Top Five Reasons to Company Incorporate in Barbados – a Country Full of Opportunities
Barbados, an island country in the Caribbean region of North America, is the 53rd most prosperous country in the world in terms of GDP. The state has a high standard of living and is classified as one of the top income economies of the world. Also, the government of Barbados is business-friendly and promotes the growth and development of investors. Therefore, it is ideal for people to Company Incorporate in Barbados.
At 3E Accounting, we assist you in every step you take and provide the right direction to your business layout. However, the first thing that comes to the mind of any investor is why they should company incorporate in Barbados?
The following reasons will answer your questions and clear your doubts:
The location of Barbados provides a trade advantage to businesses. The country’s total maritime area is 183,436 km square. The few neighbours of Barbados are Martinique and Saint Lucia to the northwest, Saint Vincent to the west, Trinidad, Tobago and Venezuela to the southwest, and Guyana.
The literacy rate of Barbados is almost 100%. The government also spends the right amount of their GDP on Education. This standard of education in Barbados has built a quality workforce that is trained, skilled and professional.
English is the official language of Barbados which we use all over the island country by the people. Thus, any new businessperson is saved from the hassle of learning a new language to communicate with people in Barbados.
The Standard of Living
Investors often choose Barbados because of its high standard of living, good healthcare, outstanding education system and affordable lifestyle. The island also has well-connected telecommunication services and transportation and modern infrastructure.
The government has a welcoming attitude towards investment by non-residents as it creates employment and encourages foreign direct investment in the country. The government also provides various incentives and has a formal taxation system for companies to promote economic growth.
Different Business Entities in Barbados – Things to Know to Company Incorporate in Barbados
Various business entities are operating in Barbados. You can choose one according to your requirements. The primary business structures are:
- Unincorporated business: The laws in Barbados allow a local or foreign firm, individual, or a company to carry business in Barbados by registering the business name. The registration requires the name of the market, place of the business and nature of the market.
- Limited Partnerships: Limited Partnership allows two or more persons to enter into a contract by registering under the Limited Partnership Act. The partners are referred to as General Partner; the one who pays off all the debts and obligations and binds the partnership and Limited Partner; who does not bind the partnership and cannot take part in management.
- Companies: Companies incorporated in Barbados require a license to operate. A company may be incorporated with one director, but a public company needs at least three directors. The director must not be under 18 years of age. Companies must have a registered office in Barbados and maintain all the records as prescribed by the law.
Contact Us to Get Help to Company Incorporate in Barbados
3E Accounting has years of experience in handling clients from different countries who are ready to register a new business in Barbados. We also have a team of proficient people in their respective fields to guide you with the procedure of Company Incorporate in Barbados. Therefore, contact us via email or call and our team will get back to you with the best possible solutions which will meet your requirements.