RSS| Manufacturing Industry |
The manufacturing sector has over the years made a significant contribution to the growth and development of Barbados and the Government remains committed to this area of activity.
The BIDC administers the Government's incentive program for this sector. Manufacturing companies are eligible for a tax holiday under our fiscal incentives program of up to a maximum of ten (10) years.
| Viable Manufacturing Opportunities : |
· Electronic Components
· Medical Supplies
· Optical Devices
· Quality Apparel
· Wooden Furniture
· Leather Items
· Sporting Goods
· Rebuilt Automotive Parts
· Hand Tools
· Electro-mechanical Items
· Lighting Fixtures
· Eyeglasses and Frames
· Handbags and Travel Goods
| Special Incentives |
· Up to ten (10) years tax exemption on corporate profits.
· Special tax rate for export industries of only 2.5 % after the expiration of the tax exemption period.
· Full exemption from import duties on components, raw materials, production machinery and other production related equipment.
· Expedited customs clearance procedures.
· Full and unrestricted repatriation of capital, profits and dividends.
· Factory space at competitive rates is available for rental.
· Training assistance program to reduce the cost of worker training.
· Official welcome from a Government committed to private enterprise and foreign.
| Labour Costs |
Labor costs in Barbados are characterized by reasonable basic wages and modern fringe benefits. When these factors are combined with the employees high productivity and low rates of turnover, the result is a very cost-efficient workforce.
| Facility Costs |
The BIDC offers well-constructed facility space in industrial parks which are fully equipped with modern telecommunications. These units are rented or leased at low, subsidized rates.
Source:www.bidc
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