Business Development FAQs

Background

General

What is the NCF Business Development Department?

On April 1st, 2019, the Barbados Cultural Industries Development Authority (BCIDA) merged with the National Cultural Foundation (NCF), in keeping with the Barbados Economic Recovery and Transformation (BERT) Plan with the International Monetary Fund (IMF).
 
As such, the main functions of BCIDA which are the Office of the Film Commissioner and the Business Development Department are now integrated into the NCF and continue to carry out the mandate of promoting, assisting and facilitating the efficient development of the local cultural and creative industries.

Is there an acronym for the NCF Business Development Department?

Yes, you can refer to us as the NCF BDD or simply NCF Business.

How does NCF Business view the Creative Industries?

We see the Cultural Industries as a leading economic driver in Barbados, having the potential to radically change from minor sectors of part time activities to fully operational industries leading in the economic machinery that drives money into our economy.

What are the Cultural & Creative Industries?

According to Part 1 of the Cultural Industries Development Act, the cultural [and creative] industries include those enterprises which provide the general public with commercially viable cultural goods and services that are developed for reproduction and distribution to mass audiences in the following areas:
Arts and Culture – the performing arts, visual arts, literary arts, photography, craft, culinary arts, libraries, museums, galleries, archives, heritage sites, festivals and art supporting enterprises;
 
Design – advertising, architecture, web and software design, graphics, industrial design, fashion, communications, interior and environmental design;
 
Media – broadcast media including television, radio and cable, digital media including software and computer services, film and video, recorded music and publishing and video games.

How does NCF Business plan to advance the Creative Industries?

Via the introduction of economic stimuli, including tax incentives; investment into the industry; increasing export and trade activity for creative goods & services; and working with our partners in facilitating the establishment of Barbadian creative cultural brands for global international and commercial activity.

What services does NCF Business offer?

Our main services are:
  • Business Support Client Consulting – Advising Creative & Cultural Companies on Business Planning for their businesses and products
  • Funding and Vat & Duty Waivers – Servicing Requests for Funding and VAT & Duty Waivers according to the Cultural Industries Development Act
  • Exploring opportunities for export ready products and services.
Our full list of services is available HERE.

Funding

How do I access grant funding?

Registered cultural practitioners are eligible to apply for grant funding up to $30,000 BDS to support the creation, development and execution of cultural projects. General guidelines are available HERE and application forms are available HERE. Business advisory sessions may be required.

Is Grant Funding Taxable?

No, you do not declare grant funding as income on your taxes.

Can I get funding without filling out the forms?

No, the standardised forms MUST be filled out to allow for proper review and assessment. Please ensure that you have the most recent up-to-date forms before you submit. Your own proposal can be submitted as supporting documentation.

How often can I apply for funding?

If you receive grant funding, there is a 12 month moratorium before you can apply again. However, the NCF Business Development Department’s mandate is to create sustainable businesses and support sustainable activities so it is hoped that an initial capital injection coupled with business advisory services will negate the need for further and frequent applications.

Registration

What is a Cultural Practitioner?

A cultural practitioner is an individual, company, partnership or unincorporated body that is involved in the business of the arts and cultural industries; has been issued with a licence under section 19; or is registered with a cultural agency.

What are the benefits of becoming a Cultural Practitioner?

As a registered practitioner, you are entitled to the tax incentives as set out in the Cultural Industries Development Act:
  • Income Tax Incentives: Anyone who invests in a registered cultural practitioner can claim 100% of the investment on their taxes (Part V, section 31)
  • Duty Free Concessions for approved projects – i.e. you can import tools of the trade to used in the creation of your artistic work duty free (Part IV)
  • Claim 100% of building loans on income tax (Part V, section 26 & 27)
  • Claim 100% of marketing and training expenses (Part V, section 29 & 30)
  • Claim 100% on artistic work expenditure (Part V, section 28)
As a registered cultural practitioner, you also have access to the Cultural Industries Development Fund which provides:
  • non-repayable grants to participate in local and overseas events, workshops and seminars, and allow for training, marketing, export and product development;
Features to be integrated into the Fund later:
  • repayable grants to support cultural projects on the condition that the grants be repaid out of the future business revenues (not yet available);
  • loans which allow for easy and flexible repayment together with interest(not yet available);
  • equity financing to allow investors to inject funds into cultural businesses and in return to take an equity share in the capital of such businesses(not yet available);

How do I become a Cultural Practitioner?

Log on to Barbadosartists.bb and create a user, then create a profile providing the requested documentation to verify your skills/creative enterprise. Once your profile has been approved, you will receive an email stating such, and then a signed and sealed certificate indicating that you are a cultural practitioner.

What documents do I need?

