Business Barbados is officially in operation, marking a major development in the island’s efforts to streamline business facilitation and improve its international competitiveness, Minister of Energy and Business Development, Senator Lisa Cummins has announced.
The new entity, which took effect last Saturday, replaces the Corporate Affairs and Intellectual Property Office (CAIPO) and is tasked with modernising Barbados’ business registration and regulatory processes.
“This is about taking fresh guard,” said Minister Cummins during a debate in the Senate on Wednesday.
“We’re marking a line in the sand, covering it over in cement, and starting fresh. This is not just about rebranding; it is about ensuring that Barbados delivers on its business-friendly promise.”
The transition comes after longstanding complaints from the business community about delays and inefficiencies within CAIPO.
Located in StoneHaven, St Philip, Business Barbados is expected to address those concerns with a more streamlined approach, starting with the development of standard operating procedures (SOPs) and service level agreements (SLAs) for key processes.
“One of the first priorities for Business Barbados in this first quarter is to set clear operating procedures and agreements with our main private sector partners,” Cummins shared.
“That includes accountants, bankers, and legal professionals. We need to break down antiquated processes and make them easier to navigate while still meeting compliance requirements.”
She further stressed that business facilitation is not solely a government responsibility, urging all stakeholders including public and private sectors to play their part.
“The business of doing business is all our business,” Cummins said
“It’s not just about government efficiency; it’s about accountants ensuring financial statements are prepared on time, about banks reducing the time it takes to open an account, and about legal professionals speeding up the completion of transactions.”
As part of its operational restructuring, Business Barbados will also focus on digitising services and improving customer experience.
“We are implementing a customer-facing, customer-experience-oriented approach,” Cummins noted.
“It will take time, but we are committed to this cultural shift.”
She told the Chamber that the first board meeting of Business Barbados was held on Monday, with directors spending hours outlining their strategic priorities.
The minister has also issued “marching orders” to ensure tangible changes are visible in the coming months.
With Business Barbados now in place, the government is calling for patience and cooperation as it works to improve business facilitation and efficiency.
“This will not be an overnight fix,” Cummins said.
“But with all hands on deck, we can ensure that when we market Barbados as a great place to do business, we actually deliver on that brand promise.”
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