fp Turks and Caicos

Most members of the Providenciales Chamber of Commerce think the business climate is at an all time low and profits are way off, but they also are optimistic that the Turks and Caicos Islands economy will turn around, according to a member survey.

Members said the business climate is not conducive to inward investment, citing high taxes, difficulty in employing staff and additional permit fees.
The survey found that 76.9 percent thought the business climate was worse, 7.69 percent called it better for their businesses.

Despite the challenges, the survey revealed that 61.52 percent, the majority are optimistic but echoed similar sentiments in regard to the governance of the islands.

“The government needs to find a way to help small businesses, continuing to add taxes and raise duty is not the way,” one member said. “Businesses will fold and leave, just as I am thinking of doing. And the jobs we provide will no longer exist. I am an expat, and I love it here but the government is making it impossible for small businesses to survive.”

While the sampling was not of the complete membership, the chamber found a consensus its executives that the information is reflective of what the wider private sector is experiencing as the country limps toward a economic rebound.

Companies surveyed ranged from health and beauty, to retail to professional services, and the most optimism came from the real estate sector which is banking on current prospects to come through.

“This is an excellent first attempt to document firsthand the concerns of our members,” said Allan Hutchinson, Provo Chamber Executive. The chamber has embarked upon an initiative to perform regular surveys of its members to gauge various factors on commerce on Providenciales.

The chamber found that 23 percent of those surveyed said their cash flow is doing better, 69 percent said it is worse than the previous year and 8 percent have seen no growth, with fiscal performance the same.

The survey discovered a majority are not approaching banks and seem prepared to wait it out over becoming bogged down in debt. One business person would like some financial help, explaining, “We cannot get any financing from the bank, and there is no other financing available.”

The survey aimed to determine revenue performance, which revealed that sales were down in almost all cases by around 10 percent and 76.9 percent were experiencing a drop in business. Twenty-three percent saying income was down by more than 10 percent, with one case citing a 50-percent fall off.