TRINIDAD AND TOBAGO · Trinidad and Tobago outranks its Caribbean counterparts in overall infrastructure quality DATA ANALYTICS AVAILABLE IN TRINIDAD AND TOBAGO Domestic software

TRINIDAD AND TOBAGOYOUR PREFERRED

FINANCE & ACCOUNTING NEARSHORE HUB

TRINIDAD AND TOBAGO

THE NEW FRONTIER IN NEARSHORING FOR

FINANCE & ACCOUNTINGBUSINESS PROCESS

OUTSOURCING

C O N T E N T S

2TALENT

INFRASTRUCTURE 2.2

2.3PRO-BUSINESS ENVIRONMENT

2.4GOVERNMENT SUPPORT AND REGULATORY FRAMEWORK

2.1HIGHLY SKILLED WORKFORCE AVAILABLE

2.1.1THE RIGHT LEVEL AND MIX OF EXPERTISE

2.1.2REGIONALLY COMPETITIVE LABOUR COSTS

11.1TRINIDAD AND TOBAGO: A NEARSHORE LOCATION

3TARGETED INCENTIVES

4.2TRINIDAD AND TOBAGO: A TRUSTED FINANCIAL PARTNER

5WHY WORK WITH THE TRINIDAD & TOBAGO IFC

6BEYOND FINANCE

4

4.1

TRINIDAD AND TOBAGO’S BPO SECTOR RECEIVES INTERNATIONAL RECOGNITION

CASE STUDIES

TRINIDAD AND TOBAGO’S UNIQUECOMPETITIVE ADVANTAGES

SECTION

BPO investors have access to a niche pool of highly skilled and well-educated Finance & Accounting (F&A) professionals, with a high-level understanding of outsourcing processes.

This is complemented by the competitive cost of labour in the domestic market.

strong and stable economy

government support

and regulatoryframework

BPO operators can leverage Trinidad and Tobago’s unique combination of benefits, to provide higher-value financial services, requiring critical and fact-based analysis.

The Government… set about to re-engineer national strategies for wealth creation in the context of sustainable development … anchored on a solid

sub-structure of good governance and the rule of law…

Dr. The Honourable Keith Rowley, Prime Minister of The Republic of Trinidad and Tobago

1

closeproximity to the Americas

competitivelypriced

infrastructure

pro-business environment

targetedincentives

close cultural a�nity to North

America and high quality of life

highly skilled talent pool

world-class technology

solutions

TRINIDAD AND TOBAGO’SUNIQUE COMPETITIVEADVANTAGES

Trinidad and Tobago’s BPO industry

has continued to evolve in alignment with global industry trends.

Trinidad and Tobago’s Value Propositiono�ers BPO operators:

SectionSection

22

Trinidad and Tobago,

the most southerly island state of the Caribbean archipelago, is located in close proximity to the South American coast. This o�ers unparalleled access to markets within the Latin American and Caribbean region.

The country shares its maritime boundaries with Barbados to the northeast, Grenada to the northwest,Guyana to the southeast and Venezuela to the south and west.

BILATERAL TRADE AGREEMENTS

CARICOM – DOMINICAN REPUBLIC (AUGUST 1998)

CARICOM – VENEZUELA (JULY 1991)

CARICOM – COLOMBIA (JULY 1994)

CARICOM – COSTA RICA (MARCH 2004)

1.1

TRINIDAD AND TOBAGO: A NEARSHORE LOCATION

PANAMA 3.0 HOURS

MIAMI 3.8 HOURS

NEW YORK 4.8 HOURS

NEWARK 5.0 HOURS

HOUSTON 5.0 HOURS

TORONTO 5.5 HOURS

LONDON 8.7 HOURS

IT IS JUST A SHORT FLIGHT FROM PIARCO INTERNATIONAL AIRPORT TO MAJOR CITIES:

CARICOM – CUBA (JULY 2000)

USA VIA THE CARIBBEAN BASIN INITIATIVE (1983 AND 2000)

TRINIDAD AND TOBAGO IS PART OF THE GENERAL AGREEMENT OF TARIFFS AND TRADE (GATT)

SOURCE: MINISTRY OF TRADE AND INDUSTRY)

USD 22 USD 760MILLION

GDP - 2016 FDI INFLOWS 2015

Section

3

0

SewageCharges

Trinidad has 2,000 qualified Accountants – one of the highest per capita in the Latam region

Over 70,000 students enrolled in over 81 post-secondary and tertiary education institutions

Over 4,000 persons pursuing various levels of the Association of Chartered Certified Accountants (ACCA) programme (UK equivalent of Certified Public Accountant) which is IFRS compliant

Over 400 persons graduating with Information Technology (IT) qualifications yearly

Quality of educational system - 38th out of 138*

Quality of math and science education - 31st out of 138*

Quality of management schools - 33rd out of 138*

- University of London- Edinburgh Business School- The Henley Business School- Australian Institute of Business

A�liations exist between domestic and foreign institutions such as:

The University of the West Indies at St. Augustine o�ers fully accredited programmes that focus on providing students with an innovative approach to manage business,

societal and global challenges. By o�ering financial assistance, the government guarantees that resources are available for persons to access tertiary level studies.

