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Things to Know About the Business for Takeover Saint Martin
Saint Martin is a geographical area rather than a country. It is an island in the northeast Caribbean Sea. It covers a land area of 87 square kilometers, which has been divided between France and the Netherlands. The population is approximately 78,000.
The French part covers 53 square kilometers, while the Kingdom of Netherlands has a claim to 34 square kilometers of the island. As both these countries are part of the European Union, residents and visitors don’t have problems moving from one state to another. Anyway, remember one thing- if you are doing business in Saint Martin, you need to follow the rules depending on the part of the country you are in.
Tourism is the most significant economic driver of Saint Martin. More than a million tourists visit the place every year. Additionally, more than 85% of the population works in the sector. Apart from that, the agriculture and manufacturing industries (they export salt and sugar) also exist, but they are not very big. English is commonly spoken on both sides. While doing your research, keep in mind that ‘Saint Martin’ is used to denote the French side, while we refer to the Dutch territory as ‘Sint Marteen.’
There, of course, are challenges doing business in Saint Martin. One is the climate; even though it has a warm tropical weather most of the time, in 2017, a Hurricane named Irma caused destructions worth three billion dollars. Adding on to that, you will run your business on a faraway island. Besides that, the two sides of the island use different currencies, which might be confusing.
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