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Why move your company abroad? Corporate in the Caribbean
Mundo readers know that we've published many articles about getting a second passport. Moving to a new country can be scary but also exciting, fun, and challenging. We support freedom in all its aspects, and this includes the ability to run your finances as you please. Relocation into a new environment away from Big Brother’s influence is a smart move, especially in a post-COVID world.
On many occasions, we have promoted jurisdictions like Vanuatu, Panama, Malta, Nevis, and Cyprus. These are small nations with big ambitions and innovative points of view that invite investors from all over the world to try new horizons.
But what about a person's business? Naturally, if you have a big family, you're going to want to take them with you, especially if you’re close to them. In that case, you may want to choose a jurisdiction like Grenada that allows you to add siblings to your CBI application. On the other hand, if you want to get citizenship for the smallest investment possible, you may go to Antigua. If you want to enter the European Union, then Cyprus may be the right option. We could go on like this forever, but we shouldn't forget that a person's life involves his or her personal interests as well. Company relocation thus becomes an important factor to consider.
Move your company abroad so that it also can benefit from a freer structure, in the same way that you can enjoy a better environment.
Relocation of company: what is it?
When you move your company abroad you take your business operations to a different jurisdiction. Simply put, it’s about creating a new company in a different country.
Every international business is subject to several regulations that will depend on where you run your business, where is your tax residency, where is your company's tax residency, local incentives, etcetera. When you start a business you choose a certain jurisdiction, but as you grow your business grows with you and its needs will probably change. This may mean that it's time for company relocation. In this new land, the business conditions may be more favorable, taxes can be lower, and management more flexible.
This is why the relocation business is so important: it provides an opportunity to start from scratch. Although the process may be complicated, the long-term benefits can be huge.
Corporate in the Caribbean
Countries like Nevis, Antigua and Barbuda, and St. Lucia have excellent IBC structures. An international business corporation is a special entity that usually has tax incentives and can perform a variety of activities, however, not as many as the onshore companies. IBC and offshore companies are usually used as synonyms but there's a vital difference.
The term offshore refers to a company that operates in a location different than the one where it conducts business. However, an IBC is a particular structure like an LLC, partnership, sole proprietorship, etcetera.
The advantages of a company in the Caribbean are huge with the most powerful structures being the LLC and the IBC. In Antigua and Barbuda, for example, corporate services have been present since 1982 when the first business act was created.
Relocation business: advantages of a company in the Caribbean
Companies in the Caribbean have better tax rates than others and lots of incentives. Although these parameters may change according to the regulations and the country in question, here are some general benefits that you will find:
- Absence of income tax
- Absence of capital gain tax
- No sales tax
In Antigua and Barbuda, for example, an IBC in the Caribbean doesn't have to pay corporate tax for 50 years and is not required to file returns during that time.
Besides, an IBC in the Caribbean can access extra perks like applying for special benefits. These will entirely depend on the type of company and activities. For instance, manufacturers of certain products can get tax credits and holidays thanks to a special ordinance.
Do you want your life to be simpler? Move your company to the Caribbean! Due to substance requirements, you probably have to hire local staff, but since we're talking about small countries, the costs of living are lower and so are salaries. This will allow you a nice competitive edge when compared to local companies as you can afford to hire qualified staff and attract talent. Still, your budget will not suffer much.
Managing an IBC in the Caribbean is much easier than in other jurisdictions. Incorporation is straightforward as well, taking only 24 hours to have your structure ready to operate. When it comes to personnel, you can have only one director who doesn't have to live in Antigua and Barbuda. One shareholder is enough and shareholders’ names do not appear in public records. To sum up, you can open a Caribbean company and manage it with only one person.
Business relocation: company in the Caribbean
We will take Antigua and Barbuda as an example of the process.
To move your company to the Caribbean you need to follow these steps:
- Incorporate your structure through a local agent, which will be provided by Mundo.
- Your agent will submit a request for your company name. When choosing it, keep in mind that it must reflect your company's purpose.
- Submit the following documents: approved name, registered agent and office, authorized amount of shares, directors, and signatures from 2 incorporators. One of them must be a certified attorney in this jurisdiction.
- Apply for an international business charter.
Once you decide to move your company abroad and establish an IBC in the Caribbean, there are some things to consider. If your business deals with insurance, trusts, or banking activities, you'll need a special license.
When it comes to your company's name, you have to be aware of the names that aren't allowed. For example, you cannot give your company the name of a real person unless you have written consent.
Following Antigua and Barbuda as our example, an IBC has certain limitations regarding activities. If you establish a Caribbean company under the IBC structure you can only run international businesses outside of Antigua and Barbuda.
Disclaimer: the information written in this article is mainly informative and it intends to show certain trends of incorporation the Caribbean. However, for precise information about your chosen jurisdiction, contact our team.
Company relocation: why open an IBC in the Caribbean with Mundo
If we can draw a conclusion from this article, it's definitely about simplicity. If you want to move your company abroad, the Caribbean has plenty of options and they all entail tax incentives and simplification of processes.
Moreover, the Mundo team helps you choose the right jurisdiction for you which can be Nevis, St. Lucia, or Granada. We can combine these services with options all around the world in jurisdictions like Vanuatu, Malta, Panama, The US, Turkey, and many more.
A Nevis trust, for example, can be a great vehicle to hold your earnings from cryptocurrency, which can be generated in crypto-friendly countries like Estonia or Lithuania. You can also establish a US LLC owned by a Nevis trust, thus enhancing the protective nature of both structures.
The possibilities are limitless: all you have to do is decide that you want freedom in your future. Mundo helps you with everything else. Contact us now!
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