Your Legal Roadmap in Roatán
Welcome to Roatan
Welcome to Roatán, a tropical paradise that captivates with its pristine beaches and vibrant expat community, attracting those seeking a new beginning. To introduce myself, my name is Kelvin Martinez, and I am a legal practitioner who happily practices law on this beautiful island and across the whole of Honduras.
If you are thinking of making Roatán your new home and maybe founding a company there, it is essential that you have a solid understanding of the legal environment. In order to properly traverse the legal processes required in establishing a company and getting a residence in this tropical paradise, this book will give you the essential knowledge to successfully navigate those stages. Roatán provides a welcoming environment with a plethora of options, regardless of whether you want to use it for retirement, to make investments, or to open a store.
Type of Corporations:
There are many important steps and requirements to consider when starting a business in Honduras. It begins with selecting the type of company that best suits your needs, the two most common are an LLC or S.A. An LLC (Sociedad de Responsabilidad Limitada, or S. de R.L.) is perfect for smaller companies, with characteristics similar to those in the USA.
For larger enterprises, forming a Corporation (Sociedad Anónima, or S.A.) would be the best practice. The next step is to create the deeds, followed by registering your business with the Chamber of Commerce. One of the other crucial steps is to acquire your business tax ID number with the Revenue Administration Service (SAR). These are the first crucial steps, and depending on your business type, special permits and municipal licensing will be required.
Employees Management
One of the mistakes many business enthusiasts make is to ignore proper employee management. Complying with Honduras’ Labor Laws is important for smooth business operations. Don’t forget to ensure you understand your responsibilities towards your employees. Having the proper labor contracts, knowing who your permanent employees are, and understanding how the minimum wage works are essential. This will not only ensure you comply with the law but also foster a successful business environment.
Your business is the road to your residency.
Honduras offers five different residency alternatives for foreigners interested in making this their new home, including Retirement, Income-Based, Investor, Family Member, and Permanent Residency. I always recommend the Investor Residency program if you are looking to start a business in Roatán. It offers numerous benefits such as operating your own business, easy banking access, and other services.
Conclusion
As we conclude our journey through the essentials of setting up a business and obtaining residency in Roatán, remember that the legal landscape can be complex. I am here to guide you every step of the way. My expertise in Honduran legal practices ensures that you receive comprehensive support from business registration to employee management and residency applications. For personalized legal assistance tailored to meet your specific needs in Roatán, feel free to reach out. Let’s make your transition to this beautiful island as smooth and successful as possible.
