A Guide to Investing in Trinidad and Tobago 2012 invesTT is the nation’s investment promotion agency aligned to the Aftercare Services Ministry of Trade, Industry & Investment. We are the first point of We provide support to Multinational Companies operating in contact for investment opportunities in Trinidad and Tobago and Trinidad & Tobago by resolving specific business challenges or deliver customised investor solutions. We do this through our business eco-system issues to create an environment to encourage unique combination of knowledgeable sector experts, strategic reinvestment: alliances and extensive network of real estate and industrial parks. • Advisory & Real Estate Services Facilitation Services • Create business linkages We facilitate the investment process by assisting both local and • Problem Solving/ Highlighting for policy change foreign investors with their specific information requirements and • Assist in regulatory and registry issues for expansions other business needs: • Develop and coordinate all aspects related to in-country visits For more information on investing in Trinidad and Tobago or to • Assist with provision of information and data related to register for our services, please visit us at www.investt.co.tt making an investment decision • Assist with regulatory and registry issues in setting up initial operations • Property and location assistance • Recruitment and training guidance • Assist with settlement of any ex-pat personnel in country • Referrals to local service providers A GUIDE TO INVESTING IN TRINIDAD AND TOBAGO (2012) TABLE OF CONTENTS Fast Facts : Trinidad and Tobago ...........................................................................................................................................2 Reasons to Invest in Trinidad and Tobago .............................................................................................................................3 Introduction to Trinidad and Tobago ......................................................................................................................................6 TTBizLink – strengthening T&T’s investment environment ...................................................................................................20 Trade and Investment Approvals and Procedures ...............................................................................................................24 Company Registration ..........................................................................................................................................................67 Investment Incentives ...........................................................................................................................................................76 Areas of Opportunity ............................................................................................................................................................89 Immigration, Visas & Work Permits ....................................................................................................................................102 Intellectual Property ..........................................................................................................................................................107 Taxation ..............................................................................................................................................................................117 Appendix A: Useful contacts in Trinidad and Tobago ........................................................................................................130 Appendix B: International Organisations ............................................................................................................................133 Appendix C: List of Government Ministries in Trinidad and Tobago ..................................................................................134 Appendix D: Diplomatic Corps List ....................................................................................................................................138 Appendix E: Honourary Consuls to Trinidad and Tobago ..................................................................................................142 Appendix F: Embassies and Permanent Missions .............................................................................................................145 Appendix G: Foreign Companies in Trinidad and Tobago ..................................................................................................148 Appendix H: List of Public Holidays in Trinidad and Tobago .............................................................................................153 TABLE OF CONTENTS ILLUSTRATIONS TABLES 5.1. Trinidad and Tobago: Selected Economic Indicators 2007-2011 .............................................25 5.2. Gross Domestic Product of Trinidad and Tobago .....................................................................27 5.3. Balance of Payments ................................................................................................................28 5.4. Population, Labour Force and Employment (2005 – mid 2011) ................................................29 5.5. Trinidad and Tobago Credit Rating History: 2005-2011 ............................................................31 5.8. Stopover Visitors to Trinidad and Tobago by Accommodation 2010 ........................................40 5.9. Air Cargo Service Companies ...................................................................................................40 5.10. Electricity Rates in Trinidad and Tobago ...................................................................................42 5.11. Water Rates in Trinidad and Tobago (2011) ...............................................................................43 5.12. Overseas Telephone Rates per minute ......................................................................................43 5.13. Internet Service Providers in Trinidad and Tobago ....................................................................44 5.14. Natural Gas Prices in Trinidad and Tobago ...............................................................................45 5.15 Raw Material Resources ............................................................................................................45 5.16. Commercial Banks Interest Rates (December 2011) ................................................................47 5.17. Students Enrolled in Government and Assisted Schools ..........................................................52 5.18. Residential Transfers (dwelling house) ......................................................................................58 5.19. Residential Transfers (land only) ................................................................................................58 5.20. Non-residential Transfers (Commercial) ....................................................................................58 5.21. Major Exports ............................................................................................................................61 5.22. Major Imports ............................................................................................................................61 5.23. Main Trading Partners ...............................................................................................................62 11.2. National Insurance: Table of Contribution Payments ..............................................................124 FIGURES 5.6. Airlines Operating from Trinidad and Tobago ............................................................................39 5.7. Trinidad and Tobago Arrivals by Purpose of Visit ......................................................................39 11.1. Tax Returns Forms ..................................................................................................................118 A GUIDE TO INVESTING IN TRINIDAD AND TOBAGO (2012) 1 FAST FACTS Trinidad and Tobago Language English (Official), Spanish (Second) Economic Data Population 1.3 million Exchange Rate: US$1.00 - TT$6.43 Unemployment Rate: 5.8% (2011) Location Trinidad: Latitude, 10.5°N Main GDP Contribution: Petroleum Sector 45.3% Longitude, 61.5°W GDP Growth: -1.4% (2011) Tobago: Latitude, 11.5°N GDP: US$22.4 million (2011) Longitude, 60.5°W GDP Per Capita: US$16,963 (2011) Inflation Rate: Headline inflation 5.3% (2011) Total Area Trinidad: Approx. 1864 square miles Labour Force: 632,100 (4,828 sq km) Tobago: 116 square miles (300 sq km) Political System – Parliamentary Democracy Head of State: President George Maxwell Richards Capital Trinidad: Port-of-Spain Head of Government: Prime Minister Kamla Persad-Bissessar Tobago: Scarborough Climate Temperature: Daytime - Approx. Financial System 31°C (87°F) Standard and Poor’s Rating: Grade A (2011); Moody’s – Baa1 Nighttime - Approx. Number of Commercial Banks: 8 21°C (69°F) Number of Branches: 133 Seasons: Dry season – January to May Number of Automatic Teller Machines (ATM): 254 Rainy season – June to December Transportation Time Zone Trinidad and Tobago is 1/-1 hour ahead of US Eastern Standard Time 2 Main International Airports: Piarco International (EST) and 4/5 hours behind Greenwich Airport (Trinidad), and A.N.R. Robinson International Airport, (Tobago). Mean Time (GMT) 2 Main Seaports: Port of Spain and Point Lisas, Trinidad Inter-island Transport: 2 Fast Ferries