Business Barbados 2022

Tourism WHERE DO WE GO FROM HERE Tourism has been the bread and butter of our economy for a number of years, bringing in an influx of foreign exchange (FX) to the country via various vehicles of services such as transportation, consumer business, entertainment and professional financial services. Due to Covid, the FX influx from tourism has been reduced, however there is a silver lining. Other industries with the ability to generate FX previously existed, and continue to exist, that were mostly hidden by the dominance of tourism, now have the opportunity to show themselves and grow. Although these industries and services cover a wide range of areas, the focus of this article will be on the regulatory and professional financial services. Regulatory The Barbados Corporate Registry, better known as CAIPO, went digital in November 2021. The Online Registry is responsible for fostering the registration of business names and charities, incorporating companies, and providing services that allow persons to make inquiries and reports about entities. This full digitalization enables customers to pay for and have their applications processed online through a web portal from anywhere. The new system will also feature a high level of automation and artificial intelligence (AI), allowing for the immediate registration of some filings of corporate documents. This will eliminate the need to book an appointment to go to CAIPO to submit these documents or to verify their completion. Steve Clarke Assurance and Audit Leader Deloitte Divergence From 61 BUSINESS BARBADOS 2022