Carenet Health receives first SEZA license in T&T

Carenet Health receives first SEZA license in T&T

Four months after the Special Economic Zones (SEZ) Act was fully proclaimed in Trinidad and Tobago, Carenet Health, an advanced healthcare business services organization with headquarters in Texas, is the first company to receive approval for an SEZ license that would ease their process to begin operating in Trinidad and Tobago.

The country’s new SEZ regime is expected to boost local entrepreneurship and attract foreign investment as the incentives are targeted for new investment projects. The incentives include a 15 per cent corporation tax, a generous portfolio of concessions and exemptions on import duties and VAT, as well as other taxes such as property tax and stamp duty.

“The Government of Trinidad and Tobago welcomes Carenet to our shores, the first to be approved in an already significant pipeline of investors. The SEZ Authority is also to be commended for ensuring that the approval was done in keeping with the set timelines laid out in the legislated regulations. We look forward to the continued benefits to our country; our first priority being job creation.”
Senator the Honourable Paula Gopee-Scoon, Minister of Trade and Industry

SEZ incentives administered by the SEZ Authority cover three types of entities: SEZ operators which act as landlords of SEZs; SEZ Enterprises, that conduct business within those spaces managed by operators; and Single Zone Enterprises, which are large stand-alone operations.

Carenet has been approved as a Single Zone Enterprise as it will operate as an entity within a leased commercial space in Port of Spain. Its executives selected Trinidad and Tobago primarily because of the country’s highly skilled talent, English fluency and time zone alignment to the U.S.A. Their initial location will staff over 200 health advisors in Port of Spain and they already have eyes on other locations in Trinidad for future expansion.  We want to congratulate Carenet on receiving the SEZA license SZE 001 and thank them for their partnership in the inaugural process.  

“We are honored to be the first to receive approval by Special Economic Zone Act (SEZ) and paving the way for the future growth of both Carenet Health and Trinidad and Tobago.  We appreciate the SEZ regime and their support in navigating the process.  Carenet looks forward to our healthcare growth in Trinidad and Tobago in support of our 500+ premier clients.”
Christopher Rogers, Chief Operating Officer of Carenet Health

This investment in BPO (Business Process Outsourcing) was facilitated over a period of 10 months by InvesTT which is now part of the recently established Trinidad and Tobago Trade and Investment Promotion Agency. The Agency has played a significant role in the growth of this country’s BPO sector from the securing of the first foreign BPO investment in 2015 to the establishment of nine companies today and 2,500 jobs created. The sector is set for further growth this fiscal as existing BPOs have expansion plans which are projected to double the current employment figure.   

In July 2024, the City of Port of Spain was ranked the 5th Top Value Destination for Business Process Outsourcing (BPO) in the Latin America and Caribbean region. The ranking was released on the Nearshore Value Index (NVI) 2024, a tool managed by the research and advisory team of Nearshore Americas, a prominent online content source for the nearshore services and outsourcing industry. The NVI identifies and ranks the locations which offer the best value for nearshore operations in BPO and software services.