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Get to Know About Curacao
Curacao island lies in the Southern Caribbean (north of South America) and owned by the Kingdom of the Netherlands. Most of Curacaoans are Roman Catholics and its population is 162,594 in a 444 square kilometers land area. U.S. dollar is accepted everywhere but their official currency is the Netherlands Antilles Guilder (ANG). Though Dutch is their official language, English is widely used so foreigners won’t have a hard time communicating with Curacaoans. The country has a warm tropical climate and lies outside the hurricane zone.
In 2017, the Gross Domestic Product (GDP) in Curacao was worth 3.12 billion US dollars. The country enjoys economic growth and stability despite its size and location, which is surrounded by the ocean. Also, the Corporate Tax Rate stands at 22 percent, which makes investors and business owners happy as this will bring more money to them.
Doing business in Curacao has a potential for businessmen who are into the shipbuilding or telecommunication industry. Foreign nationals who want to stay for more than 90 days in Curacao will need a residence permit, thus they may need a long-stay visa. For Dutch or US nationals, it is 180 days. Applying for a residence permit will need a sponsor. This could be your partner or employer. If you want to work during your stay, you must also have a work permit. Business permits and other related licenses will only be granted once all requirements are met and will allow businesses to operate legally in the country.
The challenges in Curacao include the country’s location (it is surrounded by ocean), limited reach (in telecommunication and internet connection), weather conditions (the country has a warm and rainy climate), and some residential/work-permit issues. Just like other countries, the island of Curacao implements the restriction of over-staying for non-citizens in the country. Thus, they need to follow if they want to do business in Curacao.