This strategic move, coupled with the quality of learning, has resulted in new leaders equipped with world-class solutions.

Sharan Singh, Director, O�ce of Institutional Advancement and Internationalisation, The University of the West Indies, St. Augustine Campus.

Trinidad and Tobago has a highly skilled service-oriented workforce with 7,000 graduates entering the workforce each year.

Given the importance of a highly educated population, the Government has maintained sponsorship programmes for education including free tertiary education up to PhD level. This long-term strategy has ensured that, “what we lack in scale, we make up in quality.”

TALENT

2

Highly skilled workforce available in 30 verticals in F&A

*SOURCE: 2016/2017 GLOBAL COMPETITIVENESS INDEX

Cutting- Edge Training

There are over 115 Microsoft Innovation Centres (MICs) worldwide and Trinidad and Tobago was chosen by Microsoft to host one of these. MICs are intended to develop and deploy local innovative software solutions based on Microsoft technology.

MICs are state-of-the-art technology facilities which all provide similar content and services designed to accelerate technology advances and stimulate local software economies through skills and professional training, industry partnerships and innovation.

Section

4

F&A COURSES

BSc. Banking & Finance

BSc. Accounting & Finance

Association of Chartered Certified Accountants (compliant with International Financial Report Standards that allow them to operate anywhere in the world)

Certified Financial Accountant

BSc. Insurance & Risk Management

MSc. Finance

BSc. Computer Science & Management

BSc. Computer Science

MSc. Computer Science

PhD. Computer Science

MSc. Information & Communications Technology

MSc. Network Security

BTEC HND BTEC HND in Computing and Systems Development

Microsoft Certified Solutions Associate (MCSA): Windows Server 2012

Microsoft Certified Solutions Expert (MCSE): Server Infrastructure

Microsoft Certified Solutions Associate (MCSA): SQL Server 2012

BSc. Business Administration

BSc. Business Administration with Human Resource Management

BSc. Business Administration with International Business

BSc. Business Administration with Marketing

BSc. Management

BSc. Economics

BSc. Management Studies

BSc. Public Management

BSc. Management Information Systems

Master’s in Business Administration

IT COURSES

BUSINESS MANAGEMENT COURSES

2.1

HIGHLY SKILLED WORKFORCE AVAILABLE

ACCA GLOBAL BUSINESS SERVICES

(GBS) QUALIFICATION

Certificate

Diploma

Advanced Diploma

Section

5

Myriad programmes are available for business professionals to upskill themselves in areas such as:

Customer Master

Credit Risk Analysis

Billing and Invoicing

Control and Reconciliation

Order Management

Cash Application

Cash Flow Analysis

Collections

Mailroom

Invoice Processing

Disbursement

Control and Compliance

Expenses Processing

VAT Reporting

ORDER TO PAYMENTORDER TO CASH

Analytics

Data Modelling

Help Desk/Vendor

Interface Development

BI Reporting

Data Visualisation

and Dashboards

Forecasting

Strategic Planning Support

Decision Support

Performance Measurement

The financial sector employs approximately 9% of the local workforce. The availability of a large pool of finance professionals is a critical consideration for F&A BPO institutions interested in Trinidad and Tobago.

Trinidad and Tobago ranks #1 in output per worker in the Latin American region.

The talent pool not only serves the finance and accounting sectors, but supports technology-driven finance and accounting services, such as financial planning and financial analysis.

TECHNOLOGY-DRIVEN FINANCE AND ACCOUNTING SERVICES

2.1.1

Profit and Loss

Value Add Reports

Reconciliation

Fixed Asset Accounting

Balance Sheet

Journals

RECORD TO REPORT

ORDER TO PAYMENT

ORDER TO CASH

TECHNOLOGY-DRIVEN FINANCE AND ACCOUNTING SERVICES

RECORD TO REPORT

The availability of human capital plays a significant role in the development of a financial Business Process Outsourcing [BPO] industry. At RBC Royal Bank, we acknowledge

the high levels of investment in education, as well as the support given to enhance the skills of our local F&A professionals. We are pleased with the sophistication of the

labour pool, which will facilitate the bank with its goal to make our regional operations simpler, faster and better, on a continuous basis.

