From Cayman Islands Small Business Association

The COSME programme, funded by the European Union through the 10th EDF, seeks to increase the competitiveness of the Caribbean OCTs in general and their SMEs in particular. One of the subprojects of the program is a study on the business regulatory environment in each of the OCTs.
Based on the methodology of the World Bank Ease of Doing Business Study, the COSME Doing Business study seeks to highlight the strengths and weaknesses of the regulatory environment in each OCT in a few key areas, especially when compared to other OCTs and the world in general. The areas covered are the Ease of starting a business, of registering property, of importing goods, of paying taxes and of complying with labor regulations. Important factors are the number of steps and the time required for completing each activity, and the cost and transparency related to each of the steps.

The study was launched in St. Maarten and included input from and an exchange of ideas between the Minister of Economics, Traffic and Telecommunication, Mrs. I. Arrindell and the consultants Huib Poot and Tamira La Cruz. The study is also carried out in Aruba, Bonaire, Curacao, Saba, St. Eustatius, St. Barth’s, the British Virgin Islands, Turks & Caicos, the Cayman Islands, Anguilla and Montserrat. When completed in the 2nd half of 2016, the results will be shared with the countries.

The EU-funded COSME Programme was designed to strengthen the competitiveness of small and medium enterprises throughout the 12 Caribbean Overseas Countries and Territories. Persons interested in learning more about COSME can visit www.cosmeprogramme.org.

IMAGE: In photo: Minister TEATT Ingrid Arrindell, surrounded by EVT intern Leandra Leslie, COSME representative Tamira La Cruz, EVT Policy Advisor Makhicia Brooks and COSME representative Huib Poot.

EU COSME programme

The EU’s 10th European Development Fund for the Overseas countries and territories (OCT’s) in the Caribbean region entitled Strengthening the development of the Caribbean OCTs’ Small and Medium Enterprises (COSME).

The EU COSME programme is one where the EU is providing a grant of EURO 15 Million to British and Dutch overseas territories in support of small and medium enterprises (SME’s), in which the Cayman Islands is one of twelve (12) participating countries.

This is a regional programme with a focus on Strengthening the Development of Small and Medium Enterprises (SME’s) in the British and Dutch OCTs to reduce social, economic and environmental vulnerabilities through enhanced cooperation and competitiveness within the region.

The aim is to strengthen the capacity of SME Intermediaries in the British and Dutch OCTs, to manage and effectively implement strategies and mechanisms to develop linkages within the OCT sub-region, and to increase participation and integration in the wider Caribbean. The programme is to create synergies with regional SME agencies and is tailored to respond to specific sub-regional OCT needs. The OCT’s include: Aruba, Bonaire, Curacao, Sint Maarten, Saba, Sint Eustatius, St. Barth’s, the British Virgin Islands, Turks & Caicos, the Cayman Islands, Anguilla and Montserrat – Also attached is a summary of the participants. This is the first time that Cayman is part of this EDF, as previously we were excluded due to our high GDP; it is therefore an exciting opportunity for the Cayman Islands to be a part of.