THE TIMES | THE SUNDAY TIMES | TIMES+

Please select a city

Media


If you can not find the service that you require, please contact us by email, phone or fax and we will use our best endeavours to supply the requested service.

Click here for our contact details.

Trinidad and Tobago

Basic Information

Area: Trinidad - 4,828 km², Tobago - 300 km²

Calling code: +1-868

Population: 1,305,000

Official Language: English, Spanish

Time zone: (UTC-4), Local time: 14:50

Overview

Trinidad & Tobago is a twin-island state which lies off the coast of Venezuela and is strategically positioned south of the hurricane belt, between North and South America. Trinidad, the larger of the two islands is home to 95% of the total population and is heavily industrialized, whereas Tobago relies more on tourism and agriculture.

After more than a century of success in oil and gas, Trinidad & Tobago is considered an energy giant in the Caribbean and the business and financial center of the region. The country is one of the world’s leading exporters of asphalt, methanol, ammonia and liquefied natural gas to the USA and other leading, developed nations.

Trinidad & Tobago is considered to be a rich melting pot of cultures as its people are descendants from all over the globe from China and India to the Middle East, to South America, Europe and Africa. Home of the Steelpan, the only acoustic musical instrument to have been invented in the 20th century, the country is a leader in Caribbean carnival, culture, cuisine, fashion, music and entertainment. Well-stocked libraries, large and modern cinema complexes and a variety of theatres, concerts and nightclubs provide entertainment for every taste.

Information kindly provided by InvesTT Limited.

Economy

Trinidad & Tobago has developed into a favourable location for international investment, focusing on the development of key sectors to increase GDP growth and expansion. These sectors include ICT, Light Manufacturing, Transport/ Logistics, Creative Industries and Clean Technologies.

Currently the largest Caribbean exporter to the USA, the country continuously improves its access to regional and international markets through strong trade relations with the USA, Canada, Costa Rica, Venezuela, Colombia, CARICOM and Europe. Another key factor encouraging business expansion within Trinidad & Tobago is its strategic location below the hurricane belt, allowing a prime opportunity for the transshipment of exports into North American, Latin American and Caribbean markets.

The strength of Trinidad and Tobago’s economy is evidenced by the establishment of multinationals in the services, manufacturing, financial and energy sectors. These firms include Microsoft, IBM, Bank of Baroda, Arcellor Mittal, bP and BHP Billiton. Throughout 2011 the exchange rate which currently stands at US$1: TT$6.42, remained stable despite fluctuations in world markets.

FDI Intelligence of the Financial Times ranks Trinidad & Tobago as:

• 1st for GDP per capita ($25,768 International Dollars)
• 2nd for Growth of the Economy with an increase of 2.16%
• 2nd for Size of Economy at 22.47 US$ Billion

Information kindly provided by InvesTT Limited.

Infrastructure

Trinidad & Tobago is easily accessible to many major cities throughout the world. The Piarco International Airport, with its 16-gate terminal, is a vital hub for international air traffic in the region. Many airlines also fly into the Arthur NR Robinson Airport in Tobago, which links to Piarco via a bi-hourly air service. A daily ferry service also links Tobago’s capital city, Scarborough, with Port of Spain, Trinidad.

Trinidad’s two fully developed industrial ports serve as major transshipment hubs between the Americas. They are located in Port of Spain and Point Lisas, handling dry and general cargo, industrial bulk and containers.

Trinidad & Tobago has an extensive network of paved roads and major highways traverse both islands. The country’s advanced public transport system includes a daily water-taxi service linking commuters from the south of Trinidad to the northern capital city.

There is a reliable supply of electricity and water and rates for most utilities are among the lowest in the region.

The ICT industry in Trinidad & Tobago features high penetration and cost-effective fixed line, mobile and internet services.

Industries are located throughout the country and in industrial parks. Real estate for both commercial and private use is widely available.

Information kindly provided by InvesTT Limited.

Workforce

Trinidad & Tobago has a well-developed human resource base. Education has been a prime focus of the development strategy since the nation’s independence. The workforce (approx. 611,500) is characterized by a high percentage of university graduates including those with postgraduate qualifications. Legal, administrative, information technology and general management skills are widely available, as well as scientific, technical and engineering skills specific to industries such as agriculture, construction and energy, including downstream from energy.

Primary, secondary and tertiary education is free at government institutions but private fee-paying options are available. Denominational secondary schools of various faiths, as well as a public school system with a total of 478 primary schools and 134 secondary schools, prepare children for vocational or academic careers. Post-secondary and tertiary education providers include: The University of the West Indies (UWI), The University of Trinidad and Tobago (UTT), distance learning tertiary-level institutions, colleges and vocational/technical training schools.

A globally competitive environment calls for a highly skilled, dedicated and productive workforce. The Government of the Republic of Trinidad & Tobago partners in many of its educational and skills training initiatives with the private sector in order to specifically fill the future needs of employers who will keep the economy internationally competitive.

Information kindly provided by InvesTT Limited.

Business Costs

Businesses in Trinidad & Tobago enjoy highly competitive operating costs, making the country an emerging market for e-business and technology firms. The strength of the nation’s energy industry makes it able to boast of some of the lowest energy costs in the world.

Any person wishing to incorporate a company in Trinidad & Tobago is required by law to register the business as a sole proprietorship, partnership or limited liability company. All employees, sole traders, partnerships or companies are legally obligated to apply for a Board of Inland Revenue (BIR) file number to be used in payment of taxes or filing of returns. Corporation tax is fixed at a low rate of 25% and a Value Added Tax (VAT) of 15% is applied to both goods and services in Trinidad & Tobago. A foreign national wishing to work in the country must apply for a work permit through the Ministry of National Security.

There is a wide range of investment incentives that includes the following:
• Concessions from import duty on raw materials, machinery and equipment
• Exemption from corporation tax on profits and dividends
• Training subsidies for developing new skills
• Exemption from VAT on inputs for companies exporting 80% of production

Information kindly provided by InvesTT Limited.
Business City Guide - home page

Local Services

Each featured location will contain a selection of our preferred service providers.

Our Sponsors

Europe
Europe
Asia
Asia
Australia
Australia
Africa
Africa
Nort America
North America
South America
South America