The Barbados International Business Promotion Corporation (BIBPC) was established as a statutory corporation on November 10, 2005. The corporation subsequently gained permission to trade under the new name Invest Barbados; however, it wasn't until October 1, 2006 that the business became operational and the first employee was hired. Effective January 1, 2007 the International Business Division of the Barbados Investment and Development Corporation (BIDC) was transferred to Invest Barbados.