The Business Enablers Barbados

Transcription

1 The Business Enablers Barbados Member of The Bank of East Asia Group

2 1 About Tricor 2 About Barbados 4 Barbados Financial Services Products 8 Introduction to Tricor Barbados 10 Service Offerings 12 Tricor Barbados Contacts 13 Tricor Offices

3 Tricor Group (Tricor), a member of The Bank of East Asia Group, is a global provider of integrated Business, Corporate and Investor Services. As a business enabler, Tricor provides outsourced expertise in corporate administration, compliance and business support functions that allows you to concentrate on what you do best - Building Business. About Tricor Tricor has built its reputation and professional expertise through the acquisition of certain practices from major international accounting and professional firms as well as through organic growth and development. Tricor offices are located in Hong Kong (Head Office), Barbados, British Virgin Islands, Brunei, Dubai UAE, India, Indonesia, Japan, Korea, Labuan, Macau, Mainland China, Malaysia, Singapore, Thailand, United Kingdom and Vietnam. We are experts in corporate structuring and advisory functions. Our professional specialists provide a comprehensive range of services including: Accounting; China Entry & Consulting; Company Formation, Corporate Governance & Company Secretarial; Executive Search & Human Resources Consulting; Initial Public Offerings & Share Registration; Fund, Payroll, Treasury & Trust Administration; and Management Consulting. Our client portfolio includes the majority of companies listed on the Hong Kong Stock Exchange, more than 580 companies listed in Singapore and Malaysia, over 35 per cent of the Fortune 500 companies, as well as a significant share of multinationals and private enterprises operating across international markets. Outsourcing corporate administration, compliance and business support functions to our specialists removes your company s administrative burden, saves high staff expenditure, provides in-depth knowledge of intricate rules and regulations, and delivers cost effective and efficient management of time-sensitive and confidential transactions. We use the very latest technologies and systems to deliver to you fast and efficient services, with processes and mechanisms tailor made to your needs. Working closely with our business partners, including international accounting and law firms, leading investment and private banks, and financial and tax advisers, we provide experienced consultancy and develop innovative business solutions, specifically for you. TRICOR CARIBBEAN LIMITED 1

4 About Barbados History The first English ship arrived in Barbados in Barbados remained a British colony until internal autonomy was granted in English law and traditions took hold so fast that soon the Island was called "Little England". In subsequent years, Barbados moved toward the formation of an independent society. With the emergence of the two-party system and a cabinet government during the 1950 s, Barbados was well prepared for independence, which was granted on November 30, Location Barbados, with its 166 square miles of land mass and a population of 280,950, is the most easterly of the Caribbean islands. By air, Barbados is just over three hours from Miami, four and a half hours from New York and eight hours from London. 2 TRICOR CARIBBEAN LIMITED

5 Political Climate Barbados has a British-based political system that was established in A member of the British Commonwealth, Barbados constitution is based on the British style of parliamentary democracy, with elections being held every five years. The Island has one of the oldest Westminster style Parliaments in the western hemisphere, which has been in existence for more than 365 years. Barbados has two houses of Parliament, a Senate and a House of Assembly. The Governor General, who represents the British Monarch, is the Head of State, while executive authority is vested in the Prime Minister and Cabinet, who are collectively responsible to Parliament. Barbados is renowned for its political and economic stability. The Business Environment Barbados is an independent English-speaking Commonwealth country with a dynamic economy. Barbados legal system is based on English Common Law as modified by statute. The Judiciary is independent of executive and legislative functions of Government. A recently formed regional Caribbean Court of Justice (CCJ) is the ultimate appellate court; the CCJ assumed their responsibilities from the Privy Council in the UK. Barbados is a mature and increasingly sophisticated international business and financial services domicile, offering the professionalism and high level of management necessary to sustain its development. The country has consistently placed highly in the United Nations Human Development Index, outranking all other nations in Latin America and the Caribbean in recent surveys, placing them third behind United States and Canada. The Government remains committed to its vision of developing Barbados into a country that provides high quality services to the International market and acts as a hub for the Caribbean and a convergence point for business facilitation in the Americas. The Island enjoys a reputation as a well regulated financial services jurisdiction, committed to the exchange of information through approved channels. It continues to develop as a sound financial centre and the Organization for Economic Co-operation and Development, the OECD, has determined that its regulations and tax and other bilateral treaties work effectively to provide adequate transparency and exchange of information to its trading partners. Barbados boasts an impressive network of double taxation and bilateral investment treaties. It currently has treaties with the following countries: Austria Finland Seychelles Botswana Malta Sweden Canada * Mauritius Switzerland CARICOM * Mexico UK China Netherlands USA Cuba Norway Venezuela These treaties provide several benefits, including reduced withholding tax rates and elimination of double taxation. A number of other treaties are currently at various stages of negotiation. * The Members of CARICOM are Antigua and Barbuda, the Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname and Trinidad and Tobago. Despite the challenges posed by the international environment, Barbados continues to thrive as a low tax international business and financial services centre. Since the enactment of the original International Business Companies Act, the country has continued to improve and expand its legislative framework to provide generous incentives, greater flexibility for investors and general conditions to facilitate legitimate international business activities. TRICOR CARIBBEAN LIMITED 3

