Starting a business in the Caribbean, why not?

Are you thinking of starting a business in the Caribbean? If you are looking for jurisdictions that offer many tax incentives for offshore businesses, then you've come to the right place, because it is very easy to find a “tax haven” to do business in the Caribbean.

The Caribbean is not only a beautiful destination with nice beaches and easy living, it is also a world-renowned destination for setting up offshore companies. Let’s find out more about its features and what are the best businesses to start in the Caribbean in this article.

A nice landscape of Saint Kitts island in Caribbean

1. Which jurisdictions are good for doing business in the Caribbean?

Nowadays, the Caribbean is brimming with prospects and possible business ventures. Before we get started on startup ideas and local practices, we can take a look at some famous jurisdictions for starting a business in the Caribbean.

Saint Kitts and Nevis

Saint Kitts and Nevis, a twin island country nestled snugly in the heart of the Caribbean, is recognized across the globe for its beautiful highlands and stunning beaches. The islands now have one of the most well-known and respectable economic citizenship schemes in the world. Saint Kitts and Nevis have a long history of assisting new firms and investors, making it one of the top jurisdictions on your list to do business in the Caribbean.

Belize

When starting a business in the Caribbean, Belize can be a promising option due to the country's abundance of untapped potential. The Government trade promotion organizations like Beltraide are doing a good job of giving information and guidance to potential investors, as well as attempting to simplify the start-up of new businesses. In addition, if you choose One IBC as your business partner, we will provide you with the maximum support while running your business in Belize.

Saint Vincent & the Grenadines

Tourism, construction, remittances, agriculture and the offshore sector play a major role in the economy of Saint Vincent and the Grenadines (SVG) . Many policies for promoting the ease of doing business in SVG are set forth, including an effective and flexible legal system that protects personal assets of foreign investors as well as macroeconomic stability. The business climate would be improved to facilitate trade and foreign investment.

The Bahamas

The Bahamas' most appealing feature to businesses and investors is its business-friendly environment. The International Business Companies Act of 1990, which simplified the procedure and reduced the cost of formation and governance, made the country a preferred international investment destination. Other business-friendly features include a 0% corporate income tax rate and no yearly filing or auditing procedures. This is the reason why the Bahamas is a favorable jurisdiction for doing business in the Caribbean.

A small business in the Caribbean

2. What is the best business to start in the Caribbean?

Though this could be affected by many factors like your interest, resources and should be decided after conducting diligent market research, we have compiled a list of best businesses to start in the Caribbean.

Financial services

Developing the financial sector is the key for economic growth, poverty reduction, equality enhancement, and promoting social achievements. In recent years, Caribbean countries have policies or reforms that can help to accelerate financial deepening and facilitate access from foreign capital.

Foreign investors can consider doing business in the Caribbean by forming ventures specializing in money remittance, digital banking, foreign exchange services, insurance & reinsurance, etc.

Hospitality businesses

Restaurants, hotels, amusement parks, events, cruises, entertainment, and other tourism-related services are all part of the hospitality business. The Caribbean is an excellent location with many nice turquoise beaches, so the hospitality industry is no doubt the best business to start in the Caribbean you may think of.

Below is a few ideas which are highly recommended for you:

• Travel / Vacation
• Parties & Events
• Restaurant & Hotel
• Food & Drink
• Gift shop
• Boating company, cruises
• Beauty salon, spa.

The Caribbean has long been a sought-after and highly regarded holiday destination. It has everything, from romantic resorts to friendly services to simply enjoying some entertainment and relaxation.

Online / Digital Businesses

Today, we live in a digital era when almost any business may be run remotely over the Internet. Operating your offshore company while experiencing wonderful weather and sandy beaches of the Caribbean is not a bad idea at all. The opportunities of starting a business in the Caribbean in this sector are endless, ranging from eCommerce companies to marketing agencies, investment businesses, cybersecurity, software and a wide spectrum of commercial services.

Fulfilling your business dream in the Caribbean with One IBC

3. What to notice before running a business in the Caribbean?

The Caribbean is a group of island nations, each has its own rules and regulations. Thus, deciding which country to do business in the Caribbean required you to conduct a deligent research beforehand. You may want to seek advice from a professional like One IBC to assist you during the whole process.

One good news is the costs of starting a business in the Caribbean are affordable for most investors. People can open a small business in the region with the financial budget as low as US$ 1000. For foreign investors, the benefits of opening an offshore company can be considered as “the pros outweigh the cons” because they can minimize the tax flows and maximize the profits.

Depending on each nation, the fees and costs are subject to change due to the distinct character and processes. But no worries, One IBC always gives your advice about governing laws, and helps on the proper processes so that your ventures can be set up and operated smoothly. In conclusion, doing business in the Caribbean can be very rewarding if you have the right planning and preparation.