The island country of St. Vincent and the Grenadines is in the Caribbean. It is west of Barbados and north of Grenada. It is south of Saint Lucia and Antigua and west of Barbados. Most of this 142-square-mile country is made up of the main island of St. Vincent. It also has the northern two-thirds of the 32-island chain called the Grenadines. On some of the islands, people live. Mustique, Bequia, Canouan, Union Island, and Mayreau are some of them. Kingstown is the main port and the capital.
What’s good and wrong in the market
There are many benefits for foreign companies that do business in this country. For instance, they don’t have to pay personal or business income taxes. They don’t have to pay estate or withholding taxes, and they don’t have to pay other taxes for 25 years. The Caribbean/Canada trade agreement is another reason why investing in Saint Vincent is a good idea. Under this deal, most goods made in St. Vincent can be sold in Canada without having to pay taxes.
Market share
Most people in St. Vincent and the Grenadines work in banana farming and tourism. More than two-thirds of the people who work do so in the service sector. Tourism, retail, IT, transportation, and communications are just a few examples. About half of the people who live in Vincent live in cities, while the other half live in rural areas. More than half of the people are familiar with and linked to the internet. Most users are on Facebook, then on Instagram, then on LinkedIn, and then on Twitter.
Why your business should grow in the SVG market
When people put money into the economy of Saint Vincent, they get a lot of perks. The country has stopped making it hard for foreigners to get licenses to run trust companies. Machines coming into the country are taxed less for new businesses. They also don’t have to pay taxes on raw materials, spare parts, and equipment. Another benefit is that business owners are free to send money back home.
Space for growth and improvement exists in the tourism industry. The Pirates of the Caribbean movies were filmed on the island, which brought more tourists and investors to the country. Recent growth has been driven by strong activity in the construction sector and an improvement in tourism.
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