Caribbean Company Formation
According to the World Bank’s Doing Business Report, most Caribbean countries have made starting a business much easier in recent years. Minimum capital requirements are falling and governments are now offering more incentives for entrepreneurialism and innovation.
Widely considered to be one of the most beautiful and exotic destinations in the world, the Caribbean sees huge numbers of tourists from all over the world flocking to its sandy beaches every year. As a result of this ever-growing demand for experiences, luxury and vacation services, industries relating to tourism, restaurants and even wedding planning tend to do very well.
Currently ranked 23rd in the World Bank’s Starting a Business Index, Jamaica also leads the Caribbean in terms of ease of setting up a business with an average turn around time of four working days. There is no longer any need to approach the relevant government departments individually, prospective business owners can simply register at the one-stop shop which is The Companies Office of Jamaica (COJ). A taxpayer’s registration number and national insurance number will also be needed.
Trinidad & Tobago
“From red tape to red carpet” – The Trinidad and Tobago investment promotion agency says it has transformed the process of setting up a business with an online, self service system. Whether establishing a foreign or domestic business, business names can be registered in one day with the company registry and it takes a further 3 days to register the company itself. Typically, the longest part of the process is the checking of contracts and verification of legitimate business by Inland Revenue as well as the tax registration.
To establish a new company in the Dominican Republic takes up to a total of 30 days. This process can be accelerated through the Chamber of Commerce’s VIP process but this entails a much higher host. Steps include purchasing and registering a trade name, drafting and execution of corporate documents and filing for the national taxpayer’s registry at the Internal Revenue Service. There are several different kinds of business classifications available with the most common being the LLC for small and medium businesses and a Corporation for larger investments. It is possible to utilise a shelf company held by a law firm which would likely increase costs but speed up the time frame.
It takes approximately 6 weeks to set up a foreign owned business in Barbados. Investors must fulfil the legal registration or incorporation with the Corporate Affairs and Intellectual Property Office. A minimum two proposed company names must then be submitted as well as other information about the proposed company. The establishment of operating facilities, work permits and licenses will also take a number of weeks.
St Kitts & Nevis
Located in the Windward Islands of the Caribbean and being an independent member of the Commonwealth of Nations, the island benefits from a stable political and financial system. The economy has diversified away from sugar cane production and has seen stimulation in tourism, offshore financial services and export oriented manufacturing. Many fruitful opportunities are available amidst a flourishing commercial environment. Saint Kitts & Nevis also offer a citizenship by investment scheme which offers foreigners the chance to gain citizenship by making a donation to the Sustainable Growth Fund or an investment in Real Estate. St Kitts & Nevis offers a fast registration procedure and flexible structure with incorporation only needing a single shareholder and director who can be from any nationality.
The St Lucian Government provides generous incentives for foreign and local investment in St Lucia. The incorporation and registration of a company must be done through the Registrar of Companies and Intellectual Property. There is corporate tax at a standard rate of 30 percent but St Lucia offers many incentives for certain industries to encourage investment in approved products or sectors such as relief from customs duties.
As a foreign investor seeking to start a business in St Lucia you must:
- Obtain approval for the name of the business
- Prepare the incorporation documents
- Register with the commercial registry
As an external or foreign company seeking to establish a business in St Lucia, you must:
- Obtain approval for the name
- Submit the relevant documents
- Certificate of registration issued after fee of $3150 paid to the Registrar.
- Obtain a taxpayer identification number
- Register as an employer with the National Insurance Corporation
- All non-Caribbean Communities individuals and companies intending to conduct business in St Lucia and owning more than 49 percent of the company’s shares must have a trade license.
- Anyone from outside of the Organisation of Eastern Caribbean States wanting to conduct business or be gainfully employed must apply for a work permit.
Global Capital Hub can assist you in choosing the right location for the establishment of your business and guide you through each stage of the process, ensuring your visa application and business incorporation is fast and efficient.
Please get in touch for more information and our team will be happy to help.