Ship Registration and Shipping Industries are prime investment opportunities in Barbados.
Bridgetown – Barbados’ capital city – is endowed with a modern and top rated seaport. Seafaring needs are well serviced through both a deep-water harbour (over 10 meters) and a shallow draft. Marine services are available 24/7 with port staff trained to international standards.
The Barbados Shipping Act allows for registration of ships under the Barbados flag.
The Act stipulates usage for ports outside of the Caribbean Community (CARICOM) and is eligible to:
» Foreign-going vessels over 500 gross registered tons (some exceptions)
» Pleasure yachts (prohibiting paid passenger or cargo-for-hire services)
Registration may be done through the Barbados Maritime Ship Registry (BMSR). Headquartered in London, the BMSR is one of the world’s leading ship registries. The BMSR works on behalf of the Government of Barbados to provide quality ship registry services.
A variety of incentives continue to attract foreign investors to sea ports in Barbados such as exemption from the Income Tax, Duty Act and Exchange Control Acts and concessions under the Shipping Incentives Act.
Approved shipping companies may apply for the following concession under the Shipping Incentives Act:
» Income tax concessions on certain profits
» Dividends paid to residents are income tax exempt
» Dividends paid to non-residents in excess of the rate paid in their country of residence are tax free
» Free Customs Duty on the importation of ships and business items upon government consent
* Game/Sport Fishing and customs duty-free concession on fishing rods, reels and safety equipment such as satellite tracking and navigation systems, flares, life jackets, radios and depth sounders will soon be available through the Shipping Incentives Act to certain commercial shipping and tourism-oriented boating companies.
* Tax-free incentive programs are available to foreign ship owners and offshore Barbadian companies.
For ship owners and managers, Barbados’ Ship Owners Association provides a forum for industry development and an opportunity to participate in the management of the BMSR through representative access to the BMSR’s Technical Committee.
Barbados has been a member of the International Maritime Organization (IMO) since 1970. The IMO helps develop and maintain a comprehensive regulatory framework for shipping.
The IMO takes care to ensure:
» Maritime Safety & Security
» Sound Legal Framework
» Care for the Environment
» Efficiency & Technical co-operation
Investors begin their due diligence with a visit to Invest Barbados (IB). Invest Barbados’ head office is located in the capital city Bridgetown with satellite facilities in New York, Miami, Toronto and London.
IB services include:
» Information Dissemination (including legislation, standards, regulations, incentives and business statistics)
» Consulting Services, Licensing Applications and Industry Services Information
» Networking Facilitation
» Stakeholder Collaboration
With a modern and reliable port infrastructure, a well legislated and enabling business environment and outstanding international reputation, Barbados is a superior vantage point to base your shipping services.