Space Application Procedure
The BIDC has under its charge approximately 1.6 million sq. ft. of space. It is distributed over thirteen estates, each specifically zoned to accommodate particular industries, although there can be some flexibility in the event of excess demand.
The BIDC’s space is leased to manufacturers and information service providers in units of various sizes. Units in the small business incubator facility are 380 sq. ft. in size.
Requests for Factory Space
Application for Factory Space forms should be submitted in duplicate to the BIDC.
Each completed application form must be accompanied by the following:
- Projected Monthly Cash Flow Statements (for 1st year of operation)
- Marketing Survey
- Registration of Business Name Certificate, Certificate of Incorporation and supporting Incorporation documents as filed at the Corporate Affairs and Intellectual Property Office.
- Evidence of at least three (3) months’ working capital
- Confirmation of financing
- Audited Balance Sheet and Cash Flow Statement for past 2 years (for existing companies)
- Audited Income Statement for past 2 years (for existing companies)
- Actual and Projected Balance Sheet (2 years) for new companies
- Actual and Projected Income Statement (2 years) for new companies.
N.B. The omission of any of the required information will delay the processing of any application for factory space.
The Barbados Investment and Development Corporation retains responsibility for maintenance of the unit and insurance of the building while the tenant is responsible for the maintenance and upkeep of the unit.
The BIDC typically offers a five year lease, with the option to renew the lease after 3 years.
Rentals payments are due from the occupancy date of the premises and are payable on the first working day of each month. The first month’s rent and a security deposit equivalent to a month’s rent is required prior to occupancy of the premises.