Export

Discover how to export your products and services from Curaçao, including market access, compliance, and support resources

Export from Curaçao

Are you interested in expanding your business beyond Curaçao and taking it to the next level?

Exporting is not just a gateway to international trade, but a pathway to significant business growth and success. By venturing into global markets, companies can expand their customer base, boost sales, and increase revenue, all of which are key drivers of business growth and improved profitability.

In addition, exporting helps reduce the risk of relying on one market by diversifying customer segments and geographic locations. Engaging in global markets also enables businesses to improve production efficiency, reduce costs through economies of scale, and enhance competitiveness by meeting international standards. Furthermore, exporting opens doors to valuable resources such as raw materials, technology, and skilled talent, enabling businesses to enrich their capabilities and expand their growth opportunities.

The Ministry of Economic Development acknowledges the significance of exporting and has introduced The National Exports Strategy (NES) to foster a business-friendly environment in Curaçao. This five-year plan focuses on facilitating exports through “e-government for business” to help Curaçao develop into a more resilient and sustainable economy, particularly in the aftermath of the COVID-19 pandemic.

The NES, a transformative strategy, has identified seven (7) priority sectors with solid export potential to expand the national export performance: the blue economy, creative industries, education, financial services, information technology, medical and wellness tourism, and port and maritime services. The NES also includes various trade support functions to improve the business environment, such as skills and entrepreneurship, trade and investment promotion, trade information, and trade facilitation. These strategies, designed to revitalize Curaçao’s business environment across all economic sectors, will reduce business costs, promote entrepreneurship and innovation, and transform the country into an attractive destination for business investment.

We invite you to learn more about the NES. Click here for more information.

Exporting Process Toolkit

Step 1 – Preparing for Export – Getting READY for export

The export landscape has transformed significantly in recent years, driven by global influences, technological advancements, and evolving trade patterns. In this dynamic environment, small and medium-sized enterprises (SMEs) in Curaçao have survived and thrived, showcasing their remarkable adaptability. Equipped with the proper knowledge and tools, they continue to excel in the global export market.

Before you set sail on your export journey, it’s crucial to assess your readiness. This involves a thorough evaluation of the advantages, disadvantages, and internal and external factors that influence your export capabilities. This process empowers SMEs to take charge of their export ventures, actively participating and making well-informed decisions. 

Discover your export readiness using this invaluable tool.

Exploring the Pros and Cons of Exporting

While export promoters may argue that the benefits of exporting outweigh the risks, it’s essential for SMEs to be fully aware of the potential challenges. By thoroughly understanding the advantages and disadvantages of exporting, and by using relevant examples, SMEs can prepare themselves to face any situation, thereby making more informed decisions.

Conducting a SWOT Analysis of Your Export Capability

It is essential to thoroughly analyze your company’s strengths, weaknesses, opportunities, and threats (SWOT) as it serves as a foundation for a strong export strategy. Your company’s strengths and weaknesses form the core of your operations, while opportunities and threats are external market factors. Your company’s strengths provide a competitive advantage, positioning it well in export markets. Conversely, weaknesses indicate areas for improvement, which is crucial for maintaining competitiveness. Opportunities represent external circumstances that can be leveraged for growth, while threats are external challenges that may hinder progress. Through a SWOT analysis, you can nurture strengths, address weaknesses, seize opportunities, and mitigate threats to enhance your export capabilities.

Critical considerations for a SWOT Analysis of your company:

  • Specificity and Realism: Provide precise and realistic assessments of your business’s strengths and weaknesses.
  • Future Orientation: Distinguish between your current position and your desired future trajectory.
  • Competitor Focus: Analyze your competitors with your mind to gauge relative strengths and weaknesses.

For a detailed example of a SWOT analysis, click here.

 

Step 2 – Steady: Develop an Export Plan

Here’s a structured template for your export plan:

– Example of Export Plan for a Goods Company

– Example of Export Plan for a Services Company

Export Canvas

The Export Canvas is a variation of the existing Business Model Canvas created by Erik Briekhuijzen. It is a strategic management and business tool for companies operating internationally. The canvas helps businesses describe, design, challenge, brainstorm, and pivot a business model.

The Export Canvas (template in Papiamentu and English) simplifies your business model into digestible segments, enabling you to pinpoint areas for improvement and take immediate action. It also provides clear pathways for developing an innovative organizational strategy, making it a practical tool for your business.

Are you looking for personal guidance? Check out our list of certified Export Canvas coaches to help you navigate through the process.

Step 3 – GO! – Proceed with Exportation

Embarking on an exciting export journey requires careful planning and strategic thinking. Before leaping into a new export market, it is crucial to gain a thorough understanding of market dynamics, consumer behavior, and regulatory frameworks. Fortunately, numerous online resources and specialized agencies provide valuable market intelligence services for exporters.

