Incorporate a Company in North America: From Bahamas to Bermuda
When people hear “North America,” they usually picture the United States and Canada. But the continent is far bigger than that: it counts 23 sovereign countries, several partially recognised states and 22 dependencies, including a string of sunny islands with their own business rules. For entrepreneurs planning company formation in North America, that variety is both an opportunity and a puzzle.
Where Businesses Look First
The United States and Canada are the most developed economies, but many entrepreneurs also look at offshore-friendly jurisdictions such as the Bahamas, Barbados, Panama, Saint Kitts and Nevis and Bermuda. Businesses here are often connected to mining, finance, forestry or fisheries, although companies from any industry can take advantage of these options. Whatever your goal, whether privacy, tax planning or holding assets, the first step is knowing the advantages and disadvantages of each location.
A Quick Tour of Company Types
The Bahamas offers domestic limited companies for local business, companies limited by guarantee, public companies with at least three directors and a compulsory audit, and the international business company, popular for offshore functions and international trade.
Belize provides a wide range of structures, from private companies and limited liability partnerships to trust funds, with the international business company favoured for confidentiality.
Panama’s sociedad anónima is a corporation limited by shares and a frequent first choice for an offshore company. It needs at least one shareholder or nominee and no minimum share capital.
Saint Kitts and Nevis offers a private company that can secure assets and support international trade, while Bermuda, a long-established offshore jurisdiction close to the United States, is best known for trusts and limited or exempt partnerships. Its rules for operational companies are strict, but the overall system remains favourable.
From Idea to Registry
Registration is a fairly uniform process across northern North America and the Caribbean, even though each jurisdiction has its own system. You choose the location, which is your legal address, and check trading laws, registration procedures and fees. Then comes the name: some countries specify language and script, some charge a government processing fee, and due diligence confirms the name is not already taken.
Next, documents are submitted to the government agency responsible for commercial registration. The articles of association, listing the name, ownership, shareholders and administrative structure, are a legal document that needs a specialised lawyer, and in some countries a notary public must review them before signing.
Taxes, Licences and Permits
A company that sells goods or services needs a structure for payments, internal fund circulation and annual tax compliance. Registering for a tax number is usually free or low-cost. Some regulated sectors, such as uranium mining, forest management and financial operations, also need licences, and many businesses require construction site or health permits.
One Partner for the Whole Journey
Confidus Solutions helps entrepreneurs incorporate in any North American jurisdiction, with a team of lawyers handling documents, advice on a neat corporate structure designed for privacy and tax compliance, and support through registration and expansion. The investment required depends on the nature and scope of the services you need.