If you are registering as an individual, you need:

1. EITHER CERTIFIED COPIES OF RELEVANT ACADEMIC CERTIFICATES,

OR A LETTER OF RECOMMENDATION FROM ANY ONE OF THE FOLLOWING:

  • A STATE AGENCY WITH MANDATE TO WORK IN THE CULTURAL SECTOR
  • A REPUTABLE GROUP OR UMBRELLA BODY
  • AN ACADEMIC INSTITUTION MANDATED TO WORK IN THE CULTURAL SECTOR
  • AN ESTABLISHED ARTIST
  • AN ACADEMIC OR EDUCATOR IN THE CULTURAL SECTOR

2. Your TAMIS number

If you are registering as an organization, you need:

  1. EITHER A COPY OF REGISTRATION CERTIFICATE OR A COPY OF YOUR CONSTITUTION, ARTICLES OF ASSOCIATION OR INCORPORATION
  2. ANY ONE OF THE FOLLOWING:
    1. COPY OF THE MINUTES OF THE LAST TWO (2) MEETINGS
    2. RESUMES OF THE EXECUTIVES
    3. ORGANISATION PROFILE
  3. YOUR TAMIS number.

Why do you need my TAMIS Number?

Your TAMIS is required for you to access the income tax and duty-free concessions as noted in the Cultural Industries Development Act. Every individual citizien of Barbados and every business that is registered in Barbados is automatically assigned a TAMIS Number and is bound by the tax laws of Barbados. The NCF is NOT the enforcing or governing body for these tax laws and obligations and is not in any way involved in those matters.

Duty-Free Concessions

How do I access the Duty-Free concessions?

The Cultural Industries Development Act (available for download HERE) allows for duty free concessions and VAT exemptions on “tools of trade” (i.e. materials and equipment used to create products and services) in your business within the creative sector and cultural industries. These duty-free concessions and VAT exemptions must be tied to a cultural project, a template for which is provided HERE.

Tax Consessions

Why is my TAMIS necessary?

Your TAMIS number is required for you to access the income tax and duty-free concessions as noted in the Cultural Industries Development Act. Every individual citizien of Barbados and every business that is registered in Barbados is automatically assigned a TAMIS number and is bound by the tax laws of Barbados. The NCF is NOT the enforcing or governing body for these tax laws and obligations and is not in any way involved in those matters.

How do I qualify for the tax incentives?

Once you are a registered cultural practitioner (see Registration FAQs for how to become one), you are eligible for tax incentives according to Part V of the Cultural Industries Development Act.

What types of Tax incentives are available?

According to Part V of the Cultural Industries Development Act, income tax concessions are available in the following ways:
  • Constructing and furnishing of a new building or refurbishment and furnishing of an existing building, 100% of expenditure can be deducted on assessable income;
  • Set-off Capital expenditure against income for a period of 10 years commencing the year following the completion of the project;
  • 100% of actual expenditure on artistic works up to a maximum of $250,000;
  • Marketing, product development and research done by the cultural practitioner for themselves can de deducted 100% on assessable income;
  • Training undertaken by the cultural practitioner for improvement of their craft/service can de deducted 100% on assessable income;
  • Investment – any investor in a registered cultural practitioner can deduct 100% of that investment from their assessable income;
  • Dividends paid in respect of a cultural project shall not be subject to withholding tax
Read more in the Act.

How does a registered cultural practitioner file for the Tax Incentives?

If you have received investment in yourself, your cultural business or cultural project – you input this in PART G – INCOME FROM AN APPROVED CULTURAL PROJECT when filing on TAMIS. Even if you do not have an “approved cultural project” as described by the Cultural Industries Development Act, this is still the designated section for investment received with respect to a cultural practitoner.
You then indicate how the investment was used in the Operating Expenses section, in the appropriate headings on lines 590-660. This should result in a zero balance.
 
If you have made investments in yourself, your cultural business or cultural project with respect to construction, capital expenditure, marketing and training, this is also filed in PART G – INCOME FROM AN APPROVED CULTURAL PROJECT in the Operating Expenses section, in the appropriate headings on lines 590-660.
 
*Disclaimer: These FAQs are meant for general information purposes only. The information provided on this website does not, and is not intended to, constitute legal or financial advice. Queries should be forwarded to the governing tax body, the Barbados Revenue Authority (BRA).

How does an investor claim the Tax Incentives?

Individual Investor filing a Personal Income Tax Return:
 

The investment is inputted in Part H under Personal Allowances & Deductions, in the Deductions section at line 715 – pictured below.

 
 
A company making the investment will note the expense on their income statement which they upload to TAMIS.
 
*Disclaimer: These FAQs are meant for general information purposes only. The information provided on this website does not, and is not intended to, constitute legal or financial advice. Queries should be forwarded to the governing tax body, the Barbados Revenue Authority (BRA).

Is Grant Funding Taxable?

No, you do not declare grant funding as income on your taxes.



Contact us

The National Cultural Foundation
West Terrace,
St. James, Barbados
246-417-6610