Darryl White, Managing Director, RBC Royal Bank (Trinidad and Tobago) Limited

THE RIGHT LEVEL AND MIX OF EXPERTISE

Section

6

Trinidad and Tobago o�ers some of the best financial talent in the world

along with some of the most competitive salary rates in the nearshore region. This, complemented by the highest number of available F&A professionals per capita, makes this country an ideal nearshore location. As a result of these factors, Trinidad and Tobago is the

preferred F&A BPO destination in the region.

SOURCE: SOURCE: 2017 FDI BENCHMARK A SERVICE FROM FINANCIAL TIMES

Average annual salaries for F&A BPO near-qualified accounting professionals are substantially lower in Trinidad and

Tobago (US$13-17K) as compared to the US and Canada (US$42-56K).

REGIONALLY COMPETITIVE LABOUR COSTS

Low (stable political system, established English law and regulations)

Medium (stable political system, relatively poor infrastructure, high crime rates)

Medium (relatively stable political system, relatively poor infrastructure and high crime rates)

Medium (relatively stable political system, high level of drug tra�cking, relatively poor infrastructure

Low (stable political system, stable middle class, no armed forces, investor friendly government)

Trinidad Dominican and Tobago Jamaica Republic Colombia Costa Rica Mexico

Literacy Global Rank

Average annual BPO salary levels (US$)

CARIBBEAN REGION

FE

AS

IBIL

ITY

IMP

AC

TR

ISK

CENTRAL/SOUTH AMERICAN REGION

High(high level of organized crimes, relatively poor infrastrusture, stable political system)

˜$13-17K

˜$22-27K

˜$10-13K

˜$19-26K

˜$12-15K

˜$17-22K

99 88.7 91.8 94.7 97.8 95.1

13 78 76 63 44 60

Value Proposition Component

Nearshore location and Eastern time zone

Adult literacy %

2.1.2

COMPARISONS OF MANDATORY BENEFITS BY LOCATIONS

SOCIAL CHARGE

CHRISTMAS BONUS

HAZARD INSURANCE

SEVERANCE PAY

HEART

NATIONAL INSURANCE

SCHEME

NATIONAL HOUSING TRUST

EDUCATION TAX

HEALTH SURCHARGE

NATIONAL INSURANCE SCHEME

(SOURCE: AVASANT)

Trinidad and Tobago:9% add-ons

Jamaica:12% add-ons

Costa Rica:40% add-ons

IN TRINIDAD AND TOBAGO, ONLY MINIMUM MANDATORY EMPLOYEE BENEFITS ARE REQUIRED

The figures above represent flat salaries and do not include mandatory add-ons.

Section

7

Trinidad and Tobago has experienced steady improvements in its information and communications technology infrastructure resulting not only in the availability and

reliability of a robust telecommunications system, but also a steep decline in the cost for consumers. These developments have also buoyed the country’s reputation as one of

the most advanced ICT infrastructures in the Caribbean region.

Rakesh Goswami, Executive Vice President Strategic Alliance, Enterprise and Tobago Operations at the Telecommunications Services

of Trinidad and Tobago.

2.2

INFRASTRUCTURE

0 1 1.5 2.5 3.5 4.52 53 40.5

TRINIDAD AND TOBAGO

JAMAICA

COSTA RICA

COLOMBIA

Trinidad and Tobago ranks 1st in the Latin American and the Caribbean region for its extensive

infrastructure. (Global Competitiveness Index 2015-2016 - Infrastructure Pillar)

There are three (3) Tier 1 Data Centres in Trinidad: • Fujitsu (ISO/IEC 27001:2013) • TSTT – Rated 3 TIA-942 Certified • Digicel

Currently, four local service providers o�er low-cost broadband rates that are second only to those available in the United States of America

Ranked 19th out of 207 for mobile telephone subscriptions (Source: World Bank)

Mobile voice penetration rate: 160 out of every 100 persons*

Internet penetration rate: 70 out of every 100 persons*

WORLD-CLASS TECHNOLOGY SOLUTIONS

* Source: TATT Report 2016

OVERALL INFRASTRUCTURE QUALITY

Trinidad and Tobago outranks its Caribbean counterparts in overall infrastructure quality

DATA ANALYTICS AVAILABLE IN TRINIDAD AND TOBAGO Domestic software and telecoms development firm, Teleios Systems has launched a fully customisable and automated Data

Analytics tool which was built right in Trinidad and Tobago. In just under three (3) years, the cloud-based programme has

already been subscribed to by a number of users in Trinidad and Tobago, around the region (Barbados, Grenada, Surname) and

the world (New Zealand, London). Firms agree that the programme allows them to benefit from more real-time awareness of

their company’s data at a lower cost and with absolutely no capital expenditure.

