The Dominica Association of Industry and Commerce (DAIC) hosted the Honourable Roosevelt Skerrit, Prime Minister of The Commonwealth Dominica at its signature Eggs & Issues Breakfast on Wednesday, December 2, 2020. The topic for discussion at this event was, “The Dominica Entrepreneurship Visa Program: Opportunities for Economic Advancement and Population Growth’.
This event provided a platform for members and stakeholders of the DAIC to directly engage the Honourable Roosevelt Skerrit, Prime Minister of the Commonwealth of Dominica, on the new Entrepreneurship Visa Program which was highlighted as a new path to obtaining citizenship in Dominica.
Before speaking on the Entrepreneurship Visa Program, Honorable Roosevelt Skerrit shared other initiatives that were geared at supporting the Private Sector and increasing the attractiveness of Dominica as a place to do business, such as the international airport, transformation of the digital economy, facilitation of online payments, a legal framework to support businesses and consumers, among others.
Attendees were further enlightened that the Entrepreneurship Visa Program is a new platform for entrepreneurship financing and engagement, as well as an opportunity to generate new residency and consumer activity on the island. This Entrepreneurship Visa Program is currently before the Cabinet for approval and will be launched in early 2021.
Participants in the program will be encouraged to contribute US $50,000 into an investment fund for entrepreneurs or spend US $100,000 on starting a business in Dominica or providing equity investment in an existing local business. Additionally, there will be a requirement to deposit US$100,000 in a local financial institution which can be used and depleted during their residency.
As shared by the Honourable Roosevelt Skerrit, there are several important benefits of this program. Primarily, this program will add new consumers into our country as participants are required to spend a minimum of 200 days over a two-year period. This and other requirements will qualify them to become citizens. Secondly, this will stimulate new investments in growing local businesses as qualifying local companies will have access to this special fund capitalized by funding from the participants in the program, and thirdly, it will add new energy and vitality to the economy as new applicants can either take equity stakes in local businesses which seem attractive to them or invest in new businesses in areas which the Government will mandate as available or needed to focus on employment creation. The Prime Minister encouraged the Private Sector and all Dominicans to embrace this program
DAIC supports the special focus on injecting capital into MSMEs and entrepreneurs on more flexible and easier access terms. The Chamber looks forward to continuing to provide insight and support to ensure that the Private Sector fully benefits from this program, as it provides an important stimulus for sustaining livelihoods, expanding businesses, and encouraging increased economic activity.
The Board of Directors and Executive confirmed that the presentation was very informative and gratitude is expressed to the Honourable Prime Minister for accepting the DAIC’s invitation to directly engage the membership and stakeholders.
DAIC further expresses gratitude to the following partners in the hosting of this event: Digicel Dominica Ltd., Do It Center, Fort Young Hotel, SOL EC Ltd., ADS Construction Inc. CIBC FirstCaribbean International Bank, The National Bank of Dominica, Advance Global Partners, Dominica Cooperative Societies League Limited, Wykies Auto NAPA Dominica, and Springfield Trading Limited..
Real investors dont need a residency or to live in the country they are investing in. At least not the kind of investors we need. This is another way for foreigners to get our citizenship even easier. and for less money. So now, one must ask the question of whether this program undercut/ undermines the existing CBI. Seems to me like it is a citizenshit by investment offer for the not so rich foreigners looking to find a way out. Also who determines which businesses get the funding? Will the investment be fund be controlled the same way CBI has been? who determines how much busineses will get. Will it be like accessing a loan? It all seems unnecessary to me. IT just clearly indicates that the private sector is dying. Banks should be scampering now with low rates to entice business people to take loans. but now its the opposite. Public sector now acting like a bank. i dont know. i continue to watch.
