Business Barbados Transition Ensures Job Security and Efficient Service: Minister Lisa Cummins

Minister of Business Senator Lisa Cummins says there will be no job losses as the Corporate Affairs and Intellectual Property Office (CAIPO) transitions into the Business Barbados entity.

Addressing concerns in the Senate yesterday while piloting the Business Barbados Bill, Cummins emphasised that current CAIPO staff would have the option to join the new entity or remain within central Government with no less favourable terms, as the transformation is aimed at improving efficiency and service rather than cutting jobs.

“Staff will have the choice to transition to Business Barbados or stay in central Government roles, and no one is being sent home as a result of this change,” she said.

The quasi-judicial independence of CAIPO’s functions, such as those performed by the registrar, will be preserved, the minister said.

She clarified that CAIPO’s existing responsibilities would be absorbed into Business Barbados, which is set to manage a broader scope of activities, including company registration and intellectual property oversight.

The minister explained that the absorption of CAIPO into Business Barbados was not merely a rebranding but a strategic move to address long-standing inefficiencies and modernise the country’s business regulatory framework.

She noted that outdated legislation, insufficient staffing, and increased compliance obligations had hampered CAIPO’s effectiveness, prompting the need for a comprehensive overhaul.

The minister recounted numerous complaints from business stakeholders about lengthy delays in processing applications and documents.

“Since taking on this portfolio, I have been inundated with concerns from lawyers, accountants, and business owners about the slow processes at CAIPO. In other jurisdictions, a simple change of director form can be processed in an hour, but here it can take months,” the senator said.

To address these issues, Cummins outlined plans for legislative reform, supported by a dedicated review team of legal experts and policy advisors to evaluate and update the 33 pieces of legislation currently managed by CAIPO.

A significant aspect of the transformation involves the separation of intellectual property and company registration functions, which historically have been managed by a single registrar.

The new structure under Business Barbados will feature a dedicated Intellectual Property Agency, allowing for a more focused approach to IP matters, in line with global best practices.

Cummins also announced a phased increase in staffing for Business Barbados, with plans to boost personnel by up to 100 per cent over the next three years. This expansion will be coupled with extensive training and capacity-building initiatives to equip staff with the necessary skills for improved service delivery.

“We are not just increasing numbers; we are investing in our people to ensure they have the tools and expertise needed for a modern, dynamic environment,” she said.

A digital audit of the current corporate registry has been conducted, and a new, AI-integrated platform is being developed to streamline processes and reduce turnaround times, she said.

Cummins emphasised the importance of stakeholder engagement throughout the transformation process, with the transition committee including representatives from key business organisations such as the Barbados International Business Association, the Barbados Chamber of Commerce, and the Small Business Association.

Cummins noted that the move to Business Barbados was crucial for enhancing Barbados’ global competitiveness, especially as the country could no longer rely on low tax rates to attract business. With the OECD’s global minimum tax policy set at 15 per cent, she argued that Barbados must now differentiate itself through superior business facilitation and regulatory efficiency. ( CLM)