Assessing your company’s financial readiness is a crucial step before expanding internationally. It’s not just about having enough funds, but also about ensuring the company’s stability during this transition. Consider exploring financial support options such as grants, loans, and assistance programs offered by various organizations and governmental bodies. This will help you make informed financial decisions and ensure a smooth transition.

Once you have a solid understanding of the target market dynamics and your company’s financial readiness, it’s time to start preparing for exporting. This involves addressing various aspects of your business, including operations, marketing, sales, legal, shipment, and payment. By detailing this process, we aim to give you a clear roadmap that will help you manage your time and resources effectively.

Exporting goods involves careful planning and compliance with various regulations and procedures. Our Export Checklist for Goods covers everything you need to know to ensure a successful and hassle-free experience when exporting your goods to international markets. Let our checklist guide you through every step of the way and get peace of mind knowing that you’re following the correct procedures and regulations.

It’s important to note that the General Export Procedures provided are for informational purposes only and may vary depending on the specific regulations and requirements of individual target countries and industries. Consulting with relevant authorities or legal experts is advisable for precise guidance tailored to your particular circumstances.

Successful Participation in Trade Fairs

Visiting or organizing a trade show? Use these resources below to be better prepared and informed:

Export Market Information

Curaçao Economic Performance

Curaçao’s economic performance refers to the island’s financial state and activity. It is measured using GDP, employment rates, inflation, exports, and imports. A positive performance suggests growth, stability, and prosperity, while a negative performance may indicate contraction, instability, or recession. The Centrale Bank van Curaçao en Sint Maarten provides data on exports and imports, as well as information on the performance of the financial and economic sectors. Assessing economic performance is crucial for policymakers, investors, businesses, and citizens to understand the economy, make informed decisions, and formulate strategies for growth. You can stay updated on Curaçao’s economic performance by visiting the Centrale Bank van Curaçao en Sint Maarten website here.

Curaçao Export Performance

The Central Bureau of Statistics website provides easy access to statistical data collected and analyzed about Curaçao. You can stay updated on Curaçao’s export performance by visiting the Central Bureau of Statistics website here.

CBI Market Information – Exporting to Europe

Unlock the potential of the European market! If you are considering exporting your product to Europe, conducting thorough market research is critical to your success. Take advantage of the numerous opportunities available in the European market with confidence. You can access this valuable resource by visiting this link and taking your business to the next level. Additionally, you can also learn more about conducting business in the EU at  Business in the EU. With the right knowledge and support, you can confidently take your business to new heights.

ITC Tools

Unlock your potential in the global market with ITC Market Access Tools. This powerful suite of market analysis instruments includes Trade Map, Market Access Map, and Export Potential Map. These tools can quickly help you identify profitable product markets and navigate complex regulations. By leveraging these tools, you can confidently plan your market entry and maximize your export opportunities. Take the first step towards global success today! For more information, please click here.

Also Marketing Intelligence Identifying Promising Markets

Export Facilitation

Trade Facilitation in Curaçao

Trade facilitation refers to simplifying, standardizing, and harmonizing the export and import processes. It is a crucial factor in a country’s competitiveness. By establishing efficient customs procedures and transparent rules, businesses can save costs and reduce uncertainty. Removing procedural and physical barriers to trade is essential to participating in global value chains. Overall, trade facilitation provides efficiency and opens up more opportunities for business development.

A well-functioning trade facilitation framework enables enterprises to engage in international trade cost-effectively, timely, and reliably. Curaçao’s ability to provide a healthy trade facilitation environment will depend on the performance of the NES priority sectors.

Trade Facilities

  • LGO Regeling

Curaçaoan companies have a significant opportunity to export their products to European Union (EU) member countries with preferential treatment under the arrangement for Overseas Countries and Territories (OCT) regulated by the OCT Decision 2013/11/25/755 EU. To be eligible for this privilege, exporters must register in the Customs’ Registered Exporter (REX) system.

The registration process requires submitting several documents, including a certificate of origin issued by the Ministry of Economic Development (MEO) for every product. This certificate is essential for securing preferential access to all EU member states. The registration can be completed either through the Customs’ website or the designated link provided by the European Commission.

To register, exporters must have a unique Tax Identification Number (TIN) containing the letters “CW” and the CRIB number assigned to them. In the registration form, exporters must accurately list all products covered by the certificate of origin issued by MEO. The completed form must be printed, signed, and submitted to Customs at Pietermaai 25, along with the necessary documents.

It’s crucial to note that the added value requirement within the OCT arrangement varies for each product. Hence, exporters must strictly adhere to the regulations governing each product category.

Exporters must also keep themselves informed of any updates or revisions to the current OCT arrangement to ensure their continued compliance and eligibility for preferential treatment.

To better understand the process, let us consider example scenario.

