The government of St. Kitts and Nevis has established a type of central mechanism that offers information and other services that can help companies establish and conduct business on the islands easily and efficiently. For example, there is a superior telecommunications infrastructure in place, as well as a highly educated and skilled labor force. Additionally, the service sector is continually growing to meet the needs of new businesses. There are also numerous St. Kitts Financial Services that can be invaluable when starting out.
Some of the incentives offered by starting a business on St. Kitts include:
- The ability to work amongst an English speaking and well-educated workforce
- Access to modern infrastructure including electricity, water, sea and airports, roads and more
- Superior telecommunication infrastructure
- A longstanding history of political stability
- A longstanding history of economic stability
- A currency that is stable – 1 USD is equal to 2.70 ECD
- Zero personal income tax
- More than adequate incentive packages
- Financial services sector that is well-regulated
There is also quite a bit of growth potential for various business sectors of St. Kitts. Some of the ones that are poised for the most growth are highlighted here.
The Agricultural Sector
This sector has the possibility to create wealth when you establish commercial farms that produce crops or livestock. Due to the upsurge in tourism, there is virtually an unlimited potential for farmers to produce certain crops that will meet the Tourism Sector demands. There is also renewed emphasis being placed on the agricultural sector after the Sugar Industry closed in 2005. Due to this need for new businesses in this sector, there are a number of incentives being offered including waiver on the customs duties for fertilizers, seeds, equipment and a concessionary water rate.
The Manufacturing Sector
St. Kitts and Nevis exported a total of $54 million in manufactured goods to the U.S. in 2008, making them the largest exporter of goods to the U.S. among Barbados and OECS. This results from the concessions by the Government to this sector in addition to the available supply of an easily trained workforce.
The Information Technology Sector
St. Kitts is working tirelessly to further develop the IT sector. There is now an ICT Center operating that has been equipped with video conferencing facilities, training rooms, and other features. Since the inception in 2007 the center has hosted over 3000 individuals in various IT courses.
