· Reasons why you should Start a Business in Botswana
Botswana has become an attractive destination to start businesses, but very few people have done it. If you're still on the fence about starting your own business in Botswana, here are reasons why you should do it today:
Tourism Industry. One of the industries through which you can kick-start your business in Botswana is forming your travel and tourism business.
Business and Financial Service Industry.
· There are Plenty of Opportunities for Growth
You may not have heard of Botswana, but there's a reason it was selected as one of The 10 Hottest Countries for Investment in 2016. The country is projected to experience GDP growth of 6% over the next five years, outpacing many of its neighbors and global competitors. In addition to political stability and steady economic growth, there is also plenty of potential for new businesses. Botswana is still very much a developing economy; nearly half of all workers are employed in agriculture or mining—two industries that are ripe for disruption. If you're looking for opportunities with big upside potential, Botswana might be just what you need.
· What are the Natural Resources in Botswana?
Botswana is rich in natural resources. The country has huge deposits of diamonds, copper, nickel, coal, and gold. However, recent exploration indicates that there are also great reserves of zinc, lithium, tantalum, and substantial amounts of niobium and uranium. In addition to its abundant mineral resources, Botswana has large forests (about 7% of total land area), ample supplies of water, and fertile soils that could be used for crop production or grazing.
· Is Botswana Good for Business?
Botswana's government has also made it easier for investors to do business, thereby lowering tax rates and loosening restrictions on foreign ownership. What makes Botswana such an attractive place to start a business? The economy is growing at an annual rate of 6%, making it one of Africa's fastest-growing economies. It is one of Africa's most stable countries, politically and economically, with relatively low crime levels (for Africa). In addition, its currency is stable due to its link with South Africa's rand at a fixed exchange rate. Botswana is one of Africa's leading economies and performs well regarding ease of doing business, trade, and access to infrastructure. With an estimated growth rate for 2016 of 5.4%, it is also ranked as one of Africa's most promising emerging markets. A large part of Botswana's success can be attributed to its sound fiscal management practices. According to Transparency International, Botswana ranks among the top 10 least corrupt countries in Africa, and several organizations have praised it for its anti-corruption efforts. In addition, it was recently recognized by The World Bank as having made significant progress in improving its business climate. This positive outlook makes Botswana a good place to start or expand your business.
· Business-Friendly Policies and Government Initiatives
Thanks to relatively new laws and tax policies, setting up shop in Botswana has never been easier. One of Africa's fastest-growing economies and largest diamond producers, the country is poised for further growth. Companies with ties to neighboring African countries are now eligible for preferential import duties under BDFIA—which could save those hundreds of thousands of dollars on a single shipment!
· What are the steps for Starting a Business in Botswana?
When starting a business, some basic procedures must be adhered to ensure that everything is completed according to protocol. The following information outlines what is needed from individuals who wish to register or set up businesses within Botswana. These steps include registering with the Companies and Intellectual Property Registration Office (CIPRO), registering for a VAT number, obtaining a local registration number, and registering with Revenue Services.
· Industrial Growth Botswana
The economy of Botswana has been one of light but sustained growth over more than three decades, averaging about 4% annually since independence. Various factors have contributed to these favorable outcomes, including political stability, prudent economic policies, and favorable external circumstances. Industrial production grew by 5% per year from 1994 to 1999. Industry accounted for 17% of GDP in 1998. Mining is Botswana's leading industry, accounting for 60% of exports in 1997. The industry also employs about 15% of the labor force. In addition to diamonds, industrial minerals mined include coal, salt, soda ash (from which sodium carbonate is extracted), and nickel. There are also deposits of copper and iron ore.
· Market Size Botswana
According to Trading Economics, Botswana's Gross Domestic Product per capita is $9,800; its export-to-GDP ratio is 43 percent, and its growth rate is 2.7 percent. The country's main exports are diamonds, copper ore, nickel ore, and gold. The World Bank ranks Botswana first in Africa for ease of doing business. The United States has bilateral investment treaties with 14 African countries, including Botswana and South Africa (the largest economy on the continent). These agreements provide for the protection of American investments by host governments and give U.S.-based investors.