The Barbados Domicile
Barbados is a prime jurisdiction for global business and investment. A wide range of opportunities is available to persons seeking to establish businesses, expand operations, live, work and raise families in the warm and welcoming environment.
The global industry of bioscience continues its speedy evolution and growth. The many facets of the industry's ecosystem such as biopharma, life sciences, research and development, medtech and biotech continue to flourish, while existing bioscience products are continually being optimised to improve health and also save lives.
Barbados remains fully engaged in this rapidly expanding sector. The country is committed to capitalising on the opportunities that abound globally, as the jurisdiction seeks to strengthen its pharmaceutical and medical manufacturing capacity through the production of vaccines, medicines and other vital health technologies.
Home to Lenstec – the only medical device manufacturer of intraocular lenses in the English-Speaking Caribbean
Leading In Vitro Fertilisation centre in the Americas, Barbados Fertility Centre, with success rates surpassing the USA & UK
Home to Canada's only teaching and research facility in the Caribbean, McGill's Bellairs Research Institute
Newton Life Science Park
Export Barbados (BIDC), under its three economic pillars — Bio, Ocean and Design — is doing its part to help the country achieve a sustainable and life-centered approach to development.
Through the Newton Life Science Park, Export Barbados is seeking to provide a supportive and innovative environment for manufacturers to develop and supply breakthrough life sciences technologies and products to the world. This can be seen in the International Food Science Center (IFSC), the first stage of the Life Science Park. Launched in November 2022, it currently provides manufacturing and laboratory testing services (to international standards) for manufacturers of condiments and sauces. Also, with the global shortage of cornstarch, the IFSC is promoting sea moss as a readily available binding agent.
The Park would feature a bio-hydrogen-powered Digital Innovation and Health Tech Hub.
Quick Facts
General Information
Size: 166 sq. miles/430 sq. km.
Capital: Bridgetown
Government: Parliamentary Republic
Language: English
Time Zone: GMT – 4 hours
Population: 267,800 (2022)
Workforce: 136,300 (2022)
Literacy Rate: 99.6%
Climate: Air Temperature 22-30°C/70-90°F
Relative Humidity: 60-70%
Currency: Barbados Dollars (BDS$) BDS$ 2.00 – US$ 1.00
Major Trading Partners: CARICOM, USA, UK, Canada, Germany, Japan
Key Economic Indicators (2022)
Gross Domestic Product: US$4.8B (P)
GDP Per Capita: US$15,100 (P)
Unemployment Rate: 8.4%
Average Inflation: 9.1%
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