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BARBADOS INSURANCE COMPANIESA Guide to business executives and advisors to the Insurance IndustryPWC

PricewaterhouseCoopers (www.pwc.com) is the largest professional service firm in theworld. We provide industry-focused assurance, tax, advisory and corporate services forprivate and public clients, helping them to build value, manage risk and improveperformance.Across the Caribbean, the PricewaterhouseCoopers network provides a fully integratedrange of professional services to local, regional and international clients from officeslocated in Antigua, Aruba, the Bahamas, Barbados, the British Virgin Islands, theCayman Islands, Curacao, Grenada, Jamaica, The Dominican Republic, Puerto Rico,St. Lucia, St. Maarten, Trinidad & Tobago, the Turks & Caicos Islands andthe US Virgin Islands.

Table of ContentsIntroduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2PricewaterhouseCoopers in Barbados . . . . . . . . . . . . . . . . . . . . . . . . .3Why Barbados? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4Establishing an Exempt Insurance Company . . . . . . . . . . . . . . . . . . . .6Start-up and ongoing operational costs . . . . . . . . . . . . . . . . . . . . . . . .8The Island of Barbados – Ideal Environment forInternational Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9nIntegrity and Professionalism . . . . . . . . . . . . . . . . . . . . . . .11nGeography, Climate and Population . . . . . . . . . . . . . . . . . .12nHistory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14nPolitics, Government and Judiciary . . . . . . . . . . . . . . . . . .15nEconomy, Trade and Industries . . . . . . . . . . . . . . . . . . . . . .16nMoney, Banking and Finance . . . . . . . . . . . . . . . . . . . . . . .18nTransport and Communication . . . . . . . . . . . . . . . . . . . . . .19nInfrastructure and Social Environment . . . . . . . . . . . . . . . .20AppendicesI.Qualifying Insurance Companies . . . . . . . . . . . . . . . . . . . . . . . . . .24II.Key Legal Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25BARBADOS INSURANCE COMPANIESpwc1

IntroductionBarbados is the premier international business centre inthe Eastern Caribbean. As such, it is also one of theworld’s leading domiciles for captive insurance companies.This guide has been prepared by PricewaterhouseCoopers EastCaribbean. It provides background information to help businessexecutives evaluate the advantages of establishing an insurancecompany in Barbados.Executives who are already planning to establish an insurancecompany here, or who wish more detailed information on the processor about specific issues, are urged to contact one of the followingpartners with responsibilities for international insurance: Wayne Fields,Michael Bynoe, Marcus Hatch or Ashley Clarke.Contact information:PricewaterhouseCoopersThe Financial Services CentreBishop’s Court HillP.O. Box 111St. MichaelBarbados, W.I.E-mail: first name.last name@bb.pwc.comTel: (246) 436-7000 Fax: (246) 436-12752pwcBARBADOS INSURANCE COMPANIES

PricewaterhouseCoopers in Barbadosand the East CaribbeanThrough its legacy firms, PricewaterhouseCoopers has roots inBarbados that go back to the 1860s. Officially known asPricewaterhouseCoopers East Caribbean, the partnership isheadquartered in Barbados with practices in Antigua, St. Luciaand Grenada.Through its Corporate Services Division, which is managed by Abacus ManagementServices Ltd., the firm provides a complete range of services to foreign investors seekingto establish an Exempt Insurance Company or Qualifying Insurance Company inBarbados.These include:nArranging incorporations, registration of external companies and companyliquidations.nPreparing the application for the exempt insurance licence or registration ofthe insurance company; attending discussions with the Supervisor ofInsurance for the granting of the licence or registration certificate.nProviding a registered office and a company secretary, and nominating localdirectors.nMaintaining statutory records, acting as a company registrar and dividendpayment agent; filing statutory returns and generally keeping the company ingood standing.BARBADOS INSURANCE COMPANIESpwc3