Section

8

2.2

INFRASTRUCTURE

continued

Low utility and real estate costs make Trinidad and Tobago

one of the most cost-e�ective nearshore locations in the Latam region is perhaps its most obvious asset to multinational

companies interested in BPO, it o�ers several other significant competitive advantages to its partners in the global

finance and accounting industry.

Electricity rates among the cheapest in the world

Low transport fuel costs range from US$0.50 to US$0.85 per litre

LOW UTILITY COSTSJAMAICA

$0.21

$1.42

$1.50

COSTA RICA

$0.25

$2.72

$1.87

COLOMBIA

$0.15

$1.31

$2.88

TRINIDAD& TOBAGO

$0.03

$0.56

$1.45

Electricty Costs (KwH)

Water (M3)

Real Estate per sq. ft.

Cost Parameter (US$)Electricity costs in Trinidad and Tobago are 1/3 those of Costa Rica and 1/2 those of Jamaica.

Electricity in Trinidad and Tobago is primarily generated from natural gas.

REAL ESTATE

Trinidad and Tobago also o�ers several business park facilities, as well as A-class o�ce space in and out of the capital, Port of Spain.

Competitive rates, beginning at

US$1.45 per square foot

Rent-free, plug-and-play

incubation space is o�ered on a

first-come, first-served basis

B.

Tamana Intech Park

Trinidad and Tobago boasts of world-class infrastructure, competitively priced real estate,

and a well-developed, high redundancy telecom network. The utility costs are some of the lowest in the world, making

operations much more e�cient and cost e�ective.

Nearest Town: Arima 6km Building Type: Commercial Structure: 4 storeys above ground Total Square Footage: 141,750 sq. ft. Leasable Space: 130,445 sq. ft. (based on lease of entire building exclusive of IT & Mech room)

Tamana Intech Park – the largest technology eco-business park in the Caribbean – o�ers sustainably designed ‘green’ o�ce space

Section

9

SOURCE: 2017 FDI BENCHMARK A SERVICE FROM THE FINANCIAL TIMES

continued

Trinidad and Tobago is emerging as a strong contender for financial services investment due to its thriving financial services sector, favourable business

environment and availability of suitable skill sets.

Anupam Govil, Partner, Avasant

Trinidad and Tobago is recognised

on the Ease of Doing Business Index 2017, ranked 12th out of 32 countries in Latin America and the Caribbean for a

pro-business environment.

PRO-BUSINESS ENVIRONMENT

Countries with which Trinidad and Tobago has key associations:

CANADA

• Strong economic and political relationships

• Increasingly considered as nearshore alternative by Canadian conglomerates

UNITED STATES

• Emerging as a nearshore

alternative for higher-value

services (especially with

declining benefits in

Canada)

LATIN AMERICA

• Close proximity and deep

economic relationship

with Latin America, especially

with Central America

CARIBBEAN

• Economically and

politically significant

• Regional headquarters

for U.S. and Caribbean firms

LARGER BUSINESS OPPORTUNITY:

2.3

The Trinidad and Tobago Stock Exchange had a market capitalisation of approximately US$18 billion (December 2016)

Commercial banks operating locally had a combined asset base of approximately US$20.4 billion (May 2017)

The financial sector accounted for approximately 17% of GDP (December 2016)

Domestic mutual funds had approximately US$6.5 billion in assets under management (December 2016)

Companies concerned about their carbon footprint will find value in the fact that Trinidad and Tobago’s electricity is gas-powered

TRINIDAD AND TOBAGO’S ROBUST FINANCIAL FOUNDATION

Section

10

Trinidad and Tobago has well-established legal and regulatory frameworks

overseen by the Central Bank of Trinidad and Tobago

(CBTT) and the Trinidad and Tobago Securities and

Exchange Commission (SEC) to ensure the safety of foreign

investments in the country. These not only include financial

regulations but also encompass Technology, Intellectual

Property, Copyrights, and Electronic Data Transmission etc.

