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| Caribbean Property Magazine Home / December 2007 / 'Corporate Relocation - Trinidad: Beyond the Carnival' | SEND THIS PAGE TO A FRIEND  |
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DECEMBER  2 0 0 7Issue 11
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TRINIDAD: BEYOND THE CARNIVAL And, finally we end our Special Edition highlighting Trinidad & Tobago, the twin islands at the far south of the Caribbean, anchored about seven miles off the shore of South America. As this edition is spotlighting Corporate Relocation, we will focus on what Trinidad has to offer as the half of the twin that is involved with industry and commence. Lovely, small, quaint Tobago happens to be the tourism centered half of this twin!
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For international investors, Trinidad & Tobago offers a wealth of natural resources, a well-developed human resource base, and the benefits of trade agreements with countries throughout the region. LOCATED AT THE STRATEGIC CROSSROADS OF THE CARIBBEAN AND NORTH AND SOUTH AMERICA, TRINIDAD DOES INDEED OFFER AN IDEAL BASE TO PENETRATE MARKETS THROUGHOUT THE HEMISPHERE. Already a leader in the Caribbean Community (CARICOM) and the Association of Caribbean States (ACS), Trinidad & Tobago continued to strengthen its positions in a variety of ways beginning in the early 2000's with moves to include bidding to host the permanent Secretariat of the Free Trade Area of the Americas (FTAA). noting that bringing the Secretariat to the capital of Port of Spain would enhance the nation's reputation and desirability for investors of all types. Trinidad & Tobago is frequently ranked in the top half of investment survey's conducted worldwide. An English-speaking nation of 1.3 million with a stable political system and numerous incentives for investment, Trinidad & Tobago enjoys the benefits of a well-rounded economy, including manufacturing, oil and gas production, business services, tourism and agriculture. One nation comprised of two islands, Trinidad & Tobago is situated at the southern end of the Caribbean chain just off the coast of Venezuela, well below the hurricane belt. "The government has a clear vision for the transformation of Trinidad & Tobago into a developed country by 2020", said Lue Yat, a former executive of TIDCO, noted in 2002. "One of the key strategies is the positioning of Trinidad & Tobago as the manufacturing base and financial center of the Caribbean" To achieve this goal, Trinidad & Tobago is strengthening its air and sea ties within the region, including additional airlinks with Latin America. Key advantages of corporate relocation to Trinidad & Tobago, include:
Trinidad & Tobago has a very competitive cost structure, including some of the lowest electricity rates in the region, as well as low insurance costs, which benefits both manufacturing and service businesses. Significantly it also has a hardworking, highly productive labor force with advantageous wage rates. Many companies in Trinidad & Tobago have a long history of access to markets throughout the Caribbean, through direct investment, joint ventures or agency relationships, and are aggressively expanding their markets in the Latin American region. The nation's designation as a Caribbean Basin Initiative (CBI) beneficiary provides duty-free entry to the United States for a wide range of manufactured and agricultural products. As Trinidad & Tobago seeks to expand its economy, targeted sectors include:
A vibrant and well-integrated yachting industry has established itself at Chaguaramas on Trinidad's western peninsula. The "yachties" are attracted by the presence of highly skilled labour and cheaper wage rates than neighbouring destinations; a location outside the active hurricane belt; and availability of high-quality teak for repairing their boats. A study conducted in 2002 by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) estimated that yachting generates at least TT$130-150 million or between US$20-25 million (and quite possibly more) and makes a contribution to value added, or the economy, of over TT$99 million (US$17 million). The Government is also interested in the possibilities of developing a full-scale maritime industry in Trinidad & Tobago. A Merchant Marine Industry Team studied the matter and reported to the Government in December 2005, concluding that there were sufficient opportunities in transshipment, ship repair and marine construction as well as small and large vessel ownership, ship registration and finance and development services to support a viable and competitive local maritime industry. Finally, Trinidad & Tobago offers a high quality life with expatriates enjoying all the modern amenities and comforts of home, as well as a warm climate, no hurricanes, sunshine, beaches, mountains, fishing, diving, golf, cricket and horse-racing. Plus, its melting pot of people make for the most thriving cosmopolitan environments found on any Caribbean nation. In 1988, Trinidad & Tobago established its Free Zones Act, to encourage foreign investment, job creation, export development and a tax-free environment. Although the "tax holiday" provision was terminated January 1, 2006, other indirect tax privileges remain in effect, such as, import duty and Value Added Tax (VAT) exemptions. Businesses that qualify for free zone status are; service providers, international traders of products (including regional distribution) and manufacturers and assemblers, while petroleum, petrochemical and natural gas projects are not admissible. According to The US Department of State, free zone enterprises may be established in any part of the country, and they are exempt from the following:
