Have you ever thought of doing business in the Caribbean? Well, you probably should. When seeking to conduct business in foreign countries at any point in time, it’s important to focus on that country’s resources, location, economy, and cultural status. That said, the Caribbean is a hub for businesses because of its diverse economy, strategic location, and the business confidence it offers investors.
Let’s explore the biggest business areas in the Caribbean and why you should consider conducting business in a Caribbean Country.
Biggest Business Areas in the Caribbean
Jamaica
The US territory in the Caribbean is ranked 57th in the world for ease of doing business. This is just ahead of Costa Rica and slightly behind Mongolia.
Jamaica, on the other hand, ranks at the top among independent Caribbean countries for ease of doing business. In fact, Jamaica has a ranking of 64 in the world for ease of doing business. This is followed by St Lucia at 77th, Trinidad, and Tobago at 88th, and Dominica at 91st.
When Bloomberg revealed that the Jamaica Stock Exchange (JSE) was the world’s best-performing stock market in 2015, the Caribbean island’s financial industry made headlines.
The Jamaican economy is driven by export profits from agriculture and minerals. Jamaica exports alcoholic drinks, cassava, raw sugar, and raw coffee beans, in addition to being one of the greatest producers of bauxite (a sedimentary rock that is the main commercial resource of aluminum). Jamaica is also a member of CARICOM, the Caribbean’s common market.
Digicel- Telecommunication
Digicel has been in business for over 20 years and is a mobile phone network and home entertainment service based in the Caribbean. At present, it operates in 33 locations across the globe. Haiti, Trinidad & Tobago, St. Lucia, Suriname, and Jamaica are among the nations where Digicel Operates business.
Cayman Islands
The Cayman Islands, a tiny British territory in the Western Caribbean, consists of 3 islands. In the Cayman Islands, there are no corporation taxes, no capital gains taxes, and no gift or property taxes. However, this may change in the future. Because of its tax-free status, the Cayman Islands has drawn many affluent individuals and organizations to form business enterprises there.
Indirect taxes, such as VAT (Value-added Tax) and customs charges, are the government’s principal revenue source. The bulk of legal firms, accountants, and business managers in the Cayman Islands, like other tax havens, spend their efforts on serving the financial services industry.
Fees connected with registering and renewing offshore corporations and hedge funds also generate significant revenue for the Cayman Islands government.
Trinidad and Tobago
As an island of the Lesser Antilles, when compared to other territories in the region, the twin-island republic of Trinidad and Tobago has a comparatively high GDP per capita. The World Bank classifies the Republic of Trinidad and Tobago as a high-income economy.
Because of its enormous oil and natural gas reserves, Trinidad is heavily reliant on petrochemical and liquefied natural gas exports, and the Republic has enjoyed a solid economy over the previous decade.
Due to its many natural resources, Trinidad and Tobago managed to sustain itself as an expert country that also attracts many foreign investors.
One particularly big business in Trinidad and Tobago is the travel industry. Ever heard of Caribbean Airlines? Well, now you know where it’s from.
Caribbean Airlines- Travel
Caribbean Airlines Limited is the state-owned airline and flag carrier of Trinidad and Tobago. The airline is also Jamaica’s and Guyana’s national carrier. Its headquarters are in Piarco’s Iere House, and it conducts flights to the Caribbean, North America, and South America from its base at Trinidad’s Piarco International Airport. Caribbean Airlines currently employs over 1,700 people and is the Caribbean’s largest airline.
Let’s Wrap Up the Biggest Business Areas in the Caribbean
The Caribbean is indeed a hotspot that attracts international businesses from all over the globe. There are several great businesses to invest in. These countries are viewed among the best of the best in the world. Next time you’re looking for the biggest business areas in the world, why not take a look at some Caribbean countries first?
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