Investor's Guide: Steps to Establishing a Business Steps to establish a business include but are not limited to:
Business Proposals to start a new business and/or apply for Concessions should include the following: 1. Description of the project including size, capital investment, concept, and layout designs (if applicable). 2. Impact on the economy with regard to number of jobs to be created, spin opportunities for new business ventures which can emerge or spin off opportunities to attract tourism or further new investment to the island. 3. Information on work permits requirements (if applicable). 4. Time scale for completion of the full project and if it is to be done in phases, the time period for each phase. 5. Environmental Impact Assessment (if applicable) 6. The licences and/or concessions required. (A comprehensive list of items that concessions are required on should be provided or specific categories of items that would be required to execute the project) If concessions from certain taxes or fees are being requested, these should be stated specifically as well. 7. The amount of Government owned land required (if applicable). 8. Background information on the principals of the business venture and their experience in the area of business that they are applying to establish. 9. For tourism related projects, information on how the project will be marketed, outline of marketing strategy, any information related to the marketing that is already being carried out. Reference letters from persons who will be using the services (including travel agents if applicable) or who have used the services of the applicant before in a previous venture. 10. Also, for tourism related businesses; information on how the business itself will add value to our ability to attract new visitors, or how it will increase visitor spending, and evidence of the success of a similar business in a similar size market (if applicable). The project proposal should accompany a project concept, which may different from the document which deals with the points outlined above. However a covering letter which specifically lists the licences and concessions being requested should be included which summarizes what is being asked for. This ensures that all of the things being requested are in fact included in the applications for permission and approval that are submitted to the relevant Ministries and ultimately to Cabinet. These points are subject to review at anytime
The steps involved in establishing a business may vary depending on the type of business being established. Investors are asked to contact SKIPA for information concerning the specific type of business being considered.