F.A.S.T. Tracking Your Investment Needs
What do site selectors and investors look for when identifying a location for that next business venture? Well a number of things, but high on their list is the country’s ease of doing business. Trinidad and Tobago is listed as one of the top 10 reformers in the World Bank Group’s 2015 Ease of Doing Business Report and is the 8th easiest place to do business amongst all countries surveyed in the Latin American and Caribbean region. Nevertheless, investing can never be too easy, especially when one considers securing required business authorizations, acquiring relevant work permits and getting all the necessary approvals in time to meet start-up deadlines. Understanding the business start-up process, especially if you’re a foreign investor, can be daunting. So who do you turn to when you hit these stumbling blocks?
InvesTT’s Got It Covered.
As the Investment Promotion Agency of Trinidad & Tobago we understand your need for speed and efficiency in setting up your business. We constantly seek to drive efficiency and reduce transaction times for the acquisition of business approvals. Dedicated points of contact at key state and regulatory bodies liaise with us on a regular basis. The result? Both local and foreign companies have benefited from our value-added facilitation services.
Does It Stop There?
Of course not! We have taken it a step further. We have structured our network of resourceful aides into a formal committee in order to provide you with fast and improved customer service. On April 28, 2015, InvesTT launched the Facilitation, Approvals and Strategy Team (FAST), a group of stakeholders mandated to facilitate the fast and seamless implementation of investment projects. Its specific objective – reduce transaction times for obtaining government approvals.
How does it work?
F.A.S.T. provides a more structured approach to govern InvesTT’s interactions with many of the key stakeholder agencies involved in approval processes. It provides direct intervention in processes to fast track investment projects through its network of agencies.
Why is it so efficient?
The FAST Committee comprises senior representatives from key agencies that control major components of investment projects…for starters, accessing land, acquiring trade licenses and securing environmental clearances and work permits. The team includes key representatives from the Town and Country Planning Division, the Commissioner of State Lands, the Environmental Management Authority, the Trade License Unit at the Ministry of Trade & Industry, the Immigration Division, the Work Permits Section of the Ministry of Legal Affairs and Evolving Tecknologies & Enterprise Development Co. Ltd (e TecK) – local industrial and business park managers.
Since its launch, F.A.S.T. membership has increased and now includes representation from the Customs and Excise Division and the Trinidad and Tobago Manufacturers’ Association (TTMA).
Does F.A.S.T. Impact the Start-up Process Positively?
The performance of this team speaks for itself. In its short existence the F.A.S.T. Committee has achieved:
• An average of 32% reduction in transaction times
• Same day and proactive actioning of investor queries
• Increased cross-agency synergy
• More efficient processes that boost investor morale
• Strengthened relationship between member agencies, departments and ministries on an individual level.
Just ask a recent introduction to Trinidad and Tobago’s Maritime landscape, Peterson Integrated Logistics TT Ltd whose setup requirements were fast tracked by InvesTT through the facilitation of F.A.S.T. Committee. Peterson’s Regional Manager, Maarten Spiljard had this to say:
‘The support of InvesTT has been a very positive contribution to the establishment and development of our business in Trinidad and Tobago. The InvesTT team has always been just a phone call away and managed the support in a professional manner.’
With InvesTT, fast tracking your investment goals are more than possible. Contact our dedicated team of officers now for further information on how we can make your investment goal a reality.
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