5 Challenges Of Running A Small Business In TCI That Owners Know All Too Well
Running a small business is tough at the best of times but as many entrepreneurs in Turks & Caicos know, it can be incredibly rewarding when you get it right. Success wont come overnight, you have to be tenacious and overcome the challenges in your way to make it.
Operating in TCI comes with it's own unique hurdles in the road to success, here are our top 5 which will be all too familiar to those of you working to make your dreams a reality.
1. The Busy Season
With many of our local businesses reliant on visitors from overseas, when "The Season" is upon us you better be ready. The resorts are packed, Fish Fry is jammin and the last thing you want is to miss out on customers while they are on island.
"By failing to prepare, you are preparing to fail"
While things have come a long way since the early days of banking, we're still struggling to keep up with the rest of the world. While the rest of our friends overseas enjoy the simplicity of Paypal, we're still using cheques and waiting in line to cash them.
Ok, we'll admit, there is something nice about the IDEA of island time but when you are trying to get things done and everyone you are dealing with is late, it just becomes more than you can bear sometimes.
4. It's Expensive
There's no two ways about it, living and working here is expensive. Almost everything we use must be imported so shipping and duties quickly add up. When things break, you often must look abroad for replacements and it takes time to ship things in. Visitors often comment on the prices here, but us residents know fine well that island living doesn't come cheap.
With NIB, NHIB, Payroll, Business Licensing and all admin associated with running your own business in Turks & Caicos it can get a little overwhelming from time to time. That, and keeping up with changing regulations for work permits and legal requirements as a small business it's important you have the right support to make sure nothing slips through the cracks.
It may not be always be easy, but it comes with the territory if you want to live and work in such an incredible place.
While many of us will try to do everything ourselves, there's been some recent changes to TCI law which means you may need a licensed company manager to register your business. Fear not, Lex Corporate are offering support and advice to small businesses who will be affected by the ordinance changes in 2018.
Sponsored By Lex Corportate
Important Changes To The Companies Ordinance
Lex Corporate Services Ltd. (LCSL) has been serving in the corporate law and administrative business in Turks and Caicos since May 2008. We are licensed and regulated Company Managers under the Company Management (Licensing) Ordinance, 1999 and Subsidiary Regulations of the Turks and Caicos Islands, which is governed by the Financial Services Commission.
Our connection to Karam & Missick, Attorneys at Law, allows our clients the further benefit of exploring tax management, asset planning, complex investment and estate solutions. That affiliation also makes for an easy cross over in the event your business needs extend to legal advice, drafting of various business contracts or legal representation.
Call +1 649 941 5082