Aplication for expansion initiative to barbados


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Aplication for expansion initiative to barbados

  1. 1. Name Contact information Adam Foks adam.foks@aiesec.cz Veronika Hladíková veronika.hladikova@aiesec.cz attached We both joined AIESEC in October 2009 as freshman students. Our very first memories include being after local induction conference totally amazed that the organization we just had joined is present in 109 countries all over the world, imagining how many opportunities it’s offering to us through its wide global network and just hearing stories from internships, international conferences or even MCs abroad made us excited. After one and half year later, while becoming part of EB team together, there was a switch in our perception of AIESEC as an organization. Being the generation which experienced continuous growth of our LC, AIESEC Prague, made us realized that it’s not about what AIESEC can bring to us, but mainly what opportunities is the organization able to offer to the society and people around us through our active work as its members. And this big realization has been our fuel for past 2 years in which we not only lead our LC but later on also whole AIESEC in the Czech Republic, which for past year has expanded its reach by initiating two new LCs and creating three specialized units. Seeing the processes, the tough work but also the excitement and joy behind establishing new unit made us think out of the borders of Czech Republic and imagining what it would be like to offer this whole new world of experiences and maybe also new perceptions to people across the globe and so support them in their quest to develop their society, economy and so forth their whole country. Barbados is as a country already trying to help its people and communities by investing to its young people. Therefore we strongly believe that AIESEC as global platform bringing up young leaders is one of the best tools to empower Bajan youth and so the local community.
  2. 2. Capital & largest cities: Bridgetown (98,500) Official language: English Barbados functions as a constitutional monarchy and parliamentary democracy with Elizabeth II, Queen of Barbados, as head of state, represented locally by the Governor-General and the Prime Minister as head of the government. Current situation There are two major and long-standing parties in Barbados since 1955: the Barbados Labor Party (BLP) and the Democratic Labor Party (DLP). Both main parties are fundamentally committed to democracy, the rule of law and a free-market economy as the basis of political stability, social and economic prosperity. Currently governing party is DLP elected in February’s election. The major political problems facing Barbados today are in promoting economic growth: creating jobs, encouraging agricultural diversification, attracting small industry, and promoting tourism. Political background Barbados was first occupied by the British in 1627 and remained a British colony until internal autonomy was granted in 1961. The Island gained full independence in 1966, and maintains ties to the Britain monarch represented in Barbados by the Governor General. Executive power is vested in the Barbadian monarch, and is exercised by his or her vice-regal representative, on the advice of the Prime Minister and Cabinet. The judiciary of Barbados is independent of the executive and the legislature. Jurisprudence is based on English common law. Source: http://www.barbados.org Czech Ministry of foreign affairs evaluates Barbados as relatively safe country. Crime is characterized primarily by small thefts and street crime. Incidents of violent crime, including rape, do occur. Visitors should be especially vigilant on the beaches at night. Source: http://www.mzv.cz/jnp/cz/encyklopedie_statu/stredni_amerika/barbados/cestovani/other.html https://www.cia.gov/library/publications/the-world-factbook/geos/bb.html 2012 2011 2012 GDP $7.091 billion $7.042 billion $7.002 billion Growth rate 0.7% 0.6% 0.2% GDP per capita $25,500 $25,400 $25,300 288,725 (July 2013 est.) Population growth rate 0.34% (2013 est.) Source: http://www.mzv.cz/jnp/cz/encyklopedie_statu/stredni_amerika/barbados/cestovani/other.html
  3. 3. Overall Barbados is ranked 124 out of 282 places as an expensive location to live. Price comparison with USA is used below. Indexes Difference  Consumer Prices in Barbados are 16.84% higher than in United States  Consumer Prices including Rent in Barbados are 4.11% higher than in United States  Rent Prices in Barbados are 25.58% lower than in United States  Restaurant Prices in Barbados are 2.72% higher than in United States  Groceries Prices in Barbados are 3.63% lower than in United States  Local Purchasing Power in Barbados is 46.99% lower than in United States In general, living in Barbados is quite expansive especially in terms of every day groceries (rum is cheaper than cheese) and rent. Mobile and telecommunication is cheaper than for example in Germany, cost of transportation is for monthly ticket 30 USD, restaurants are also quite expensive, mainly because of very developed tourism. However, median monthly Disposable Salary (After Tax) of Bajans is around 3,500.00 BDS (1,750.00 USD) while some foreign residence claim as their monthly cost of living over 3,000 USD. Source: http://www.numbeo.com/cost-of-living/country_result.jsp?country=Barbados&displayCurrency=USD Barbados 0.825(2012) global ranking 38th Latin America and the