Are you in need of business ideas in the British Virgin Islands?
The British Virgin Islands is an overseas territory that swears allegiance to Britain. The country’s currency of transaction is the US Dollar. It is made up of five main Islands which include Tortola, Virgin Gorda, Anegada, and Jon Van dyke along with other smaller islands.
7 Profitable Business Ideas To Start In British Virgin Islands
The British Virgin Islands boasts of several business ideas that can be turned into lucrative ventures. They include the following:
Great Small Scale Businesses and Opportunities in the British Virgin Islands
The financial sector in the British Virgin Islands accounts for 51 percent of the total revenue of the government.
Many financial houses and banking corporations have a presence on the British Virgin Islands.
The opportunity exists for you to form a Financial Services accounting firm and tax services firm. You will need to have proficient knowledge of financial accounting procedures and processes. Also, you will need to able to spot investment opportunities for your clients, both local and international.
Your business will receive a great boost if you create an online presence, where potential clients can reach you from all over the world. Engaging competent staff will be one of your first and most important tasks as the business owner in developing a financial service business plan.
The British Virgin Islands has a long history of engaging in agricultural practice. Recent statistics put the contribution of Agriculture to the economy at over 48 percent of revenue. The crops that are grown in the country include fruits, vegetables, and sugar cane. Animal farming centers on Livestock and poultry.
You can choose to start a single-holding farm venture or you could engage in mixed farming. You will receive support from the Government of the British Virgin Islands concerning modern farm growing practices and access to improved seedlings. The land acquisition laws are firm but flexible as they are welcoming to applications for agricultural practices.
You could apply for agricultural grants to procure the needed equipment to run your farm.
The British Virgin Islands are heavily understaffed. The total population of the labor force in the country is estimated at 13,000. Out of this number, over 50 percent are migrant workers.
You can cash in on this opportunity by establishing a labor recruitment agency. You will help to intend immigrants to obtain all relevant documentation, visas, and work permits. You will have to be aware of existing labor laws and immigration policies of the government of the British Virgin Islands.
Your business will flourish further when you can merge the needs of your clientele with the qualities and skills of the migrant worker.
British Virginia is home to a large number of individuals that come over to tour the landscape and explore the scenic beauty of the country. Virgin Group Boss, Sir Richard Branson owns property in the country and spends some holidays there.
Notable tourists’ attractions include the ruins of St. Philip’s Church, Tortola which is an important historical ruin. Another is The Baths, located at Virgin Gorda.
You can provide tourists with a complete holiday and relaxation experience. The services you will provide will include visa application and processing, hotel accommodation booking, guided tours, History and Geography lessons, foreign currency exchange transactions amongst others. You will need competent hands to help with catering to your customers.
Your business will experience more patronage if you can set-up an online platform where you can receive requests from potential clients from around the world.
5. Boat Building
This business is a derivative of the tourism industry. A popular activity among tourists is boat cruises and yachting.
You can work with tourist agencies and the government to provide these boats. You will either have boat-building experience or engage the services of boat-builders. Your designs may be custom-built or you could just produce in mass.
6. Souvenir Production and Sales
A lot of the tourists that visit the British Virgin Islands usually like to depart with pieces of items and gifts. These gifts range from necklaces to hats and local fabrics.
You can be of value to this set of individuals when you can provide affordable and qualitative souvenirs and gift items. You may need to engage the services of a master craftsman, who can meet the requests for customized items.
You will need to have a lively marketing team, to engage with the general public.
7. Real Estate
Owning a property in British Virginia is becoming the trend amongst the well-to-do. The real estate market is also getting attention from the middle to lower-income class, who go for structured payment plans for the property.
You can be a real estate broker, matching the needs of potential customers with the type of accommodation that is available. Your people-negotiation skills must be decisive as you will be bargaining across both sides of the demand-supply divide.
You could also sell items like cement, nails, steel rods et al to augment your revenue. You could also take your business up a notch by engaging in the installation of solar panels and renewable energy systems.