Applications can be made by Limited Liability Companies (LLCs) registered or incorporated in Trinidad and Tobago. This is done by first submitting to the Trinidad & Tobago Free Zones Company Limited ( TTFZ), a business plan that includes detailed information and feasibility studies regarding export markets, jobs, skills, environmental considerations and evidence of compliance with the Free Zone Act and other regulations. Once the TTFZ is satisfied with the business plan, the applicant will be sent an application, after which, the applicant will be advised of the terms and conditions and annual licensing fee. Please find TTFZ contact information:
LABOR Labor issues are, obviously, a significant factor in business relocation. Some of the principal factors concerning relationships between employers and employees reveal important labor relations aspects in Trinidad & Tobago, which should inspire further reading on the matter before a decision is made to move your company to Trinidad & Tobago. Unlike many developed countries, Trinidad & Tobago, a developing country, has what could be referred to as a more flexible labor relations standard. Meaning, there is opportunity for employers and employees to negotiate labor contracts that include various parameters not specified by law. Although fundamental rights are guaranteed by the constitution, workers have no constitutional right to strike or bargain collectively, however, the Industrial Relations Act (IRA), does recognize and make provisions for collective bargaining and strike actions within certain guidelines. State employees are protected by a set of provisions that include, employment recruitment, hours of work, leave entitlements, payment of remuneration, pensions, allowances and other benefits. This, however, has no specific bearing on foreign companies seeking to relocate in Trinidad & Tobago. Thus, in the context of the private sector, labor contracts and employment agreements will usually be negotiated between individuals and employers or majority unions and employers. Typically, most companies will employ the services of industrial relations professionals to handle negotiations. Notwithstanding, legislation still governs matters relating to employee health, safety, minimum employment age, retrenchment (cutting back), severance benefits, maternity leave and workers' compensation. Both the state and private employers are bound by such legislation. As with any Common Law system, contracts may be written or oral, and terms can be express or implied. And, whether someone is technically considered a contract worker or an employee can be determined, by the court, by more than just the written and oral terms. Currently many employers prefer the fixed term contract over an indefinite term employee arrangement. This allows the employer to change staff frequently as it best suits the company. However, employers are not exempt from statutory entitlements even if a fixed term contract is used, especially if the apparent reason for the fixed contract is to obscure the actual on-going nature of the relationship. In cases like this, the court will deem the relationship that of employer and employee, rather than employer and contract worker. In this way, the rights of the hired person are protected. That being said, much to the chagrin of unions, most fixed term contracts do not involve a union or the collective bargaining process, but are negotiated between the worker and employer. Regarding probationary terms and suspension provisions, employers are at liberty to determine parameters, except where a majority union is extant: then, those terms may be negotiated for inclusion into the collective agreement. In summary, there is a favorable "labor climate" in Trinidad & Tobago, and for companies that understand the basics, there are excellent incentives to reduce labor costs, but also to provide employment opportunities for the people of Trinidad & Tobago. Furthermore, in Trinidad & Tobago, there are many reputable legal and accounting firms that can help you with corporate structuring to ensure that relocating your enterprise will be successful. DISPUTE RESOLUTION However, because the courts are backed-up, when negotiating import and export contracts with companies in other countries, it would be advisable to stipulate an alternative venue, jurisdiction or atonement, especially in cases where financially there is a great deal at stake. With that in mind, any business owner that is seriously considering such a move would do well to contact various government agencies, offshore legal firms and accountants for further advice. There are many links to sites at the end of this article that will be of great importance to the company seeking to relocate to Trinidad & Tobago. EDUCATION Trinidad has a well educated labour force of about 500,000, with an adult literacy rate in the 80-85% range. Primary level education is compulsory. Approximately seventy percent (70%) of the 12-15 age group attend secondary school, the rest pursue other forms of training. The regional Caribbean Examinations Council, taken at form 5 (grade 12), is accepted as an entry qualification for higher education in Canada, the United Kingdom and the United States. After form 5 (grade 12), some students continue in secondary school for an additional two years to take the British 'Advanced Level' examinations of community standard, set up by the universities of Cambridge and London. Two private schools based on the American and Canadian education systems opened for enrollment in 1994. Approximately 5,000 students attend fifteen (15) technical and vocational schools.