This topic for discussion and sharing is despicable. Our nature Isle Dominica is under siege and we have over 20 years a failure in government now going over 20 failed years led by this Failed incompetent despicable Nonsensical ridiculous blind Questionable Labour government headed by it’s failed incompetent Questionable inmature Skerrit and his failed questionable incompetent Labour government. These people after 20 long years now have failed our people, our nature Isle and our government. It’s a shameful dispecable Labour party, leadership and failed Labour government. Dominicans, please open your eyes and ears and focus on your family and our Dominica and our government where we need Decent committed mature trusted competent professional trustworthy formidable decent reliable politicians to me manage and develop our ailing mother Dominica. That calls for decent trusted committed people and that will only happen under the UWP ably led, mature, intellectual Our Hon Lennox Linton…
Hmmmmm? Oh my Dominica! Lord send his Grace on thee. Seriously! Is not what we do. But how we do it. I’m smarter than a fifth Grader. Remember who help to buy big belly Cow, will not be will to carry the hey to feed that cow. Say, 5, 10, 15, 20 years down the Road. The future is now. Should I come? Or should I stay? Begging. There’s more questions than Dollars without cents!
Quoting: “Secondly, this will stimulate new investments in growing local businesses as qualifying local companies will have access to this special fund capitalized by funding from the participants in the program, and thirdly, it will add new energy and vitality to the economy as new applicants can either take equity stakes in local businesses which seem attractive to them or invest in new businesses in areas which the Government will mandate as available or needed to focus on employment creation.”
Who or what will determine “qualifying local businesses”? Is a list of them ready?
How many local businesses do we have on this island? Do we know? how many of their owners/managers have been begging for financial and technical assistance for the last 20 years to grow their businesses? If AID Bank, NDFD, Invest Dominica, the small business loan facilities at various commercial banks and credit unions, etc have not been able to help them, how will this new program be different?
Im assuming things like being up to date with social security and inland revenue contributions and other obligations.
Assuming your assumption is correct, then what has caused the delinquency in social security, inland revenue contributions and other obligations? Could it be that the entrepreneurs are focused on operations and have neither the knowledge nor trained accounting/administrative support to keep up with these obligations? If so, this is what they need: Support. That is why the entrepreneurs in the Asian countries do so well: their governments have major business development programs to support them where they are weak.
Bringing in outside nationals, who are already wealthy and may just be looking for another location to live well, might not help our struggling local entrepreneurs. To ensure success, the potential visa applicants should obtain visas ONLY if they match the needs of existing local entrepreneurs or are coming to start businesses that have strong export potential and can create new jobs.
Otherwise, their presence will only create new socio-economic problems.
Wing Wong lives in China and has a net worth of US$500.0M. He is looking to get out of China for a while and even become a citizen of somewhere tropical and pristine. He googles “tropical and pristine places on Earth”. His eyes open wide.
He calls his wife: “Mong Fee come see that….Look. Dominica. It says tropical paradise, pristine environment, resilient nation, friendly people, rich agricultural soil, visa program available.”
Mong Fee takes over: “This visa program provides three options:
1. Contribute US $50,000 into an investment fund for entrepreneurs, OR
2. spend US $100,000 on STARTING a business in Dominica, OR
3. provide equity investment in an existing local business.
PLUS, you can open an account of US$100,000 easily and safely in a local financial institution and the private sector will welcome you with open arms too.”
Wing Wong: “For US$50,000.00 we can become citizens and generate the new residency and consumer activity the government is…
Every Commentary above has focused on this failed incompetent immature Skerrit. This reminds me of This Tramp Trump who is as politically illiterate and visionless as this Failed incompetent Skerrit and his failed questionable Labour government ably supported by his blind Labour loyalists who themselves as far as Skerrit is known to be a failure in government and overall has failedbus.
Socioeconomic development a concept one as head of government has reduced our people to poverty and lovingly embrace them and encouraged them to come beg at him for niceties seen as his own through the Devious corrupted Red Bobolistic Clinic.
Under the “So Called” leadership of failed Skerrit our country’s resources and Economy has failed and has created this so called Red Clinic that he operates as this so called “Nice Man” who over 20years has ruined our economy, our Finances, and runs all over the place while our families are suffering. Our country in poverty, because Skerrit is a failure…
Skerrit that’s a sill6 way to show the world that your local banking institutions are weak….what happened to AID Bank and National Bank?
