Scenario Mr. Mat lives in Barbados and is desirous of starting his own business from inheritances that his parents left him. He approached you for advice on the best type of business to register. Mr. Mat said he would love to gain benefits from any tax relief that is available that the government has to offer.

1. Would it be more beneficial to start a Company or an Individual Trading Business. In your answer you should outline why setting up either a company, or a trading as business is more advantageous over the other.

You are to cover matters like:

a. Tax rates

b. Available tax reliefs and or tax credits

c. Ease of operations of a company, as well as ease of operations of an individual trading business

2. it is more beneficial to operate as a company or as a sole trader.