THE INTERNATIONAL WATERFRONT CENTRE Port of Spain, Trinidad & Tobago Powering your business and investment advantage in Financial Services
Welcome to Trinidad & Tobago IFC A vibrant country located in close proximity to the South American coast Trinidad and Tobago offers global investors unparallelled access to markets within the Latin American and Caribbean region. Already recognised as the financial hub of the Caribbean, Trinidad and Tobago holds great potential for international growth with a highly qualified talent pool, well-established business infrastructure, global connectivity and a wealth of investment opportunities. The Trinidad and Tobago International Financial Centre (IFC) is driving the development of the financial sector through implementation of a regulatory framework based on global standards and best practices. A similar model has already been used to successfully establish the Dubai International Financial Centre, recognised for providing a stable and secure platform for businesses to tap into the emerging markets of the Middle East, Africa and South Asia. In addition to introducing transparent and robust legislation that will significantly boost the sector, the Trinidad and Tobago IFC has engaged in key partnerships which have resulted in Trinidad and Tobago s recognition as an international financial centre and as an ideal destination for companies seeking to establish nearshoring centres of excellence in Finance and Accounting (F&A). The listing on the A.T. Kearney Global Services Location Index has also generated international awareness and confirms the country s financial sector readiness as a location for F&A Business Process Outsourcing (BPO).
Why Trinidad & Tobago IFC Trinidad and Tobago ranked 42 out of 55 countries in the A.T. Kearney Global Services Location Index, 2016 - ahead of Singapore, Canada, Ireland and Jamaica. Trinidad and Tobago offers businesses and financial institutions many of the factors measured by the Global Financial Centres Index including a pro-business environment, excellent infrastructure and a highly skilled and cosmopolitan labour force. KEY ATTRIBUTES OF TRINIDAD AND TOBAGO INCLUDE: 1. PRO-BUSINESS ENVIRONMENT Port of Spain has long been recognised as one of the best Caribbean cities for business. With an approximate GDP of US$28 billion and a per capita GDP of US$20,000, Trinidad and Tobago s economy has proven to be resilient. A stable political structure, with support from the Government and other stakeholders, has helped build confidence, trust and respect among international investors. Accolades Ranked 12th out of 32 countries in Latin America and the Caribbean for a pro-business environment (Ease of Doing Business Ranking 2017) Ranked 15th out of 21 countries in Latin America and the Caribbean for competitiveness (Global Competitiveness Report 2016-2017) Rated 7 out of 12 (Ease of Doing Business Ranking 2016-2017 Strength of Legal Rights Index) A- credit rating (Standard & Poor s, April 2016)
2. FINANCIAL SECTOR DEVELOPMENT The local financial sector has been robust despite global challenges and has contributed to diversification of the economy. Being selected as the home to several major multinational financial institutions, including Citibank, Royal Bank of Canada and Scotiabank, validates Trinidad and Tobago s ability to efficiently support the activities of international financial firms. Accolades The Trinidad and Tobago Stock Exchange has a market capitalisation of approximately US$18 billion (December 2016) Commercial banks operating locally have a combined asset base of approximately US$20.4 billion (May 2017) Domestic mutual funds have approximately US$6.5 billion in assets under management (December 2016) Trinidad and Tobago Financial Sector accounts for approximately: 17% of GDP (December 2016) and 9.2% of Employment (September 2016) 3. COST COMPETITIVENESS AND BUSINESS INFRASTRUCTURE Businesses can benefit from the available world-class infrastructure and connectivity. With an advantageous location, Trinidad and Tobago is one of the most connected countries in the region with regular flights to cities like New York, Toronto, Miami, London and Panama. There also exists a reliable and low-cost electricity supply, robust ICT infrastructure, affordable modern office space and competitively priced broadband. Accolades Ranked 54th out of 138 countries for infrastructure, exceeding the average score for Latin America and the Caribbean (Global Competitiveness Index 2016-2017 - Infrastructure Pillar) Electricity rates among the cheapest in the world A class office space available in the capital Port of Spain at competitive prices Low transport fuel costs which compare favourably to the global average The second cheapest broadband prices in the Americas, second only to the United States of America
4. SKILLED WORKFORCE The financial sector employs approximately nine per cent of the national workforce. The availability of a large pool of finance professionals is a key reason why global institutions are interested in Trinidad and Tobago. In addition, the Trinidad and Tobago IFC works with industry leaders to establish a comprehensive range of programmes to enhance the competencies of finance professionals and strengthen the local talent pipeline. Accolades Approximately 70,000 students enrolled in over 60 post-secondary and tertiary education institutions Approximately 4,000 students graduate annually from The University of the West Indies Approximately 4,000 persons pursuing various levels of the ACCA programme Workforce of over 640,000 persons as at March 2016 Average annual salary of US$14,000 US$18,000 for banking, financial services and insurance 5. REPUTATIONAL AND GENERAL FACTORS Trinidad and Tobago is an attractive location for international firms as the country provides a comfortable standard of living for expatriate workers. The country boasts a rich culture, evidenced by the flavourful cuisine and many festivals. In addition, expatriates can enjoy the outdoors, including beaches and nature hikes as well as a variety of social and sporting activities, while still maintaining the ability to efficiently conduct business.
