Start to Set Up Business in Barbados through Company Registration
It is easy to open a business in if you have the right knowledge and do the necessary preparations. The democratic government of Barbados is stable and the history of their economic performance is solid. Barbados has 40% of its imports come from America. Also, starting a business in this country is like starting in the USA like limited liability companies, non-profit companies, and limited partnerships. There are certain companies that are assigned to business operations like the Barbados International Business Company. You need to determine which kind of company you want to set up business in Barbados. It is because the cost will depend on that.
Company Registration in Barbados
Company incorporation in Barbados means to register a legal entity at the Commercial Register of Barbados. Each foreigner is allowed to form a company in Barbados whether they have a Barbados visa or a residence permit in Barbados. The most common commercial company in Barbados is Ltd. and the minimum capital they need is $300 to $400. There should be at least one company director/manager and it needs Barbados’s legal address. The registration process is normally 3 working days after they have the complete documents needed. They have an income tax rate of 10% for each commercial company, whether if the amount of profit is the lowest among most European countries. When you open a company in Barbados, you can engage in all commercial activities, as well as purchase a vehicle and real estate.
Why Set Up a Company in Barbados?
Barbados is popular for having white sandy beaches. It is also an island with 166 sq. km, which gained independence from the British ruling. A lot of Caribbean islands have managed to change hands throughout the centuries. The island mainly focused on offering a tropical tourism destination with high-class accommodation. It comprised of hotels, guest houses, condominiums, villas, and apartments. Barbados has a literacy rate of 99%.
They offer a tax holiday that has a low tax rate, import duties exemption, worker training cash grants, excellent customer service, low operating costs, duty-free access to Canada, EU, and the USA. and a lot more benefits.
Barbados also has special incentives for business sectors in IT, international financial services companies, and manufacturing and production industries.
You Form a Company and Open the Bank Account All at Once
When you establish your offshore presence, you require these: Bank account and company structure. Barbados is able to offer both. It is true that in Barbados, you can easily open a bank account even if you are a non-resident or citizen.
Combining both is an ideal jurisdiction in Barbados which is convenient for companies, especially the eCommerce ones, and other kinds of online businesses. In addition, it allows customers to make cashless payments. It is an advantage for an eCommerce business based in Barbados that serves local and international customers.