Tricor Caribbean: Your Gateway from the Caribbean to the World via Asia’s Leading Business Expansion Specialist

Welcome to Business Barbados 2023 and to Tricor Barbados!

Barbados is a mature and increasingly sophisticated global business and financial services domicile, offering the professionalism and high level of management necessary to sustain its development. It is one of the many robust jurisdictions with great potential in which Tricor Group operates.

Introduction to Tricor Group

Tricor Group (Tricor) is the leading business expansion specialist in Asia, with global knowledge and local expertise in business, corporate, investor, human resources & payroll, corporate trust & debt services, and governance advisory. Tricor provides the building blocks for, and catalyzes every stage of your business growth, from incorporation to IPO. Tricor has had a rapid expansion through organic growth and development as well as partnerships, mergers and acquisitions. Tricor has a dominant footprint in Asia Pacific and a strong global presence. Strategically headquartered in Hong Kong SAR, we operate out of 22 countries/territories and across a network of 49 offices. Tricor serves ~50,000 clients globally, including over ~20,000 clients in Mainland China, and ~2,000 companies listed in Hong Kong SAR, Mainland China, Singapore and Malaysia. Over 40% of the Fortune Global 500 companies and a significant share of multinationals and private enterprises trust us to guide and streamline their operations across international markets. With ~3,000 employees, of which 630 are certified professionals, including qualified accountants and company secretaries, our expert teams deliver critical tax, accounting, finance, business advisory, human capital management, and compliance services through each phase of the business life cycle to help ambitious companies accelerate their growth in Asia and beyond.

In most of the countries and territories in which Tricor operates, our professional specialists provide a comprehensive range of services including: business advisory; entity formation; corporate governance, corporate administration & secretarial; trust & fiduciary services; accounting & financial reporting; payroll, payment & treasury administration; services for new issues / initial public offerings (IPO) & registry management; tax services; mainland China entry & consulting; executive search; human resource consulting; fund administration; and governance advisory.

Tricor’s advantage comes from deep industry experience, committed staff, technology-driven processes, standardized methodologies, constant attention to changes in laws and regulations and wide industry contacts. Tricor is uniquely positioned to unlock the potential of your business, and help you stay one step ahead of today’s diverse and fast evolving regulatory environment.

Introduction to Barbados

The cornerstone of Barbados’ success as a mature, respected global business and financial services center has been its strategy based on the negotiation of double taxation agreements (DTAs) and bilateral investment treaties (BITs) with international partners.

This approach distinguishes Barbados from traditional international financial centers in the Caribbean and elsewhere. Having concluded treaties with 37 countries as diverse as Botswana to the US, and several others in the pipeline, Barbados continues its commitment to being a high-quality investment platform from which to launch international business. Although geographically small, Barbados continues to punch above its weight in a wide range of international rankings. The Henley Partners Index of 2023 ranked the Barbados passport 24th worldwide and 1st in the Caribbean on the global mobility spectrum, giving holders visa-free access to 162 countries around the world. Barbados has consistently placed highly in the United Nations Human Development Index which is a summary measure of average achievement in key areas of: life expectancy, being knowledgeable and having a descent standard of living. In 2022, Barbados ranked 70th worldwide out of 191 countries. On the 2022 Speedtest Global Index, which ranks mobile and fixed broadband speeds around the world, Barbados ranked 50th on global performance out of 178 countries. Transparency International’s Corruption Perceptions Index of 2021 rated Barbados 3rd for Latin America and the Caribbean and 29th worldwide. On the 2021 Index of Economic Freedom, which establishes the relationship between economic freedom and positive social economic values, Barbados placed 10th in Latin America and the Caribbean and 12th in the Americas.

The island has an excellent social infrastructure which supports these rankings. Barbados enjoys political stability, has a robust economy and a transparent legal system with tremendous respect for due process. It has a strong business-oriented government and a supportive culture of facilitation of legitimate business. Furthermore, Barbados has a stable US dollar-based currency and also has an admirable air transport hub - the most easterly of the Caribbean islands, it is just over three hours by plane from Miami, four and a half hours from New York and eight hours from London, with excellent service by major airlines.

Barbados is about quality and substance and has the necessary infrastructure to support its claim as a center of excellence for cross border operations. The overall support businesses and professionals in Barbados have to offer is enormous, making it increasingly possible for multinational companies of the highest caliber to make Barbados home and thus operate from one of the world’s most dynamic global business and financial services centers.

Introduction to Tricor Caribbean in Barbados

Tricor Caribbean has its origins in the legacy firm of Ernst & Young, which business was acquired by Tricor in 2007. We are proud to have been instrumental in the growth and development of Barbados as a global business and financial services center from its inception and have been serving domestic clients in Barbados for over 40 years. Tricor Caribbean is delighted to continue this strategy and tradition by participating in Business Barbados 2023, Barbados’ Premier Business and Investment Publication.

