News Americas, NEW YORK, NY, Mon. Nov. 22, 2021: The rapid digital revolution is reshaping the global economy, infiltrating practically every industry and element of daily life and altering how we study, work, trade, interact, and access public and private services and information. The worldwide digital economy was valued at USD 11.5 trillion in recent years, accounting for 15.5% of global GDP.
The digital economy is predicted to reach 25% of the global GDP in less than a decade, far surpassing the total economy’s growth. Countries in the Eastern Caribbean, on the other hand, are only collecting a small portion of this growth potential and must invest wisely and proactively in the basic parts of their digital economies in order to keep up and succeed in the digital age.
To encourage economic dynamism, diversity, and job development in the Eastern Caribbean, a new path must be established. Traditional mainstays like tourism and financial services are facing headwinds from shifting travel patterns, global competition, and tighter anti-money laundering/counter-terrorism financing (AML/CFT) regulations. Between 2005 and 2017, annual visitor arrivals increased by only 0.6% on average, compared to 4.2% globally. To meet the demands of the modern consumer, the services sector’s competitiveness is increasingly reliant on technology and digital platforms, but too few OECS businesses are rising to the challenge, and too few workers are equipped with the technology and soft skills to drive the necessary transformation. Many companies are starting to incorporate digital tools, like an online registered agent, in their day-to-day workings.
In order to maintain economic growth and development in the OECS, important industries will need to improve their productivity and competitiveness by adapting to the digital era. The rise of digital technologies and the digital economy presents OECS governments with a once-in-a-lifetime opportunity to unlock new pathways for economic growth, job creation, and improving public service delivery, as well as to strengthen institutional resilience by embracing technologies that support business continuity.
Eastern Caribbean countries may establish a new path by cooperating to build a more fully integrated, dynamic, and resilient regional digital economy, as well as a digitally enabled citizenry and institutions. The region’s governments can help build a future in which seamless and efficient public services are available at the touch of a screen from even the most remote island, where individuals are equipped with the technology and soft skills to find meaningful employment in knowledge and services driven regional and global economy, and where businesses and entrepreneurs can thrive by taking bold, decisive action.
The creation of a dynamic, inclusive, and secure digital economy necessitates a comprehensive, ecosystem-based approach that involves concurrently laying a number of interconnected foundations:
- Digital Infrastructure: Ensure that everyone, including individuals, businesses, and governments, has access to high-speed, low-cost, and dependable broadband.
- Digital Platforms: Building the enabling public platforms and components (infrastructure, software, digital ID, and institutions) necessary for more efficient public service delivery and a supportive environment for private sector platforms for e-commerce, value chain integration, and access to information and employment opportunities.
- Digital Financial Services: Guaranteeing that everyone, including individuals, businesses, and governments, has access to digital financial transactions such as e-payments and transaction accounts.
- Digital Entrepreneurship Innovation: Building an environment to support innovation, new business creation, and investment – bringing the digital economy to life with new digitally-enabled services, business models, content, and jobs
- Digital Skills: Ensuring that everyone is digitally literate and able to access digital services and commerce, developing a sufficient pool of advanced digital talent to support the growth of new ‘digital’ businesses and the digitization of traditional industries, and providing all workers with the skills and opportunities for lifelong learning that they will need to thrive in the future economy.
As mentioned above, digital entrepreneurship innovation is of utmost importance for the advancing of the digital economy in the Caribbean. An excellent example of implementing digital entrepreneurship is the use of a registered agent when forming a new business. Studies show that many Caribbean entrepreneurs are becoming more interested in starting businesses in the USA. By making use of a registered agent, this process is quite easy.
The U.S is a preferred global jurisdiction for many companies going global. One of the legal requirements for starting a business in the U.S is to have a registered agent. But, what is a registered agent? A registered agent is a person or company who accepts tax and legal paperwork on behalf of your company. A resident agent or statutory agent is another term for a registered agent. An LLC registered agent is required in most states in the United States. If you match the state’s standards, the agent can be a professional service, oneself, or a colleague.
For overall competitiveness and ease of doing business, the United States is frequently ranked among the best in the world. The American business culture supports free entrepreneurship and competition, thanks to a regulatory structure that is especially favorable to the beginning and managing of a business. As a stable democracy with a transparent and predictable legal framework, all businesses compete on an equal footing, regardless of national origin. America is very attractive for entrepreneurs.
One of the reasons why Caribbean entrepreneurs are choosing to start a business in the United States is the adaptability of the U.S business world. With times changing and digital services becoming more prominent, the U.S has been innovating and keeping up to date with current trends. America is not as hidebound by traditional ways of doing things as in other cultures where people are more reluctant to consider a change. There are no restrictions, and people are less likely to pass judgment or make judgments about the best course of action. Caribbean entrepreneurs will profit if America can continue to be an open-minded country.
The digital economy is dominated by services, which accounted for over 90% of the total current-dollar value added in the US digital economy in 2017. Digitally enabled services are utilized in production and to generate goods and services for export, as well as being directly exported. Over half of the digitally enabled services imported by the US from the EU are utilized to manufacture U.S. export products, and vice versa, resulting in an additional value-added effect on trade that is difficult to detect using normal metrics. The United States, Germany, and Ireland, according to the OECD, are the top global centers for digitally deliverable service imports and exports.
Starting a business in the U.S is a great solution for Caribbean entrepreneurs to advance in the use of digital services. In order for Caribbean countries to collect more than a small portion of the digital economic growth potential, they must invest wisely and proactively in the basic parts of their digital economies in order to keep up and succeed in the digital age.