Incentives for local businesses

MEO works in close cooperation with various local institutions and organizations such as the Curaçao Innovation and Technology Institute (CITI) and Fundashon Marshe to be able to develop and offer various incentive programs to help boost small and medium- sized enterprises in Curaçao.

The MiNEGOSHI Shared & Support Services aims to promote entrepreneurship according to the model of a Small Business Development Center (SBDC). The realization of the establishment of a permanent coordinating, supporting information functionality, both virtual and physical, should transform the current situation into an efficient, effective and customer-oriented service to promote entrepreneurship activities and productivity.

The aim of the SBDC is to contribute to the further stimulation of SMEs in general and the professionalization of this sector, as well as to increase their contribution to the growth of the economy. The SBDC serves as a “First-Stop-Shop”, where the entrepreneur receives support and guidance in starting a business and also for an existing business in order to successfully manage it.

One of the objectives of the Ministry of Economic Development is to stimulate and encourage the entrepreneurial spirit among the population. To achieve this, the BETH market was launched in 2017. BETH is an abbreviation for Benta di produkto i Servisio (Sale of Products and services), desaroyo Turístiko (Touristic devoplment) & Habri kupo di trabou (Open new job opportunities) and is based on the “free market” idea in which micro and small entrepreneurs in particular are given the opportunity to participate every first Saturday of the month on Brionplein and sell their products and services to both the population and tourists. The BETH market offers micro and small entrepreneurs an accessible platform to get in touch with new customers. Moreover, this increases the demand for locally produced products.

The Start-up Launch pad offers businesses in the start-up stage a chance to participate and win Technology, Knowledge and Support vouchers to invest in their company. This is in addition to an extensive mentoring and coaching program and the exposure your business will get in the local media.

There will be three rounds of competitions. The winner of the final will get the chance to compete on an international level. The Start- up Launch pad is executed by the Curaçao Innovation and Technology Institute (CITI) with the goal to enhance the chances of success for businesses in the start-up phase and stimulate the development of solutions for a Smart Community

Innovation is a vital aspect for successful and sustainable entrepreneurship. The innovation Awards is an annual incentive program executed by the Curaçao Innovation and Technology Institute awarding businesses for their innovative evolutions. The Innovation Awards encourages local entrepreneurs to constantly continue innovating and positions Curaçao as an innovative island in the Caribbean.

The Caribbean Basin Initiative is a unilateral program of the United States, initiated by the Caribbean Basin Economic Recovery Act (CBERA) and later expanded by the Caribbean Basin Trade Partnership Act (CBTPA). The purpose of the CBI is to provide tariff and trade benefits to Caribbean and Central American countries. Curaçao is one of the beneficiaries of the CBI and therefore products originating in Curaçao can be imported into the US duty-free if at least 35% has been added to the value of these products in Curaçao.

Curaçao is one of the Overseas Countries and Territories (OCT). Based on its status as an OCT area, Curaçao benefits from the special association with the EU in the sense that products originating in Curaçao have preferential access to the EU. These products are exempt from import duties.

The Government of Curaçao promotes, through this agreement, the development of the export of locally produced products and services. The focus group is local companies that already export or have the aspiration to export their products or services.

Support International Business (SIB) is a grant that finances your activities to increase your business opportunities in a specific foreign country, your target country.
This is for SMEs in the Netherlands and the Caribbean part of the Kingdom. SIB subsidy can be applied for by companies from all sectors that are registered with the Chamber of Commerce. Companies without legal personality, such as a sole proprietorship, general partnership (vof), limited partnership (cv), and partnership, are not eligible for SIB.
The subsidy is available for the period December 31, 2023 to December 31, 2024.
The following are the activities for which you can apply for a subsidy:

SIB Collective Activity- going to trade missions and fairs together
“You participate in a mission or fair in a specific country together with other companies. Your goal is to promote your product or service to potential customers in your target country. This way you also come into contact with partners and investors.

 Read the conditions and apply via SIB Collective Activities

SIB Individual Trade Fair participation
“You individually participate with your own company in a trade fair in a specific country. Your goal is to promote your product or service to potential customers in your target country. This way you also come into contact with partners and investors.
 Read the conditions and apply for individual exhibition participation via SIB.

SIB Market Entrance
“You start setting up new activities in your target country, with the help of an external expert. These are aimed at positioning your product or service. The expert will introduce you to relevant local parties in the target country, among other things.
 Read the conditions and apply via SIB Market Entrance

SIB Coaching
“You will learn, with the help of a coach, how to best organize your export to the target country. You can discuss your questions with this coach. After the coaching, you will have sufficient knowledge to, for example, write an export plan yourself.
 Read the conditions and apply via SIB Coaching.

SIB Knowledge & Skills
“Together with an expert, you will gain knowledge about the legal and tax situation in your target country. You can also conduct market research on the sector in the target country or gain export knowledge through training.
 Read the conditions and apply via SIB Knowledge and skills.

SIB Alternative Markets
“Are you affected by the war in Ukraine or the sanctions against Russia and the resulting trade restrictions? You can use this subsidy, among other things, if you want to look for a replacement market.
 Read the conditions and apply via SIB Alternative Markets.