The firm will answer to Jamaica Trade and Invest, which is acting as the secretariat for the offshore business services centre.

Baker and McKenzie is a global law firm offering a broad portfolio of services with more than 65 locations worldwide.

Jamaica is to enter the international services centre industry as a mid-value competitor with specific niche markets such as sports and entertainment.

New signals

The Finance Ministry has budgeted $102.6 million to push ahead with the plans, notwithstanding new signals from the increasingly powerful Group of 20 richest nations that it would be taking a hard line on offshore jurisdictions in a clampdown on tax cheats.

The duration of Baker and McKenzie's consultancy was not immediately ascertained. The contract must be approved by Cabinet prior to award.

In the April 2009 Budget Debate, Finance Minister Audley Shaw indicated that the funds earmarked would start work on getting the offshore centre established on waterfront lands close to the Jamaica Stock Exchange.

So far Cabinet has approved the establishment of a statutory company to oversee the development of the JIFSC, with the next steps to include the immediate drafting of appropriate legislation and the refinement of the list of products and services that will be offered in our jurisdiction.

business@gleanerjm.com