Above: Kingston (CJ Photo)
By the Caribbean Journal staff
Continuing our look at the 2015 Doing Business Report, we looked this week at how long it takes to start a business in the Caribbean.
The report’s “starting a business” rankings look at the number of procedures, time and cost for small and medium-sized limited liability companies (or their local legal equivalent) to start up and formally operate. (Doing Business uses a standardized business that is 100 percent locally owned, has startup capital equivalent to 10 times income per capita and employs between 10 and 50 people within its first month, among other criteria.)
So which Caribbean island emerged at the head of the class this year?
It was Jamaica, which was ranked 20th in the world based on the series of criteria.
In Jamaica it took about 15 days to start a business, a number that was mitigated by a very low number of procedures, among other factors.
The next best island for starting a business was Puerto Rico, according to the report.
See below for the full Caribbean rankings on starting a business.