6 The Government of Barbados has established a separate Ministry to facilitate the development and expansion of the international business sector. Several concessions have been granted to entities carrying on international business from Barbados. Following is a review of the main products available from Barbados, together with an overview of some of the available concessions: Barbados Financial Services Products International Business Companies Exempt Insurance Companies Qualifying Insurance Companies Separate Accounts and Segregated (Protected) Cells International Societies with Restricted Liability International Banks International Trusts Mutual Funds Ships Registration & Shipping Incentives 4 TRICOR CARIBBEAN LIMITED

7 International Business Companies Corporate tax on scale of 2.5% to 1% No capital gains tax and exemption from withholding tax Freedom from exchange control No minimum capital requirement Duty-free imports of materials for business Books and records may be kept in a foreign currency Exempt Insurance Companies Under the Exempt Insurance Act, 0% rate of tax on taxable income for the first 15 years, thereafter, assessed at a rate of 2% on the first US$125,000 of taxable income, then 0% in respect of all other taxable income in excess of US$125,000 Qualifying Insurance Companies A 1998 legislative enactment allows companies involved in international insurance to register under the domestic insurance legislation as Qualifying Insurance Companies (QICs). QICs are entitled to the following benefits: A low effective tax rate (generally 1.75% after deduction of a foreign currency earnings allowance) Exemption from withholding tax Exemption from exchange control Ownership by residents of Barbados Insurance of a certain amount of local risk Competitive cost structure Banking, custody and investment management Exemption from withholding taxes Exemption from exchange control Multiple GAAP accounting environment Back office operations TRICOR CARIBBEAN LIMITED 5

8 Separate Accounts and Segregated (Protected) Cells The legislation is applicable to companies carrying on financial services activity, including insurance, banking and mutual funds. The legislation offers the following benefits: It provides for a corporate vehicle that can be used for the pooling of assets and businesses of several different investors into a single legal entity Risks and rewards relating to each business may be kept separately A company that has established separate accounts may invest and deal with the assets in each separate account in accordance with the terms of the relevant contract. Separate books of records are kept for each separate account Insurance businesses whose Articles of Incorporation so permit may establish one or more separate accounts in respect of a Contract Liability International Societies with Restricted Liability International Banks Rate of tax on bank profits on sliding scale of 2.5% to 1% No other direct or capital gains tax on profits or gains No taxation on a licensee, its shareholders or transferees on the transfer of assets or securities No taxation on distribution to a non-resident or another licensee No estate, inheritance or similar tax on any shares, securities or assets of a licence owned by a nonresident Exemption from tax on trusts established by or managed for non-residents Certain exchange control exemptions for securities, assets, funds, dividends and interest generated and managed by a licensee Duty-free entry for equipment and raw materials imported for use in the business Corporate tax on scale of 2.5% to 1% No capital gains tax and exemption from withholding tax Freedom from exchange control No minimum capital requirement Duty-free import of materials for business Duration of existence limited Disregarded entity for US purposes 6 TRICOR CARIBBEAN LIMITED

