Setup Business in Barbados

Old Jan 23rd 2013, 4:01 pm
  #1  
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Default Setup Business in Barbados

Hi,

I have been to Barbados a few times before on holiday and have just come back to the UK from my latest holiday there. In the 5 days I have been back in the UK I have still not seen the sky. One of the reasons for the following question:

I have been looking into setting up a business in Barbados and what is required to set attain a long term work permit. I have researched on invest barbados website and the government websites and all 46 pages of this forum and found one good thread discussing the process.

I believe the process is to setup a company first and all that entails and then apply for a work permit as a CEO of that company. I would intend to save up enough money to cover rent and living costs for the first year as well as investment in stock for my business for the first year and then see how it goes and reevaluate after a year.

My question is, is this the process? I understand it is more difficult to get a work permit for a one man company rather than employ locals and not gain a work permit. Is this true? I would need to work for myself for the first year to save on overheads and to find out whether my business is profitable.

Also should my work permit be refused, what happens to the company you have setup? I assume it is dissolved. It seems strange to go through the expense and admin to setup a company when you have not had confirmation of a work permit.

I'm happy to follow the process but am I correct in thinking this is way to achieve a work permit as an entrepreneur/business owner in Barbados?

Many thanks

A
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Old Jan 23rd 2013, 9:13 pm
  #2  
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Default Re: Setup Business in Barbados

I wish you good luck with your process!

I tried about 10 years ago. Set up Limited Company, had backing from BIDC, was going to rent premises from one of the most influential people on the island, registered with - Inland Revenue, Customs, VAT, and my work permit application was done by a company specialising in that sort of thing. I even had to deposit many thousands in the bank as well!

My business was manufacturing, employing local labour and creating wealth for more than just me!

It took about 18 months to go through the process and I was turned down, with absolutely no reason given.

I then went into an appeals procedure, and 12 months later they hadnt even looked at it.

So as I said, I wish you the very best of luck!!!

It is 10 years on, so maybe things are different, but with this government I am not so sure.

I still love Barbados, but it has it's challenges............
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Old Jan 24th 2013, 8:59 am
  #3  
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Default Re: Setup Business in Barbados

Originally Posted by nilocp View Post
I wish you good luck with your process!

I tried about 10 years ago. Set up Limited Company, had backing from BIDC, was going to rent premises from one of the most influential people on the island, registered with - Inland Revenue, Customs, VAT, and my work permit application was done by a company specialising in that sort of thing. I even had to deposit many thousands in the bank as well!

My business was manufacturing, employing local labour and creating wealth for more than just me!

It took about 18 months to go through the process and I was turned down, with absolutely no reason given.

I then went into an appeals procedure, and 12 months later they hadnt even looked at it.

So as I said, I wish you the very best of luck!!!

It is 10 years on, so maybe things are different, but with this government I am not so sure.

I still love Barbados, but it has it's challenges............

Wow! Thanks for your reply Nilocp. If that has been your experience with the backing and setup you had in place I imagine I will not have a chance. I don't even run a business in the UK yet, it was going to be a new venture for a new life.
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Old Jan 24th 2013, 9:14 am
  #4  
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Default Re: Setup Business in Barbados

I admire your enthusiasm, and would encourage you to try. If you dont, you may regret it forever.

I have sent you an email as well.
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Old Jan 24th 2013, 9:26 am
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Default Re: Setup Business in Barbados

Oh, the email bounced! Maybe you have a new address?
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Old Jan 24th 2013, 11:44 am
  #6  
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Default Re: Setup Business in Barbados

Originally Posted by nilocp View Post
Oh, the email bounced! Maybe you have a new address?
nilocp, thanks for the email. I received ok. I replied earlier with a couple of questions if you are able or have time to answer. Many thanks.
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