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Steps to Setting Up an Offshore Company in Barbados
Registering a Barbados offshore company is generally a quick, affordable and simple process. The setting up process in Barbados is often done with the assistance of a Barbadian tax attorney to ensure that everything is completed correctly. Barbados is an easy place to do business and setup a company.
However, for the individual or company to benefit from the Barbados offshore company, it is important that the international network of companies beyond Barbados shores are setup correctly to meet tax requirements in various jurisdictions and to effectively minimize the collective international tax burden that the group of companies may face. There are important considerations to be taken into account, including the residency of the owners, the type of structure to be used, the countries with which business will be conducted, and more. Navigating the complex world of international trade and taxation is not an easy process and it is always advisable to seek professional assistance.
Speak to an International Tax Attorney in Your Home Country
The first step in your quest to register an offshore company in Barbados should be to seek the professional advice of a qualified international tax attorney in your home country. This will assist you in determining if the Barbados option is the right one for you. In addition, the tax attorney will ensure that the international structure both at home, in Barbados and elsewhere around the world is setup correctly to meet all tax requirements, laws and function effectively within the tax treaty networks in place.
Speak to a Barbadian Tax Attorney
If the tax attorney in your home country recommends that a Barbados company structure be used, then it is time to speak to a Barbadian attorney who can setup the recommended Barbadian structure. A Barbadian tax attorney can also provide corporate secretarial services for the Barbadian company.
Running the Barbadian Company
An important aspect of qualifying for the low tax benefits of the newly registered Barbadian company includes ensuring that mind and management is in place locally on the island. This can be done in variety of ways including hiring a management service company to oversee the Barbados operations on the owner’s behalf, hiring local staff or even relocating foreign staff to Barbados to provide the needed management.
Management service providers have become a popular choice on the island as these providers are run by highly qualified managers in the sector who have a team of staff in place to offer the professional services required. They can provide a wide range of services which include sales processing, banking, vendor payments, accounting and financial reporting. In addition, these service providers can provide office space, furniture and computer equipment to the business owners in order to limit the start-up costs and overheads associated with opening a new office.