9 International Trusts To qualify as an international trust, the trust deed must state that the International Trust Act, 1995 applies. Trust period up to 100 years At least one trustee resident in Barbados Trust permitted for non-charitable purposes provided such purpose is specific, reasonable and capable of fulfillment Fraudulent disposition provisions protecting the rights of existing creditors and certain deferred future creditors Exemption from Barbados taxation and exchange controls Barbados incorporated International Business Companies and International Banks permitted to be beneficiaries Conduct of commercial ventures permitted Fixed or discretionary interest Mutual Funds Authorized Mutual Fund operators require a license to operate in Barbados and must have a registered office in Barbados The Securities Commission is responsible for the registration of both domestic and international Mutual Funds Exempt or foreign Mutual Funds can conduct business in Barbados provided that they are registered with the Stock Exchange of Barbados and have paid annual registration fees Ships Registration & Shipping Incentives The Shipping Act and the Shipping Incentives Act combine to allow for registration of ships under the Barbados flag, and to provide for their management and maintenance including ship building. The importance of safety is recognized throughout the Act, which incorporates all the major maritime conventions. The Shipping Act allows registration of various vessels, and is utilized by ships engaged in foreigngoing trade which is defined as: i) trade to and from but not within the states of the Caribbean Community; and ii) trade between ports outside the Caribbean Community. Such ships must be of at least 500 gross register tonnes The Minister of International Transport may by order declare a company an approved shipping company with tax concessions for 10 years Dividends paid to residents are free of tax and when paid to non-residents are free of tax in excess of the rate paid in their country of residence Importation of ships free of duty with the Minister s consent, including equipment used in the business, is provided for Please contact Tricor Caribbean for additional information on any of the products mentioned above. TRICOR CARIBBEAN LIMITED 7

10 Introduction to Tricor Barbados The Barbados location of the Tricor Group offers a range of corporate and business administration services to enable you to focus on building your business. Our team of qualified professionals provides value-added expertise in a range of business areas, including company formation and licensing, company maintenance, company secretarial, registered agent and registered office services, accounting, bookkeeping, data processing, payroll and treasury services. Our multi-disciplined team of very experienced professionals are supported by modern technology and systems, delivering high-quality, fast and efficient services to meet your specific needs. We work very closely with our business partners including major international accounting firms, financial, tax and legal advisors, to implement and manage solutions for our clients. Through its network of strategic alliances in the Caribbean, Tricor s team in Barbados has experience in providing multi-jurisdictional coordination services. We work with professionals in each jurisdiction to efficiently coordinate, execute and manage structures. Our client portfolio includes Fortune 500 subsidiaries, a large number of multinationals using Barbados for their international investment needs as well as a blend of Caribbean private enterprises operating in the Caribbean region. 8 TRICOR CARIBBEAN LIMITED

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12 Tricor Barbados offers efficient, effective and professional advisory and support services. Our expert team services all types of legal entities for both international and domestic clients, providing corporate solutions for organizational and operational efficiency. Service Offerings Business Services Corporate Services Coordination Services 10 TRICOR CARIBBEAN LIMITED

13 Tricor Barbados provides you with advice on the opportunities available in the international business and fi nancial services sector. With our in-depth knowledge pertaining to legislative and regulatory matters, we can help with the formation of new entities including domestic and international vehicles such as the following: International Business Companies International Banks Exempt and Qualifying Insurance Companies International Societies with Restricted Liability Domestic Companies and Societies Branches of Foreign Companies Mutual Funds We also provide an extensive range of corporate secretarial and administrative services that ensure statutory compliance with Caribbean corporate and other relevant enabling legislation. Our team of professionals provides the following services: Business Services: Accounting Data Processing Invoicing Maintaining general ledger and other accounting records Preparing financial statements and other specialized reports Payroll and Treasury services Management of bank accounts and facilitation of banking transactions Corporate Services: Incorporation/registration, licensing and organization of all types of corporate entities Corporate restructuring, including amalgamations and share reorganizations Corporate Migrations/Continuances Provision of corporate directorship services Provision of a corporation as named secretary Provision of registered office and registered agent services Preparation for and attendance at directors and shareholders meetings Preparation of minutes Maintenance of statutory records Voluntary dissolution and winding up Performance of corporate due diligence reviews Applications for certain permissions and registration of foreign funds with the Central Bank Establishment of bank accounts Business office and address Coordination Services: Multi-jurisdictional coordination of services from set up to dissolution or migration of different types of entity Coordinated Tricor services and activities to effectively manage affairs and execute transactions Facilitation and coordination of all services to corporations including the provision of other professional advisors TRICOR CARIBBEAN LIMITED 11

