RSS| IT Industry |
The IT services industry has been identified as the major engine for growth in the industrial sector. Over the past fifteen (15) years, Barbados has attracted to its shores, some of the major players in this industry. Today, Barbados is considered to be one of the most organized, efficient and cost-effective offshore locations for this industry and has attracted many successful international IT services companies to its shores.
Barbados offers many opportunities for investment and growth and some of the opportunities that can be pursued in the IT Services sector are as follows:
| IT Opportunities : |
· Software Development (Coding, Abstraction, etc.)
· Medical Records Processing (Transcription Services)
· Publishing (Typesetting and other Pre-press Operations)
· Banking (Credit Card Application Processing)
· Telemarketing/Call Centers
· Direct Mail (Data Entry and Fulfillment)
· Health Insurance (Claims Processing)
· Legal Services (Litigation Support Services)
· Computer-Aided-Design (Engineering & Geographic Information Systems)
| Special Incentives |
The Government of Barbados is very favorably disposed towards foreign investment in the Information Services Sector and provides generous incentives, including:
· Maximum corporate tax rate of 2.5% on net profits for International Business Companies.
· Full exemption from import duties on production-related equipment such as computers etc.
· Full and unrestricted repatriation of capital, profits and dividends.
· Office space for rent at competitive rates in well-planned industrial parks equipped with modern telecommunications services.
· Training assistance program to reduce the cost of worker training.
· Official welcome from a Government committed to private enterprise and foreign investment.
| Labour Costs |
| Facility Costs |
The BIDC offers modern, well-constructed facility space in ten industrial parks which are fully equipped with modern telecommunications. These units are rented or leased at low, subsidized rates.
Source:www.bidc.com
