Franchise Opportunities in Barbados
Popular franchise directions in Barbados
Attractiveness of Barbados for the development of franchise business
Barbados is an island country in the Caribbean Sea. The current population of Barbados is 286,655 including 31.9 % of urban citizens. Being among developing countries, Barbados has a rather high quality of life rating. The largest cities such as Bridgetown (110,000), Speightstown (3,634), Oistins (2,285) are not numerous in population. Speaking of the economy, three the most successful sectors are worth mentioning. They are services, light industry, and sugar. An offshore financial services sector operating in the country is the second biggest source of foreign exchange after the tourism business. Tourism is the backbone of the country's economy. The number of tourist arrivals is 54860.00 ppl a month (2018).
Perfect infrastructure, good telecommunications, well-educated and hard-working workforce allow a lot of franchise opportunities for different kinds of businesses. Moreover, the government encourages franchise companies to enter the market. Barbados has franchise-specific legislation. The franchises have to be registered with the Ministry of Finance and Economic Affairs. There is an initial registration fee of USD $5,000, and annual renewal fees of USD $1,000 for franchise holders.
Many international franchises such as Payless Shoesource, Contours Express®, Subway, and Burger King obtained permits and successfully operate their franchise businesses.
However, there is still a great demand for health and beauty, travel and tourism, entertainment and education and non-food franchise businesses.
There are high investment business opportunities, as well as cheap franchises in Barbados presented for review, the choice is yours.
Indicators of Business Market in Barbados
Currency: Barbadian dollar (BBD, $)
Education Index (2015): 0,773
Official languages: English, Bajan Creole
Per capita GDP (PPP): $16,669
Population: 0,29 mln
Total GDP (PPP): $4,663 billion
Ease of Doing Business Ranking, Rank: 129
Human Development Index (HDI): 0.8