“By rating the Cayman Islands as ‘largely compliant,’ the new OECD report again confirms that we meet or exceed globally-accepted standards for transparency and cross border cooperation on exchange of tax information. Achieving the same rating as top rated G20 member countries Canada, Germany and Australia further establishes Cayman’s place among the G20 Plus – jurisdictions including G20 countries and top international financial centres that adhere to the highest global transparency standards,” said Jude Scott, CEO of Cayman Finance.
Benito Wheatley, British Virgin Islands’ UK representative, highlighted the territory’s value as an international finance centre stating, “The value proposition the BVI as a jurisdiction offers in the world economy is the legal certainty provided by the territory which practices English Common Law and is the headquarters of the Eastern Caribbean Supreme Court Commercial Division with appeal available to the Privy Council in the UK.”
He added, “Our corporate vehicles allow investors internationally to pool capital and invest in developing countries which urgently need capital to develop their economies and would otherwise not receive.”
The Turks and Caicos Islands (TCI) welcomes foreign direct investment. TCI is a small developing country with an open economy, favourable tax regime and no limitations to foreign ownership of property. Significant investment opportunities exist on many of our 40 islands and cays in the areas of tourism (resort and niche areas such as medical, eco and adventure), real estate development, financial services, light manufacturing, agriculture, technology and mari-culture.
The economy has recovered strongly since being hit hard by the global economic crisis and now enjoys one of the fastest growth rates in the Caribbean; an annual budget surplus; and a Standard & Poors’ credit rating of BBB+. With a GDP growth of 5.94% in 2015, the Turks and Caicos is projected to experience economic growth of 4.4% in 2016, 4.3% in 2017 and 5.3% in 2018.
Premier and minister of finance, Dr Orlando Smith, made the disclosure of the government’s action plan to strengthen and reposition the financial services industry.
The investment policy is intended to expand and diversify the economy and make the BVI more attractive to investors.
The premier noted that the policy will facilitate attracting the new areas the BVI is seeking to develop, those that generate economic activity within the territory or what the industry calls “substance”.
We are very welcoming possibility of having synergy with the World Bank Group via cooperation with Mr. Justin Hill, Senior Private Sector Specialist, Innovation and Entrepreneurship.
We should exchange information including existing best practices in:
- entrepreneurship incubation,
- SME upgrading services and capabilities,
- digital solutions (e.g. online mentoring, networks etc.) addressing barriers,
- industries common across many of these countries and territories (e.g. agribusiness, tourism, off grid renewables).
Especial attention we should pay to building eventual regional cooperation in the field of innovation, entrepreneurship and SMEs world wide or particularly regional cooperation in Caribbean region with countries such as Suriname were World Bank Group is active in these areas.
We recommend you read World Bank Group article on the (pdf) Innovation Policy for Competitiveness
Or visit World Bank site for Innovation policies https://www.innovationpolicyplatform.org/
[Cayman Statistics] The country’s estimated Gross Domestic Product (GDP) at constant prices rose by 2.0 percent in 2015. This was the highlight of The Cayman Islands’ Annual Economic Report 2015 released by the Economics and Statistics Office.
“Despite challenges from the global economy, I am pleased that the combined performance of all our productive sectors achieved a growth rate that is higher than expected,” stated the Minister for Finance and Economic Development, Hon. Marco Archer. As of the third quarter of 2015, indicators up to that period suggested that annual growth of gross domestic product (GDP) will be 1.7 percent.
The 2015 GDP growth, however, is lower than the 2.4% achieved in 2014. This performance coincided with the downtrend in global growth from 3.4% in 2014 to 3.1% in 2015, albeit US growth was stable at 2.4%. (The slowdown in global growth was due to the performances of China and other developing and emerging market countries).
The country’s GDP per capita in constant prices fell to $44,109 as the mid-year population growth outweighed the GDP growth.
Economic growth in 2015 was broad-based as all sectors expanded except the hotels and restaurants sector which declined slightly by 0.7% in 2015 as compared to a growth of 4.9% in 2014, mainly due to a slowdown in the growth of stay-over arrivals.
