PORT OF SPAIN, Trinidad and Tobago, April 1, 2011 /PRNewswire/ -- The Republic of Trinidad and Tobago (T&T) has embarked on Phase One of TTBizLink, a web site that allows individuals and companies to connect with the government online for business and trade purposes. This site is designed to help make business less expensive, speed up the process of conducting commerce and make the twin-island a more attractive place for trade and foreign direct investment.
TTBizLink (www.ttbizlink.gov.tt) is a world-class model that is designed after the online trade portal in Singapore known as TradeNet. World Bank ranks Singapore first for having the most open economy for international trade and investment and for being the easiest place to do business. T&T has made a commitment to increase its ranking in the ease of doing business in the next 2-5 years.
"We knew as a country we had to come up to speed to increase our competitiveness," says Randall Karim, Director, Policy & Strategy at the Ministry of Trade & Industry. "TTBizLink does just that."
Individuals and companies who want to import and export goods, apply for business permits and licenses, register a business and conduct any other trade activity can submit a single document online at the TTBizLink website. The information will then be routed to the relevant government agencies for their approval. According to the Ministry of Trade & Industry, these business processes that once took 1-3 weeks will eventually take 1-3 days. The system will go live in late April 2011, for now businesses are asked to register online in order to be able to access the portal.
TTBizLink has eight modules ― Import/Export Permits and Licenses, Import Duty Concession, Cargo Manifest, Goods Declaration, Company Registration, Certificates of Origin, Application for Fiscal Incentives, and Work Permit Applications. The new system will connect five government ministries and 13 government agencies all involved in the trade process.
The benefits of TTBizLink for business operators and investors include:
- Greater operational efficiency
- Increase in the speed of business/trade transactions
- Access to vital, timely information to support more efficient business-to-business transactions
- and investment decisions
- Sharpening the competitive edge of companies and industries
- Increased transparency in dealing with the Government of Trinidad and Tobago
"We want to become a global player beyond energy to attract and do business with the world. TTBizLink provides the efficiency to be one," says Karim.
For more information about investment opportunities in Trinidad & Tobago, visit www.investtnt.com.
SOURCE eTecK and The Ministry of Trade and Industry for Trinidad & Tobago