Government five-year plan to bring 2 000 jobs
GOVERNMENT IS WORKING with the international business sector on a five-year plan to create 2 000 new jobs.
Attorney General and Minister of Home Affairs Adriel Brathwaite outlined the plan Wednesday, stating that it had been approved by Cabinet and would seek to achieve
a 40 per cent increase in foreign exchange earnings from the sector, a 40 per cent increase in corporate and personal income tax, the creation of 2 000 new jobs, and the registration
of 2 000 new corporate entities as well as 50 new foundations and private trust companies.
“I have had dialogue with the registrar of companies in Anguilla in terms of their experience with respect to foundations, and I see no reason why we cannot and should not surpass that target,” said Brathwaite. He added that the Government’s international business sector plan should see 20 new double taxation agreements and 15 investment protection treaties being concluded in the five-year period.
Speaking at the Barbados International Business Association (BIBA) luncheon at Hilton Barbados, he told the packed room of financial players that the five-year plan was achievable because Barbados possessed a relatively wide product offering.
“Clients can use … private banking, private trusts, administration of investment funds, investment management, insurance management, family office administration, international business companies (IBC) and domestic companies, second homes with appropriate immigration status,” he told the audience that included BIBA vice presidents
Connie Smith and Andrew Alleyne and Commissioner of Inland Revenue Sabina Walcott-Denny.
Calling on those in the sector to see the glass as half-full and not half-empty, Brathwaite said Government was pursuing the listing of Barbados companies on the Hong Kong Stock Exchange and having the local exchange recognised by the London Stock Exchange.
“We’re also moving toward issuing one IBC licence and one SRL (Society with Restricted Liability) to remove that age-old problem of having every year to submit applications and then wait six or seven months to actually receive your licence. So come the beginning of next year, I think that regime will definitely be in place, so this is your last year to complain about not receiving licences in a timely manner,” the Attorney General added. (RJ)