The Trinidad & Tobago International Financial Centre Roadmap The development of the Trinidad and Tobago IFC will be underpinned by high standards of financial regulation and strict supervision, which will be responsive to changes in the global financial sector. The Trinidad and Tobago IFC seeks to establish sound regulation that allows well-managed risk taking and innovation, and which emphasises the stable and sustainable development of the financial services sector. Trinidad and Tobago s success as an international financial centre is premised on this robust supervisory framework, high-quality infrastructure, skilled workforce, Government support and pro-business environment. These factors will help attract leading financial institutions and global investors to operate with confidence in Trinidad and Tobago. Plans are already on the way by the Government to expand Business Process Outsourcing parks so that companies will have easily accessible office space to set up their operations.
AREAS OF BUSINESS Investment Banking Operating in the Trinidad and Tobago IFC will allow financial institutions to tap into the demand for financial services in the region. The Trinidad and Tobago IFC will facilitate complex financial transactions under a best-in-class English language common law legal framework that will be familiar to international financial institutions and considered as fair and transparent by them and their clients. Asset Management Financial institutions operating in the Trinidad and Tobago IFC will be able to provide tailor-made wealth management products and services to countries in the region that have populations with an increasing level of financial sophistication. The opportunity to manage the wealth in this region will appeal to international financial institutions seeking to expand their global footprint. BPO/Shared Services Trinidad and Tobago provides an attractive location for the Business Process Outsourcing/Shared Services Industry for financial institutions right-sourcing activities. Features such as being a nearshore location with a highly skilled labour pool, a history of economic stability, low energy costs and strong Government support and incentives are some of the reasons Trinidad and Tobago has attracted the attention of international outsourcing firms. Professional Services To complement the work of the firms that will be operating in the Trinidad and Tobago IFC, there will be a need for legal, accounting, auditing, advisory, compliance and other services. Trinidad and Tobago has established itself as a leading location for these services in the region and has a pool of highly skilled professionals capable of satisfying the requirements of any business.
Trinidad & Tobago International Financial Centre 15th Floor, Tower D International Waterfront Centre 1 Wrightson Road P.O. Box 735, Port of Spain Trinidad and Tobago T: 1 868-627-3081 F: 1 868-624-0794 E: info@ttifc.co.tt W: www.ttifc.co.tt High Commission of the Republic of Trinidad and Tobago in Ottawa 200 First Avenue Ottawa, Ontario Canada T: 1 613-232-2418-9 F: 1 613-232-4349 E: Ottawa@ttmissions.com W: www.foreign.gov.tt/hcottawa High Commission of the Republic of Trinidad and Tobago in London 42 Belgrave Square London United Kingdom T: 01 144-207-245-9351 01 144-207-201-9650 F: 01 144-207-823-1065 E: tthc.account@btconnect.com or mail@tthclondon.org W: www.foreign.gov.tt/hclondon Embassy of the Republic of Trinidad and Tobago in Washington D.C. 1708 Massachusetts Avenue N.W. Washington D.C. 20036-1975 United States T: 1 202-467-6490-3 F: 1 202-785-3130 E: Info@ttembwash.com W: www.ttembassy.com Permanent Mission of the Republic of Trinidad and Tobago to the United Nations in Geneva 37-39 Rue de Vermont 1202 Geneva Switzerland T: (011) 4122-918-0380 (011) 4122-918-0390 F: (011) 4122-734-9138 (011) 4122-734-8826 E: Mission.Trinidad-Tobago@ties.itu.int W: www.foreign.gov.tt/prungeneva A full list of all Trinidad and Tobago Diplomatic Missions may be sourced at: www.foreign.gov.tt/missions-consuls/tt-missions-abroad/diplomatic-missions Published September, 2017