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The islands benefit from a long tradition of political and social stability, a highly skilled and productive workforce, access to international telecommunication services and infrastructure, making the region as one of the most stable for investments in the world. Doing business in the Caribbean is a good way to begin or continue with global expansion.
Expanding your business in the Caribbean can mean taking advantage of tax benefits. Before building your business expansion strategy, you need to know the economy, business laws, legal framework, and the working culture of the different islands. Doing business in the Caribbean varies from country to country.
If you are thinking about hiring global talent and doing business in the Caribbean, contact us for more information.
Which countries are best for doing business in the Caribbean?
Jamaica is the largest island in the English-speaking Caribbean, and the most populated with 2.93 million people. In 2013, Jamaica launched an ambitious reform program to stabilize the economy, reduce debt, and fuel growth, gaining national and international support.
It features in the top 20 countries in the world for its comprehensive credit reporting systems and ranks among the best globally in starting a business, according to the World Bank’s 2019 Doing Business report. It only takes two procedures and three days for an entrepreneur to start and formally operate a business.
The Cayman Islands are a self-governing British Overseas Territory. The islands are one of the most well-known tax havens in the world. Unlike most countries, the Caymans do not have a corporate tax, making it an ideal place for corporations to base their business in the Caribbean.
In addition to having no corporate tax, the Cayman Islands impose no direct taxes whatsoever on residents. They are therefore considered tax neutral. With an average yearly income of around KY$47,000 (about US$56,000), Caymanians have the highest standard of living in the Caribbean.
The Dominican Republic is a country located on the island of Hispaniola in the Greater Antilles archipelago of the Caribbean region. It occupies the eastern half of the island, which it shares with Haiti. Considered the largest economy (according to the U.S. State Department and the World Bank) in the Caribbean and Central American region, it has a 2015 GDP per capita income of US$14,770.
During the last three decades, the Dominican Republic has experienced a remarkable period of robust economic growth. Tourism, remittances, foreign direct investment, mining revenues, free-trade zones, and telecommunications have helped make the DR one of the fastest-growing economies in the Latin America and a great place to do business in the Caribbean region.
Trinidad and Tobago is the southernmost island country in the Caribbean and is known for its fossil-fuel wealth. This country is the most developed nation and one of the wealthiest in the Caribbean, its gross national income per capita is US$2,140 (2019 gross national income by World Bank) is one of the highest in the Caribbean.
In November 2011, the OECD removed Trinidad and Tobago from its list of developing countries. The economy is strongly influenced by the petroleum industry although it is working to diversify for the future, so there are increasing options for doing business in the Caribbean here.
Human talent in the Caribbean
This is not only a vivid cultural community and one of the best bastions of maritime wildlife habitats, but also a growing and expanding scientific market. Most countries have recently put projects into place that are aiming at promoting STEM courses and tech development.
By expanding your business to the Caribbean, you’ll be able to take advantage of this and hire a diverse team that can offer you different opinions and views, fill skills gaps and shortages, and become a truly multicultural workforce.
UNESCO has a long-standing commitment to helping SIDS (Small Island Developing States) in strengthening the science and technology base of their economies and in building resilience in island societies, meaning solid support for doing business in the Caribbean.
English-speaking business in the Caribbean
With a complex, culturally diverse past, and tourism as one of their highest-grossing industries, Caribbean countries are mostly multilingual. With geographical proximity to Mexico and the USA comes a set of shared cultural norms that make doing business in the Caribbean relatively easy.
While English isn’t the official language of all Caribbean countries, you can be understood while speaking English, practically anywhere you go. Professionals in particular are usually competent English speakers, as it is used extensively in the university systems.
Facilities for foreign investment
Caribbean economies have benefited tremendously from strong regional and international trade relationships. The small physical size of most islands has made it virtually impossible for any Caribbean nation to produce all the goods that its citizens and firms need on its own.
Trade is so vital to the survival of Caribbean economies that multiple trade blocs have been formed in the region, all of which aim to remove trade barriers, such as tariffs and quotas, among member-states, meaning that one island can act as a base for doing business in the Caribbean more widely.
Economic growth and development
Multiple Caribbean nations have achieved middle-income status in the last 25 years. Caribbean economies were originally extractive, starting as plantations and mining areas from which European empires extracted wealth. Globalization and digitalization has allowed tremendous development of business in the Caribbean, slowly shedding the burden of colonialism and diversifying economies.
Macroeconomic conditions and performance
Each nation’s economy in the Caribbean is different. Some islands are much more sector diverse than others while others rely on foreign aid to keep them afloat. Nevertheless, many Caribbean nations share similar economic characteristics and challenges. They engage in trade liberalization, and are constrained to exporting a limited number of natural resources.
Serviap Global can help you do business in the Caribbean
With its stunning scenery and vibrant cultures, the Caribbean is one of the world’s top tourist and investment destinations. Sustainable use of ocean resources, great economic growth potential, as well as further development of the region’s services, logistics, agriculture, creative, and digital sectors.
At Serviap Global, our services include international PEO / EOR services, independent contractor hiring, and global talent acquisition for companies seeking top talent to hire directly, whether doing business in the Caribbean or elsewhere.
We assist clients with global hiring in more than 100 countries worldwide, having started out in Latin America in 2010. Over more than a decade of operations, we have earned a reputation as experts in helping companies recruit talent in emerging markets.
If you are looking for support doing business in the Caribbean or elsewhere, contact us to find out more about how we can help you.