Caribbean 0.741 (2012) World 0.694 (2012) Source: http://hdrstats.undp.org/en/countries/profiles/BRB.html Originally settled by the Arawak Indians, Western civilization credits a Portuguese explorer for the discovery of the island in 1536. It was the Portuguese who named the island "Los Barbados" after the ficus tree that grew there in great abundance. The British later settled Barbados in 1627. From the arrival of the first English settlers in 1627–1628 until independence in 1966, Barbados was under uninterrupted English and later British governance and was the only Caribbean island that did not change hands during the colonial period. In the very early years, the majority of the population was white and male. The current population is descended from African slaves who were brought to the country by the British to work on the sugar plantations. Cultivation of tobacco, cotton, ginger and indigo was handled primarily by European indentured labour until the start of the sugar cane industry in the 1640s. As Barbados' economy grew, Barbados developed a large measure of local autonomy through its founding as a proprietary colony. Between 1946 and 1980, Barbados' rate of population growth was diminished by one-third because of emigration to Britain. Source: http://www.barbados.org
  4. 4. University student population in Barbados is around 13.000 students divided among University of the West Indies Cave Hill and Barbados Community College. University of the West Indies Cave Hill (UWI) The University of the West Indies is a public university system serving 18 English-speaking countries and territories in the Caribbean. The aim of the university is to help "unlock the potential for economic and cultural growth" in the West Indies, thus allowing for improved regional autonomy. The University was originally instituted as an independent external college of the University of London. Faculty of Humanities and Education This faculty offers a wide range of courses and programmes in Psychology, Philosophy, Modern Languages (Spanish, French, Portuguese and Chinese), Cultural Studies, English Literature, Linguistics, Theatre Arts, and Education for undergraduate and graduate students. Faculty of Law Primary objective is to provide an academic qualification which is a compulsory to professional legal training for lawyers in the Commonwealth Caribbean. The Faculty of Law offers both an undergraduate and a postgraduate programmes. Faculty of Medical Science The curriculum is designed to train regional as well as international students in the basic and clinical medical sciences. Faculty offers undergraduate and graduate programmes. Faculty of Pure and applied Science Faculty focuses on areas of the Biological Sciences, Chemistry, Electronics, Environmental Studies, Computer Science, Mathematics, Meteorology and Physics. Faculty of Social Science The biggest out of all the faculties also offers both programmes through following departments of Economics; Government Sociology & Social Work and Management Studies. Source: http://www.cavehill.uwi.edu/ Student enrollment in 2012/2013: Faculty Number of students Humanities and Education 1193 Law 686 Medical Sciences 384 Pure and applied Sciences 1250 Social Science 5263 Total 8776
  5. 5. Barbados Community College (BCC) Founded in 1968, the Barbados Community College came to be as a result of an Act of Parliament aimed at making post-secondary education more accessible to the Barbadian public. The college offers a range of courses and programs of study in which young people can gain Bachelor’s degrees, Associate's degrees, Diplomas and Certificates. For school year 2012/2013 4.400 students were enrolled. Programmes of study: commerce, fine arts, general and continuing education, hospitality institute, physical education, language center, computer studies, health science, liberal arts, natural science. Bachelor degree programmes are offered as Bachelor of Education, Bachelor of Fine Arts and Bachelor of Science (Tourism and hospitality management) Source: http://www.bcc.edu.bb/ University of the West Indies  Faculty of Social science – economy, management, business administration, marketing…  Faculty of Humanities and education – teaching, languages, cultural education  Faculty of Pure and applied science – IT, physics, chemistry, biology Barbados Community College  Commerce- accounting, finance, marketing, business administration  Health and hospitality- tourism and hospitality management Leadership & Professional Development United youth leaders of Barbados - one of the most influential and well known organizations in Barbados whose motto is "Empowering Today's Youth to creatively shape a better tomorrow." Organization targets young people between the ages of 15-25 years to whom provides experience in 4 main projects focused on community service, education for teenagers (HIV, drugs…), healthy lifestyle and arts/ sports. Source: http://theemerginggloballeadersofbarbados.yolasite.com Circle K – part of international service organization (CKI) offers members many avenues for personal development, including the acquisition of leadership skills and enhanced appreciation for cultural diversity. CK is present in 18 countries with 500 clubs and over 12,600 members. Its mission is “Developing college and university students into a global network of responsible citizens and leaders with a lifelong commitment to service.” Circle K International is sponsored leadership organization under Kiwanis International, coeducational service club for adults founded in 1915. Organization is present at UWI and also at BCC. Its members are active in social service as mentoring primary school kids, visiting orphanages, environmental issues. Source: http://www.circlek.org/home.aspx International Internships - none
