Starting a business in Curacao

25 juli 2020

3 questions and answers about starting a business on Curacao 
The sunny and tax-friendly Curacao is not only for the big companies of this world. You can also start on Curacao as a small entrepreneur. Whether it concerns setting up a picturesque hotel in the center of Willemstad, a scooter rental company or a mini resort on Jan Thiel. 

How do I become successful as an international entrepreneur? 

As you can imagine, the chance of success cannot be predicted. Yet one aspect is indispensable in any foreign adventure: your personal qualities. There is a lot to do with emigration. Just think … 

  • You state the securities that you have built up in the Netherlands.  
  • You have to adapt to a new country and the culture there. 
  • And not only you, for your partner and possibly children, such a foreign adventure does not come without an impact. You have to manage that.

So, do you dare to take risks? Can you network in another language? And last but not least, do you take responsibility if something goes wrong? 

How do I get to know the local market? 

From discovering a gap in the Curaçao market to finding an interesting project online. There are an incredible number of possibilities to find and take advantage of opportunities on Curacao. 
Want to impress with your business plan? 
Whether or not you need a bank to finance your dream, make sure you draw up a realistic business plan, make sure you have the right numbers. Are you more someone of doing instead of calculating? That is not at all strange. We are happy to help you with all the ins & outs of a business plan and, together with you, create a very strong business plan in 10 steps. 
Whether you want to start in tourism or another sector, analyze the market to begin with. What’s going on? What do you have to take into account? Are there any bumps you will face? Also, be honest during this quest. 

  • Are you as enthusiastic as you were? 
  • Are you becoming more and more curious about your potential customers? 
  • Do you really want to get to know the local language, customs and the market well? 

Additionally, do extensive local market research, specifically for your company. Where necessary, ask for support from local professionals or if it is still too difficult for you in terms of language or culture difference. 

Which rules and subsidies are relevant? 

If you have international ambitions and want to set up a company in Curacao, you must also take into account the rules of the (local) government and taxes. 

  • Talk to local entrepreneurs or Dutch people who went before you. 
  • Are you going to practice a protected profession? Then arrange professional recognition. 

Not reinventing the wheel 

If you prefer a little more certainty, taking over a current company is a very good option! On an island such as Curacao, there are of course always entrepreneurs who retire and, due to lack of succession, offer their company for takeover. In these types of acquisitions, a familiarization period usually applies, during which the necessary knowledge will be transferred to the new owner 
As a real estate agent in companies and real estate on Curacao I often get the question what is a certain thing worth and how does this calculation come about? Acquisition of goodwill and inventory has long since become obsolete, I am therefore also quite conservative when it comes to taking over a clientele. I only value this if contracts are linked to it. 
If you really want to have certainty and never lose your investment, buy not only the business but also the real estate in which the company is located. 
A good example of this is a ready-to-use Mini Resort in the Jan Thiel that recently came on the market, this beautiful object has an appraised value of NAF 2,200,000 (approximately 1,050,000 euros). The asking price of this object is exactly the same and that includes takeover inventory and current reservations. The financial risk that you run when purchasing this is ZERO because the value of the property more than covers the value of the property and acquisition goodwill and inventory, so in the event of a future sale you will always get your own money back. 

Mini Resort for sale in Jan Thiel

Do you think 1 million euros is way above my budget? Then you are completely wrong. Local banks like to do business with Dutch people, but a bank also wants to see collateral and some of its own contribution is necessary. Would you like help or more information about obtaining a loan to start up your business on Curacao? We are happy to help you with this so that you can start a successful business on Curacao. 

This article was written by Adriaan Smit to a sales agent in Curacao. 
You can also visit our Facebook and Instagram pages to have a look at our latest listings.

Categorieën: financieel, makelaar curacao, News, zeezicht appartement

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