The number of new licences issued last year for international business companies to operate in Barbados dipped, but renewals of existing licences increased.
The statistics was presented by Minister of International Business and Commerce Donville Inniss last week at the monthly luncheon of the Barbados International Business Association at Hilton Barbados.
The minister also said that the international business and financial services sector contributed approximately $878 million in income to the Barbados economy or nine per cent of GDP in 2011 by way of taxes and other expenses.
As for last year, the statistics showed that 4 024 entities renewed licences in 2012 compared with 3 170 in the previous year, a 26.9 per cent increase.
“The number of new entities licensed at the end of 2012 totalled 433 as compared with 564 entities in 2011. This represented a 30.2 per cent decrease in new entities.
“During 2012, there were 393 new international business companies as compared with 511 in the previous year which represented a 30.0 per cent decline,” reported Inniss.
He also disclosed that “the number of new International Societies with Restricted Liability (ISRLs) for 2012 was comparable with 2011 figures with new entities totalling 27 – one less than that recorded for 2012”.
Inniss added: “With respect to renewals, there were 91 more ISRLs renewed in 2012 over 2011, a 28.5 per cent increase in the renewal of these entities.
The number of exempt insurance management companies (EIMCs) stood at four in 2012, compared with two in 2011”.
Renewals of offshore banks remained unchanged at 45, he added. (MM)