The government has taken action to support a competitive business environment by:

Identifying education as a key pillar for economic

development

Enhancing the labour pool by investing over TT$7 billion

in tertiary education during the last decade, resulting in

an increase in the participation rate from 11% in 2004

to 57% in 2014

As a member of the Caribbean Single Market Economy

(CSME), Trinidad and Tobago o�ers investors the ability to

hire from a pool of over 7 million persons as labour can

move freely across 12 territories

Encouraging FDI by entering into double taxation treaties

with 12 first world nations and three developing countries

THE FOLLOWING LAWS AND REGULATIONS ARE IN PLACE:

ENCOURAGING FOREIGN DIRECT INVESTMENT

There is a connection between your University of the West Indies, Government and development agency, the Trinidad and Tobago International

Financial Centre. They all have the same goal with their major goal being to bring foreign exchange into the country. Because of this alignment, it makes it

much easier for people to understand the needs of the sector.

John Hall, FMCA CGMA, Triangular World Founder

ACCESS TO THE ENTIRE CARIBBEAN

LABOUR POOL

Tax Information Exchange Agreement (USA) Act [Foreign Account Tax Compliance Act (FATCA)]

Anti-money Laundering Act

Securities Industries Act

Financial Institutions Act

Guidelines for Collective Investment Schemes

Trustee Ordinance

Insurance Act

Data Protection Act

Free Zones Act

Foreign Investment Act

International financial firms seeking new locations to establish operations, look for countries that demonstrate and instil the attributes of confidence, trust and respect. Trinidad and Tobago

operates under well-developed, commercial, civil and criminal British law-based systems.

GOVERNMENT SUPPORT AND REGULATORY FRAMEWORK

2.4

TRINIDAD AND TOBAGO HAS ESTABLISHED DOUBLE TAXATION TREATIES

BrazilCanadaDenmarkFranceGermany

IndiaItalyLuxembourg NorwaySpain

SwedenSwitzerlandUKUSA Venezuela

PEOPLE

OVER

7MILLION

Section

11

Attractive incentives have been put in place by the Government of Trinidad and Tobago to

provide foreign direct investors with long-term support.

BPO is among the fastest growing industries in the world.In the Caribbean, the business outsourcing industry has already reached a level of US$3 - $5 billion. Many US and European

investors are now keen to set up regional headquarters and shared service centres in the Caribbean region, in particular for financing and accounting services. The demand seems to be

greatest for finance and accounting and we wish to benefit from these latest international trends. The T&T IFC is in the process of expanding its BPO operations by attracting foreign BPO firms, who would use local labour to serve their o�shore clients. During 2017, the T&T IFC facilitated

the registration of two large international BPO firms interested in providing high-endaccounting services to foreign clients. The T&T IFC is in discussion with other prospective

clients who are interested in a wide range of services, including InformationTechnology (IT), legal and call-centre services.”

The Honourable Colm Imbert, Minister of Finance

3

TARGETED INCENTIVES

Corporation tax, business levy, withholding tax and value added tax

Land and building taxes

Customs duties on capital goods, parts and raw materials for use in construction and equipping of premise

Import or export licensing

Fees for work permits

Enterprises registered under the“TT Free Zones Act“ are exempt from:

FREE ZONE INCENTIVES

In promoting the country’s value as a financial centre and leading destination for F&A BPO services, the Trinidad and Tobago IFC also assists investors with establishing their local operations by:

Working with industry leaders to enhance the competencies of

professionals in the F&A BPO sphere and strengthen the local

BPO talent pipeline, by providing a comprehensive range of

training programmes. Facilitated by:

NIIT Uniqua

ACCA

UWI Roytec

O�ering on a first-come, first-served basis, a rent-free, plug-and-play incubation facility, which

Accommodates 80 seats.

Reduces a company’s time-to-market giving them an opportunity for quick and easy set up.

Facilitating inward missions – planning and co-ordinating strategic meetings and site visits with potential clients and service providers

Supporting talent sourcing

Assistance with real estate selection

TRINIDAD AND TOBAGO IFC:

Section

12

55

A COMPARATIVE GRAPH WITH

OTHER NEARSHORE COMPETING LOCATIONS

Sustained expressions of interest in Trinidad and Tobago by international companies, confirm Trinidad and Tobago’s appeal as an attractive location for BPO and Shared Services. Progress in the development of the financial services sector has been recognised by the improved A.T. Kearney Global Services Location Index (GSLI 2017) , to 40 – up two places from the first-time 2016 ranking.

The GSLI tracks the trends in the outsourcing landscape in 55 countries across three major categories: financial attractiveness, people skills and availability, and business environment.

The GSLI has noted that Trinidad and Tobago has capitalised on its experience in servicing the energy industry and translating that success to other industries.

We have accomplished a major milestone with the 2017 A.T. Kearneyranking, moving two places to 40th out of 55 BPO locations.

This recognition provides a considerable boost as we continue our marketing and promotion of Trinidad and Tobago as the

preferred nearshore location for F&A BPO services in the Central American and the wider region.

