Reasons why you should start a Business in Saint Helena:
Agriculture is the main source of income for the territory's economy, employing 90% of the working population; other businesses include fishing, manufacturing, and tourism. They can also farm land rented from their employer or grow food crops like potatoes, bananas, and vegetables to sell in rural regions. As a result, commodities must be transported by ship or plane from Cape Town, and then distributed by horse-drawn carts or boats throughout the island. Georgetown is a village whose primary sources of revenue are farming and tourism (including visiting military personnel who use it as a base).
What are the Natural Resources in Saint Helena?
The fact that St. Helena is located on an island with a temperate temperature is one of the island's key natural resources. St. Helena has become a popular tourist destination for those looking to get away from it all, with a 4500-foot mountain range running down its spine and stunning scenery to match. The economy of Saint Helena is mostly based on tourism. Smaller farms manage larger farms that produce cash crops for sale to England, such as bananas and pineapples. Not only is tourism one of St. Helena's most important sectors.
What Businesses are Successful in Saint Helena?
Manufacturing has a lot of opportunities. Aluminum casting, mining and minerals processing, gold mining, and stone crushing are all industrial sectors. In Saint Helena, there are now a number of registered businesses with a combined yearly revenue of roughly $8 million. A steel mill is being built in addition to the aluminum and bronze foundries that have already been created. Agriculture items with additional value, such as jams, juices, and organic fruit, are also viable options. There is also the possibility of expanding the firm to include furniture production, carpentry, and joinery, among other things. The island has natural resources, but it also has a lot of arable land that can be used for agriculture (although much of it is mountainous). The island's fishing sector provides an essential source of protein.
Is Saint Helena Good for Business?
Saint Helena is a fantastic place to do business. There are no taxes or VAT on any new firm here; Saint Helena has adopted this approach. Setting up a business here could be ideal for you if you run an internet business and want to shift it to a safe location where income tax is non-existent. You can benefit from low corporate tax rates of 10% for local enterprises and 15% for foreign businesses in addition to having no income tax. Telecommunications prices are also relatively low, which makes running a business much easier. Overall, shifting your business here could be a wonderful chance for you if you want to establish a new business but don't want to pay excessive taxes on it.
Business-Friendly Policies and Government Initiatives of Saint Helena:
The government of Saint Helena has implemented a number of policies and efforts to support the establishment of businesses. Tax breaks, grants, and funding programmers, as well as regulatory improvements, are all available to help new businesses get off the ground. This article will walk you through the steps of starting a business in Saint Helena.
Saint Helena Industrial Infrastructure:
In terms of business opportunities, Saint Helena has a lot of potential for growth. The expansion of tourism has had a significant positive impact on our economy. It is critical for new businesses to be long-term viable. St Helena Airport (SHAG) will be able to provide new services after the island provides a sufficient airport. More enterprises should be able to set up or relocate from South Africa as a result of this. Along with increasing export potential, there has already been a surge in interest in conducting business here, which will only rise once flights commence. There are other intriguing initiatives here, such as a solar power plant and an aquaculture farm, which, if they go forward as planned, might produce work for people. With so much going on right now, now is an excellent moment to invest.
What are the steps for Starting a Business in Saint Helena?
You must submit an application form to the government of Saint Helena at least 90 days before you begin any business. Expect to wait up to three months for your application to be processed after it is submitted. The following is a list of documents that must be submitted.
1) Fill out an application (available from Immigration Office)
2) Passport or Certificate of Birth (original and photocopy)
3) Sponsor's Letter of Introduction
4) Two photos the size of a passport (taken within last 6 months). Backs of photos must be signed with name and date. A white background is required. 5) Police Report/Certificate of Clearance
6) Form for Medical Examination
7) A curriculum vitae is a document that contains information on a person'
8) Business proof of funds
9) Sponsor's financial statement or proof of capitalization
10) If available, a copy of the lease agreement or the title deed to the premises or land. If you don't have access to a computer, a note from your landlord indicating that they agree to rent you space would suffice. The necessary documents, as well as your application form and £50 fee, must be provided (non-refundable).
Your application will be evaluated only after all needed documents have been received and costs have been paid.
An official letter with a license number is issued for display business premises once it has been approved by the immigration authorities.
Market size of Saint Helena:
There are various sectors in Saint Helena where you can invest your time and money to make money. Because of its proximity to South Africa, industries like as transportation and shipping are viable choices. Which has the largest economy on the African continent as a whole. According to the World Bank, Saint Helena's Gross Domestic Product (GDP) was US$15.42 million, with a GDP per capita of US$12,000. Because it is an island nation, no one will be surprised by weather or infrastructural issues.
Industrial growth of Saint Helena:
Coffee, tourism, fishing, and the selling of alcoholic liqueurs are all sources of revenue for Saint Helena. Private jets and Medevac services have been able to use the international airport. In October 2017, scheduled commercial air service began. The airport is the island's largest single investment, with a total investment of £285 million. For the 2018–19 fiscal year, Saint Helena's gross domestic product (GDP) was £38.5 million, with GDP per capita of £7,392 and GNP per capita of £8,230. The annual rate of inflation in 2019 was 3.3 percent, with a median employment income of £8,410. Solomon’s and Co and Thorpe’s are the two largest private sector employers on the islands, providing services across the board. The government is working to build a long-term tourism industry that is less reliant on imports.