News Americas, NEW YORK, Ny, Mon. Sept. 6, 2021: According to research, starting a business in the Caribbean undoubtedly comes with its fair share of challenges. Yet it is worth it for foreign entities seeking the benefit from tax advantages to use our region. Equally, Caribbean digital service entities expanding into other parts of the globe, love incorporating in the United States.
Aspiring entrepreneurs have to create an adequate business plan that accounts for their business’s long-term growth, develop a marketing-friendly business name and website, and- depending on the business structure in question, carry out a variety of legal prerequisites which are necessary to officially register a business.
This usually involves prolific rigmarole, with certain document filings and legal requirements taking up significant time and effort. This is particularly the case for first-time business owners, as any procedural mistakes made can significantly delay (or even completely block) a business’s official registration.
If you have limited capital at your disposal, you may find that hiring an attorney from a ‘’conventional’’ law firm is too pricey for you at the moment. Fortunately, the incorporation services industry has proliferated significantly in the last couple of years, providing a quick and cost-friendly alternative to a traditionally tedious and lengthy route.
Below we discuss the top 5 incorporation services available in 2021 in a Caribbean context.
ZenBusiness provides an exceptionally easy and fast way for you to start your life as a business owner.
Aside from Incorporation services, the prominent company provides services that relate to: Limited Liability Companies, Registered Agents, EIN, and DBA names.
Another great advantage of picking ZenBusiness for your incorporation service provider is that they handle all of your filing prerequisites in relation to your Articles of Organization and Certificate of Formation at no extra cost, which can save you significant time that you can then allocate in other areas of your business.
Learn more about ZenBusiness here.
Incfile comes in at a close second, having amassed a considerable following in the last couple of years and obtaining one of the most reputable and trustworthy brands in the industry (not only in the Caribbean, but in the entire world).
This is reflective in their broad and diverse customer pool, that (as of 2021) exceeds 500,000 businesses worldwide.
The company specialises in business formation services for C-Corporations, LLCs, non-profits, and S-Corporations. It amazingly handles businesses’ filing procedures completely free of charge. Of course, clients are still responsible for paying their state’s filing fees.
All Incfile packages come with: a) next-day processing, b) company name verification, c) online tracking, d) free tax law services, and e) customer support for all of your business’s life. New members are also awarded a registered agent service for free for an entire year.
LegalZoom is indubitably one of the largest ‘’colossals’’ on the list, having been responsible for the formation of over 1.5 million Limited Liability Companies and over 400,000 corporations since its formation.
LegalZoom is also famous for having one of the most extraordinarily diverse lists of service offerings; this has made it an ideal website for individuals who are not completely sure what type of business entity is right for them, as the company’s specialised team can make tailored suggestions based on your business’s specificities and industry.
The company can also be used for: seller’s permits, business licenses, state tax filings, and 501(c)(3) applications.
Inc Authority offers a completely free way for persons to register their LLC company remotely. Even though it may not be as specialised or prominent as some of its competitors listed above, Inc Authority has indubitably become a very strong fourth choice for consumers.
The company has a plethora of free benefits, including:
- Business Name Availability Checks,
- Tax Planning Consultation Services,
- Free Registered Agent Service for an entire year, and
- Digital Document Storage.
Having said that, it should be duly noted that a lot of the essential elements of starting a business (such as drafting an operating agreement or managing express processing) are priced quite exorbitantly.
Starting your business can be a lengthy and complicated process, but it doesn’t have to be. Before investing your own capital and time into an idea, it may be a good choice to delegate certain ‘’automated’’ responsibilities to industry professionals- alleviating initial pressures from yourself and allowing you to focus on the task at hand.