Our multi-disciplined team of experienced professionals is supported by modern technology and systems, delivering highquality, fast and efficient services to meet your specific needs. We work closely with our group locations and business partners, including major international accounting firms, financial, tax and legal advisers, to implement and manage solutions for our clients.

Tricor in Barbados offers a range of corporate and business administration services which effectively and efficiently support our clients wishing to invest in Barbados, conduct global business through Barbados and access the DTA and BIT network. Our team of qualified professionals provides expertise in a comprehensive range of business areas, including:

Corporate Services

• Entity Formation & Organization

• Business Registration & Licensing

• Corporate Restructuring & Advisory

• Corporate Directorships

• Company Secretary

• Registered Office / Registered Agent

• Entity Due Diligence

• Scrutineering

• Recording Secretaries

• Statutory Custodial & Safe-keeping Arrangements

• Establishment of Banking Facilities

• Ongoing Statutory & Governance Compliance

• Voluntary Liquidations

Tax Advisory Services

• Short & Long-term Tax-efficient Structuring Advice for Use

Locally, Regionally & Internationally

• Cross-Border Transactional Tax Advice

• General Direct & Indirect Tax Advice, Reporting Obligations & Compliance Analysis for Barbados & the OECS

• In / Out-of-Scope Economic Substance Analysis & Reporting

Business Services

• Financial Reporting

• Tax Compliance

• Payroll & Treasury Operations

• Bank Account Administration & Management

• Financial Audit Oversight

• Branch Management

• Active Business Solutions

Human Resources Services:

• Executive & Employee Recruitment

• Entry & Work Permit Applications

• Employer Consultations & Advisory

• Contract Structuring & Review

• HR Compliance Audits

• Outplacement Support

Economic Substance Support Services:

International financial centers including Barbados have more recently passed laws on economic substance to meet the requirements of the EU Code of Conduct Group. The Economic Substance Act of Barbados which has been in effect from January 1, 2019, requires that a resident company which derives income from the carrying on of a “relevant activity” must satisfy the economic substance test in relation to that relevant activity in Barbados. Our team is able to advise clients and provide a range of support services to meet Economic Substance compliance requirements in relation to the Economic Substance Act, including but not limited to the following areas:

• In/Out-of-Scope Economic Substance Analysis & Reporting

• Local Resident Directors

• Board Support

• Financial Reporting Support

• Administrative Support

• Recruitment of Specialist & Other Resources

• Applying for and Obtaining Work Permits & Premises

• Bespoke Packaged Services

Other Services

• Regulator Liaison

• Provision of Support Services Tailored to Specific Client Needs

Contact Tricor Caribbean to see how we can explore international opportunities together!

For more information about Tricor’s services, please visit www.tricorglobal.com

For any enquiries, please email us at info@bb.tricorglobal.com

Tricor Caribbean Limited Caribbean Corporate Services Ltd.

One Welches, Welches, St. Thomas BB22025, Barbados

P O Box 5130, Warrens, St. Michael BB28000, Barbados

T: +1 (246) 430 8400

F: +1 (246) 429 6446

E: info@bb.tricorglobal.com

W: www.tricorglobal.com

Connie Smith

Managing Director connie.smith@bb.tricorglobal.com

+1 (246) 430 3917

Lifestyle

The lifestyle your heart desires…

Clennell Jackman

Senior Manager – Corporate Services clennell.jackman@bb.tricorglobal.com

+1 (246) 430 3937

Terry-Ann Moe

Senior Manager – Tax, Legal & Compliance Services terry-ann.moe@bb.tricorglobal.com

+1 (246) 430 3919

One of the highest-ranked developing countries on the UN’s Human Development Index, Barbados has: a desirable quality of life a longstanding record of political, social and economic stability an excellent education system healthcare that’s amongst the best in the Caribbean direct connections to major international cities world-class telecommunications other reliable utilities island-wide

As a mature jurisdiction with a commitment to international best practices, we have built a strong foundation of treaties, anchored by effective laws and transparent policies and procedures, including a robust structure to enhance your global competitive advantage.

Home to an expanding roster of thousands of transnational entities, the Barbados landscape is vibrant and brimming with opportunities - spanning the traditional sectors to the emerging, with much to offer. Let our team at Invest Barbados be your guidefrom exploration to business establishment and expansion. Invest Barbados is positioned to ensure that Barbados works for you!

Richard Pile Manager – Business Services richard.pile@bb.tricorglobal.com

+1 (246) 430 3862

Cyrlene Odle Manager – Human Resources & Office Services cyrlene.odle@bb.tricorglobal.com

+1 (246) 430 3945