Why Barbados?Already renowned as one of the premier holiday destinations inthe Caribbean, and recognized by the United Nations as amongthe top developing nations in the world, Barbados also enjoys awell deserved reputation for integrity as an international businesscentre. The island is now one of the world’s leading domicilesfor captive insurance companies.Over the past 30 years, successive governments have painstakingly built ahighly attractive environment for foreign investment and internationalbusiness. In addition to offering attractive tax concessions and incentives,the island has established a network of tax treaties with several countriesincluding the USA, Canada, the UK, Switzerland and China.Indeed, Barbados has continually enacted – and refined – legislation thatmakes the country a highly respected domicile not only for InsuranceCompanies but also for:nInternational Business CompaniesnInternational BanksnInternational Societies with Restricted LiabilitynInternational TrustsnMutual FundsBarbados has excellent international telecommunications links and iseasily accessible by frequent scheduled flights from the United States,Canada, Britain and Europe. In addition, the island is home to a welleducated and skilled population and enjoys a well-developedinfrastructure and a sophisticated level of services.Underlying legislation for international insurancecompaniesAn international insurance company can be licensed in Barbados underthe Exempt Insurance Act, Cap. 308A or, alternatively, registered underthe Insurance Act, Cap. 310 which also governs local insurancecompanies. International companies that choose to register under theInsurance Act, are known as Qualifying Insurance Companies and will facesome tax liability in Barbados (see Appendix I).Regardless of which alternative they choose, companies must first obtainthe approval of the Minister of Finance before incorporating under theCompanies Act, Cap. 308 (see Appendix II).4pwcBARBADOS INSURANCE COMPANIES

Most international insurance companies on the island have chosen to belicensed under the Exempt Insurance Act. Currently, there areapproximately 413 licensed exempt insurance companies conductingbusiness from Barbados.Key Tax IncentivesPrincipal internationaltax planningconsiderationsnCanada – Canadian investors ina Barbados internationalinsurance company enjoy uniquetax advantages created by theexistence of a tax treaty betweenCanada and Barbados. Providedthat the Barbados insuranceaffiliate carries on an activebusiness and is liable to tax inBarbados, it can benefit frombeing able to pay dividends to itsCanadian shareholder so that theyare not taxable in Canada.Sources of such dividends includethird-party insurance businesscarried on by an affiliate thatemploys more than five full-timeemployees in such business, andrelated insurance business wherepremiums received are deductiblefrom some other group company’sincome derived from anothercountry with which Canada has atax treaty.nUnited States – With properplanning and subject to variousprovisions of the U.S. InternalRevenue Code, a U.S. basedcorporation can derive substantiveeconomic benefits by insuring itsemployees and foreign operationsusing Barbados. With properstructuring, substantive benefitscan also be derived throughinsuring/reinsuring the U.S.operations.Here are some of the key tax incentives offered by the Exempt InsuranceAct:nExemption from tax on income and all withholding taxes.nExemption from all corporate taxes on capital gains or any tax on thetransfer of assets or securities to any person.nPersonal tax concessions for specially qualified employees.nFor US corporations, convention expenses are deductible against taxesin the US.nBenefits and exemptions guaranteed for a period of 30 years.Other incentivesnNo requirements to file tax returns or to publish financial information.nExemption from exchange control regulations.nNo necessity for “physical” meetings in Barbados.nReasonable solvency requirements.nModern and flexible corporate law.nProvisions for inward and outward re-domiciliation.nAnnual licence fee of only US 2,500.nExternal companies may register as a branch in Barbados.nSome tax treaties apply.nMinimum capitalisation of US 125,000.nAvailability of a wide range of professional services.nCompetitive start-up and ongoing operational costs.nSpeed of incorporation and licensing.BARBADOS INSURANCE COMPANIESpwc5

