Industry News

Best Caribbean Island for Starting a Business

The World Bank’s flagship publication, Doing Business 2015: Going Beyond Efficiency, looks at the regulations that enhance or constrain business activity worldwide.

In this tear’s report, Trinidad and Tobago was among the 10 economies that improved the most in 2013/2014 in areas tracked by Doing Business.

Specifically, the report’s “starting a business” rankings look at the number of procedures, time and cost for small and medium-sized limited liability companies (or their local legal equivalent) to start up and formally operate. (Doing Business uses a standardized business that is 100 percent locally owned, has startup capital equivalent to 10 times income per capita and employs between 10 and 50 people within its first month, among other criteria.)

Jamaica was ranked the top country in the Caribbean for starting a business and 20th in the world. Followed by Puerto Rico who was ranked 48th worldwide. In Jamaica it took about 15 days to start a business, a number that was mitigated by a very low number of procedures, among other factors.

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