The University of the West Indies (UWI) has one of its campuses at St. Augustine, Trinidad; the other two are at Mona, Jamaica and Cave Hill, Barbados. The St. Augustine campus offers undergraduate and postgraduate programmes in the areas of Agriculture, Business Administration, Engineering, Humanities, Languages, Law, Natural and Social Sciences. Its current enrolment is 3,300 students. The UWI Institute of Business, which opened three years ago, offers Post Graduate courses on business-related topics and develops in-house programs for local companies. Their programme offerings now include Executive Masters of Business Administration (EMBA) and International MBA offerings. The Eric Williams Medical Sciences Complex, located at Mount Hope, between Piarco Airport and Port-of-Spain is one of the leading facilities of its kind in the Caribbean. The complex comprising some seventy buildings is both a Teaching and Medical Science facility. BRANCHES OF GOVERNMENT - LEGISLATIVE & JUDICIARY
The Tobago House of Assembly is responsible for administrative governance within Tobago. City and county councils are responsible for local governance. Judiciary The Judiciary comprises a Supreme Court and district courts. The Supreme Court consists of the High Court of Justice and the Court of Appeals. The High Court is presided over by the Chief Justice and ten (10) puisne judges. The district courts are presided over by a chief magistrate and seven (7) senior and eighteen (18) stipendary magistrates. In these courts, the work of the Petty Civil courts and the courts of summary jurisdiction is conducted.
Geography Trinidad and Tobago are the southernmost islands of the Caribbean archipelago, and are geologically an extension of the South American continent.Trinidad is separated from Venezuela by the seven (7) mile (11km) straits of the Gulf of Paria. Trinidad Location: Latitude 10 1/2°N, Longitude 61 1/2° W Location: Latitude 11°N, Longitude 60°W THE ECONOMY OF TRINIDAY & TOBAGO TRINIDAD AND TOBAGO HAS THE MOST DIVERSIFIED AND INDUSTRIALIZED ECONOMY IN THE ENGLISH-SPEAKING CARIBBEAN. There are large reserves of petroleum and natural gas, and well developed heavy industries - iron and steel, methanol and nitrogenous fertilizers and petroleum products. Air, sea and land transportation links are excellent, and telecommunications links with the Americas and Europe are completely modern. During the 1970's, high world oil prices created a rapid expansion of the local economy, with real GDP growing by 72.5% between 1970 and 1977. These were the boom years in Trinidad & Tobago and much of the country's infrastructure was developed during this period. However, depressed oil prices coupled with high levels of public expenditure led to a prolonged period of economic contraction which began in 1988 and finally ended in 1993. Now, after a period of radical economic adjustment under IMF and World Bank supervision, the government economic policy is well in line with prevailing market principles: trade liberalisation, open market-driven economy, rationalisation of the public sector, promotion of private enterprise and foreign investment, and development of exports and tourism.  TRINIDAD & TOBAGO GENERAL INFORMATION | ||||||||||||||||||||||||||||||||||
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The following links and informational resources provide critical insights into how Trinidad & Tobago maintains one of the most business-friendly environments in the Caribbean, and why its' rapidly becoming a premier destination to invest, conduct business and visit. Evolving TecKologies and Enterprise Development Company Limited (e TecK) is the company behind Trinidad a& Tobago's economic diversification program - http://www.eteck.co.tt LINKS
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