Establishing an Exempt Insurance CompanyExempt insurance is defined as a business whose risksand premiums originate outside Barbados, and which isowned by persons resident outside of the CARICOMSingle Market and Economy*.Any person or business seeking to incorporate or register as an externalcompany to engage in exempt insurance must first obtain permission fromthe Minister of Finance.The next step is to obtain a license from the Supervisor of Insurance.To do this, a company or branch must submit to the Supervisor ofInsurance a completed application supported by relevant documents.These include:nObjectives of the company or branch, which must be restricted toexempt insurance.nThe proposed source of business, together with the names andaddresses of affiliates.nThe proposed reinsurance programme, if any.nEstimates of the gross and net premium income for the first year.nThe proposed capitalisation of the company (US 125,000 is theminimum required, and additional capital may be required to meetsolvency margins).* The CARICOM Single Market and Economyincludes the following countries:Antigua & pwcMontserratSt. Kitts & NevisSt. LuciaSurinameSt. Vincent & The GrenadinesTrinidad & TobagoBARBADOS INSURANCE COMPANIES

nThe proposed fiscal year-end of the company or branch.nThe name and address of any guarantor, and the amount of anyguarantee, if applicable.nCopies of reinsurance cover notes and contracts.nThe full name, nationality, home address, country and date of birth,business experience and directorships held, of those persons to beappointed directors. (There may be any number of directors, but atleast one must be a resident citizen of Barbados.)nThe name of the exempt management company or branch, unless thelicensed company will be self-managed.nThe name and address of an individual resident in Barbados on whomthe Supervisor of Insurance may serve notices. (This may be theBarbadian director, the local management company, or any otherperson.)nThe name and address of the actuary, if any, to be retained by thecompany.BARBADOS INSURANCE COMPANIESpwc7

Start-up and ongoing operational costsEstimated start-up costs for an International Insurance Company(in US dollars):Government FeesIncorporationApplication for licence/certificate of QualificationLicence/certificate of qualification (calendar year) 3902502,500Professional Fees (minimum)Incorporation (inclusive of legal fees)Application for licence/ certificate ofQualificationCorporate retainer (first year)Auditors’ certification on initial capitalDisbursements (estimate)3,0001,5001,5002,50041012,050 Estimated recurring costs are as follows (in US dollars):Government licence fee (calendar year)Retainer feeLocal director (minimum fee)Note: 2,5001,5004,0002,000Unless the exempt insurance company will have in-house management,it will have to appoint an exempt insurance management company.Management company fees will vary significantly based on the type ofbusiness and the level of activity involved, ranging from US 15,000 toUS 50,000.The exempt insurance company must also file audited financial statementswith the Supervisor of Insurance within six months of the year-end. Feesfor such auditing services may range from US 5,000 to US 15,000.8pwcBARBADOS INSURANCE COMPANIES

The Island of BarbadosAn ideal environment for international business

Integrity and ProfessionalismFor the past 30 years, successive governments in Barbados havediligently constructed a framework of legislation designed toencourage foreign investment and establish the island as a leadinginternational business centre in the Caribbean.Today, Barbados is a highly respecteddomicile for such entities asInternational Insurance Companies,International Business Companies,International Banks, Societies WithRestricted Liability, InternationalTrusts, and Mutual Funds.Throughout the process of enactingand refining the laws governinginternational business, the countryhas rigorously safeguarded itsreputation for integrity, respondingquickly to such international concernsas money laundering and lack oftransparency.Indeed, while offering a low-taxenvironment to internationalbusinesses, Barbados has, from thevery beginning, chosen to establisha high level of transparency and acooperative approach to sharinginformation sharing with taxauthorities in other countries.Professional ServicesThe island provides an excellent rangeof professional services – and highlyskilled professionals – to meet the needsof the international business sector.The legal profession is well establishedin Barbados, with many law firms thatspecialise in corporate and internationalbusiness law.All of the major international accountingfirms are represented through localpartnerships, offering assurance, tax,advisory and corporate services. Thereare several independent managementcompanies on the island that alreadyhandle the business of scores ofInternational Insurance Companies.BARBADOS INSURANCE COMPANIESBarbados has tax treaties with the following countries:nnnnnnnThe United StatesCanadaThe United VenezuelaThe territories thatcomprise the CARICOMSingle Market andEconomyNOTE: To review the entire Exempt Insurance Act and other lawspertaining to international business, please visit the website of the Ministryof Industry and International Business at: www.barbadosbusiness.gov.bbpwc11

