Economic Overview & Business Opportunities
The world is a rich source of many business opportunities. All an investor needs is to find the right location. Antigua is one place with such business opportunities.
In Antigua, investors should be aware of the service-based economy before you set up a company here. Government and tourism are Antigua’s biggest services and a major income and employment source. Tourism in Antigua alone accounts for more than half of the country’s GDP.
Other sectors that thrive in the country are agriculture and manufacturing. On this island nation, most of the agricultural activities are for domestic consumption. Manufacturing, on the other hand, is the one that focuses on exports. These might be some options to consider when you’re thinking about setting up a business in Antigua.
Fisheries are another sector that account for 50% of Antigua’s agricultural GDP. Antigua has an extensive fishing coastline that spans 260 kilometers. The fishing sector has a lot of support from the Government, with programs available to encourage modern fishing methods. The Government is also providing support for those who venture into this sector by building and new mechanised boats.
For investors who are interested in the banking sector, there is good news. Antigua is home to the second-largest banking in the Eastern Caribbean region.
Compared to a lot of other countries in the Americas, Antigua’s industries are relatively smaller. Despite that, Antigua’s sectors still contribute a lot to the country’s economic development.
Both local and international banks dominate the financial services industry, along with other financial organisations and insurance companies. Antigua has a total of eight commercial banks that operate in the country. Antigua has also taken steps to tighten its anti-money laundering measures.
Business Opportunities in Antigua
For investors thinking about investing in Antigua, a skilled workforce is one benefit that they can tap into. There are a lot of colleges in Antigua that provide training courses that produce skilled graduates for the sectors you need. With the skilled workforce, you will be able to find a suitable candidate for the positions you need.
As a tax haven, investors will not have to deal with capital gains or wealth taxes. Another benefit of setting up a business here is there is no personal income tax. This is a major benefit, especially for those who work for themselves. Even income sourced outside the country has no taxes imposed on it if you’re self-employed.
Income that is derived within Antigua can be taxed anywhere between 0-25%. This would depend on what your tax classification is. Doing business in Antigua is fairly easy. Especially if you work with a team of specialists like 3E Accounting.
Since Antigua is socially and economically stable, doing business in this peaceful nation is smooth. Investors can run their business with peace of mind, knowing that there is no concerns about money laundering, terrorism, or cybercrime to deal with.
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