Barbados International Business
Registering a Barbados international business offers low tax rates combined with access to a large international tax treaty network in a reputable “white listed” jurisdiction. The island has been a leading international business hub for decades and has established itself as a top choice for businesses that wish to succeed in today’s international marketplace.
Low Tax Rates
Barbados international businesses qualify to receive attractive tax rates of just 2.5% down to 0.5% of taxable income. Dividends, capital gains and other income paid to non-residents are all exempt from taxation. These low tax rates allow companies to reduce their international tax burden, lowering the cost of capital for their worldwide operations and strengthening their competitive advantage.
Expansive Tax Treaty Network
Tax treaties are a very important component of all reputable offshore jurisdictions. Treaties provide a legislative framework that ensures the low tax rates for international businesses are recognized by partner countries and are in compliance with tax laws. Barbados tax treaties allow for tax information exchange and cooperation on tax enforcement issues between partner governments, fostering an approach based on transparency as opposed to secrecy.
Barbados has an expansive tax treaty network that includes 21 Double Taxation Agreements with a total of 30 countries with the multilateral CARICOM agreement covering 10 countries in the region.
The island’s responsible approach to building a tax treaty network has earned it a coveted spot on the OECD “white list” of approved offshore jurisdictions. International companies registered on the island are able to gain a competitive advantage over those that choose to operate from jurisdictions with a limited tax treaty network.
Further proof of the island’s strong regulatory approach to international business is its 2nd place ranking in the Americas on Transparency International’s Corruption Perception Index with only Canada surpassing Barbados as the least corrupt country in the hemisphere.
Variety of Company Structures Available
The variety of Barbados offshore company structures available allow the jurisdiction to serve numerous international client needs including wealth management, international banking, trust services, international insurance as well as international trade and commerce. The country’s advanced infrastructure and trained workforce has made it an appealing choice for the communications and information technology sector including call centers, medical transcription and health claims processing services. The island has over 4,000 international companies operating in a wide range of industries from software to pharmaceuticals.
Barbados International Business Management Services
Barbados has a highly skilled workforce that can serve all of the legal, administrative, management and accounting needs of the international business sector. International attorneys offer legal advice for setting up Barbados offshore companies, business managers provide Barbados international business management services to run the company and recognized auditors from the world’s leading firms ensure compliance.
Barbados international business managers are fully capable of providing first class “mind and management” services to offshore companies to help ensure their success.
Barbados is one of only a few independent offshore jurisdictions on the United Nations’ “Developed Country” list and ranks 3rd in the Americas on the U.N. Human Development Index after the U.S.A. and Canada.
Free education is available to all citizens from primary school to university. This approach has yielded a high number of qualified professionals in multiple disciplines.
First Class Infrastructure
International businesses benefit from the island’s first class infrastructure. This includes a modern telecommunications service, extensive road networks and an international airport with direct flights from major cities. In addition, the Barbados banking sector is home to leading international banks and there are no foreign exchange controls for international business transactions.
As a leading tourist destination, the island features a wide range of accommodations to suit every budget and taste from affordable hotel rooms to luxurious beachfront villas. Healthcare services are also impressive with highly qualified doctors and specialists available.
A Leading Jurisdiction
For decades, the Barbados international business sector has been regarded as a leader amongst offshore jurisdictions around the world. High standards, strong regulations and a large tax treaty network have earned the island a reputation for transparency and paved the way for its approval by the OECD’s member states.
International businesses that use the island as the hub of their worldwide operations stand to benefit immensely from its “brand name” and outstanding reputation in the offshore sector. These businesses are able to pay low taxes within an internationally recognized tax treaty structure and its accompanying legal framework. Using a “white listed” jurisdiction is important as it allows business owners to legally remit profits to their home country at a low tax rate, lowering their tax burden and reducing their cost of capital. This improves competitiveness and increases shareholder wealth.
Selecting the best offshore business structure has become especially important in today’s globalized economy and registering a Barbados international business will fit the bill.