Geography, Climate and PopulationGeographyBarbados is the most easterly ofthe Caribbean Islands. Essentiallya “coral” island, with an areaof 166 square miles, it is situatedapproximately 1600 milessoutheast of Miami, Florida.The island is easily accessible byfrequent scheduled flights fromMiami (3.5 hours), New York City(4.5 hours), Toronto (5.5 hours),and London or Brussels (8 hours).ClimateBarbados has a tropical climateand relatively high averagetemperatures and humidity.However, these conditions aremoderated by the cooling effectof strong North East trade windsthat blow over the island.Temperatures during the dayrarely exceed 30C (86F).During November though March,conditions tend to be a fewdegrees cooler, while the monthsof July through October aregenerally more humid and wet.PopulationThe resident population of theisland is approximately 270,000.Approximately 94% of Barbadiansare of African descent, with theremainder being of Europeandescent and other nationalities.When segmented by age, 24%of the population is under 15,with 64% between the ages of15 and 64. The remaining 12%are over 65.12pwcTop: the island’s East Coast is noted for its rugged beauty and Atlantic swells.Bottom: The West Coast is famous for its crystal-clear waters, fine sandbeaches and luxury accommodation.BARBADOS INSURANCE COMPANIES

Barbados is the most easterly of the Caribbean islands, situated about 1600 miles southeast of Miami, Florida.BARBADOS INSURANCE COMPANIESpwc13

HistoryArchaeological evidence shows that the Arawaks, apeople indigenous to the Orinoco River area of Venezuela,inhabited Barbados from around 600BC. They were laterdriven out by the Caribs, who also migrated north from thesame area but who did not settle on the island.The Europeans knew about theexistence of Barbados since the16th century. However, the islandwas not settled until 1627 when agroup of Englishmen established aformal colony and planted tobaccoand cotton for export to England.After 1645, these crops werereplaced by sugar cane, whichfostered the development of theplantation system.From early on, Barbados enjoyedtrading relationships and otherties with the United States andlater Canada. In 1670, Barbadianimmigrants helped to found theState of South Carolina and itscapital city of Charleston. What ismore, Barbados bears thedistinction of being the only countryoutside of the United States evervisited by George Washington whocame to the island in 1752.Since the abolition of slavery in1834, the descendants ofAfrican slaves who were broughtto Barbados to underpin theplantation system have developedinto a thriving and industriouspopulation.Carved by aBritish armyofficer stationedon the island, thisstone lion is areminder ofBarbados’colonial past.The Corp ofDrums of theBarbadosDefence Forcewear uniformsthat date back toVictorian times.In 1966, after almost 350 years ofunbroken British colonial status,Barbados became a fullyindependent sovereign nation.The island is English-speaking andhas remained a member of theBritish Commonwealth.14pwcBARBADOS INSURANCE COMPANIES

Politics, Government and JudiciaryPoliticsAn independent country sinceNovember 30, 1966, Barbados isnoted for its high level of political,economic and social stability, aswell as for the integrity of itsinstitutions. The country operatesas a well developed democracywith open elections held every fiveyears. There are two main politicalparties, the Barbados Labour Partyand the Democratic Labour Party.Elections are hotly contested, butare notably free of violence andcorruption.GovernmentBarbados enjoys a parliamentarystyle government, with a House ofRepresentatives and a Senate.The island’s first Parliament wasestablished in 1639, making it thesecond oldest in the WesternHemisphere.The function and powers of theGovernment are vested in Cabinet,presided over by the PrimeMinister. Senators are appointed:12 by the Government, two by theofficial Opposition, and seven“independents” on therecommendation of the GovernorGeneral who is the Queen’srepresentative and Head of State.JudiciaryThe legal system of Barbados isbased on English Common Law asmodified by Statute to meet localrequirements. The members of thejudiciary, in performing their judicialacts, are completely independentof the executive and legislativefunctions of Government.BARBADOS INSURANCE COMPANIESTop: The Parliament Buildings in Bridgetown – home to the second oldestparliament in the Western Hemisphere.Bottom: Mounted police in full ceremonial uniform.pwc15

