What are some good business ideas and opportunities in St Kitts and Nevis?
St Kitts and Nevis is a twin-island nation that was formerly a British protectorate. It has a small population and a relatively small landmass.
Despite the size of its economy, St Kitts and Nevis boast of numerous business opportunities that you can explore:
6 Profitable Business Ideas To Start In St Kitts And Nevis
1. Tourism Agency/Consultancy
St Kitts and Nevis play hosts to hundreds of thousands of tourists every year. In 2015 alone, over 600,000 people visited the country. The revenues from tourism account for a huge slice of the earnings of the state. It totals several millions of dollars.
The major points of attraction for tourists include the long stretches of pristine beaches and clear blue seawater. The annual St Kitts and Nevis music festival attracts musical acts from around the world.
You can cash in on this opportunity by establishing a tourism consultancy service. You can assist tourists and visitors plan their holiday calendar by helping them book for hotels and resorts. You can also organize boat rides, water activities, conduct foreign exchange transactions as well as take
History and Geography lessons. You can count on the support of regulatory boards in the country.
Your business venture will have to obtain relevant permits for activities like Forex negotiations, acquire necessary gear and equipment as well as engage competent staff. An added plus for your tourism consultancy will be the creation of an online platform for intending tourists to make their bookings from wherever they are in the world.
St Kitts and Nevis are famous for its local cuisine and delicacies. And with the presence of so many visitors and tourists, the business opportunity to provide meals on a commercial basis can be a fruitful venture.
For starters, you should have great culinary skills or you will have to engage the services of professional and experienced chefs. The location of your restaurant is also important, as it must be easily accessible.
The ambiance of the restaurant should be warm and make customers feel at home. You will need to obtain necessary health and safety permits from the regulatory agencies in the country since you will be serving items for human consumption.
You can take your restaurant holding up a notch by providing gourmet/intercontinental meals as well. This is to cater to the needs of tourists that would like a taste of the meals from their home countries.
Although St Kitts and Nevis boast of ample business opportunities, its small population is a huge disadvantage. A 2015 census put the number of inhabitants at just over 50,000.
This population shortfall means that there is a dearth of both skilled and unskilled labor.
You can fill the labor gap by setting up a recruitment consultancy for immigrants seeking work opportunities in St Kitts and Nevis. Your first point of duty will be to ensure that intending applicants have all the necessary documentation and visas for legally residing in the country.
Then you will have to match the required skills set with job placements, to determine applicant suitability.
You will have to engage the services of competent staff as well as have direct links to offices and businesses that will require the hiring of employees.
4. Citizenship by Investment
The Government of St Kitts and Nevis runs an investment scheme where nationals of other nations attain citizenship by investing a sum of not less than 400,000 USD.
This move is a wise business decision because you will receive a suite of benefits/concessions that include licenses to operate businesses guaranteed by the Government, full citizenship rights, generous tax cuts and holidays, right to conduct foreign transfers/transactions among others
The yearly influx of tourists and visitors to St Kitt’s and Nevis means that there is an increasing burden on available infrastructure.
You can enter into the real estate value chain by either construction resorts or temporary lodgings or by acting as the link between owners of the accommodation and those seeking such lodgings.
You will need to have excellent negotiation skills to engage the services of competent staff.
St Kitts and Nevis spend a huge amount of its foreign exchange earnings on the importation of foodstuffs. This amounts to several millions of dollars annually. This demand is precipitated by the influx of foreigners and tourists.
To stem this tide, the Central Government has put in place structures and systems to support agricultural ventures in the country.
By setting up an agricultural farm, you will be availing yourself of needed resources such as improved seedlings and better farming methods. Also, you could be eligible for the grant of an agricultural loan to help with the smooth running of your farm. Such funds can be used to procure farm machinery and fertilizers.
It will be important that you engage the services of knowledgeable hands to help with all aspects of the farming process as you make good money from these business ideas in St Kitts and Nevis.