How Caribbean Companies Can Do Business In The U.S.

Latest Caribbean And Latin America News from News America – The Black Immigrant Daily

News Americas, NEW YORK, NY, Fri. April 21, 2023: The U.S. economic relations with the Caribbean basin remain strong thanks to the Caribbean Basin Initiative (CBI), helping stable Caribbean Basin economies by providing duty-free access to the U.S. market. According to the U.S. Embassy in the region, bilateral investment and trade with Barbados total $1.6 trillion annually, making it one of the most significant global trade relations. 

A report from the Economic Commission for Latin America and the Caribbean on trade developments in the area shows the largest imports to the U.S from the Caribbean are minerals, metals, and by-products, making up 92% of their imports.

Trade Initiatives

The CBI was launched in 1983 with the Caribbean Basin Economic Recovery Act (CBERA). It expanded in 2000 through the U.S. Caribbean Basin Trade Partnership Act (CBTPA) and the Trade Act of 2002. CBERA has no set expiration date, but the CBTPA will expire in 2030.

Job-creating business developments are encouraged in the U.S. through the SelectUSA government program. The program has helped create and retain 166,000 U.S. jobs so far, facilitating over $146 billion in investments.

Doing Business in the US. From the Caribbean

The United States remains the largest trading partner in the Caribbean, and any foreign corporation can opt to do business in the U.S. However, even though a foreign company can establish a branch within the U.S., most prefer to form subsidiary companies for tax reasons.

Foreign Business Taxation

Furthermore, corporations in the U.S. are formed at the state level and must meet the specific corporate law requirements of the state in which they are incorporated. For example, Delaware and Nevada are two popular states for companies because of their business-friendly corporate laws. If a company incorporates there but sells its products in other states, it is subject to each state’s tax laws and must file tax returns in every state.

Caribbean companies can also form LLCs and partnerships in the U.S., both appealing options because they have more favorable taxations.

Affordable Business Registration

The U.S. has very affordable business registration and renewal fees compared to most countries. Changing a company structure according to business growth is also straightforward.

The paperwork required to register a company in any 52 states is minimal compared to most other counties. However, your company will require an operating agreement and a tax number called an Employer Identification Number (EIN). Businesses also have a few annual compliance requirements that differ according to the company structure.

Additionally, American businesses garner trust thanks to the county’s business-friendly reputation and ethics.

Opening a Business Checking Account

Any company in the U.S., even from the Caribbean, must open a business banking account. Some of the most popular are business checking, business saving, and money market accounts.

With a massive rate of banking products and several banking options, companies operating in the U.S. can also leverage the benefits of faster payment processing.

Even though traditional banks still require the business owner’s presence to open a business checking account, with online banks, the process involves submitting the paperwork online (the company’s certificate of formation, its EIN, physical address, article of organization, and your personal details).

Even though an EIN is not necessary for simpler business entities like sole proprietorships, if you have an LLC, partnership, or corporation in the U.S. will need one. This nine-digit number is issued by the Internal Revenue Service and is your business’s unique identifier number for tax and other purposes. With this number, your business appears more legitimate to vendors. It also makes applying for a business loan and business credit card easier.

Finally, another crucial purpose of a business banking account is to separate your business income from your personal income. In the U.S., as in many other countries, this provides personal liability protection and makes it easier to file taxes.

Final Take

It is effortless for Caribbean companies to do business in the U.S. thanks to their excellent trade relations and several agreements. The U.S. is also known for its business-friendly environment and huge consumer market. Whatever your industry, the requirements for doing business in the U.S are easy to achieve. Choose your state, organize your business registration, create its operating agreement, apply for an EIN, and open a business checking account and you are ready to trade.

St. Barts Estate Sells For Over $135 Million

Latest Caribbean And Latin America News from News America – The Black Immigrant Daily

News Americas, NEW YORK, NY, Fri. April 21, 2023: A sprawling estate in St. Barts has just sold for a record-breaking sum of approximately $136 million. The sale sets a new record for the Caribbean island, which has become increasingly popular among the world’s wealthiest individuals and celebrities.

The property, known as “Les Jardins de la Comtesse,” sits on over 7 acres of land and includes a 15,000-square-foot main house with six bedrooms, a swimming pool, and stunning ocean views. Additionally, the estate features a 2,000-square-foot guest house and a tennis court, among other luxurious amenities.

Les Jardins de la Comtesse

The sale comes amidst a booming real estate market in St. Barts, which has seen a surge of interest from international buyers over the past few years. The island’s idyllic location, stunning scenery, and favorable tax laws have made it a prime destination for those looking to invest in luxury real estate.

St. Barts has also become a hotspot for the rich and famous, with high-profile celebrities such as Jay-Z and Beyoncé, Leonardo DiCaprio, and Paul McCartney all reportedly owning homes on the island. The island’s small size, exclusivity, and reputation as a playground for the elite have only added to its allure.

Despite the pandemic, St. Barts’ real estate market has remained strong, with prices continuing to rise. The sale of Les Jardins de la Comtesse sets a new benchmark for luxury real estate in the Caribbean and highlights the increasing demand for high-end properties in this stunning region.

As more and more wealthy individuals look to invest in luxury real estate, the Caribbean continues to be an attractive option. Whether it’s the stunning scenery, favorable tax laws, or exclusivity of these islands, the allure of the Caribbean shows no signs of fading anytime soon.

Caribbean Travel News And Deals

Latest Caribbean And Latin America News from News America – The Black Immigrant Daily

News Americas, NEW YORK, NY, Fri. April 21, 2023: Here are the top Caribbean travel news and deals this week in 60 seconds.

Canada’s Prime Minister Justin Trudeau was on the defensive this week over costs associated with his family’s Christmas vacation in Jamaica from Dec. 26, 2022 to January 4, 2023. The winter holidays cost taxpayers at least CDN $162,000.

The US is warning nationals to exercise increased caution if travelling to the Dominican Republic due to crime. Violent crime, including armed robbery, homicide and sexual assault is a concern throughout the Dominican Republic, the US State Department says.

Still Punta Cana in the Dominican Republic remains on the Top Five interational destinations generating most traveller interest according to Expedia.

The UK’s Foreign, Commonwealth and Development office advises against all travel to Haiti.

The countdown is on to the 12th edition of Dominica’s Jazz ‘n Creole, set for April 30th at Fort Shirley, Cabrits National Park in Portsmouth.

Look out for Pendry Hotels & Resorts Barbados, coming in in 2026. The new openings will mark the first international outposts for the brand.

The SoCo House has opened its doors in Rodney Bay on St. Lucia. The all-inclusive, 76-room boutique, adults-only resort located on the site of the former Hotel Blu St. Lucia, underwent an 18-month renovation before debuting.

Air Antilles has expanded its network in the Eastern Caribbean, adding new service between Saint Lucia, Dominica and Guadeloupe, onward to St Martin’s Grand Case Airport.

And get in on the Sandals ‘Curaçao Calling’ sale now which gives guests their seventh night completely free when they book stays of seven nights or longer at Sandals Royal Curaçao by May 10, 2023.