Economy, Trade and IndustriesBarbados embodies an open, small, free enterpriseeconomy. A Value Added Tax on consumption,implemented in 1997, has enabled the country to reduceits dependence on import tariffs and duties as a source ofrevenue, and also to improve compliance with WTO rules.In 2003, the country’s GrossDomestic Product (excluding netindirect taxes) was approximatelyBDS 4.4 billion. That same year,exports amounted to BDS 500million, while imports totalledBDS 2.39 billion. Domestic exportsconsist mainly of sugar and its byproducts rum and molasses,chemicals, clothing, furniture,electrical components and cement.Consumer goods, mostly food andbeverages, account for the majorityof the island’s imports – BDS 915million in 2003. That same year,intermediate goods and capitalgoods such as machinery for use inagriculture and manufacturing,accounted for BDS 2.26 billion ofthe island’s import bill.Based primarily on sugar until the1970s, the island’s economy nowhas four key productive industries:tourism, agriculture, manufacturingand international business.TourismTourism continues to play a key rolein the economy and has a positive“spin-off” impact on virtually all otherbusiness sectors. Currently, thisindustry accounts for about 11% ofthe employed labour force and is thecountry’s principal foreign exchangeearner. For example, in 2003, thegross annual earnings from tourismwere approximately BDS 1.46billion. The island attractsapproximately one million visitorseach year, with an almost equalsplit between long stay visitors andcruise ship passengers.16pwcTop: St. Lawrence Gap, on the vibrant South Coast – heart of the island’snightlife.Bottom: This modern distillery produces fine rums for which Barbados isfamous.BARBADOS INSURANCE COMPANIES

on this commodity and toencourage diversification, especiallyin vegetables, poultry, livestockand fishing. The island is virtuallyself-sufficient in pork, poultry, freshmilk and vegetables.International BusinessThis sector, which has steadilydeveloped since 1977, nowcontributes significantly to theisland’s foreign exchange earningsand provides employment forapproximately 3,000 Barbadians.Some unofficial estimates put thesector’s contribution to thecountry’s GDP at about 7.5%.Local crude oil production meets about half the islands domestic requirements.ManufacturingThe manufacturing sector inBarbados accounts forapproximately 7% of the island’semployed labour force and includesfood and beverages (especiallysugar and rum), electronics,hardwood furniture, garments andchemicals.The country continues to welcomeinvestment in the manufacturingsector, especially for the productionof higher value-added, skills-intensive products that use moderntechnology. Electronics, medicalequipment and informationprocessing are areas of particularinterest. In recent years, the islandhas been attracting a growingnumber of call centres.AgricultureWhile the production of sugar is stillimportant to the island’s ability toearn foreign exchange, theGovernment’s policy in agriculturehas been to reduce dependencePrimary ResourcesOther than substantial limestonedeposits that are mined and usedto produce cement and other limebased products, Barbados doesnot have an abundance of naturalresources. However, the countrydoes have some oil and natural gasdeposits that have been accessedto reduce dependence on outsidesources. In 2003, approximately22.4 million cubic metres of naturalgas were sold, and 371,000 barrelsof crude oil produced. Local crudeoil production meets about half thedomestic requirements.Barbados Gross Domestic Product (2003)BARBADOS INSURANCE COMPANIESpwc17