Meanwhile, the central government recorded in 2015 its third consecutive year of overall fiscal surplus which amounted to $116.1 million, higher compared to $93.2 million a year ago. This was achieved by a combination of higher revenue collection and lower overall spending.
Tousensemble.nc et la Fipac sont 2 plateformes de crowdfunding désormais disponibles en Nouvelle-Calédonie. Preuve est faite de l’intérêt porté à ces nouveaux modes de financements, dits participatifs, puisque la CCI a fait salle comble à l’ occasion de la présentation de la Fipac, ce 13 avril 2016 ! Cet évènement a également permis le lancement de l’association calédonienne Pacific Angels, qui devient le 77ème réseau français de Business Angels. Ces nouveaux outils sont un atout pour les porteurs de projets en recherche de financement.
Découvrez l’article que l’Observatoire numérique de Nouvelle-Calédonie leur consacre et le lancement de ces initiatives sur le site de la Chambre de commerce et d’industrie de Nouvelle Calédonie.
Tousensemble est née il y a moins d’un an. Cette plateforme sécurisée dédiée aux dons propres est plus orientée dans le financement des associations. Actuellement en cours de lancement, la plateforme a été créée par un étudiant calédonien dans une volonté de partage : «Tousensemble.nc se veut avant tout social pour ainsi casser les barrières tant physiques que morales» confie Jonathan Morandeau, à l’initiative du projet. Tousensemble dispose également de sa page Facebook.
Cette société appuie également l’association calédonienne Pacific Angels, qui devient le 77ème réseau français de Business Angels.
Get off a business is a long journey, and takes hard work, a little luck and various support, everywhere. The Branson Centre for Entrepreneurship in the Caribbean first opened its doors to entrepreneurs in Jamaica in 2011. Since then it has assisted over 180 entrepreneurs to launch or scale their businesses for long-term success.
The Centre has decided to enlarge its support to BVI entrepreneurs: Virgin Unite, foundator of the Branson Centre, has set up a loan fund for early stage entrepreneurs in the British Virgin Islands. The entrepreneurs have access to a set of services:
- World-class training via Branson Centre Caribbean Online
- Practical and focused in-person workshops
- A results-driven mentorship relationship facilitated and monitored by KPMG
- Access to a pro-bono bank of professional services.
The first recruitment for budding entrepreneurs was launched in January 2016.
The whole business services and the application form is available at the Branson Centre online.
Chloé Calvignac, Membre du Comité Exécutif d’OCT Association nous a fait part d’un évènement exemplaire d’appui national à l’innovation : l’édition 2016 d’i-LAB.
i-LAB est un concours national de la France d’aide à la création d’entreprises de technologies innovantes.
Organisé par La Banque publique d’investissement (BPI) de la France, ce concours vise à dénicher des projets de création d’entreprises de technologies innovantes et à soutenir les meilleurs candidats avec une aide financière et un accompagnement sur mesure.
La candidature doit être présentée avant le 1 mars 2016 :
In his mission to the British Virgin Islands, OCTA Innovation Team Leader Milan Jezic von Gesseneck met Mr Kedrick Malone, Director of Financial Services Implementation Unit at Premier’s Office (Government of the Virgin Islands). Mr Malone is former Director of BVI office in London, and one of the OCTA executive members highly involved in the innovation promotion since the inception of OCTA Innovation project. He was particularly involved as BVI Premier Orlando Smith was Chairman of OCTA in 2014-2015. He is currently leading a special unit of professionals charged with delivering the recommendations of the BVI Financial Services Consultancy which sets out the initiatives to chart a new course for the financial services industry of the BVI.
Premier Dr Orlando Smith stated, “The creation of the Financial Services Implementation Unit is indicative of the much needed emphasis being placed on securing the future of the financial services industry. While the new team under the astute leadership of Mr. Kedrick Malone is responsible for delivering on their mandate, the success of their mission depends largely on the cooperation of the sectors they will be working with during the implementation phase.”
Underscoring the need for the cooperation of all stakeholders, Honourable Smith added, “Solving the issues at hand is vital to the future and longevity of our financial services industry and the livelihood of our community. It will require all of us – public and private sectors, government and opposition, local and expatriate practitioners, local and international stakeholders and the entire BVI community to work together to build a brighter and sustainable future for the Virgin Islands.”