Starting your own business in Comoros can be a great way to bring in some extra income or even turn it into a full-time career. But where do you start? There are plenty of factors to consider when choosing which business to start. This guide on how to start a business in Comoros will give you the information you need to make an informed decision about whether this small island nation is right for your business goals.
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NPCS is a well-known technical consultancy that focuses on Project Reports Compilation in this ever-changing market, and we have been following a strict system and procedure to ensure only top quality in accordance with our clients’ expectations. NPCS also publishes a monthly magazine Entrepreneur India since 1995 which is widely read by Entrepreneurs, Businessman etc.
Comoros is an island country located in the Indian Ocean off the eastern coast of Africa. In fact, it’s no secret that Comoros is one of the best places to start a business today!
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Start-Up Costs are Low
The world’s fourth-least-expensive country, according to ECA International, Comoros offers a low cost of living and some of Africa’s lowest corporate tax rates. In fact, companies can be officially registered for as little as $400. Tax breaks for small and medium enterprises (SMEs) are also available here.
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Opportunity for Growth
Agriculture, involving more than 80% of the population and 40% of the gross domestic product, provides virtually all foreign exchange earnings. Services including tourism, construction, and commercial activities constitute the remainder of the GDP. Plantations engage a large proportion of the population in producing the islands’ major cash crops for export: vanilla, cloves, perfume essences, and copra. The Comoros is the world’s leading producer of essence of ylang-ylang, used in manufacturing perfume. It also is the world’s second-largest producer of vanilla, after Madagascar. Principal food crops are coconuts, bananas, and cassava. Foodstuffs constitute 32% of total imports.
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There is Access to Funding
With support from international development agencies and organizations, many small businesses have received funding. For example, under a USAID-supported business finance program, hundreds of small and medium enterprises (SMEs) and not-for-profit organizations have benefited from low-interest loans ranging from $500 to $50,000. Many of these loans went toward financing equipment or materials for companies manufacturing clothing, textiles, handicrafts, furniture, travel goods, food products and building materials.
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The Country Promotes Business
Establishing a business or investing in real estate is easy to do. The Government makes it easy to start and run a business, keeping company registration fees very low. Furthermore, real estate purchase costs are reasonable. Whether you’re opening a store, restaurant or any other type of business, you’ll have little trouble finding locations—as there are few businesses of any kind on the islands.
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NPCS can prepare project reports on any business idea you have. The project report includes all part of the business, from market analysis to confirming the availability of numerous necessities such as equipment and machinery, raw materials, and financial projections. Engineers, project consultants, and industrial consultancy businesses from all over the world have profited from the NPCS project report. NPCS also publishes technological, technical, reference, self-employment and startup publications, a directory, company and industry database, and much more, all of which may be found on the official website.
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