Money, Banking and FinanceBarbados has been a member of the InternationalMonetary Fund since 1973. The Barbados dollar isbacked by gold and foreign assets, which havepromoted stability and confidence in the currency.Since 1975 the country’s dollar has been fixed atBDS 2.00 to US 1.00.Exchange controlBarbados has exchange controlregulations, although these are beingloosened over time. However,international businesses, includingExempt Insurance and QualifyingInsurance Companies, are exemptfrom these exchange regulations.There are also several financecompanies operating in Barbados.Apart from collecting deposits,these companies complement thecommercial banks in financing thepurchase of constructionequipment, motor vehicles andother consumer durable goods.Domestic InsuranceThe Central Bank ofBarbadosBarbados has had a Central Banksince 1973. The main role of theCentral Bank is to act as banker,fiscal agent and financial advisor tothe Government, and to monitorand regulate the activities ofcommercial banks and otherfinancial institutions. It also has aduty to promote monetary policiesand exchange policies thatencourage economic growth.Barbados has a highly developeddomestic insurance industry.Placement of insurance throughbrokers is commonplace.Commercial Banks andFinance CompaniesThe banking system in Barbados iswell established, and the island hasa competitive commercial bankingsector. The commercial bankscurrently operating here include:First Caribbean International Bank(a regional combination of BarclaysBank and CIBC Caribbean), RoyalBank of Canada, Bank of NovaScotia, Barbados National Bank(majority owned by Republic Bankof Trinidad), Bank of Butterfield &Sons, and Caribbean CommercialBank (wholly owned by Royal Bankof Trinidad & Tobago).Top: The Tom Adams Financial Centre, named after the island’s second primeminister, is home to the Central Bank of Barbados.Bottom: This elegant building is the head office of FirstCaribbean InternationalBank.18pwcBARBADOS INSURANCE COMPANIES

Transport and CommunicationAirportVoted the “Best Caribbean Airport”at the World Travel Awards for 2003,the Grantley Adams InternationalAirport is located in the south of theisland, about 30 minutes from thecapital of Bridgetown. The airport isserviced by major internationalairlines, including American Airlines,American Eagle, Continental, USAirways, Air Canada, Air Jamaica,British Airways, BWIA and VirginAtlantic. These airlines providedirect links to major cities such asMiami, New York, Newark,Philadelphia, San Juan, Washington,Toronto and London. The GAIA is amajor “hub” for several regionalairlines that connect the EasternCaribbean with frequent flights daily.Barbados has excellenttelecommunications links, withdirect-dial available to all worlddestinations. Businesses areoffered the latest in communicationstechnology, and many use theInternet to provide information ontheir products and services.Currently, there are threetelecommunications companies onthe island providing cellular phonesservices: including Cable & Wireless,Digicel, and AT&T Wireless.News MediaThere are two English languagenewspapers, a television stationand several radio stations thatprovide local, regional andinternational news. Internationaleditions of major foreignnewspapers (from North Americaand the UK) are also available on adaily basis. Also, two satellite linkedcable television services providesubscribers with access to a widerange of international programming.Port facilitiesLocated on the edge of the City, theBridgetown Port is one of the mostmodern in the Caribbean. The portprovides container handling andberthing facilities for ocean-goingfreighters and passenger shipsincluding the world’s major luxuryliners, several of which now use theBridgetown Port as their “homeport”for Caribbean cruising in the SouthCaribbean.Postal, Courier andTelecommunicationServicesThe Post Office Department providesspeedy and reliable domestic andinternational mail services on a dailybasis to all parts of the island. Thereare 17 post offices that are openfrom 8:00 a.m. until 3:00 p.m.,Monday through Friday. Expresspost is available to certain countriesthrough the Post Office Department,and there are a number of privatecouriers including Federal Express,DHL and UPS.Top: Barbados enjoys excellent telecommunications links with the rest of theworld.Bottom: The island is also served by a modern deep water port.BARBADOS INSURANCE COMPANIESpwc19