Aliyah Jaggassar, Vice President, BPO/Shared Services Development

of the Trinidad & Tobago IFC

JAMAICA

TRINIDAD AND TOBAGO

CANADA

IRELAND

SINGAPORE

4344

53

38

Trinidad and Tobago recognised in the A.T. Kearney’s Global Services Location Index report for:o low infrastructure costs

o high literacy rate

o strong telecommunications

infrastructure and tax incentives

o nearshore location to Canada

and the United States

Trinidad and Tobago ranked ahead

of Singapore, Canada, Ireland and

Jamaica

2017 GLOBAl SERVICES LOCATION INDEX

A.T. Kearney

4

TRINIDAD AND TOBAGO’S BPO SECTOR RECEIVES INTERNATIONAL RECOGNITION

50

40

Section

13

Scotia opened its first international

branch in the Caribbean in Jamaica in

1889 and now operates in 18 countries in

the region with 370 branches.

Formed in 2013 in Trinidad, the Operation

and Shared Services Company Limited

(OSSCL) currently sta�s approximately

670 full-time employees, with the

intention of scaling upwards.

01

CASESTUDIES

4.1

RIGHT-SOURCING ASSESSMENT FRAMEWORK

1. Feasibility for core process nearshoring F&A BPO

Expansion facilitated through recruitment assitance, provided by the Trinidad and Tobago IFC. This resulted in the creation of over 130 jobs in 2013, and over 200 in 2016-17.

OSSCL performs support functions for 18 countries with governance advice from its Head O�ce in Canada.

OSSCL supports card processing, account processing, reconciliations, lending verification and credit function, customer support and collections services for multiple Caribbean countries.

2. Impact/financial return

Availability of low-cost infrastructure with characteristics required to house large-scale shared services.

Sizable low-cost labour force allows for economies of scale.

3. Low operating risk

Given Scotia’s extensive existing regional presence and familiarity with the region, Trinidad and Tobago was the preferred location from reputational and regulatory perspectives.

COMPANY PROFILE

OSSCL employs more than 750 shared services employees

Section

14

COMPANY PROFILE

RBC opened its first branch in Trinidad

and Tobago in 1901 and now operates

in 15 countries and territories across the

Caribbean.

More than 100 years later, RBC has

established Trinidad and Tobago as its

regional hub for shared service

operations in certain aspects of its

Caribbean retail banking and credit

card operations.

02

NEW OPERATIONS HUB

CASESTUDIES

4.1


1. Feasibility for core process nearshoring F&A BPOIts shared services centre (SSC) was opened in Trinidad and Tobago in 2012 and currently has more than 350 full-time employees.

At this SSC hub, a wide range of functions are performed on a daily basis by trained local sta� including records management, payment processing and reporting.

Trinidad and Tobago is also the regional hub for RBC’s collections, adjudication, risk management, IT support and HR call centre.


Availability of low-cost infrastructure with characteristics required to house large-scale retail banking operations.

Sizable low-cost labour force allows for economies of scale.


Given RBC’s retail bank footprint, Trinidad and Tobago is the preferred regional location for RBC’s SSC from reputational and regulatory perspectives.

Employing more than 350 F&A shared services employees

continued

Section

15

“We believe that Trinidad and Tobago is a great place to conduct our business and we look forward to a long-term future here We will continue to seek sustainable opportunities where local content can be developed in a meaningful and mutually beneficial way.”

COMPANY PROFILE

Among the world’s top producers of major commodities including iron ore, metallurgical coal, copper and uranium, with substantial interests in oil, gas and energy coal.

Global headquarters in Melbourne, Australia.

Employs more than 65,000 employees and contractors.

Two previous Presidents and current President are all nationals of Trinidad and Tobago.


The elements of success for such a transition included engagement and support from leadership, well-thought-out timelines and a rigorous knowledge transfer process. The transition process included comprehensive planning, which involved updates to all procedure documents, developing roles for the Trinidad and Tobago team members, recruitment requirements and detailed training plans. The execution of the plan was completed in stages, with lower volume work being transitioned first, followed by the more complex areas. BHP is pleased that this has been a seamless transition with no surprises. BHP attributes this to solid planning and a commitment to excellence by the local and regional teams.


Trinidad and Tobago was a natural choice for the relocation of the petroleum accounting and reporting function since BHP already has a presence in the country.

03

CASESTUDIES

Trinidad and Tobago’s expertise in the area of accounting & finance is very strong.

“Trinidad and Tobago has a very good base of accounting professionals and in the past, the company has had success when hiring T&T nationals” – Johnathon Boyce, Sr. Finance Manager.

