December 2016 | Business View Caribbean

40 41 MINISTRY OF INDUSTRY - BARBADOS state agencies that are involved in business facilitation and business environment work, as well as international business promotion.” In the area of international business, Inniss points to the country’s strong economy, its low tax environment, its skilled workforce, and its world-class professional environment inclusive of legal, banking, and accounting services, as key incentives. “We’ve attracted businesses from Latin America, primarily, and from Canada that do business in Barbados in a global environ- ment,” he states. “We have been able to grow business, in spite of the Recession, by creating new products - particularly in the insurance field and the over- all tax system.” Some of the country’s financial products that help attract international capital include: In- corporated Cell Companies (ICCs) which com- prise incorporated cells as part of their legal corporate structure; Foundations, which are legal entities that have hybrid features of both a company and a trust; and four types of Trusts: International, Offshore, Domestic, and Private. “And these things help, not only to create new business opportunities, but also to safeguard Barbados’ reputation around the world as a well-regulated jurisdiction for business,” Inniss explains. The Ministry is also empowered to help in- THE HON. DONVILLE O. INNISS We’ve attracted businesses from Latin America, primarily, and from Canada that do business in Barbados in a global environment. We have been able to grow business, in spite of the Recession, by creating new products - particularly in the insur- ance field and the overall tax system.