Barbados Culture and Economics

Barbados is one of the more populous and prosperous Caribbean islands. Political, economic and social stability have given it a relatively high standard of living. It is an island country in the Lesser Antilles of the West Indies, in the Caribbean.

Known for its beaches and cricket – its national sport – the former British colony has a dual heritage: English – evident in its stone-built Anglican churches and Saturday race meetings – and African, reflected in its music and dance.

Barbados was in the past heavily dependent on the export of sugar as its main revenue earner, but in recent decades the economy has diversified into tourism and finance. It also has offshore reserves of oil and natural gas. It has a population of 287,010 people, predominantly of African descent. Despite being classified as an Atlantic island, Barbados is considered to be a part of the Caribbean, where it is ranked as a leading tourist destination.

2021
April 2Good Friday
April 5Easter Monday
April 28National Heroes Day
May 1Labor Day / May Day
May 24Whit Monday
August 1Emancipation Day
August 2Kadooment Day
August 3Emancipation Day observed
November 30Independence Day
December 25Christmas Day
December 26Boxing Day
December 27Day off for Boxing Day
  • Limited Liability
  • Corporation
  • Partnership
  • Corporate Tax: 5.5% (on profits not over Bds$1 million), 3.0% (over Bds$1 million but not over Bds$20 million), 2.5% (over Bds$20 million but not over Bds$30 million), 1.0% (over Bds$30 million
  • Income Tax (Lowest Marginal Rate): 25%
  • Income Tax (Highest Marginal Rate): 38%
  • VAT/GST/Sales Tax: 17.5% (standard rate), 7.5% (hotel services)
  • Barbados National Bank (BNB) (Local Bank)
  • Republic Bank (Commercial Bank)
  • RBC Royal Bank (Commercial Bank)
  • First Caribbean International Bank (Commercial Bank)
  • The Bank of Nova Scotia (Commercial Bank)
  • First Citizens Bank (Commercial Bank)
  • Republic Bank Limited (Commercial Bank)
  • First Citizens (Barbados) Bank (Commercial Bank)
  • RBTT Bank Barbados (Commercial Bank)
  • AMICORP BANK AND TRUST LTD (State Bank)
  • BANK OF BUTTERFIELD LIMITED (State Bank)
  • BANK OF NOVA SCOTIA,THE (State Bank)
  • GLENHURON BANK LTD (State Bank)
  • Caribbean Investment Bank (Foreign Bank)
  • Royal Bank of Canada (Foreign Bank)
  • CIBC FirstCaribbean International Bank (Foreign Bank)
  • Scotiabank (Foreign Bank)
  • Modhumoti Bank Limited (Private Bank)
  • Mutual Trust Bank Limited (Private Bank)
  • National Bank Limited (Private Bank)
  • National Credit & Commerce Bank Limited (Private Bank)
  • NRB Bank Limited (Private Bank)
  • One Bank Limited (Private Bank)
  • Premier Bank Limited (Private Bank)
  • Prime Bank Limited (Private Bank)
  • Pubali Bank Limited (Private Bank)
  • South Bangla Agriculture & Commerce Bank Limited (Private Bank)
  • Southeast Bank Limited (Private Bank)
  • Standard Bank Limited (Private Bank)
  • The Farmers Bank Limited (Private Bank)
  • Trust Bank Limited (Private Bank)
  • Uttara Bank Limited (Private Bank)
  • Shimanto Bank Ltd (Private Bank)

Aadmi can support you with your expansion to Barbados. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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