Ability to source local talent: 22 ACCA qualified and 12 training recruits.


The establishment of the Accounting and Reporting team in Trinidad and Tobago, and the company’s global Shared Service Policy is part of the wider Global Finance Optimisation strategy in which the company is placing a greater focus on supporting our businesses and maximising e�ciencies across all of the key areas of responsibility for the finance function.

The team provides finance and accounting support to BHP’s operations in the Gulf of Mexico, the UK and Australia.

Operational e�ciency; simplification of processes.

Strong multifunction execution team.

Source of competitiveness – can set BHP apart in the region.


Scope for additional or replacement talent if necessary.

Short turnaround in recruiting & on-boarding sta�.

Trinidad and Tobago:natural choice for BHP Billiton

(BHP)

16

4.1continued

Section

COMPANY PROFILE

Largest provider of insurance services in Trinidad and Tobago.

Market-leading presence in 21 countries throughout the Caribbean.

O�ers coverage lines including life, health, property, and casualty in addition to products and services in areas such as asset management.

Roughly US$800 million in annual revenues.



“We have been deploying automation in our organisation to rapidly do a number of things: To allow our legacy systems to talk to each other without having to build sophisticated interfaces orcreate layers on top of the core code,” said Ravi Tewari, Group CEO. He continued, "It is consolidating as well as modernising our infrastructure at the same time, while allowing us to start to resemble what a best-of-breed insurance company should look like to the customer — and should behave like financially for the shareholder.”

Deployment of front-end system for cashiers that allows them to handle all lines of business and have a ‘total view’ of the customer.

Previous framework overly complex and challenged the customer service experience.

04

CASESTUDIES


Automation allows an insurer to be on the cutting edge, and more e�cient.

Guardian Group sees this as a driver of competitive advantage.

Primary objective: “Let humans do the meaningful stu� — like customer interaction and the judgemental tasks — and, in e�ect, let automation and software robots do the repetitive work.”


The insurer opted to leverage the experience and resources of Sutherland Global in designing the best automation solution for the Guardian Group’s business model.

Introduction made by the Trinidad and Tobago IFC, which recognised the match between Sutherland’s experience transforming financial services firms and the insurer’s need to digitize its work processes.

“There is a natural symbiotic relationship between Guardian Group and Sutherland,” observed Tewari.

This move will further cement the Guardian Group’s leading position in the region.

It also represented an e�cient use of capital by the company.

Expansion through Automation

17

4.1continued

Section

The Trinidad & Tobago IFC is driving the development of the Financial Services Sector, which is pivotal to the economic diversification and

transformation of Trinidad and Tobago. This is especially so in light of the fact that this country is singularly positioned to be the

region’s premier location for F&A BPO.

Richard P. Young, Chairman of the Trinidad & Tobago IFC

Selecting Trinidad and Tobago as a base for your organisation’s outsourcing operations means that you will join the ranks of noted

global institutions currently benefiting from the country’s pro-business environment.

Trinidad and Tobago has built a strong reputation as an ideal operational location for globally recognised international institutions to set up their Shared Service Centres such as:

• ROYAL BANK OF CANADA (TRINIDAD & TOBAGO) LTD.• SCOTIABANK BHP BILLITON

Trinidad and Tobago has also been chosen as an ideal nearshore location for third-party BPO operations like:

• AEGIS AVASANT GRANT THORNTON• IQOR• MEDULLAN

As the financial hub of the Caribbean, Trinidad and Tobago is home to some of the largest regional conglomerates, including:

• ANSA McAL• MASSY GROUP

Trindad & Tobago is the selected location for the big 4 accounting firms

DELOITTE• EY• KPMG PWC

Trinidad and Tobago is home to indigenous banks with multinational footprints like:

• FIRST CITIZENS BANK• REPUBLIC BANK

Other major banks operating in Trinidad and Tobago are:

• BANK OF BARODA• CITIBANK TRINIDAD & TOBAGO LIMITED JMMB BANK

Some of the most influential Telecom and IT Infrastructure companies operate out of this country such as:

• DIGICEL• FUJITSU• LIBERTY GLOBAL (FORMERLY CABLE & WIRELESS COMMUNICATIONS)

• MICROSOFT

Some multinational oil companies have their head o�ce here:

• BP GROUP HALLIBURTON• REPSOL S.A SHELL

4.2

With an ever-growing assemblage of international firms from countries such as Canada, Latin America and the United States of America, setting root in Trinidad and

Tobago, your company is well poised to share in the advantages leveraged from operating here.

TRINIDADAND TOBAGO: A TRUSTED FINANCIAL PARTNER

Section

18

The Trinidad & Tobago IFC is mandated to facilitate the development of the local financial, sector and position the country as the premier nearshore financial services destination in the Western Hemisphere.

