Business Barbados - 2023 Edition

ABOUT BARBADOS Location Barbados, the most easterly of the Caribbean islands, is located to the east of the Windward islands and 460km (285.7 miles) northwest of Venezuela. By air it is about 4.5 hours from New York, 5 hours from Toronto and 8 hours from London. The island’s geographic location makes it very convenient for doing business with North America. Climate and Geography The topography is relatively flat and composed mostly of coral. The highest point on the island is Mount Hillaby, at 336m or (1,104 ft) above sea level. Barbados has lovely sandy beaches and a pleasant tropical climate that attracts visitors and investors alike. The average daytime temperature ranges between 84-86 degrees Fahrenheit (29-30 degrees Celsius). Barbados has used these resources effectively to develop a viable tourist industry, which now serves as the base for a stable and buoyant economy. THE GOVERNMENT Settled in 1627 by the British, Barbados remained a British colony until its independence on November 30, 1966. A voluntary member of the British Commonwealth, Barbados’ constitution is based on the British style of parliamentary democracy, with elections being held every five years. The island has one of the oldest Westminster style Parliaments in the western hemisphere, which has been in existence for over 375 years. Barbados has two houses of Parliament, a Senate and a House of Assembly. Barbados became a republic on 30 November 2021. The President is Head of State while executive authority is vested in the Prime Minister and Cabinet who are collectively responsible to Parliament. LEGAL SYSTEM The legal system is derived from English common law and statutes. The courts administer the laws of Barbados, which consist solely of local legislation. The judicial system comprises a lower Magistrates court and the Supreme Court, which includes a Court of Appeal and a High Court. The Attorney General is responsible for the administration of the legal and judicial system. In February of 2001, the Heads of Government of the Caribbean Community signed an agreement to form a Caribbean Court of Justice (CCJ). The inauguration ceremony took place on April 16, 2005. At present, final appeal from Barbadian courts is to the CCJ, which is based in Trinidad. Prior to 2005, final appeal was to the Privy Council in England. POPULATION AND LABOUR FORCE The resident population of Barbados is estimated at 266,221 as at September 2022. The ethnic mix consists of 93% of African descent, 3.2% European, 2.6% of mixed race and 1% East Indian. The population density is high, with 85% of the population living in urban areas. Barbados’ high standard of education has produced an easily trained workforce, with an adequate supply of professional as well as skilled and unskilled labour. As at 2022, the labour force was estimated at 136,500. Owing to the residual effects of the Covid-19 pandemic and the impact that it has had on the tourism sector, unemployment has increased. However, The Central Bank of Barbados Economic Review for January to September 2022 stated that during 2022 jobless trends reverted to a normal trend and, at June 2022, the unemployment rate was 9.3%, down from 15.9% a year earlier. The three main industries accounting for improvements in the unemployment rate were tourism, wholesale and retail trade and construction. Additionally, as all restrictions have been lifted, workers have largely returned to work. The weekly working hours for office personnel vary between 35 to 40 hours, while a 40-hour week is normal for manual workers. Work undertaken in excess of the basic workweek and during public holidays normally attracts premium rates of pay. Several pieces of legislation are in place to govern labour relations including the Employment Rights Act, the Severance Payments Act and the Holidays With Pay Act. The National Insurance and Social Security Act provides medical assistance for employees in the event of illness, maternity leave and accidents. It also makes provision for unemployment, disability and pension benefits. For further information visit www.nis.gov.bb . The labour movement is represented by four major unions. There have been few work stoppages in recent years, primarily due to the existence of good labour relations. Barbados has twelve paid public holidays. In addition, all workers have a statutory right to twelve weeks of maternity leave and three weeks of annual vacation with pay, which increases to four weeks after the fifth year of steady employment. THE 2023 PUBLIC HOLIDAYS: New Year Holiday – January 2 Errol Barrow Day – January 21 Good Friday – April 7 Easter Monday – April 10 National Heroes Day – April 28 May Day – May 1 Whit Monday – May 29 Emancipation Day – August 1 Kadooment Day – August 7 Independence Day – November 30 Christmas Day – December 25 Boxing Day – December 26 SOCIAL SERVICES Education The Barbados educational system is modelled after the British system and is considered to provide one of the highest standards of education in the English Caribbean. The educational system ranges from pre-school to university. School is compulsory up to age 16 and government schools are free at the primary and secondary levels. Educational institutions at the post-secondary level include colleges, a university, vocational and technical training schools. There are also special schools for the mentally and physically disabled. Health Barbados is recognised as having the most modern medical facilities in the Eastern Caribbean. The life expectancy at birth is 75.83 years for males and 79.73 years for females. Medical services are provided by two major hospitals and several well- equipped clinics, health centres and nursing homes. The government-run 600 bed Queen Elizabeth Hospital provides several specialist services along with a 24-hour casualty service. The second major hospital, Bayview FAST FACTS GUIDE 125 BUSINESS BARBADOS 2023 B U S I N E S S B A R B A D O S F A C T F A C T S G U I D E 2 0 2 3