Barbados

Ease of Doing Business in

Barbados

This page summarizes Doing Business 2013 data for Barbados. The first table lists the overall "Ease of Doing Business" rank (out of 185 economies) and the rankings by each topic. It also lists the economy's distance to frontier (DTF)** measure. The rest of the tables summarize the key indicators for each topic and benchmark against regional and high-income economy (OECD) averages.

Economy Overview

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Economy Summary
Starting a Business
Dealing with Construction Permits
Getting Electricity
Registering Property
Getting Credit
Protecting Investors
Paying Taxes
Trading Across Borders
Enforcing Contracts
Resolving Insolvency
Region Latin America & Caribbean
Income Category High income
Population 273,925
GNI Per Capita (US$) 16,149
Doing Business 2013 Rank Doing Business 2012 Rank Change in Rank
88 84 down -4

Doing Business 2013 DTF** (% points) Doing Business 2012 DTF** (% points) Improvement in DTF** (% points)
59.7 59.6 down 0.1
Topic Rankings DB 2013 Rank DB 2012 Rank Change in Rank
Starting a Business 70 59 up -11
Dealing with Construction Permits 53 54 up 1
Getting Electricity 81 80 up -1
Registering Property 154 161 up 7
Getting Credit 83 80 up -3
Protecting Investors 169 167 up -2
Paying Taxes 121 114 up -7
Trading Across Borders 31 32 up 1
Enforcing Contracts 105 104 up -1
Resolving Insolvency 28 29 up 1

Economy Profile

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Doing Business Resources

Doing Business law library Law Library

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Additional Data

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Starting a Business

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The challenges of launching a business are shown below. Included are: the number of steps entrepreneurs can expect to go through to launch, the time it takes on average, and the cost and minimum capital required as a percentage of gross national income (GNI) per capita.

DB 2013 Rank 70 DB 2012 Rank 59 Change in Rank down-11
DB 2013 DTF** (% points) 83.1 DB 2012 DTF** (% points) 83.0 Improvement in DTF** (% points) up0.1
Indicator Barbados Latin America & Caribbean OECD

The total number of procedures required to register a firm. A procedure is defined as any interaction of the company founders with external parties (for example, government agencies, lawyers, auditors or notaries).

View methodology Procedures (number)
8 9 5

The total number of days required to register a firm. The measure captures the median duration that incorporation lawyers indicate is necessary to complete a procedure with minimum follow-up with government agencies and no extra payments.

View methodology Time (days)
18 53 12

Cost is recorded as a percentage of the economy’s income per capita. It includes all official fees and fees for legal or professional services if such services are required by law.

View methodology Cost (% of income per capita)
7.2 33.7 4.5

The amount that the entrepreneur needs to deposit in a bank or with a notary before registration and up to 3 months following incorporation and is recorded as a percentage of the economy’s income per capita.

View methodology Paid-in Min. Capital (% of income per capita)
0.0 3.7 13.3
No. Procedure Time to Complete Associated Costs
1 Submit Request for Name Search and Name Reservation form to the Corporate Affairs and Intellectual Property office to reserve company name 2 days BDS 30 ($25 for reserving the name + $5 for electronic search)
2 Draft articles of association 2 days BDS 1500
3 Submit application for business registration 1 - 2 weeks included in procedure 4
* 4 Pay the registration fees 1 day (simultaneous with procedure 3) BDS 750
5 Register with the Inland Revenue Department for income tax payment 2 days no charge
* 6 Register with the VAT division of the Customs and Excise Department 2 days (simultaneous with previous procedure) no charge
* 7 Register with the National Insurance Scheme 1 day (simultaneous with previous procedure) no charge
* 8 Make company seal 1 day (simultaneous with previous procedure) BDS 60
* Takes place simultaneously with another procedure.

** The distance to frontier (DTF) measure shows the distance of each economy to the "frontier," which represents the highest performance observed on each of the indicators across all economies included in Doing Business since each indicator was included in Doing Business. An economy’s distance to frontier is indicated on a scale from 0 to 100, where 0 represents the lowest performance and 100 the frontier. Read more...

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