Posted by hougansydney.com on Thursday, October 9, 2014
Private investment set a ten-year high in 2013, outpacing foreign assistance spending in Haiti by more than 100 percent. The business friendly government of Michel Martelly and Laurent Lamothe, has made direct foreign investments one of their immediate priorities. "Haiti is open for business"they say, and their offers to back up their claim seem to be attracting more and more internationally renown company. The Haitian government went on an extensive re-branding of Haiti's image abroad through the Ministry of Tourism,Ministry of Haiti's Diaspora, the Ministry of Finance as well as the Ministry of Foreign Affairs, and the very important Center for Investment Facilitation, especially set up to give potential investors a quick glimpse at the Haitian Market's opportunities, and to expedite the approval of new corporations.
Before the implementation of the Center for Investment Facilitation it would have taken over 6 months to legally set up a business in Haiti, the center reduced the number of days to a week. The Haitian Government has taken steep measures to gain the trusts of investors. Among Its offers:
- The exoneration of all customs duties and any other duty, tax and charge whatsoever except user fees for the use of public services.
- The right to real estate property is guaranteed to foreign investors for the needs of their
- enterprise. Investors have the same rights and prerogatives as Haitian investors in
- fulfilling the main purpose of their enterprise.
- Companies engaged in tourism development, tourism service providers
- working in the fields such in Tourism
- Development Zones identified by the Government are entitled to,
- the following customs and tax
- - Customs duty and tax relief on import of equipment, goods and materials needed
- in prospecting, establishing, furnishing or refurnishing, when this material or this
- equipment cannot be found locally in the same quantities and according to the
- same quality and price standards; including:
- Building materials;
- Electrical equipment;
- Electric energy production or compensation systems;
- Security or surveillance systems or equipment;
- Communications and telecommunications systems;
- Refrigeration systems and equipment;
- Household appliances, linen, cooking and serving utensils;
- Water treatment systems and equipment;
- Rare plant and animal species;
- Longboats and tows;
- Small aircraft, boats and pleasure helicopters;
- Utility vehicles intended for commercial use;
- Material and equipment needed in furnishing and operations of tourism
- Spare parts for material and equipment.
-Free lands guaranteed to foreign companies interested in establishing in Haiti.
- Exemption from the Land Tax on Built-Up Properties for the first ten (10) years
- of restoration of buildings registered as part of the national heritage and open to
- the public.
-Ten years corporate income tax exemption.
- Exemption from individual income taxes for revenue generated by the investment.
As the business climate of Haiti continues to greatly improve, we found it important to highlight some of the business opportunities in Haiti with comprehensive research of the Haitian Market and economy. Fresh view of the Haitian economy, providing crucial information on the key economical sectors to encourage investments from the Haitian Diaspora and the International Community.
The diaspora is an extremely important economical force in Haiti. Over $3.3 billion have been sent to Haiti by its diaspora in the United States in 2013, to friends and families back home in the form of wire money transfers. We will suggest numerous business ideas, primarily to Haitian living in the diaspora to encourage their investments into the creation of Haiti's small businesses.
Haiti’s economic future is more positive than its recent past would suggest. GDP growth of 6-8% is possible with investment and reform. Together with the Dominican Republic, the Island of Hispaniola could become the largest and fastest growing economy in the Caribbean if Haiti continues to attract foreign investment. Haiti has the largest and youngest workforce in the Caribbean with 5.4 million youths unemployed and eager to work.
With sustained reforms, Haiti possesses the economic fundamentals to become a vibrant marketplace by 2030, and the international private sector and the Haitian Diaspora can – and must – play a role in helping Haiti achieve this vibrancy.