Barbados has a large number of highly qualified accounting professionals ensuring that international businesses have access to world class accounting services. The internationally recognized accounting designations that are widely held on the island include those from the United Kingdom, Canada and the USA such as the ACCA, CGA, CPA and CMA.
There are numerous accounting service providers that serve the international business and offshore sector. These providers can play an important role in fulfilling the local mind and management requirement.
Newly registered international businesses can hire a service provider to perform all accounting and management services for the new company. These turnkey solutions are very useful as they minimize the need for the company to source and hire separate management and employees. In addition, since these accounting professionals have years of experience working with international businesses, they have a unique understanding of the specific requirements and demands of Barbados international business structures.
A management and accounting service provider can perform the day-to-day operating functions for the business. This includes accounting and bookkeeping, sales processing and accounts receivable, bill entry and payment, payroll, banking and financial reporting. Services would also include acting as a Director where applicable and attending Board meetings, working with attorneys and corporate secretaries, filing taxes and the scheduling of auditing services.
Management and accounting service providers should also be considered by companies that do not require full-time staff in Barbados but still need access to staff on a daily basis and require a high level of management expertise. A service provider can offer these important features at an affordable rate. In addition, the use of shared office facilities will minimize capital expenditures during expansion.
Large companies, with much more demanding requirements, will find that highly skilled executives are available locally to serve in the role of CFO as required. As well, experienced Financial Controllers and Corporate Accountants can also be sourced on Barbadian shores.
Businesses with assets or income exceeding US $1,000,000 are required to have an audit performed. This can be organized quite easily in order to fulfill the international company’s obligations.
Barbados features the Big Four accountancy firms which include PwC, Ernst & Young, Deloitte & Touche, and KPMG, as well as other international networks and smaller practices. These firms provide high quality audit and assurance services in Barbados.
The Big Four and other professional practices on the island also provide tax advice and advisory services that may be required for large, complicated international structures. The firms’ international networks allow them to reach out to access specialized, international expertise beyond Barbadian shores. These services can guide clients through complex international tax structures and treaties as business expands.
International Quality, Available Locally
Barbados’ high level of human resource and professional development means that international businesses that use the island as the hub of their worldwide operations can benefit from access to top professionals with a strong understanding of international business requirements. The management and accounting expertise available locally in Barbados will go a long way in helping the business succeed internationally.
Seaside Realty has partnered with the Barbados Offshore Advisor to bring our clients the experience and professional network that they need to succeed. Please contact us to get assistance with all of your international business needs.