GEORGETOWN, Guyana, Jun 10, CMC – The Guyana-based Caribbean Community (CARICOM) Secretariat is launching a series of national consultations across the 15-member grouping to discuss the draft framework policy on the Single Jurisdiction which is aimed at creating a seamless space within which companies can do business.
The first consultation will take place in St. Lucia on Thursday.
CARICOM said the establishment of a single jurisdiction would allow businesses in member 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.”
CARICOM said the draft policy was developed by the firm, bkp Development Research and Consulting, under the 10th European Development Fund (EDF) CSME and Economic Integration Programme.
It also addresses incorporation of companies, securities, bankruptcy and other law-related areas. In the consultations, 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.
The first round of consultations takes place throughout the month of June in St. Lucia, Dominica, Antigua, and Trinidad and Tobago.
CARICOM said consultations in the remaining member States will be conducted in August.
“These national 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,” the CARICOM Secretariat added.
