Fundamental to a successful setup is understanding the global consequences of having two companies in two jurisdictions. Anyone can set up a Caribbean Corporation, but where the skill lies, is doing it in a manner that encompasses your home country’s regulations while maximizing the benefits of a Caribbean Corp that can supplement revenue and contribute to tax savings.
Our team has worked in multiple jurisdictions, and we understand the ways to avoid costly mistakes and wasting capital on projects that are not effective.
At JC Legal solutions, we have seen many people set up Caribbean companies incorrectly, and worst, run into banking problems and issues with the law. The risk is too high to do it incorrectly, and that’s why we suggest aligning yourself with the best before you begin any cross-jurisdictional business.
Here are a few of the pitfalls that await businesses not getting the right advice:
- The local lawyer does not understand international tax and reporting obligations, they are happy to set up a corp but are not skilled or experienced enough to liaison with your home country lawyer and accountant. Our team is well-versed in these areas.
- The corp is registered in the Caribbean but without a proper understanding of the restrictions that may apply the day you commence operations. In-depth knowledge of how to navigate the regulatory hurdles greatly increases your ability to operate at a higher tempo.
- Banking and currency expertise matters. Your legal team cannot operate in a silo and we have the connections and relationships to make the best use of your time and money while broadening your relationships with powerful allies.
- Without connections, it is 10x more difficult to move at a fast pace. The Caribbean has a reputation in some cases for moving at a slower pace than your home country. We address that as we know time is money and your money should not be wasted. The time between the decision to pull the trigger and when you are up and running is crucial, we lubricate the business landscape so that you can do what you do best.
- There is not enough out-of-the-box strategic planning because the frameworks are not bespoke to your personal situations. This takes more time but is worth its weight in gold. Starting off with the right organizational structure is a head start and allows us to focus on fine-tuning the engines of success. We are available for regular strategy sessions that keep you on top of live issues and avoid pitfalls before they happen.
It is dire for you to hire a professional when considering opening a business in the Caribbean. At JC Legal Solutions, we are a law firm that is built on core principles and are experts in this field. If you’re interested in learning more about our services, we would be happy to offer a free consultation to explore your needs and explore the next steps.
Contact us today to learn more about JC Legal Solutions.