‘Trinidad and Tobago is on the move’ says Trade and Industry Minister

Trinidad’s Senator Vasant Bharath, Minister of Trade, Industry, Investment and Communications and a team visited the offices of the Operations and Shared Services Company Limited (OSSCL), a free zone enterprise which came to reality following a memorandum of understanding signed between TTIFC, Scotia Bank and TTFZ on 29th August, 2012.

Senator Bharath interacts with Ms Schnoor of Scotiabank while on tour

Senator Bharath interacts with Ms Schnoor of Scotiabank while on tour

The Trinidad and Tobago IFC, mandated to spear-head investment promotion for the financial sector, played a critical role in this venture as they sought TTFZ’s support for changes to the Free Zones, Value Added Tax (VAT) and Income Tax Acts, all geared toward ensuring that the Enterprise would be viable. This project was referred to as ‘a landmark for the Government and Trinidad and Tobago as a whole’ by Senator Bharath for ‘we have a mature financial sector’. He reiterated that a recent ‘World Bank Report reiterated the need to move away from the oil and gas revenue streams in the efforts for economic diversification.’ These and other projects are evidence that ‘Trinidad and Tobago is on the move’, he said.

In order to maintain a sustainable community, business must be encouraged‘ said the Mayor of Chaguanas, Gopaul Boodhan, who also delivered Remarks and was part of the tour.

OSSCL trades in services and provides the following services to its customers:

  • Transaction verification and processing; Accounting Control, Reconciliation & settlement services; Merchant processing administration, settlement and reconciliation; Clearing exchange; Administration of Cash Processing Units; Accounting Support/Internal Administration; and Procedural Guidance to Branch Network

OSSCL conducts business with eleven (11) other territories outside of Trinidad and Tobago, including Anguilla, Antigua, Barbados, Grenada, St. Kitts, St. Lucia, St. Maarten, St. Vincent, Guyana, US Virgin Islands, and Cayman Islands.

Minister Bharath in conversation with a member of staff of OSSCL, with Ms. Schnoor and Mr. Sebarath

Minister Bharath in conversation with a member of staff of OSSCL, with Ms. Schnoor and Mr. Sebarath

OSSCL currently employs some 400 employees. Leading the tour was Scotiabank’s Managing Director, Anya Schnoor. Also present were Mr. Mahadeo Sebarath, VP Operations, OSSCL; Mr. Kelly Bainey, Chairman, Trinidad and Tobago Free Zones Company Limited; Mr. Franco Sui Chong, Chairman, Trinidad and Tobago IFC; Mr. Keith Chin, Chief Executive Officer, Trinidad and Tobago Free Zones Company Limited; and Mr. Varun Maharaj, Chief Executive Officer, Trinidad and Tobago IFC.

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