  6. 6.  Russia – 26,6% import  Trinidad and Tobago – 24,8 % import, 18,9 % export  USA – 18,6% import, 9,7% export, common fight against narcotics and organized crime; duty free access to the US market for most goods  France – 10,7 % export  St. Lucia – 8,8% export  China – 6,1 % import, finalizing air services agreement  United Kingdom – 5,5 %  Canada – strong cooperative relationship in matters of state security, narco-trafficking, defense; Canadian companies make up approx. 75 % of the international financial community in Barbados Barbados is member country of CARICOM, Inter-american Development Bank, WTO and many others. Source: https://www.cia.gov/library/publications/the-world-factbook/geos/bb.html Global Partners Others
  7. 7. Economic Indicator Value Unemployment 11,6 % Labor force 145.000 (2011) Inflation 3,9 % Current account balance -345 million USD Main Industries  Tourism – SMEs/ multinationals  Financial services – multinationals  Retail – multinationals, SMEs  Agriculture – SMEs Source: https://www.cia.gov/library/publications/the-world-factbook/geos/bb.html International and national NGOs  Amnesty International  Junior Achievement  Barbados Youth Business Trust  Junior Chamber International Barbados  The Barbados Youth Development Council  Young Leaders of Barbados  Tourism Development Corporation Chambers of Commerce  Barbados Chamber of Commerce and Industry  Eastern Caribbean American Chamber of Commerce  Am Cham Barbados  British Caribbean Chamber of Commerce Associations & Societies  Barbados Hotel and Tourism Association  Barbados International Business Association – BIBA  Rotary  Barbados Professional Women Source: http://bangoonline.igloocommunities.com/ngo_register/ngos_of_barbados Export Import Manufactures Consumer goods Sugar and molasses Machinery Rum Foodstuffs Other foods and beverages Construction materials Chemicals Chemicals, fuel Electrical components Electrical components 490 million USD 1,6 billion USD Indicator/ sector Agriculture Industry Services GDP 3,1 % 13,6 % 83,3 % Labor force 10 % 15 % 75 %
  8. 8. 1. AIESEC in the Czech Republic and other AIESEC entities National assembly of AIESEC in the Czech Republic has already agreed to support expansion to Barbados with 6.000 USD and therefore became official country partner of this expansion. Other potential entities for partnership could be AIESEC Canada, UK or MoC based on business activities of these countries in Barbados. 2. Multinational organizations in Barbados International companies in Barbados might be interested in AIESEC partnership in order to get access to talented university students and youth market as such. Some of the companies especially from financial sector which are present at Barbados are long term partners of AIESEC CR or GEP (e.g. KPMG, Deloitte, PwC…). 3. Barbadian/Czech governmental funds and foundations of Czech multinational companies Barbados government is annually investing over 7% of country GDP to education sector and in year 2011 National Youth Policy of Barbados was released with its mission to “empower Barbadian young people to assert their cultural identity, generate resources, and make a unique contribution to the emerging Caribbean civilization”. Though, we would try to gain some funding from Barbarian government itself. Also, applying for Czech/EU governmental grants and foundations of Czech multinational companies as Telefónica or Vodafone, who are supporting cultural projects and have been cooperating with AIESEC lately, is another way of gaining financial support for our expansion. a) Trademark registration “An application for registration of a trade mark must be filed at the Corporate Affairs and Intellectual Property Office, Keith Bourne Complex, Belmont Road, St. Michael.” (http://www.caipo.gov.bb/site/index.php?option=com_content&view=article&id=68&Itemid=86) Price: 175 – 250 BDS b) Visa to Barbados for Czech citizens No entry visa are necessary for citizens of Czech Republic (based on EU and Barbados agreement) staying in a country up to 3 months. During this 3 months (and even while getting ready for departure to Barbados), both of us will be searching for part time employment at one of the possible partnership companies in order not only to cover living costs but also gain short term work permit up to 11 months. Source: http://www.foreign.gov.bb/pageselect.cfm?page=120 http://www.immigration.gov.bb/pages/WorkPermit.aspx#short
  9. 9. c) Registration as a legal entity No. Procedure Time to Complete Associated Costs 1 Submit Request for Name Search and Name Reservation form to the Corporate Affairs and Intellectual Property office to reserve company name 2 days BDS 30 (15 USD) 2 Draft articles of association 2 days BDS 1500 (750 USD) 3 Submit application for business registration 1 – 2 weeks Included in 4 4 Pay the registration fees 1 day BDS 750 (USD 375) 5 Register with the Inland Revenue Department for income tax payment 2 days No charge 6 Register with the VAT division of the Customs and Excise Department 2 days No charge 7 Register with the National Insurance Scheme 1 day No charge 8 Make company seal 1 day BDS 60 (USD 30) Source: http://doingbusiness.org/data/exploreeconomies/barbados#starting-a-business