Five Things You Should Know About the St. Maarten Economy Before You Start a Business
For many years, St. Maarten was known for its high tourist footfall and as a leading vacation destination in the Caribbean. While the country still enjoys its rank among the top tourist attractions in Central America, recently St. Maarten has also developed one of the highest GDPs in the region.
For this reason and many more, foreign nationals like Americans, Canadians, and Europeans are keen to set up an offshore company or start a business in St. Maarten. Many have moved to this Dutch-French-owned Caribbean island to enjoy the sunny side of life.
If you’re looking to start a business in St. Maarten, then you’re reading the right blog on the internet. We’ll tell you five key factors that everyone should know before starting a business on the ‘Friendly Island.’
The Leading Industry – Tourism
St. Maarten’s economy is heavily influenced by tourism. After all the scenic beaches, the diverse cultures, and the exotic cuisine makes it one of the most amazing places for recreational trips. This is why St. Maarten’s tourism industry accounts for 80 percent of the country’s total revenues.
If you’re looking to start a profitable business in St. Maarten, consider opening a hotel, restaurant, photography business, tour guide, or any tourism-related entertainment business.
The Up and Coming Opportunities
Historically, St. Maarten was known for its sugar and salt exports. Then came the era of tourism, which is still dominant. However, with technological infrastructure, e-commerce, and freelancing becoming a norm, St. Maarten is also pacing up in the IT business sector.
The Taxes and Benefits
St. Maarten has territorial taxes on the income. This means that whatever you’re earning within St. Maarten will be taxable up to 20 percent. Additionally, there are no taxes on capital gains, property, exchange of personal assets, and imports other than petrol.
This makes St. Maarten a duty-free Caribbean country and one where having an offshore company will be highly profitable.
The latest per capita GDP of St. Maarten was reported at US$29,495 in 2021. The Caribbean country is known for one of the highest GDPs in the Caribbean region and is expected to improve its business climate further. Tourism-related businesses contribute almost 45 percent of the St. Maarten’s GDP.
The Currency, Banking, and Permits
Albeit Euro is the central currency of St. Maarten; US dollars are also usable. So if you’re an American setting up a bank account in St. Maarten, you will not need to worry about exchange rates. Further, getting a work permit in St. Maartenis fairly easy, and an expert business consultant like BrightPath Caribbean can help you through it through.
If you wish to know more about starting a business in St. Maarten or relocating to any other Caribbean country, reach out to us at BrightPath Caribbean. We also offer a free Zoom consultation for an initial assessment of your case.