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, 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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Black Immigrant Daily News

News Americas, SANTO DOMINGO, DR, Mon. April 17, 2023: The European Union (EU) has announced a new investment of €13 million in the Dominican Republic, in an effort to support the country’s economic and social development.

The investment will be focused on promoting sustainable agriculture and rural development, with the aim of improving the livelihoods of farmers and their families in the country. It will also help to strengthen the Dominican Republic’s position as a leading exporter of agricultural products to the EU market.

The investment was announced by Jutta Urpilainen, the EU Commissioner for International Partnerships, during a visit to the Dominican Republic. Urpilainen praised the country’s efforts to promote sustainable development, and emphasized the EU’s commitment to supporting its progress.

“By investing in sustainable agriculture and rural development in the Dominican Republic, we are not only supporting the livelihoods of farmers and their families, but also contributing to the country’s overall economic growth and social development,” Urpilainen said.

The investment will be implemented through the EU’s Agricultural Competitiveness Program, which aims to promote sustainable agriculture and rural development in countries across Latin America and the Caribbean.

The program has already supported a number of initiatives in the Dominican Republic, including the establishment of a national system for traceability and certification of organic products, and the promotion of sustainable production practices in cocoa farming.

The announcement of this new investment comes as the Dominican Republic continues to recover from the economic impact of the COVID-19 pandemic. The EU’s support will provide a much-needed boost to the country’s agriculture sector, which has been hard-hit by the crisis.

Overall, the EU’s investment in sustainable agriculture and rural development in the Dominican Republic is a positive step forward for the country’s economic and social development, and highlights the importance of international partnerships in promoting sustainable growth and progress.

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Black Immigrant Daily News

News Americas, NEW YORK, NY, Thurs. April 13, 2023: Attention Caribbean New Yorkers and Black immigrants! The Empire State Development (ESD) has opened the application window for the fifth round of the Grow-NY food and agriculture competition.

This competition, which is funded through the Upstate Revitalization Initiatives, aims to revitalize communities and grow the economy by connecting innovators and investors in the food, beverage, and agriculture sectors globally.

This is a fantastic opportunity for global food and agriculture startups to win up to $1 million and receive business development support that connects them with the region’s resources. Winners are required to operate in at least one of the 22 Grow-NY counties for at least 12 months and agree to a “pay-it-forward” provision in the form of an equity agreement.

If you’re interested, don’t wait too long to apply – applications must be submitted by 5 p.m. ET on Thursday, June 15, and finalists will be announced in August.

In August, up to 20 finalists will be assigned mentors and enter the business development phase. All finalists will receive bespoke entrepreneurial support and valuable regional introductions, additional training to hone their live pitches, and an expenses-paid, three-day business development trip to the region for up to two team members.

The selected finalists will present their business plans during the Grow-NY Summit, Tuesday, November 14 – Wednesday, November 15 in Binghamton, New York, alongside a symposium of panel conversations and keynotes, a showcase of agencies, companies, research groups, and other organizations that serve startups working in food and ag, and a student stage where middle and high school aged New Yorkers will pitch their ag and food tech ideas. New this year, the Summit will also include a Dairy Innovation Showcase featuring participants in the Northeastern Dairy Product Innovation Competition, also currently accepting applications.

Judges will base award decisions on the following five criteria:

Viability of Commercialization and Business Model – the potential for the entrant to generate revenue and maintain a cost structure that allows for a competitive and sustainable business, demonstrate technological readiness, or innovate to fulfill its value proposition;

Team – demonstration of a level of cohesion, completeness, diversity, and readiness within the team of founders, employees, and advisors; inclusion or plans for inclusion of employees and advisors from communities that have historically been excluded from the innovation economy, such as women and minorities;

Customer Value – the degree to which the entrant is providing something for which customers are willing to pay, and addressing a substantial market;

Food and Agriculture Innovation – the extent to which the entrant is pushing what’s considered state-of-the-art in the food and agriculture industries, and contributing to Upstate NY’s status as a global leader in innovation in these markets;

Growth – ability to generate significant growth, as measured and assessed by employment and revenue growth and the potential for returns and liquidity for equity holders; and

Regional Job Creation – the potential for creating high-quality jobs in the Grow-NY footprint and relevance to the existing food and ag ecosystem.

The Grow-NY region, which hosts over 40 percent of New York’s 33,438 farms, includes an abundance of vibrant, fertile lands along with such major urban population centers as Rochester, Syracuse, Ithaca, and Binghamton. It is a 22-county region comprised of the following three areas:

Finger Lakes – Genesee, Livingston, Monroe, Orleans, Ontario, Seneca, Wayne, Wyoming, and Yates

Central New York – Cayuga, Cortland, Madison, Onondaga, and Oswego

Southern Tier – Broome, Chemung, Chenango, Delaware, Schuyler, Steuben, Tioga, and Tompkins

To learn more about the Grow-NY competition, visit www.grow-ny.com.

To learn more about the Cornell Center for Regional Economic Advancement, visit: http://crea.cornell.edu/.

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