractive location. In addition to the jurisdiction’s geographic location which makes it compatible with the time zone in the USA’s eastern seaboard, the availability of clean and reliable electricity supply, productive and easily trainable workforce, competitive labour rates and business costs, all combine to make Barbados a compelling choice.

Robust Telecoms Infrastructure

Apart from being a business-friendly jurisdiction with an excellent quality of life, the country has consistently received high ratings for its speedy internet connectivity and robust telecommunications infrastructure. Barbados ranked 2nd in the Caribbean and 6th in the Americas in the September 2021 Speedtest Global Index for fixed broadband. With the introduction of the Barbados Welcome Stamp, the availability of fast, reliable and stable internet connectivity proved to be a key competitive advantage;

Barbados checked the box in all aspects. As a result, remote workers who meet the criteria for the Welcome Stamp visa are able to take advantage of the jurisdiction’s efficient air connectivity, year-round warm climate, politically and socially stable environment, and begin work immediately!

Success Stories Continue

The roster of ICT companies in Barbados continues to steadily expand. Through the years, investors who have chosen to establish businesses in Barbados’ ICT sector have keenly praised the jurisdiction for its intellectual talent as well as the work ethic of its people. Others have also commended the quality of the jurisdiction’s educational programmes.

During 2021, Compliance Path, a new investor in the sector, successfully established a software development facility and was thoroughly impressed with the UWI graduates interviewed. “We have been blown away, frankly, by the quality of the candidates that we have interviewed … I think that speaks to the quality of the educational programmes in Barbados and the skill sets are definitely there.”

Another investor, Ms. Simone Hildebrand of Geekseat, keenly praises Barbados for its intellectual talent and work ethic generally, as well in the ICT space. She manages an IT consulting firm and has recruited a number of highly educated persons, with plans to eventually expand to 80 employees including digital marketers and software developers. The investor’s global team comprises professions such as graphic designers, operations engineers and software testers, among others.

Digitisation Thrust

Prior to the global pandemic, Barbados started a drive to digitise public sector services. With the onslaught of Covid-19, the advance digital movement was further accelerated to ensure that the jurisdiction remained globally connected and competitive. Several government and non-governmental agencies came on board with this initiative, which has made accessing services across the public and private sector a seamless process. Currently, both individuals and companies can pay annual land taxes, renew driver’s licences and other professional licences, via the EZPay+ platform.

Among the government departments that have automated its services is the Immigration Department. In addition to automated passport services, travellers to Barbados have been enjoying a contactless, hassle-free transit through the Grantley Adams International Airport, as they are able to complete their embarkation/disembarkation forms virtually.

Another bold step for Barbados in the digital world was the announcement that it would be the first country to establish an embassy in the metaverse, as well as formally recognise digital sovereign land. The Corporate Affairs and Intellectual Property Office (CAIPO), the first point of contact in establishing a business, has also embraced digitisation, and investors can now register business names and incorporate companies completely online. Phase 2 of the project will encompass post-registration processes.

Fundamental to Barbados’ mandate is providing a world-class service that contributes to the ease of doing business.

A Welcoming Investment Climate Awaits

Barbados’ ICT sector offers many profitable opportunities. Future-focused with large aspirations in view, Barbados is on track to affirming its rightful place on the global stage as the jurisdiction of choice to live, work, raise families and invest.

Invest Barbados, an economic development agency of the government of Barbados stands ready to assist with your establishment or expansion process. We also invite you to visit our warm and welcoming investment climate. Let us be your guides!