  • Caribbean Basin Initiative (CBI)

Companies based in Curaçao have been presented with an exceptional opportunity through the Caribbean Basin Initiative (CBI). The initiative aims to strengthen the economies of the Caribbean region by offering preferential treatment in the vast U.S. market. However, to take advantage of these benefits, exporters must follow the regulations outlined in the CBI framework carefully. Notably, one of the essential requirements is to maintain a maximum added value of 35%. Given the complexities involved, it is highly recommended to seek guidance from the Ministry of Economic Development (MEO).

  • Food and Drugs Administration (FDA) Registration in the US

The Food and Drug Administration (FDA) is a crucial federal agency dedicated to safeguarding public health by overseeing the safety and regulation of food, tobacco products, pharmaceutical drugs, medical devices, cosmetics, and more. The FDA enforces the Federal Food, Drug, and Cosmetic Act and related laws. Headed by the Commissioner of Food and Drugs, the FDA’s main office is located in White Oak, Maryland, with additional offices and labs across the United States, including Puerto Rico. Puerto Rico is the office responsible for Curaçao. In addition to its domestic operations, the FDA has a global presence with staff stationed in foreign countries. For companies seeking FDA registration assistance, Registrar Corp provides comprehensive support for facility registration with the FDA on a global scale.  Start your registration here.

  • Fundamental Requirements for a Certificate of Origin Declaration

All products must abide by the rules of origin for any arrangement. In this regard, let’s delve into the fundamental requirements that must be met to obtain a Certificate of Origin Declaration under these arrangements. To better understand, let us illustrate with examples:

  1.  List of Raw Materials: A comprehensive list of all raw materials must be provided; for example, if a company produces clothing for export, the list should include fabrics, buttons, and zippers.
  2. Country of Origin for Raw Materials: One key requirement for obtaining a Certificate of Origin Declaration is to accurately document the country of origin for each raw material. For instance, if a clothing manufacturer sources fabrics from China, buttons from Italy, and zippers from the United States, each should be clearly identified.
  3.  Purchase Price of Raw Materials: The purchase price of each raw material must be recorded. For example, if the fabric costs $5 per meter, buttons cost $0.50 each, and zippers cost $1 each, these prices should be documented.
  4.  Description of Packaging Material: A detailed description of the packaging materials used must be provided. For example, if the company uses cardboard boxes and plastic wrapping for packaging, these materials should be described.
  5. Country of Origin of Packaging Material: The country of origin for the packaging materials must be indicated. If the cardboard boxes are manufactured domestically in Curaçao but the plastic wrapping is imported from China, this should be specified.
  6.  Purchase Price of Packaging Material: The purchase price of the packaging materials must be documented. If the cardboard boxes cost $1 each and the plastic wrapping costs $0.50 per meter, these prices should be included.
  7. Customs Coding for Raw and Packaging Materials: Customs coding for both raw and packaging materials must be provided to ensure accurate classification for customs purposes.
  8.  Proof of Registration with KvK: Confirmation of registration with the Chamber of Commerce (KvK) should be provided to demonstrate the company’s legitimacy and compliance with local regulations.
  9.  Business License: A valid business license must be furnished as proof of authorization to engage in commercial activities.
  10. Providing a detailed description of the production process is a significant step in understanding the product’s origin and its compliance with the rules of origin. This description should outline each step involved in converting raw materials into the final product.
  11. Customs Coding of Final Product: The customs coding for the final product, known as the HS commodity code, must be specified to facilitate accurate classification during export.
  12. Ex-factory Price of Final Product: The ex-factory price of the final product, which is the price at which the product leaves the manufacturing facility, must be stated.
  13. Calculation of Added Value: The added value of the product to be exported must be calculated, ensuring compliance with the 35% maximum added value requirement stipulated by the CBI regulations. For example, if the total cost of raw materials and production expenses amounts to $70, and the final product is sold for $100, the added value would be $30, satisfying the requirement.

It is crucial to note that three rules apply to selecting a product’s origin: the Value-added rule, Specific operation, and change in tariff classification. Non-compliance with these rules could lead to exporting products without preferential treatment in the importing country. Additionally, when exporting, the importing country may impose additional requirements such as quality standards, shelf-life regulations, safety measures, and compliance with international agreements like the CITES convention. In such cases, seeking advice from the Ministry of Economic Development (MEO) is not just advisable, but necessary to ensure compliance and smooth export operations.

Export Incentives

Are you an entrepreneur with the ambition and capacity to expand to international markets? Do you already know which market suits your product or service? Then, apply for the Support International Business (SIB) subsidy. With this scheme, you can finance various activities that help you take the next step in international trade.

Please click here for more information including Q&A

    1. Curacao Desk Santo Domingo 
    2. Holland House

 

Courses

Explore a variety of training opportunities to enhance your skills and knowledge for exporting:

Free Courses

 

Paid Courses