World Bank report has it wrong, says Barbados Minister

Bridgetown, Barbados (BGIS) — The World Bank’s 2015 report on Doing Business in Barbados has triggered the ire of Business Minister, Donville Inniss.

Stating that the report perpetuated “blatant lies” about Barbados, Inniss said that although he respected and would continue to support their work, the World Bank and other long-established institutions “do not always get it right”.

He made these comments recently while delivering the feature address at the official launch of the Online Services by the Corporate Registry, a department of Corporate Affairs and Intellectual Property Office (CAIPO).

Stressing that the World Bank report was misinformed about certain aspects of how business is handled in this country, the minister said: “Now whether it is based on information provided by state agencies, by professionals or by their own thinking, they certainly have been strangers to the truth when it comes to company formation in Barbados. They have indicated that it takes eight steps and 18 days to form a company in Barbados…”

The minister contended that prior to the creation of the online portal, once the service provider furnished CAIPO with all the relevant information, completed in the prescribed manner and the right legal fees paid, a company could be incorporated within 18 hours, far less than the 18 days.

However, he lamented that the damage was done, and considerable resources would now have to be spent to correct the misleading information. He therefore stressed that it was his hope that the next report would be more accurate.

Inniss described the introduction of an electronic platform at the department as a “most positive advancement in its further application of IT-based solutions to enhance and improve the delivery of services to its constituents”.

He said this approach was in keeping with his ministry’s commitment to the strengthening of Barbados’ business facilitation model. The introduction of the e-filing platform at the Corporate Registry allows for the filing of applications by customers for the registration or incorporation of businesses and corporate entities.

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