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Hinkson complains about business wait

An Opposition MP has lamented that Barbados now ranks in the bottom half of countries for the ease of doing business.

Speaking in Parliament yesterday, St James North MP Edmund Hinkson further complained that the island had fallen behind some countries in the Organization of Eastern Caribbean States (OECS) in terms of business facilitation.

Expressing concern over the slow pace of doing business on the island, he said: “It takes too long to incorporate a company in Barbados. In Tortola, there is one day incorporation of companies.”

The Opposition MP was at the time making his contribution to the debate in the House of Assembly on the Companies (Amendment) Bill, 2016.

Throwing his support behind the measure, Hinkson lauded Government’s introduction of incorporated cell companies as a new international business product in a move to diversify the island’s competitiveness in the global sector.

Giving a definition of incorporated cell companies, he said: “Incorporated cell companies are basically a product that came into force about 20 years ago. Guernsey in 1997 would have been the first jurisdiction in the world to have brought in legislation giving credibility to this product.”

He also noted that, “Malta about 12 years ago also brought it in and that is now an established jurisdiction in the area. An incorporated cell company is a single legal entity separate and distinct from all other entities. It has its own memorandum of association and own articles of incorporation, its own company registration number and its own board of directors.”

Hinkson further noted that the Cayman Islands had introduced this new international business product.

Outlining the resulting advantages, Hinkson, an attorney-at-law, said: “They have been a cost saving device in terms of administration because cost savings can be achieved from economies of scale by using a common framework and a central administrative facility.”

2 Responses to Hinkson complains about business wait

  1. Bobo February 4, 2016 at 8:13 am

    The problem with Barbados Politicians — your visions to move forward Barbados economy is as dead as door-nail–Progress to such a small island is way behind time, too much time is spent on negativity .

  2. jrsmith February 4, 2016 at 10:40 am

    Barbados failure is mostly by the people, if you continuously , saying something such as , how middle class , people think they are, which might be part true ,one day they will all believe its is true.. then comes ,how laid back we are, that’s why no real effort was ever made, to bring Barbados, up to par, as an industrial manufacturing base. Bajans showed no interest , but became , more snobby ,bad behave carrying ,real ghetto attitudes.. now we are paying for this..

    Looking where lots of our young people is heading , who seems not to have any parental control, to that place call DODDS. What I find strange ,it seems , DODDS is only built for black bajans…

    Ask ourselves failure of our sugar cane industry ,which to me was deliberate, because our people seems scared to challenge , our politicians and the white corporate business owners .. This failure happening in Barbados exposing large plots of land they for the taken, but not by bajans.. The real, real problems , education has imposed itself on bajans , Bajans seems to be always the workers never aspiring to be corporate management, would never wanting to own a business , but always a church….

    We have another issue, our government in Barbados , is in the way of progress, that’s why, they are always willing to jump at the tourist business, all because they are not qualified to face the corporate world, its way, way, beyond them..

    Mr , Hinkson, is like many of our politicians, always ready to , tell us what other countries is doing , but what are they themselves doing for Barbados , mentioning these other islands, all our politicians do is talk , talk, for anything to happen in Barbados years must past and as though the end of the world is nigh before it happens.. again I say , blame our politicians…

    50 years of independence, are we, ??????? ready ,for the 50 1st…


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