Overview of the Joint Policy Working Group on International Business and Investment Promotion
The Joint Policy Working Group (JPWG) was established to advise the Minister of Industry, International Business, Commerce, and Small Business Development on matters related to the international business sector. Comprised of public and private sector members, the JPWG plays a key role in reviewing and recommending actions on various proposals, which are then presented to the Cabinet for approval and further legislative processes.
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The Joint Policy Working Group on International Business and Investment Promotion A Presentation by Mr. Ricardo Knight Chairman Joint Policy Working Group April 10, 2015
Background to the establishment of the JPWG The JPWG was established by the Cabinet on March 18, 2004 to replace the Advisory Committee on International Business which was formed in 1994.
Terms of Reference To advise the Minister of Industry, International Business, Commerce and Small Business Development on matters related to the development of the international business sector as it deems fit or as may be referred to it by the Minister. The Group also has the power to establish an adhoc working committee with a maximum of eight (8) and a minimum of five (5) persons, some of which may be co- opted from outside the Group. It is provided with secretarial services by the International Business Division whose Director is an Ex-Officio member of the Group. The minutes are to be submitted to the Minister within fourteen (14) days of the holding of meetings.
Overview of Members The JPWG comprises thirteen (13) members from the public and private sector. Entities represented on the JPWG are: The Ministry of Finance The Central Bank of Barbados The Financial Services Commission The Corporate Affairs and Intellectual Property Office (CAIPO) Invest Barbados The Barbados Stock Exchange The Barbados International Business Association (BIBA) The Director of International Business is an ex-officio member Both the Chairman and Deputy Chairman are private sector officials
How matters come before the JPWG Matters are brought before the Group from submissions to: The Minister Ministry officials Members of the JPWG Private Sector entities, BIBA, ICAB, etc. The Group considers the matter and makes a recommendation to the Ministry The Ministry officials make recommendation to the Minister. Subject to the Minister s approval, a paper which would include comments from relevant Ministries and Departments, is prepared for the consideration of the Cabinet.
With the Cabinets approval, the Ministry provides the Chief Parliamentary Counsel (CPC) with drafting instructions for the relevant legislation The CPC prepares draft legislation and submit to the Ministry for approval or comments as necessary. The Ministry circulates legislation to JPWG and other relevant stakeholders, for comments. The Ministry provides comments to CPC who then finalizes the Bill and submits for Ministry s approval. The Ministry would then submit Bill for the Cabinet s consideration. Once approved, the Ministry will then submit to the Parliament.
Operations of the JPWG The Group generally meets on a monthly basis It provides a forum to discuss concerns facing the sector with public sector entities. The Group invites officers from relevant Ministries/Department to meetings to apprise them of concerns facing the sector. Sponsors of proposals are invited to make presentations to the JPWG, e.g. Product Warranty Services, and the LLP legislation. Private sector is encouraged to submit proposals to the Ministry for consideration
Matters on JPWGsAgenda Standing Items on the JPWG Agenda Implementation of the International Business Strategic Plan International Securities Market Legislative Updates Corporate and Trust Service Providers Act Private Trust Companies legislation Foundations legislation Limited Liability Partnership legislation Incorporated Cell Company legislation Real Estate Investment Trusts
Matters on the JPWGs Agenda Standing Items on the JPWG s Agenda Updates from Sub-Committees Business Facilitation Treaties and International Reputation Legislative International Insurance International Business and Trusts International Banking New Products and Markets
Some Recommendations implemented during Last Year (2014) Indefinite Licence Regime for International Business Companies and Societies with Restricted Liability. This regime was implemented in August 2014 following amendments to the IBC and SRL Acts Product Warranty Services were added to the schedule of services that qualify for the foreign currency earnings tax credit under the Income Tax Act. (See Income Tax (Amendment) Act, 2014-15 published in Supplement to the Extraordinary Gazette number 109 dated 31 December 2014). The Financial Services Commission established Regime for issuing Securities by Private Placement
Status of Recommendations (1/4) Proposal for Real Estate Investment Trusts legislation -The Ministry is working on a paper to submit for the Minister s consideration in April 2015. Recommendation for Limited Liability Partnership Legislation -The Ministry is reviewing a draft Bill and will circulate to key stakeholders in April 2015. Proposal for Incorporated Cell Companies legislation -The Ministry is reviewing a draft Bill and will circulate to key stakeholders in April 2015.
Status of Recommendations (2/4) The Corporate & Trust Services Providers Act, 2014. Arrangements are being made for this Act to be proclaimed in April 2015. The Private Trust Companies Act, 2012-22. This Act requires the Corporate & Trust Service Providers Act to be operational. Foundation Legislation. This Act also requires the Corporate & Trust Service Providers Actto be operational. Recommendation to amend the International Financial Services Act, CAP 325 to require a licensee to seek the approval of the Minister in order to accept or keep a domestic SRL as a customer. The Central Bank is in the process of pursuing amendment to the Act.
Status of Recommendations (3/4) Establishment of the International Securities Market (ISM) -The Financial Services Commission approved the rules for the ISM subject to some recommended changes being made before launch. The Barbados Stock Exchange is to revert to the Financial Services Commission. Amendment of Mutual Funds Legislation. The Financial Services Commission has been meeting with a working group on this matter. Amendment of the Exempt Insurance Act. The CPC is drafting relevant legislation.
Status of Recommendations (4/4) Development of Co-production Treaties to support the Film Industry in Barbados -Work is being done to produce a model treaty for the JPWG s consideration, shortly. Establishment of an Arbitration Centre in Barbados - The private sector has completed a feasibility study.
Key Focus Areas Areas of Emphases Implementation of Recommendations of the International Business Strategic Plan 2013-2017 Business Facilitation Enhancing the turnaround for legislation Enhancing the research capacity
