Barbados

Ease of Doing Business in

Barbados

This page summarizes Doing Business 2015 data for Barbados. The first section presents the Ease of Doing Business rank (out of 189 economies) and the distance to frontier (DTF)** measure, overall and by topic. The second section summarizes the key indicators for each topic benchmarked against regional averages.

Economy Overview

 
Region Latin America & Caribbean
Income Category High income
Population 284,644
GNI Per Capita (US$) 15,373
City covered Bridgetown
Doing Business 2015 Rank Doing Business 2014 Rank*** Change in Rank
106 103 down -3

Doing Business 2015 DTF** (% points) Doing Business 2014 DTF** (% points) Change in DTF** (% points)
60.57 60.57 0.00

Starting a Business

Info

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 2015 Rank 94 DB 2014 Rank*** 86 Change in Rank down-8
DB 2015 DTF** (% points) 84.36 DB 2014 DTF** (% points) 84.40 Change in DTF** (% points) down-0.04

Information on new business density and number of newly created firms with limited liability can be found at Entrepreneurship Database.

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)
8.0 8.3 4.8

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.

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Time (days)
18.0 30.1 9.2

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)
7.6 31.1 3.4

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 3.2 8.8
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 BBD 30 (BBD 25 for reserving the name + BBD 5 for electronic search)
2 Draft articles of incorporation 2 days BBD 1,500
3 Submit application for business registration 10 days on average no charge
* 4 Pay the registration fees 1 day (simultaneous with previous procedure) BBD 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 2 days (simultaneous with previous procedure) no charge
* 8 Make company seal 1 day (simultaneous with previous procedure) BBD 60
* Takes place simultaneously with another procedure.

**The distance to frontier score shows how far on average an economy is at a point in time from the best performance achieved by any economy on each Doing Business indicator since 2005 or the third year in which data for the indicator were collected. The measure is normalized to range between 0 and 100, with 100 representing the frontier. Read more...

***Last year's rankings are adjusted. They are based on 10 topics and reflect data corrections.

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