5

WHY WORK WITH THE TRINIDAD & TOBAGO IFC?

By providing exceptional end-to-end investment facilitation and support services, the Trinidad & Tobago IFC stands committed to this task and works in concert with the Government of Trinidad and Tobago, to incentivise and promote the development of the sector, as well as accommodate the specific needs of multinational firms.

Through the customisation of incentives to meet the needs of each investor, we work assiduously to develop a business environment that accommodates the needs of international institutions.

We welcome you to our shores and we will be happy to host an executive from your company by giving them the opportunity to personally experience the Trinidad and Tobago business environment.

Section

19

Trinidad and Tobago is an attractive, family-friendly

location that allows for easy relocation

as the country is also able to a�ord a comfortable standard of living for expatriate workers. The country boasts a rich culture, evidenced by the flavourful cuisine and diverse religions and festivals. Multinational

employees can enjoy the outdoors, including beaches and nature hikes, while still maintaining the ability

to e�ciently conduct business.

Trinidad and Tobago ranks

4th in the Caribbean

in the Mercer Quality of

Living Rankings 2017

BEYONDFINANCE

20

6Section

DELEGATE THOUGHTS ON TRINIDAD AND TOBAGO INTERNATIONAL OUTSOURCING SUMMIT (TTIOS)

The Trinidad & Tobago IFC o�ers a regional

hub of resources in the areas of accounting, finance

and legal services which would be very interesting for

companies looking to set up in the region.

Lyndsey Wheeler – Managing Director, TMF Group, Costa Rica

The Trinidad & Tobago IFC has made

Trinidad and Tobago a very attractive option for

us to consider establishing a base here. The

readily available pool of skilled labour coupled

with the incentives o�ered by the government

make setting up a business here very appealing.

It’s an opportunity not to be missed.

International delegate at TTIOS 2016

I had not considered Trinidad and Tobago as an outsourcing

destination prior to this event. However, any scepticism that

I may have had has been eliminated and I firmly believe that the

Trinidad and Tobago IFC can provide service to any Caribbean or

international organisation seeking to operate here. The Trinidad

and Tobago IFC is ready – the facility, the skilled labour force and

government support are all at the level required to make

establishing operations here a feasible option.

Rajiv Nayan – Senior Director, Tata Consultancy Services Canada

Trinidad and Tobago’s expertise in the area of accounting & finance is very strong.

“Trinidad and Tobago has a very good base of accounting professionals and in the past, the company has had success when hiring T&T nationals” – Johnathon Boyce, Sr. Finance Manager.

Ability to source local talent: 22 ACCA qualified and 12 training recruits.


The establishment of the Accounting and Reporting team in Trinidad and Tobago, and the company’s global Shared Service Policy is part of the wider Global Finance Optimisation strategy in which the company is placing a greater focus on supporting our businesses and maximising e�ciencies across all of the key areas of responsibility for the finance function.

The team provides finance and accounting support to BHP’s operations in the Gulf of Mexico, the UK and Australia.

Operational e�ciency; simplification of processes.

Strong multifunction execution team.

Source of competitiveness – can set BHP apart in the region.


Scope for additional or replacement talent if necessary.

Short turnaround in recruiting & on-boarding sta�.

Trinidad & Tobago International Financial Centre15th Floor, Tower D, International Waterfront Centre

1 Wrightson Road, P.O. Box 735, Port of SpainTrinidad and Tobago

T: (868) 627-3081 | F: (868) 624-0794E: [email protected] | W: www.ttifc.co.tt

Published 27th November, 2017


Automation allows an insurer to be on the cutting edge, and more e�cient.

Guardian Group sees this as a driver of competitive advantage.

Primary objective: “Let humans do the meaningful stu� — like customer interaction and the judgemental tasks — and, in e�ect, let automation and software robots do the repetitive work.”


The insurer opted to leverage the experience and resources of Sutherland Global in designing the best automation solution for the Guardian Group’s business model.

Introduction made by the Trinidad and Tobago IFC, which recognised the match between Sutherland’s experience transforming financial services firms and the insurer’s need to digitize its work processes.

“There is a natural symbiotic relationship between Guardian Group and Sutherland,” observed Tewari.

This move will further cement the Guardian Group’s leading position in the region.

It also represented an e�cient use of capital by the company.

TRINIDAD AND TOBAGO · Trinidad and Tobago outranks its Caribbean counterparts in overall infrastructure quality DATA ANALYTICS AVAILABLE IN TRINIDAD AND TOBAGO Domestic software

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