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.

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Black Immigrant Daily News

News Americas, HAMILTON, Bermuda, Thurs. April 20, 2023: U.S.-based cryptocurrency exchange Coinbase has secured a license from the Bermuda Monetary Authority to offer digital asset services in the country, according to a statement.

The licence, which was granted under the Digital Asset Business Act of 2018, enables Coinbase to provide trading, custody, and settlement services for cryptocurrencies, such as Bitcoin and Ethereum, to customers in Bermuda.

Coinbase’s move to obtain a licence in Bermuda comes as the country continues to position itself as a hub for the digital asset industry. Bermuda has been actively seeking to attract blockchain and cryptocurrency companies by creating a supportive regulatory environment and offering tax incentives.

Commenting on the licence, Coinbase CEO Brian Armstrong said, “We are excited to receive this licence from the Bermuda Monetary Authority, which will allow us to expand our presence in the Caribbean and offer our services to customers in this important market.”

The news of Coinbase’s Bermuda licence follows a recent announcement that the company has also obtained regulatory approval to offer crypto custodial services in Germany.

Coinbase is one of the largest cryptocurrency exchanges in the world, with over 56 million registered users and a market capitalization of over $68 billion, according to CoinMarketCap data. The company’s stock is listed on the Nasdaq exchange and has seen significant growth in recent years as interest in cryptocurrencies has surged.

As the cryptocurrency industry continues to mature and evolve, more companies are seeking to obtain regulatory approval and expand their operations in new markets. With its supportive regulatory environment and favorable tax policies, Bermuda is likely to continue to attract cryptocurrency companies looking to establish a foothold in the Caribbean region.

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Black Immigrant Daily News

News Americas, NEW YORK, NY, Weds. April 19, 2023: Tesla’s innovative Solar Roof technology has made its debut in the Caribbean. The Solar Roof tiles were installed on a home in the beautiful island of Jamaica, making it the first Solar Roof installation in the Caribbean.

The Solar Roof tiles, which are designed to look like traditional roof tiles but also generate electricity from the sun, have been hailed as a game-changer in the world of sustainable energy. The tiles are made from tempered glass and are incredibly durable, making them suitable for use in areas with harsh weather conditions, including the Caribbean.

The installation in Jamaica was carried out by local company Solar Buzz Jamaica, which has partnered with Tesla to bring the Solar Roof tiles to the Caribbean market.

“We are proud to bring Tesla’s innovative Solar Roof technology to the Caribbean,” said Jason Robinson, Solar Buzz Jamaica’s CEO. “The Solar Roof tiles are an elegant and practical solution for homeowners who want to generate their own electricity while also adding value to their home.”

The Solar Roof tiles generate electricity from the sun, which can be used to power a home or stored in a battery for use during periods of low sunlight. This makes the tiles a perfect fit for the Caribbean, where there is abundant sunshine and a growing interest in sustainable energy solutions.

“The installation of Tesla’s Solar Roof tiles in the Caribbean is a significant milestone in the company’s push to create a sustainable energy future,” said Robinson. “With growing interest in sustainable energy solutions in the region, we are excited to bring this technology to homeowners in the Caribbean.”

The Solar Roof tiles are expected to be a popular choice for homeowners in the Caribbean, where energy costs are high and there is a need for more sustainable energy solutions. The Solar Roof tiles offer a practical and elegant solution that can help homeowners reduce their energy costs while also reducing their carbon footprint.

With the successful installation of the Solar Roof tiles in Jamaica, Tesla and its partners are poised to bring the benefits of sustainable energy to the rest of the Caribbean, helping to create a more sustainable future for the region.

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Black Immigrant Daily News

News Americas, GEORGETOWN, Guyana, Tues. April 18, 2023: Bourbon Guyana, a subsidiary of Bourbon Corporation, has become the first offshore support vessel operator in Guyana. The company will provide a range of offshore support services to oil and gas operators working in the country’s waters.

The move comes as the offshore oil and gas industry in Guyana continues to grow rapidly. ExxonMobil, one of the largest players in the sector, has discovered more than 9 billion barrels of oil equivalent in the country’s waters since 2015.

Bourbon Guyana’s fleet of modern vessels includes supply boats, fast crew boats, and anchor handling tug supply vessels. These vessels are designed to meet the specific needs of the offshore oil and gas industry and are equipped with the latest technology and safety features.

The company’s services will include transportation of personnel and equipment to and from offshore installations, towing and mooring of drilling rigs and other equipment, and supply of goods and materials to offshore facilities. Bourbon Guyana will also provide a range of other services such as firefighting, rescue and recovery, and pollution control.

Bourbon Guyana is committed to providing high-quality services that meet the needs of its clients while also ensuring the safety of its employees and the protection of the environment. The company’s vessels are operated by highly trained and experienced crews who are equipped with the latest safety equipment and technology.

Bourbon Corporation has a strong track record of providing offshore support services to the oil and gas industry around the world. The company has a presence in more than 45 countries and operates a fleet of more than 450 vessels.

The launch of Bourbon Guyana is expected to boost the country’s offshore oil and gas sector and create new job opportunities for local residents. The company is committed to working closely with local communities and stakeholders to ensure that its operations have a positive impact on the local economy and environment.

As the offshore oil and gas industry in Guyana continues to grow, Bourbon Guyana is well positioned to play a key role in supporting the sector and helping to unlock the country’s potential as a major player in the global energy market.

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