We need foreigners to come here to create an investment fund?????
They going to open shop and bars too?
Soo many passports sold already…. couldn’t it be wiser to put a residence requirement for all CBI interested persons
Are you trying to cripple de middle class?
I visit DNO periodically and honestly, I wish that I didn’t have to see pics of this guy or read anything about him. I don’t understand at all! What has happened to my fellow Dominicans. However, I still have hope that soon Dominica will be given back to Dominicans. As for now? Only one man owns our Country. But we shall soon celebrate the liberation of our beloved Island of Dominica which we love so dearly. No other land is as precious to us. Long live 🇩🇲 Dominica – Change is coming. We the people will liberate you. Together we shall stand.
That not making sense… So all you expect to see economic development and baby boom… wait still if is kunumunu all you kunumunu.
I see all you stop call Roosevelt Skerrit Doctor and all you stop Reginald Austrie Deputy Prime Minister… Well all you real KU-NU-MU-NU (KOONOOMOONOO) is this blessed land. No wonder it is called DOM MEE NEE CAR… Oops I just buss a laff
Playing smart with “chipidness”!! 😭😂🤭😹👹👏. Thanks again, Skerro. And while you at it, please tell us the whereabouts of the 3.8 BILLION DOLLARS MISSING FROM THE CBI.
Also, are you aware that Reggie is on the radio bashing you like hell?? He say you decide to give up the house 🏡 at Morne Daniel, SHAMELESSLY!! I swear, is dat he say. Call him if you think I lying like you 😜😂🤣
HOTEP!
Participants in the program will be encouraged to contribute US $50,000 into an investment fund for entrepreneurs or spend US $100,000 on starting a business in Dominica or providing equity investment in an existing local business. Additionally, there will be a requirement to deposit US$100,000 in a local financial institution which can be used and depleted during their residency. That is his proposal and that is the best he can come up with!!! Wow, the investors all over the globe will be queuing up now to come to DA because this program is absolutely unique, isn’t it. What has DA or that so called PM got to offer these investors apart from nonsense talk and a visa?? Nothing, absolutely nothing! Or has the PM people already in mind that would be happy to waste their money in DA. Ask yourself what has DA to offer these investors that they could get anywhere else on the globe. Perhaps the PM has a certain kind of investor in mind…, I mean those ones he loves to mix with…?
Let’s get brutally honest. Mr. Skerrit has presided over the economy for near twenty (20) years. During this period, many small and medium size businesses have disappeared, agriculture has declined steeply, unemployment has skyrocketed and inevitably poverty is entrenched and widespread.
My argument is, Mr. Skerrit consistently promises much and delivers little or nothing. Here is the irrefutable evidence: geothermal energy; replacement universities for ROSS; international airport; facelift for Roseau; new cruise village etcetera. Nothing, absolutely nothing has come to fruition. It’s just gimmicks to pacify the people’s frustrations, anxieties and restlessness. All are just OBESE LIES.
Here is a reality check. Mr. Skerrit is a notorious, serial LIAR. He has long lost credibility with honest and right thinking citizens. Don’t believe anything that escapes from this man’s lips not even ‘a’, ‘an’, ‘is” or ‘the’.
Prostituting our land and heritage is not a viable way of life!
Wow wow!! Why are Dominicans that dotish? If these businesses need infusion of cash why are the banks not financing? Is it because the PM has messed up AID bank and now has the national bank in such a precarious financial state that they cannot reinvest in country? Are you seriously thinking that having a few citizens will increase consumption? How about increase manufacturing and export? Jow about increase the earnings of the 40k pluss dominicans so they have enough money to buy, build, and save or buy shares in these local companies. What will happen is everything in Dominica will be owned by a wealthy few foreigners. Meanwhile the fools who keep electing this guy does not stand a chance to develop themselves and family.
Another scam to sell Dominica from under the people and make them even poo with their new Con men he wants to bring all foreigners after he chase the natives.why not call Dominicans back home and give an incentive to start businesses instead of giving it to Chinese and you criminal foriegn friends.