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BUSINESS DEVELOPMENT DIRECTORATE

Business Development

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    The role of the Business Development Directorate is to develop and grow business in Trinidad and Tobago. This objective can be further broken down into eight (8) processes which are captured in the Business Development Value Chain. The Business Development Directorate comprises three Units which are as follows:

    THE BUSINESS SUPPORT AND FACILITATION UNIT

    is responsible for addressing issues related to the business environment in order to make it more facilitating and transparent. It has oversight for the sectors identified by Government for development in its quest to diversify the economy of Trinidad and Tobago. This Unit has responsibility for the development of the following clusters:

    • Creative Industries – Film, Fashion and Music
    • Maritime – Commercial Maritime; Leisure Marine (yachting)

    Yachting Steering Committee (YSE)

    The YSC was established by Cabinet in 2006 under the purview of the Ministry of Trade and Industry. The YSC comprises representatives from both the public and private sector and they are responsible for providing advice regarding the long-term sustainable development of the yachting industry.

    Membership comprises:

    • Yacht Services Association of Trinidad and Tobago (YSATT)
    • Tourism Development Company Limited (TDC)
    • Ministry of Transport
    • Tobago House of Assembly (THA)
    • Ministry of Planning and Sustainable Development
    • Ministry of Tourism
    • Ministry of Finance – Customs and Excise Division
    • Ministry of National Security – Immigration Division
    • Chaguaramas Development Authority
    • Ministry of Trade, Industry, Investment and Communications
    • Other private sector members as co-opted by the rest of the Committee

    Yacht Services Association of Trinidad and Tobago (YSATT)

    YSATT is a non-profit organisation that works with the Government to facilitate the development of the yachting industry. YSATT represents the private sector interests of the industry by interacting with cruisers and industry businesses (members) on a daily basis to address any issues which may arise. As a non-profit organisation, YSATT receives a monthly subvention from the Tourism Development Company (TDC) to operate a Tourist Information Centre in the YSATT office in Chaguaramas which is extremely helpful to cruisers who visit the island.

    INCENTIVES

    • Under the Corporate Tax Act, any company which promotes or sponsors yachting will be allowed as a deduction, in ascertaining the chargeable profits of the company for that year of income an allowance equal to 150% of the actual expenditure incurred in respect of such promotion or sponsorship, up to a maximum of $450,000
    • The Tourism Development Act – Allows for a tax exemption for a maximum of 7 years on
      • i. the gains and profits from an approved tourism project;
      • ii. accelerated depreciation on depreciable equipment used in an approved tourism project; and
      • iii. a capital allowance in respect of approved capital expenditure where an approved tourism project results in the creation of a new tourism project or expansion of an existing tourism project.

    The Act also provides for a permit for the importation or entry into Trinidad and Tobago free of customs duty of such building materials which are not already duty free and of such articles of tourism equipment for projects including marinas, boatyards, dive operations, water sports, charter boats, cruise activities and tour operations by sea.

    • Value Added Tax Exemption – Repair of yachts and pleasure craft and other services including port and harbour services, docking, berthing, mooring, conservancy or the arranging of such services are zero rated for Value Added Tax (VAT), provided that the yachts and pleasure crafts are owned by persons who are neither citizens nor residents of Trinidad and Tobago at the time when the repairs and services are performed.
    • Import Duty Concessions – The Customs & Excise Act provides investors full exemption from Customs Duties on imports of boats, boats and navigation equipment, marine engines, machinery and raw materials in the tourism sector.

    PUBLICATIONS

    1. Trinidad and Tobago’s Yachting Industry (The Communications Unit should have this in soft-opy)
    2. Trinidad and Tobago’s Boater’s Directory 2015/2016 (The publisher should be contacted to use
    this on the website. I’m not sure how the copyright aspects will work.)
    3. Cruising Guide to Trinidad and Tobago by Chris Doyle (Similar copyright issues exist here)

    RELEVANT LINKS

    Yachting Services Association of Trinidad and Tobago (YSATT) http://www.ysatt.org/
    Chaguaramas Development Authority (CDA) http://www.chagdev.com/
    Tourism Development Company (TDC) http://www.tdc.co.tt/