National consultations begin on creating seamless business space
The Caribbean Community (CARICOM) Secretariat begins a series of national consultations across Member States starting on Thursday, 11 June, 2015, in Saint Lucia.
The consultations are to discuss the Draft Framework Policy on the Single Jurisdiction whose aim is to create a seamless space within which companies can do business.
The establishment of a single jurisdiction will allow businesses in Member States participating in the CARICOM Single Market and Economy (CSME), to register anywhere in the CARICOM Single Market (CSM). Once registered in one participating Member State, businesses wishing to operate in another State, would not need to undergo a similar process. This initiative is expected to facilitate easier access to cross-border commercial opportunities for companies, creating possibilities for economic growth and increased employment in Member States.
The draft policy was developed by the firm, bkp Development Research and Consulting, under the 10th European Development Fund (EDF) CSME and Economic Integration Programme. It addresses incorporation of companies, securities, bankruptcy and other law-related areas.
In the consultations, staff of the CARICOM Secretariat CSME Unit will be soliciting feedback from public and private sector representatives on the efficacy of the policy and seeking recommendations for possible improvements.
In addition to Saint Lucia, national consultations will be held during June in Dominica, Antigua and Barbuda, and Trinidad and Tobago. Consultations in the remaining Member States will be conducted in August. These national consultations are vital since the creation of a single jurisdiction would be of significant benefit to those wishing to exercise the Right of Establishment under the Revised Treaty of Chaguaramas.