Infrastructure and Social EnvironmentBarbados is one of the most highly developed small countries in the world.The United Nations Development Programme (UNDP) has ranked Barbados as No.1on its Human Development Index in the Caribbean and Latin America. In itsdevelopment, Barbados is also outperforming all of Africa, and all of Asia with theexception of Hong Kong, Singapore, Japan and South Korea.The country’s high level ofdevelopment is reflected in itsinfrastructure and socialenvironment.Health ServicesThe Queen Elizabeth Hospital,situated on the outskirts ofBridgetown, accommodates 600patients in private and generalwards. There is also the BayviewHospital, which is privately ownedand accommodates 24 patients.There are also several wellequipped private clinics, healthcentres and nursing homes.The psychiatric hospital enjoys agood reputation.Barbados enjoys a high standard ofmedicine and health services overall.Dental and optical services are readilyavailable, and the Medical Registerlists specialists trained in the UnitedKingdom, Canada and the UnitedStates.EducationBarbados has an exceptionallygood educational system thatcomprises free primary, secondaryand tertiary levels of education.The literacy rate on the island isapproximately 97%.One of the campuses of theUniversity of the West Indies issituated in Barbados. Theuniversity’s Department ofManagement Studies togetherwith the affiliated Centre for20pwcTop: The Sherbourne Conference Centre – one of the most modern facilitiesof its kind in the Eastern Caribbean.Bottom: Student residences on the Cave Hill campus of the University of theWest Indies.BARBADOS INSURANCE COMPANIES

Management Development providemany of the graduates for thecountry’s domestic corporatesector, professional services firms,and international business sector.Barbados also has a communitycollege, a teachers’ training college,a theological college, a hospitalityinstitute and a polytechnic.HousingBarbados has well developedresidential areas, and high qualityhousing for executives is availablefor sale or rent in many locationsacross the island.WaterBarbados enjoys crystal cleardrinking water throughout theisland. Its primary source isunderground springs, filteredthrough coral, and these aresupplemented by the output froma newly completed desalinationplant.ElectricityThe Barbados Light & PowerCompany provided a highly reliableelectricity service throughout theisland. Domestic current willoperate appliances designed for110 volts AC, 50-cycle supply.A 220-volt supply is also availableto industrial and domestic users.RoadsBarbados is criss-crossed by anextensive network of pavedroads, including a trans-islandhighway that links all of the maintransportation arteries. Driving ison the left-hand side of the road.Top: High quality executive housing is available for sale or rent in many partsof the island.Bottom: Good quality, modern office space is available in several purposebuilt complexes on the outskirts of the city.Office SpaceGood quality, air-conditioned officespace is available in Bridgetown orin several purpose-built officecomplexes on the

Underlying legislation for international insurance companies An international insurance company can be licensed in Barbados under the Exempt Insurance Act, Cap. 308A or, alternatively, registered under the Insurance Act, Cap. 310 which also governs local insurance companies. International companies that choose to register under the

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PWC Port warrants to the original owner all polyethylene plastic components for two (2) years [one (1) year for commercial use] from date of purchase to be free of defects in material and workmanship. All other accessories have a one (1) year limited warranty. For a copy of the PWC Port complete warranty call PWC Port. PWC Port — Cleat

PWC Port warrants to the original owner all polyethylene plastic components for two (2) years [one (1) year for commercial use] from date of purchase to be free of defects in material and workmanship. All other accessories have a one (1) year limited warranty. For a copy of the PWC Port complete warranty call PWC Port. PWC Port — Cleat

Gurukripa’s Guideline Answers for Nov 2016 CA Inter (IPC) Advanced Accounting – Group II Exam Nov 2016.2 Purpose / Utilisation Loan Interest Treatment 3. Working Capital 4 0.10 Written off to P&L A/c as Expense, as per AS – 16. 4. Purchase of Vehicles 1 0.025 Debited to Profit and Loss A/c. (Assumed immediate delivery taken and it is ready for use and hence not a Qualifying Asset) 5 .