1. BARBADOS Investment & International Business Opportunities Jean-Paul Cumberbatch Regional Business Development Advisor Invest Barbados

2. Why Barbados? Attractive business structuring opportunitiesAttractive business structuring opportunities Access int’l markets using Double Tax TreatiesAccess int’l markets using Double Tax Treaties Similar time zones to US and Latin AmericaSimilar time zones to US and Latin America Attractive place to live & workAttractive place to live & work No restriction on Foreign OwnershipNo restriction on Foreign Ownership High Quality LifestyleHigh Quality Lifestyle Low Crime RateLow Crime Rate Very safe part of the worldVery safe part of the world

3. Why Barbados? Barbados Company pays a maximum of 2.5% on international income;Barbados Company pays a maximum of 2.5% on international income; Savings protected using Barbados’ double tax treaty with the UKSavings protected using Barbados’ double tax treaty with the UK Repatriation of dividend income tax free in UKRepatriation of dividend income tax free in UK Lower withholding tax rate on dividends paid out to UK shareholdersLower withholding tax rate on dividends paid out to UK shareholders No capital gains or inheritance tax in BarbadosNo capital gains or inheritance tax in Barbados

4. Why Barbados? Non Dom Residents can claim foreign currency tax credits & pay income taxes as low as 2% on foreign income remitted to Barbados;Non Dom Residents can claim foreign currency tax credits & pay income taxes as low as 2% on foreign income remitted to Barbados; Not taxed on unremitted foreign incomeNot taxed on unremitted foreign income Withholding tax on foreign income effectively 0%Withholding tax on foreign income effectively 0% Achieve significant cost savings-Barbados wages are typically less than a half UK wagesAchieve significant cost savings-Barbados wages are typically less than a half UK wages

5. Barbados : Reputable Jurisdiction The OECD in April 2009 recognized Barbados as a “white listed” jurisdiction US’s IRS recognize Barbados Companies as “Qualified Foreign Corporations”. Canadian Revenue Agency (CRA) confident in Barbados. UK’s HMRC – Does not view Barbados as a tax haven OECD has acknowledged that Barbados is not a tax or secrecy haven, but a respected and well regulated international financial services centre

6. Barbados’ Treaty Partners DOUBLE TAXATION USA CANADA SWEDEN NORWAY FINLAND BOTSWANA AUSTRIA SWITZERLAND CARICOM CUBA VENEZUELA CHINA UK MALTA MAURITIUS NETHERLANDS MEXICO SEYCHELLES LUXEMBOURG SPAIN PANAMA GHANA* PORTUGAL* CZECH REPUBLIC* ICELAND* * Signed but not yet enforced BILATERAL INVESTMENT CANADA GERMANY ITALY SWITZERLAND CUBA VENEZUELA CHINA MAURITIUS UNITED KINGDOM GHANA* BELGIUM-LUXEMBOURG

7. TREATY NETWORK DEVELOPMENT Proposed Tax Treaties –Italy (awaiting signature) –Vietnam (awaiting signature) –Belgium (awaiting signature) –Chile (Initialled) –India (1 st round of discussions held in 2007) –Brazil (date to be agreed ) –Malaysia (date to be agreed) –South Africa (date to be agreed) –Ireland (date to be agreed) –Australia (date to be agreed) –Colombia (date to be agreed)

8. Tax Efficient Vehicles International Business Companies Exempt Insurance Companies International Banking Domestic and International Trust Societies with Restricted Liability Ship Registration Mutual Funds

9. Barbados Incentive Legislation International Business Companies Act;International Business Companies Act; International Societies with Restricted Liability Act;International Societies with Restricted Liability Act; International Financial Services ActInternational Financial Services Act Exempt Insurance Companies Act;Exempt Insurance Companies Act; International Banks; andInternational Banks; and Trust ActTrust Act

10. Other Incentives for International Business & Financial Sector No restriction on foreign ownership Full exemption from import duties on components, raw materials, production machinery Full and unrestricted repatriation of capital, profits and dividends during their tenure in Barbados. Exemption from exchange control No minimum capital requirement

11. Track Record for Attracting FDI Over 5000 Financial Service Companies present. Barbados is 3 rd largest recipient of Canadian outward investment behind USA and the UK MAJOR COMPANIES IN BARBADOS Ernst YoungMarsh KPMG Aon PricewaterhousecoopersCIBC Offshore Bank DeloitteSwiss Re AmicorpCidel Bank & Trust TricorGildan LenstecCITCO

12. Barbados’ Location Very safe part of the world Similar time zone to Eastern USA Good contact point Linking North and South America 7 hours from London 4.5 from New York, 3.5 from Miami Daily non stop flight

13. Country Profile Size: 166 sq. miles/430sq.km Language: English Government: Democratic Population: 276,300 (2010) Workforce: 142,100 (2010) Per Capita Income £8271 (US$13, 300) (2010)

14. Major Business Sectors- 2010 Sectors Wholesale & Retail Business & Finance Tourism Construction Manufacturing General Services Agriculture GDP Contribution 21.8% 19.0 % 14.8% 6.0% 4.7% 6.4% 4.4%

15. Political and Legal System Independent since 1966. Second oldest democracy in the Western Hemisphere. Long history of economic, social and political stability. Well-developed legal system derived from English common law and statutes. Corporate law is based on the Canadian Business Corporation Act.

16. Education University of the West Indies – 5000 students Education based on British model. Primary to tertiary levels is free to all citizens. Literacy rate of 98 per cent. A high level of productivity.

17. Banking & Finance Foreign exchange control regulations- international businesses are exempted Well-established commercial banking sector 3 th soundest banking system in the Caribbean & LA (Global Competitiveness Report 2011/12)

18. Professional Services Legal services –Good base of well-educated, English- speaking professionals familiar with UK legal system Accounting services - Big 4 600 members of Institute of Chartered Accountants, can provide full range of services

19. Investment opportunities Prominent areas of focus are : -International Business and Financial Services -Information Technology -Tourism -Services Exports

20. International Competitiveness 3 rd in human development in the Caribbean & LA (United Nations Human Development Index 2011) 1 st in network readiness in the Caribbean & LA (World’s economic Forum’s Information & Technology report 2010/2011) 2nd in Transparency/Freedom from corruption in the Caribbean & LA (transparency International’s Corruption Perception Index 2010) 2nd freest economy in the Caribbean & LA (Index of Economic Freedom,2011/12) 3 rd in Global Competitiveness in the Caribbean & LA (Competitiveness Index 2010/2011 Global Competitiveness Report) 3 rd in Soundness of Banks in the Caribbean & LA (Global Competitiveness Report, 2011/12)

21. Invest Barbados: Your Business Facilitator Provide information on Social, political & economic life of the country Advise on legislation relating setting up business Liaison between investor & appropriate government agencies Consultation with the investor Facilitate investor visits 1 Great Russell Street, London, WC1B3ND Tel: 0207 299 7196 Email: London@investbarbados.org