Form a company in Barbados
Planning to Open an Offshore company in Barbados? Check out these facts
Planning to Open an Offshore company in Barbados? Check out these facts
There are several reasons why you may consider opening an offshore company. The primary advantages of an offshore set up are tax benefits, asset protection, lawsuit firewall, and business confidentiality – among others. In recent times, Barbados has managed to attract a large percentage of investors because the country has undertaken several measures for easing the process of starting such enterprises in the island.
Also, the Barbados authorities have taken several initiatives for assisting investors. The country boasts of a healthy competitive environment, stable economy and intellectual resource base; in addition to the country’s conducive business environment that offers the complete array of services such as banking, legal and accounting ones. Additionally, the costs of doing business in the country have been lowered.
To attract more investors for starting offshore companies in Barbados, the Government of Barbados has appointed the Invest Barbados agency as well. The squad has the responsibility of promoting foreign investmentand providing the necessary help, for the businesses to run smoothly.
Barbados is part of and located towards the eastern-most region of the Caribbean Islands. English is the country’s official language: Barbados’ unit of currency is the Barbados dollar.
Setting up an Offshore Venture in Barbados
Refer to the following details to know more about setting up an offshore company in Barbados.
1. Extensive Research Is The need of the Hour
As your first step to establishing a Barbados-based offshore company, you must decide the type of offshore company that you are looking to start. In such cases, be sure to do the initial research. Consider taking professional help to be informed on the legalities of company formation. Know that there are several legal formalities to be completed that you may not be aware of. Always be on the safer side, andcontact the professionals who come with many years of experience in the field, and can guide you correctly.
2. Evaluation
The second step is to get evaluated. Upon contacting the professionals, they may ask for the necessary details to conduct the evaluation. After supplying them with the required information, they can guide you on the next course of action based on the reports.
Following your evaluation, you will need to consult international tax attorneys to facilitate the Barbadian offshore company establishment. Consider asking the evaluation company for their international tax attorneys for saving time.
3. Appoint an International Tax Attorney
Post the evaluation process, you must contact an international tax attorney in your home country on how you must proceed, satisfying all the tax and other legal matters.
4. Company Incorporation
The subsequent step is to register your company in Barbados. Contact a Barbadian offshore attorney for managing the registration process. Ensure that the appointee is highly experienced in the domain so you can legally benefit through the venture.
To register a Barbadian offshore venture, you must furnish certain documents, as seen in the following details:
- Preferred names of companies; submit 2 names, in order of preference.
- The company’s official address
- The number of proposed directors and company shareholders, along with their required details such as full name and addresses; one director is the minimum requirement.
- Information on the nature of the company’s business services
- The various classes of shares that the company is authorized to issue
5. Business Operation
After establishing your company structure in the home country, you must work towards running the offshore business. For the same, you must gather the required resources on the island.
As part of your business operations, you will need staff, as well as office and other equipment such as computers and stationery. Hence, make sure that the needful is done.
If you are planning on a large company, then consider hiring a human resource consultancy that can cater to your management needs suitably. As an alternative, you can transfer some of your current employees to the island for the initial set up too.
For small-scale companies where the part-timestaff is adequate, you can contact offshore management service providers to cater to your manpower needs. By availing this option, you can benefit from their combination of global business expertise and management skills and that too, at affordable costs. These professionals can provide a plethora of services such as payroll, bookkeeping, sales processing, accounting, banking, and vendor payments. Also, you will get financial reports to remain updated on your business’ functions.
Also, the provider will consult the company’s attorneys and auditors for filing the mandatory paperwork as well as to fulfill the tax-related obligations, By doing so, they maintain the ‘good standing’ of the company.
Various Types of Barbados Offshore Companies
In accordance with Barbadian law, you can set up several types of Barbados offshore companies such as Societies with Restricted Liability (SRLs), International Business Companies (IBCs), Offshore Banks, Offshore Insurance, and Offshore Trust – among others.
Why Barbados Is One of the Best Place to Start Your Next Offshore Venture
It is fact that most investors will think twice before investing his/her hard-earned money on a foreign land. Setting up and operating a business in an overseas country is never easy but thankfully some countries like Barbados has simplified the process to ease out the pain of the investors. Setting up an offshore company in Barbados is relatively easy and the government is doing all it could to make the process as simple and straightforward as possible.
To help offshore companies succeed in Barbados, the government is taking a range of initiatives that include – providing legal certainty, making the whole process more transparent and by eliminating all the bottlenecks from the pipelines. These initiatives are making it easier for offshore companies to run their business more easily without getting embroiled in any political or legal issues. Furthermore, these initiatives are directly impacting the bottom-line of the businesses in a positive way. Offshore companies are now in a position to rack up more revenues.
Vast pool of skilled labors, friendly business environment, competitive industry, stable economy and a vibrant culture are all contributing toward the government’s objective to project Barbados as the friendliest countries for running a business. The cost of doing business is very low compared to other offshore locations and the accommodation is easily available thanks to the booming real estate industry.
Barbados has become a highly desirable location for foreign investors who are looking for a stable place to expand their business operation out of their home country.
