With government incentives and corporate tax breaks encouraging start-up business endeavours across the Caribbean, setting up a driving school is becoming a more viable financial option.
Planning crucial when considering the best place to set up a driving school in the Caribbean
For any such start-up, or business expansion backers, creditors and any other investors, the Caribbean offers myriad attractions as the location for a driving school, but some locations hold a specific advantage.
From local market analysis to sales and forecasted budgets, financial projections and service offerings, the best places to set up a driving school in the Caribbean rely on a plethora of factors, with each location offering something different.
The Turks and Caicos Islands
The Turks and Caicos Islands are a British Overseas Territory consisting of the larger Caicos Islands and smaller Turks Islands, two groups of tropical islands in the Lucayan Archipelago of the northern West Indies.
Though the islands are known primarily for tourism and as an offshore financial centre, their investment strengths are numerous, making driving school start-ups a genuine prospect.
With all the conditions discussed above considered, and the tourism and trade in steady growth across the territory, starting a driving school in Turks and Caicos has become a more feasible and attractive option.
With a combination of domestic and foreign business investors increasingly eager to take advantage of what the region has to offer for their money, the potential for a successful driving school start-up has increased.
As the third largest British Overseas Territory by population, with about 58,000 residents, the opportunities for new, expanding, or relocating business has been boosted by government support in the form of tax incentives for small and medium enterprises.
The provision of investment incentives in priority sectors is particularly important for potential investors, and with few driving schools currently operating here, there is room for growth.
Jamaica is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). It is also the third-most populous Anglophone country in the Americas (after the US and Canada), and the fourth-most populous country in the Caribbean.
With a growing number of start-ups and incubators locating and expanding in the country, Jamaica offers opportunities across many sectors, including fintech and high-tech industries.
Considering the growth in business and the related commerce it brings with it, the island can be seen by many as the best place in the Caribbean to set up a driving school.
Local economic growth forecasts and regional fiscal prosperity bring greater numbers of businesses and residents who will work in them.
This situation and the island’s overall development will create a potential pool of driving school customers for those looking to set their company up in Jamaica, with more employment also allowing more residents to afford driving lessons and car purchases.
With the introduction of the 2023 legislation to tackle illegal driving license procurement by the Jamaica Ministry of Transport, the industry is more regulated than before, strengthening the sector and protecting those investing in it.
Barbados has a well-developed mixed economy with a relatively high standard of living and is ranked as one of 83 high-income economies in the world according to a recent World Bank report.
Notwithstanding the other factors involved in setting up a driving school, including potential customer bases and the overall need for the service, the economic environment in Barbados is propitious for business start-ups.
With the Barbados Licensing Authority making it easier to streamline test scheduling, as well as improving renewal processes, the driving school sector in the country has been updated to reflect demand.
As Barbados has now become the newest Caribbean republic, investment is increasing and many industries beyond the traditional tourism and hospitality sectors will stand to benefit through growth and expansion.
The Barbados Minister of Transport and Works, Dr William Duguid, has voiced his support for changes in the driving licence system in the country, saying: “More people are learning to drive, because there are far more vehicles available to people in Barbados, and if that is the case, there should be more testing officers because the demand is greater.”
Information, Data and Statistics from Caribbean Chambers of Commerce, Statista, Invest in Turks and Caicos, Our World in Data and Turks and Caicos Government Statistics, Jamaica Tourism.