Ken Ormiston Arnold Boyea, who previously served as a politician, will receive an official funeral.
Boyea departed this life on January 1 at his residence in Prospect.
Prime Minister Ralph Gonsalves has conveyed the details regarding the official funeral, indicating that there is ongoing communication between the family and the government concerning the arrangements.
On Thursday, a moment of silence was observed by both sides of the house in memory of Boyea.
In 1986, Boyea brought Kentucky Fried Chicken to the country, a business initiative that quickly garnered widespread appeal.
At one time, he held a franchise for Radio Shack in SVG and was responsible for the well-known Aunt Jobe supermarket.
Boyea has attained the notable honour of being the inaugural Ernst and Young Entrepreneur of the Year for Barbados and the Eastern Caribbean.
Boyea has also held the position of Generation Engineer and later served as the Manager of St. Vincent Electricity Services.
