Investing in the Turks and Caicos Islands

Investing in the Turks and Caicos Islands

 

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.

 

investing in turks and caicos

financial tool financial service news Turks and Caicos Islands Alexa-Cooper-Grant
World Bank: Innovation Policy for Competitiveness

World Bank: Innovation Policy for Competitiveness

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/

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Pilot projects: Evaluation concluded

Pilot projects: Evaluation concluded

Pilot projects are the most focused tools for the commencement of implementing innovation in OCTA Innovation project. In the preparatory period Team Leader’s project missions to the OCT countries have been used to support identifying sectors and potential stakeholders that could be in the position to design and implement pilot projects.

Concept Notes were used as first step of the two stages project proposal application. The concept notes were not evaluated nor they were scored, and consequently the final score of the pilot project does not reflect on the concept note. The concept notes were used as a learning-by-doing tool for training and capacity building of the innovation managers. They were used as references in Team Leader motivation and coaching of innovation managers towards project submissions. Twenty-eight concept notes were submitted in November 2015.

Finally, eighteen pilot project proposals as full applications were submitted in January 2016. Independent experts have evaluated full proposals. Based on the individual evaluations, OCTA Innovation Team Leader coordinated with the Evaluation experts building Evaluation consensus according to the EC Standards. For each proposal the consensus was reached after discussion of the individual evaluations.

Proposals were evaluated and scored based on five evaluation criteria namely:

  • excellence of innovation,
  • effectiveness and feasibility of the action,
  • sustainability of the action,
  • financial and operational capacity,
  • budget and cost-effectiveness of the action.

Now following evaluation and after informing applicants of the results, the true innovation work starts. This is very exciting as the goal of pilot projects is to support the implementation of the most promising and innovative ideas, innovative modalities of organisation, and implementation of the advanced innovative technologies in OCTs.

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…le lancement des plateformes de crowdfunding en Nouvelle-Calédonie

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…

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 !

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Nouvelle Calédonie : l’offre de crowdfunding

Nouvelle Calédonie : l’offre de crowdfunding

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.

La plateforme Fipac vient d’être lancée par la Financière du Pacifique, société de conseil économique, financier et juridique des entreprises calédoniennes.

Cette société appuie également l’association calédonienne Pacific Angels, qui devient le 77ème réseau français de Business Angels.

 

 

 

 

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Turks and Caicos support local entrepreneurs

Turks and Caicos support local entrepreneurs

Next month sees the commencement of the Government’s Micro Small and Medium Enterprise (MSME) programme which will be managed by Invest Turks and Caicos with support from the Centre for Entrepreneurial Development (CED) and Ministry of Finance.

The creation of the programme is an acknowledgement of the importance the Government places on small businesses.  The Hon. Washington Missick, Minister of Finance, Investment and Trade, stated ‘The SME sector is the lifeblood of any economy. In Turks and Caicos it accounts for 90% of all established businesses; contributes to around half of our GDP; and employs around 40% of the Islands’ workforce.  It is extremely important that we recognise and support these operations and create the business climate which facilitates growth, and encourages budding entrepreneurs to set up their own businesses.’

John Rutherford, Chief Executive of Invest Turks and Caicos, added ‘The successful running of this programme is a key objective for the Agency and we look forward to supporting the growth of the small business sector.  We and our partners will be conducting a programme of town hall meetings throughout the islands, as well as promoting the programme through print, voice and social media. Government is keen that priority be given to those companies and individuals that have new, innovative ideas, matched by a strong business plan, and I would encourage all islander-owned businesses to attend a meeting to learn more about what type of business qualifies for these benefits, and how the process will work.’

The MSME Ordinance makes provision for the Government to provide Concession Orders to qualifying businesses which operate in identified priority business sectors. The Concession Orders will permit the company or start-up to specific benefits or reliefs depending on the size of the business.

Application forms for Concession Orders will be available from Invest Turks and Caicos offices at Courtyard Plaza, Providenciales, as well as at designated locations throughout the islands from 1 April. Processing of Concession Orders will commence in early May.

Qualifying business sectors are:

  • Agriculture subsectors of  a) market gardening, b) hydroponics, c) farm mechanisation, d) livestock and dairy development, e) agro-business and f) apiculture (beekeeping);
  • Fisheries sub-sectors of a) fish farming, b) fish processing; c) farm mechanisation
  • Manufacturing, processing and commercial cleaning services;
  • Tourism sub-sectors of: a) bed and breakfast, b) vacation rentals, and c) tourism attractions.
  • Physical infrastructure considered essential to the areas listed under the Agriculture and Fisheries priority areas;
  • Technology and Innovation;
  • Arts and Music.

Source: Government of the Turks and Caicos islands

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Guide on EU Funding for the Tourism Sector

Guide on EU Funding for the Tourism Sector

Guide on EU Funding for the Tourism Sector has been launched today (5 April 2016) at the high-level conference ‘Invest it Tourism’. The conference was organised by the European Commission with a special focus on two priority subjects for EU tourism:

  • improving the business environment to attract more investment and to better use EU funds to boost the competitiveness of the sector
  • raising awareness of the investment needs to boost skills and mobility of the tourism workforce

Speakers included Elżbieta Bieńkowska, Commissioner for Internal Market, Industry, Entrepreneurship and SMEs, Marianne Thyssen, Commissioner for Employment, Social Affairs, Skills and Labour Mobility, and Corina Crețu, Commissioner for Regional Policy.

Guide on EU Funding for the Tourism Sector focuses on the most important EU programmes for the tourism sector, around practical questions: type of tourism-related actions eligible for funding; who can apply; type and level of funding; and how to apply & when. It also points at concrete examples of what has been funded under previous programmes, as a possible source of inspiration.

Full guide available here

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