Barbados Market Survey Mission BARBADOS MARKET SURVEY MISSION FRIDAY 11 APRIL, 2014 AISHA STEWART
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Barbados Market Survey Mission BARBADOS MARKET SURVEY MISSION
FRIDAY 11 APRIL , 2014
AISHA STEWART
Barbados Market Survey Mission- Basic Information
Date: January 21- 25, 2014
Number of Meetings Held: 16 services sector meetings
Sectors of Focus: Professional Services, ICT Services and Construction Services
Professional Services
Professional Services
Based on research the two subsectors of focus were as follows :
MANAGEMENT SERVICES
Focus on:
optimizing current resources
human resource functionality and;
minimizing business cost.
.
ACCOUNTING SERVICES
Focus on:
business restructuring accounting services,
tax restructuring services and;
financial advisory services
Professional Services-Mode of Delivery
MANAGEMENT SERVICES
Business persons are open to doing work online
Initial meetings should take place face to face.
ACCOUNTINGS SERVICES
Face to Face meetings are preferred bycompanies utilizing accounting services.
Business persons have are distrustful aboutsharing financial details on line.
Professional Services- Power Structure MANAGEMENT SERVICES
Dominated primarily by small Barbadian firms.
Large clients are Trinidadian-owned businesses
Many local firms offer a wide variety of services comparable to the offerings of Barbadian firms.
ACCOUNTING SERVICES
The area of accounting services is dominated by four large multi-national firms:
Ernst and Young
Price Waterhouse
KPMG
Large firms in Barbados are synonymous with quality service.
Professional Services- Power Structure MANAGEMENT SERVICES
Work is based on proximity and relationship with decision makers in the client companies.
ACCOUNTING SERVICES
Extremely competitive
Professional Services- Standards and CertificationMANAGEMENT SERVICES
Degrees from the University of the West Indies and noted international degrees are recognized.
Great emphasis is placed on the reputation and credibility of the service provider.
ACCOUNTING SERVICES
Accounting Services – service providers must be registered with the Barbados Institute of Charted Accountants.
Professional Services – Regulatory Framework Accounting Services
Service providers who intend to perform accountancy services are required to register with the BICA.
There is a residency requirement of 6 months before a person can be registered by the BICA
Professional Services- Market Penetration Strategies Form strategic alliances with large companies/conglomerates in Trinidad and Tobago, with subsidiaries in Barbados
Two large conglomerates are embarking upon significant restructuring exercises.
Construction Services
Construction Services Types of construction services that were the focus of the Barbados trade mission were as follows:
Architectural Services
Engineering Services
General Construction Services
Construction Services- Mode of Delivery
Architectural Services
Mode 1 a viable option at the initial stages of
constriction
Mode 4 – once construction architect is excepted to be on site
Engineering Services
Mode 1 an option if the services is focused on
consulting
Mode 4 – engineer is expected to be on site
General Contractor
Mode 3- establish a firm in Barbados
Mode 4 – work with established firms as a
sub contractor
Construction Companies – Power Structure General Contractors Sector dominated by three local Barbadian firms. They are as follows:
Innotech Services Ltd
JADA Construction
Rotherly Construction Ltd.
1. The design, build and finance model of completing projects
2. JADA and Innotech both indicated that they often sub contract design elements to architectural firms.
Construction Companies – Power Structure Barbadian architectural services and engineering firms have been badly affected by the economic recession.
The majority of firms depended on the domestic housing market demand.
Construction Services-Standards and Certification Architecture Services –
Architects that meet the regulatory requirements to practice are not required to attain additional international standards to work in Barbados.
Engineering Services
Engineers that meet the regulatory requirements to practice do not have to attain additional international standards to work in Barbados.
Construction Services-Standards and Certification General Contractors
General contractors are expected to comply with numerous laws and regulation related to building.
No specific international standards companies or building code are required.
Construction Services- Regulatory Framework
Architecture Services
Service providers are expected to register persons with the Barbados Institute of Architects (no residency requirement).
The cost for registration of architectural services has recently the fee has been increased to USD 1250.
Construction Services- Regulatory Framework
Engineering Services
To be a registered engineer in Barbados, a qualified person must work with a registered engineer for four years.
The registration fee is USD 1250
Construction Services- Regulatory Framework
General Construction Services
Contractors have to adhere to Town and Country Planning Division in Barbados.
No building code
Adhere to the Safe and Healthy at work at act ( 2005) in Barbados
Co- Financing Assistance for the Sector 1. Assistance with registration fees in the sector - Architectural Services fee has tripled
2. Assistance with legal services directly related with penetrating the Barbados and Jamaican market
Construction Services- Market Penetration Strategies
Construction
There are several construction projects already in train in Barbados, large contractors in Barbados are responsible for the entire project following the design and build model.
Barbadian firms indicated that they sub contract work on larger projects
Several large Trinidadian owned Barbadian stores have publically indicate they intend to expand these include BS and T, Super Centre and ANSA McAL Da Costa Manning.
Construction Services- Market Penetration Strategies Engineering Services Local engineers should focus on partnering with local contracting firms since these firms have been awarded several larger projects to these firms.
Slow demand for engineering consultancy
ICT Services
Information Communication Technology ( ICT) The specific ICT services of strategic interest:
Software Development
Computer Engineering
App Development
ICT Infrastructural Services
ICT- Modes of DeliveryMode 1 - ICT firms indicated that the nature of their work the majority of firms do a large percentage of their work virtually
Relationships play a key role in getting jobs.
ICT- Standards and Certification There were no specific standards and certifications required in the market.
Reputation is critical for ICT service providers to get work.
Co financing Assistance Assistance with legal services directly related with penetrating the Barbados and Jamaican market
Regulatory Guide
Temporary Stay CARICOM nationals can apply for a CARICOM skills certificate.
Trinidad and Tobago nationals meeting the above criteria can apply to obtain a skills certificate at the Ministry of Foreign Affairs.
Once the service provider obtains the certificate they are permitted entry into Barbados for six months.
Service providers entering Barbados using a skills certificate are expected to register in Barbados upon entry.
Temporary Stay CARICOM nationals with CVQ for vocational skills are also eligible to enter Barbados for a 6 month period.
Business persons with a valid contract are allowed entry into Barbados for the duration of the contract. At the border, service providers would permitted to entry for 6 months. Service providers with contracts exceeding 6 months are required to follow up the Immigration department to extend their stay.
Temporary Stay Business persons with a valid contract are allowed entry into Barbados for the duration of the contract.
At the border, service providers would permitted to entry for 6 months.
Service providers with contracts exceeding 6 months are required to follow up the Immigration department to extend their stay.
Establishing a Commercial Presence Companies interested in assigning senior management and crucial technical persons to their Barbadian operations are required to submit the following to the information division:
Valid Passport
Return Ticket
Proof of financial resources for personal maintenance, namely credit cards, travellers’ cheques, cash or combination
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