Financing Business Operations
Overview: Financing Business Operations in Barbados
If you are a citizen of a country outside the Caribbean Single Market and Economy, and you are seriously considering establishing a business in Barbados to serve local and regional markets, one of the first things you will want to know is the range of services you can expect from the island's banking industry, including access to short- and long-term capital.
Generally speaking, you can expect much the same range of traditional services and products that banks offer to businesses in Canada, the U.S.A. or the U.K, even though they may not be as comprehensive or as customized.
In essence, despite being a relatively small country and economy, Barbados can offer foreign investors a banking system that is not only quite sophisticated, but also prudently managed. The Global Competitiveness Report by the World Economic Forum rated Barbados 2nd in Latin America and Caribeean on the soundness of its banks.
This is not surprising when you consider that three of Canada's largest banks have maintained a presence here for well over 50 years. Today, strong regional banks are also part of the landscape, as are several smaller but well-managed and innovative finance companies.
Together, they can provide investors with a mix of efficient banking services, such as cash management, factoring and electronic payroll services, as well as several options for short-term borrowing and credit, asset-financing, project-financing and the purchase of commercial and residential property.
The following information is designed to give you an overview of the banking and financial services available to foreign investors wanting to establish local businesses, as well as other avenues that exist for raising capital on the island. It also addresses some of the restrictions that apply to such investors seeking to borrow funds or raise capital from local financial institutions.
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