CASTRIES, St. Lucia, Friday June 12, 2015 – The Caribbean Community (CARICOM) Secretariat yesterday began a series of national consultations to discuss the Draft Framework Policy on the Single Jurisdiction which aims to create a seamless space within which companies can do business.
The establishment of a single jurisdiction will allow businesses in 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 10thEuropean Development Fund (EDF) CSME and Economic Integration Programme. It addresses incorporation of companies, securities, bankruptcy and other law-related areas.
In the consultations, which begin in St. Lucia, 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 St. Lucia, national consultations will be held this month in Dominica, Antigua and Barbuda, and Trinidad and Tobago.
Consultations in the remaining CARICOM member states will be conducted in August.
The secretariat said the 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.