Barbados – Canada Offshore Business Paradise

Barbados and Canada have a very strong international business relationship with the island acting as Canada’s offshore business hub. The strong relationship between the two countries goes back to British colonial times and has flourished into an important partnership for both countries.

Barbados – Canada Relationship Facts

??? Canada provides the largest source of Foreign Direct Investment to the Barbadian economy??? Barbados is the third largest recipient of Canadian international investment after the U.S.A. and the U.K.??? Canadians represent 75% of the international financial community in Barbados??? Canadian banks with a strong presence in Barbados include RBC Royal Bank, Scotiabank and CIBC FirstCaribbean Bank.

Barbados – Canada Tax Treaty Benefits

The Barbados – Canada tax treaty has been in place for over three decades and plays a key role in facilitating the close international business relationship between the two countries. The treaty means that Canadian companies registered in Barbados may legally benefit from the many advantages granted to international businesses registered on the island.

The treaty offers the following benefits to Canadian companies registered in Barbados:

??? A low tax rate of 2.5% down to 1% on taxable profits??? Capital gains are tax exempt??? No withholding taxes on royalties, dividends, interest or management fees for non-residents??? No exchange controls on foreign currency transactions??? Exempt from import duties and taxes on machinery, materials, plant and equipment??? No capital requirements

Additional advantages offered by Barbados as an international business hub include:

??? Highly educated workforce available to provide management, accounting and legal services??? Well developed infrastructure including extensive road network, international airport and high quality telecommunication services??? Many taxation treaties worldwide allow businesses to benefit from the treaty network??? Long-term political and economic stability??? Low cost to register and run an international business

Offshore Business Qualification Requirements

For Canadian companies to take advantage of the great benefits offered by registering an offshore business in Barbados, the new business must meet the following requirements to satisfy Barbadian regulations and those of the Canada Revenue Agency:

??? Mind and management must be located in Barbados??? Registered as an International Business Company??? The majority of the Board of Directors should be non-residents of Canada??? Annual board meetings in Barbados??? May trade worldwide, but restricted from selling goods in Barbados and Canada??? Employees must be located in Barbados, not in Canada??? Annual audit required for a company with more than US $500,000 in revenues or assets

Low Costs, Great Value!

The costs involved in setting up offshore in Barbados are relatively low. The cost of incorporation, legal advice and registration fees total between US $2,500 and US $5,000.

The annual costs to run the business, pay license fees and have an audit done if necessary can total as little as US $20,000.

This is fantastic value for businesses looking to expand internationally. Choosing Barbados means that Canadian businesses can legally reduce their international tax burden in a safe, well-regulated business environment.

This great combination of factors is the reason that Barbados is the top Caribbean offshore destination for Canadian international business and foreign direct investment.

Trade Services For A Better Global Business Environment

The globalized business environment has paved way for trading at the global level. Global trade is crucial, complex and requires a deep understanding of the various documentations, regulations, currencies and business dynamics. Corporate sectors are also faced by the challenges of ever-changing business demands by maintaining a safe delivery system and a strong supply chain network. Trade by its Wikipedia definition refers to the transfer of ownership of goods or services from one person or entity to another through a network or market and exists due to the specialization and division of labor.

The components of the globalized business environment are connected through the trade services. For the organizations involved in global trade, the supply chain facilitates the smooth flow of goods and the finance institutions provide for the liquidity. Technological innovation having touched every industrial sector from manufacturing, production, sales and marketing, to electronics and communication, the construction industry is not left behind either. With an amalgamation of various activities, from bidding and estimating to manufacturing and production of raw materials for construction, procurement of electrical supplies and plumbing products trade services in this industry very complex.

Outsourcing such global trade service to leaders in the market, the corporate sectors get a client specific and industry specific solution. As with the case of the construction industry, which requires a number of electrical supplies or the electrical industry in itself, technological innovations have led to the development of Internet based software solution for job submittals. This construction submittal software allows makes it feasible for the electrical contractors to create job submittals for the project undertaken and send it across to the concerned authorities such as project owners, architects or engineers. This software with a focus on the electrical market helps the electrical distributors to save time and effort to locate details of job specific components from custom pages or websites.

Based on the feedback from the market place, this application software is the electrical contractors tool. The organizations offering these trade services leverages on it extensive library, manufacturer catalog pages and other user friendly interfaces which helps to create an online, start-to-finish, professional job submittal. Besides being web-based this submittal software can be utilized from any location with an Internet connection.

Take Technology Audit Services to Make Your Business Efficient

The business sector is facing stiff competition not only on the local but also on the global platform. They need to make their IT infrastructure strong to facilitate better collaboration, store confidential information securely as well as spread transparency within the organization.

To cope up with the competition, there are different types of software that are used to streamline the business operations. With the passage of time, the changing business environment requires software upgrades for proper functioning. However, it becomes difficult to find out the areas that are outdated without any expert’s help. Therefore, IT auditing is essential to track down the areas that need changes from time-to-time.

There are many benefits associated with taking technology audit/IT audit services. Some of the benefits are as under:

1. Reduces Risk: By taking IT audit services, it will be easy to trace out the risks or threats in advance through proper control management. It helps in planning out the operations that can be carried out to eliminate the threats and vulnerability issues related to the IT operations of an organization.

2. Security Enhancement: The risk assessment helps to identify the areas that are ineffective for the organization. It can be either redesigned or strengthened to make the IT system effective and efficient.

3. Better Collaboration: It is important to have better IT infrastructure that creates proper communication channel between management and technology. The technology audit services provide valuable information about the business goals. It acts as a reality check of the IT system to identify the difference between reality and actual practice.

4. Minimize Operation Costs: Once the risk areas are eliminated and the business operations are in order, there will be reduction in the cost of business operations. The amount saved can be used for other business purposes for business growth.

If you have understood the reasons behind tech-check, you can also get it done by getting in touch with an IT consulting firm. The IT consultants will help you to assess your IT health and will help you to strengthen with appropriate strategic planning. With proper planning, you will be able to take better business decisions that will enable you to have scalable IT solutions to respond to the ever-changing business environment.

Therefore, it is essential to go for technology auditing services to resolve your IT issues before business expansion. Choose an IT auditing firm today to get your IT health check started.