Martinique is the foreign department of France represented in the European Parliament. It is also called “France in the Caribbean”. Martinique is one of the most beautiful islands in the Caribbean, and its beauty is combined with the richness of its history. This characteristic may be almost the only one, due to which it is necessary to register a business in Martinique.
Although the island was discovered by Columbus, it first belonged to France in 1635 and has since been the property of this country, with the exception of three short periods, when it was under a British occupation.
The number of new companies in Martinique is growing every day. According to YB Case, if you decide to start a business in Martinique and to open an account with a bank in Martinique, you should keep in mind, that 7% of companies here are connected with franchise networks, concessions or are opened as branches.
Both individuals and legal entities can register a company in Martinique and open a bank account in Martinique.
In French law, a legal entity is a group with a legal personality, as well as an individual.
The types of companies in Martinique are: a private company, a corporation, a company with a public organization, an association. Beneficiaries can be individuals and legal entities.
Taxes in Martinique:
- Octroi de Mer (O.M): for all imported or manufactured products, with the exception of enterprises with a turnover of less, than 3,5 million francs;
- Local (regional) taxes are 2,5% + 8.5% VAT (the VAT reduced to 2,1% only for food and medical products).
YB Case informs: «foreign» departments, free zones have privileges according to French legislation. If you have established a firm in Martinique before 31 December 2019, under certain conditions you may use partial or total exemption from the following taxes:
- for a profit (regardless of the regime and a tax system);
- a territorial (a local);
- on existing real estate.
A local legislation is directly dependent on French law, so opening of various businesses on the island is only slightly different from the main French economic legislation.
If you decide to open a commercial enterprise in Martinique or open an account in Martinique, YB Case professionals will provide you with legal support at all stages of this process.
Please, check with our specialists for possible solutions for your business.