Barbados is the most
easterly of the Caribbean islands, lying in the Atlantic
Ocean near the northeast coast of Venezuela. It comprises
166 square miles of mostly arable land. Indigenous people
inhabited this area over two thousand years before the arrival
of the first European settlers from England in 1627.
Initially, the colony was established to grow tobacco and
cotton for export to England, however the colonists soon
found that it was more profitable to grow sugar cane and
by 1645 the first sugar plantations were established. Many
slaves imported from Africa worked these plantations until
the abolition of slavery in 1834.
Barbados is now home
to a population of more than 250,000 people from diverse
cultural backgrounds who have helped to transition the island
from a monoculture based on sugar to a stable economy consisting
of a large tourist industry, light manufacturing, and an
international financial services segment. The main city is
Bridgetown where EXPORT ASSIST has its office. The airport
handles international traffic and is located less than 30
minutes from Bridgetown.
In 1966, Barbados became
a fully independent nation within the British Commonwealth.
The basis of the legal system is common law with the constitution
taking precedent over Parliament. They have had a representative
government since 1639 and now have a three party system. The
school system is based upon the British model and the literary
rate is 98% with English as the local language. On December
31, 1984, the convention between Barbados and the United States
for the avoidance of double taxation with respect to taxes
on income was signed in Bridgetown. This convention is the
first income tax treaty to be negotiated between the U.S. and
Barbados. It was primarily negotiated by the U.S. Department
of the Treasury, with the cooperation of the U.S. Department
of State, and has the approval of both Departments.
Thoughtful tax legislation, such as the one above, and a clean
reputation as a corporate base have stimulated tremendous growth
in Barbados’ offshore financial services sector. Barbados’ position
as the perceived capital of the Eastern Caribbean has resulted
in the country becoming the base for multinational corporations,
overseas delegations, and much of the region’s air transportation.
There are frequent scheduled airline connections to the island
various U.S. cities. The Barbados dollar is pegged to
the U.S. dollar. IBC bank accounts are exempted from normal
and prevailing exchange control requirements. Barbados has
excellent telephone, fax, courier, and postal services. It
has a comparable time zone to the Eastern United States.
Around the island you can find great resorts and restaurants,
beautiful sandy beaches, clear tropical water, fascinating
towns and affordable quality handicrafts. Barbados also has
an excellent deep water harbor and modern port with extensive
freight and cruise ship facilities.