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Barbados

The ISO code of Barbados is BB according to the ISO 3166 standard. The local name of the country is the same as its English name. Barbados capital city is Bridgetown. People in Barbados speak the English language. On 30 November 1966, Barbados emerged as a sovereign political entity. In the year 11/30/1966, Barbados emerged as a sovereign political entity. The largest city in Barbados is Bridgetown.

Barbados is located in the UTC -04:00 time zone, which is also called Atlantic Standard Time or AST. The internet country code top-level domain (ccTLD) for Barbados is .bb. The International dialing code for Barbados is 1246. People in Barbados drive on the left side of the road. Total land area of Barbados is 431 km² (approx. 166 mi²). Barbados is not a landlocked country. It means that is is bordered by at least one major body of water.

A view in Barbados

Barbados is located in North America. Barbados is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.

Currently Barbados faces various issues, including pollution of coastal waters from waste disposal by ships, soil erosion, illegal solid waste disposal threatens contamination of aquifers.

Doing business in Barbados

We offer various corporate services in Barbados jurisdiction. These services can serve both, people coming from Barbados and foreigners. If you plan on doing business in Barbados you might be interested in contacting us.

To find out about starting your business in Barbados click on company formation in Barbados.

To find out how to open a bank account in Barbados and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Barbados.

Choose preferred service below or continue reading to find out more about Barbados.

Company formation Bank account (Corporate)Available banks Bank account (Private)

Demographics of Barbados

The total population of Barbados is 286,388 people. In Barbados, the population density is 638 people per square kilometer (1,660 per square mile). Because of this statistic, this country is considered to be very densely. The ethnic diversity is almost uniform according to a fractionalization scale which for Barbados is 0.1423. Barbados has approximately 34475 foreign immigrants. The median age is approximately 37.6 years. In Barbados, 73.33 in every 100 people use internet. Barbados has a Human Development Index (HDI) of 0.776.

The majority religion of Barbados is Christianity, Barbados is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Barbados.

Culture of Barbados

People in Barbados speak the English language. According to data on inbound tourists in Barbados, 509,000 tourists arrive in the country each year. One of the most popular national dishes of Barbados is cou-cou. To read more click on culture of Barbados.

Geography of Barbados

Barbados is considered to be a large nation because of its total area. Its total land area is 431 km² (approx. 166 mi²). Barbados is located in North America. Its capital city is Bridgetown. Barbados has no land borders.

The highest point of Barbados is Mount Hillaby, with its official height being 336 m (1,102 ft). Including land mass and EEZ, the total area of Barbados is approximately 187,329 km² (~72,328 mi²). The most notable natural resources found in Barbados are petroleum, fish, natural gas.To read more click on geography of Barbados.

Economy of Barbados

The currency of the country is Barbadian dollar. The symbol used for this currency is $, and it is abbreviated as BBD. 9.7% of population in the country are unemployed. The total number of unemployed people in Barbados is 27,780. Each year, Barbados exports around $1.05 billion and imports roughly $1.67 billion. The Gini Index of the country is 47. Barbados has a Human Development Index (HDI) of 0.776.Barbados has a government debt of 30.8% of the country's Gross Domestic Product (GDP), as assessed in 2014. Barbados is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are tourism, sugar, light manufacturing, component assembly for export.

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Barbados is $4,567 billion. Each year, consumers spend around $1,777 million. The ratio of consumer spending to GDP in Barbados is 0%, and the ratio of consumer spending to the world consumer market is 0.0052. The corporate tax in Barbados is set at 25%. Personal income tax ranges from 25% to 38%, depending on your specific situation and income level. VAT in Barbados is 17.5%. To read more click on economy of Barbados.

Infrastructure of Barbados

In Barbados, 90.9% of the population has access to electricity. There are 1,524 internet hosts in Barbados. Barbados has 1 airports nationwide.

The number of road motor vehicles per 1000 inhabitants in Barbados is 214. To read more click on infrastructure of Barbados.

Politics of Barbados

Barbados, is a unitary parliamentary constitutional monarchy. With regard to political and civil freedoms, Barbados is 1. Citizens in Barbados experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is Elizabeth II.

According to the World Bank Group, the government effectiveness index of Barbados is 1.23. This indicates that the government of Barbados is effective. Citizens enjoy well-organized public and civil services, and government efficiency is high. While some services may be lacking in certain areas, the overall environment fostered by government legislation is favorable.In Barbados, the legislative power is vested in a Parliament. The strength of legal rights index for Barbados is 7. Overall, it is considered to be rather adequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available. Barbados is a member of the United Nations (UN). On 9 December 1966, it joined the UN as a full member state. Barbados is a member of the World Bank. To read more click on politics of Barbados.

Environment of Barbados

Barbados emits 5.6 metric tons per capita of CO2. 20 km² of Barbados's territory is covered in forests. and forest land comprises 5% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Barbados is 214. To read more click on environment of Barbados.

Company formation in Barbados

The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Barbados.

When establishing a company in Barbados, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Barbados that will affect the establishment and growth of one's business. Contact us or click on company formation in Barbados to read additional information when setting up a business.

Bank account opening in Barbados

With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Barbados. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.

When considering opening a bank account in Barbados, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Barbados or contact us.