14 Tricor Barbados Contacts Tricor Caribbean Limited Caribbean Corporate Services Ltd Worthing Corporate Centre Worthing Christ Church BB15008 P O Box 169W Barbados W I T: (246) F: (246) E: info@bb.tricorglobal.com W: Jennifer Smith Managing Director E: jennifer.smith@bb.tricorglobal.com T: (246) Clennell Jackman Senior Manager, Corporate Services E: clennell.jackman@bb.tricorglobal.com T: (246) Connie Smith Managing Director E: connie.smith@bb.tricorglobal.com T: (246) Richard Pile Manager, Business Services E: richard.pile@bb.tricorglobal.com T: (246) TRICOR CARIBBEAN LIMITED

15 Tricor Offices HONG KONG (TRICOR GROUP HEAD OFFICE) Tricor Services Limited Tel: (852) Fax: (852) BRITISH VIRGIN ISLANDS Tortola Tricor Services (BVI) limited Tel: (284) Fax: (284) BRUNEI Tricor (B) Sdn Bhd Tel: (673) / 1 / 2 Fax: (673) info@bn.tricorglobal.com DUBAI UAE Tricor Praesidium Limited Tel: (971) Fax: (971) info@ae.tricorglobal.com INDIA Pune SKP Tricor Corporate Services Pvt Ltd (Corporate Office) Tel: (91) Fax: (91) skpt.info@skptricor.com Chennai SKP Tricor Corporate Services Pvt Ltd Tel: (91) Fax: (91) skpt.info@skptricor.com Hyderabad SKP Tricor Corporate Services Pvt Ltd Tel: (91) / skpt.info@skptricor.com Mumbai SKP Tricor Corporate Services Pvt Ltd Tel: (91) Fax: (91) skpt.info@skptricor.com New Delhi SKP Tricor Corporate Services Pvt Ltd Tel: (91) Fax: (91) skpt.info@skptricor.com INDONESIA Jakarta PT Amalgamated Tricor Tel: (62) Fax: (62) info@id.tricorglobal.com JAPAN Tokyo Tricor K.K. Tel: (81) Fax: (81) info@jp.tricorglobal.com KOREA Seoul International Outsourcing Inc. Tel: (82) Fax: (82) info@ioikorea.com LABUAN Tricor Trustco (Labuan) Ltd Tel: (60) / / Fax: (60) / MACAU Tricor Services (Macau) Limited Tel: (853) Fax: (853) tricor@macau.ctm.net MAINLAND CHINA Beijing TRICOR Consultancy (Beijing) Limited Tel: (86) Fax: (86) info@cn.tricorglobal.com Shanghai TRICOR Consultancy (Beijing) Limited - Shanghai Branch Tel: (86) Fax: (86) info@cn.tricorglobal.com Shenzhen TRICOR Consultancy (Beijing) Limited - Shenzhen Branch Tel: (86) Fax: (86) info@cn.tricorglobal.com MALAYSIA Kuala Lumpur Tricor Services (Malaysia) Sdn Bhd (Corporate Office) Tel: (60) Fax: (60) Ipoh Tricor Corporate Services Sdn Bhd Tricor Investor Services Sdn Bhd Tel: (60) Fax: (60) Johor Bahru Tricor Corporate Services Sdn Bhd Tricor Investor Services Sdn Bhd Tel: (60) Fax: (60) Kota Kinabalu Tel: (60) / Fax: (60) Kuching Tel: (60) Fax: (60) Melaka Tricor Corporate Services Sdn Bhd Tel: (60) Fax: (60) Penang Tricor Corporate Services Sdn Bhd Tel: (60) Fax: (60) Seremban Tricor Corporate Services Sdn Bhd Tel: (60) Fax: (60) SINGAPORE Tricor Singapore Pte Ltd Tel: (65) Fax: (65) info@sg.tricorglobal.com THAILAND Bangkok Tricor Outsourcing (Thailand) Limited Tricor Executive Recruitment Limited Tel: (66) Fax: (66) / info@th.tricorglobal.com UNITED KINGDOM London Tricor Services Europe LLP Tel: (44) Fax: (44) info@uk.tricorglobal.com VIETNAM Ho Chi Minh City Tricor Vietnam Company Limited Tel: (84) Fax: (84) info@vn.tricorglobal.com TRICOR CARIBBEAN LIMITED 13

16 The Business Enabler of Choice Member of The Bank of East Asia Group Copyright 2014 Tricor Services Limited. All rights reserved.