The offshore market is gearing up for more renewable business opportunities. Rising demand for clean energy sources and increased investments in developing these sectors have opened a new market for businesses. So, for our experts at Business Setup Worldwide(BSW) , 2024 is the year for clean and green energy. However, before we delve into understanding the market trends for this year, let us first understand where our experts are coming from and the benefits of choosing offshore locations for your business.
About Business Setup Worldwide
Business Setup Worldwide(BSW) has been helping entrepreneurs and businesses establish themselves in offshore locations for 7+ years. Their team of experts are well-versed in offshore company registration and set up procedures, opening offshore bank accounts, offshore trusts, buying shelf companies, etc. BSW also provides additional services such as Accounting and Bookkeeping, Intellectual Property, Company Secretary, and more. These experts will support your journey from beginning to end and even provide post-set-up services for your company.
On top of that, BSW, with its “your business first” attitude, is committed to guiding you to make the best choices for your offshore business formation. They will also ensure that your experience is hassle-free and easy so you can start company activities as soon as possible.
Why Offshore Jurisdictions
Now that you know you have someone to support your offshore company formation. You must now understand why you should even consider an offshore jurisdiction. Here are a few key benefits of selecting an offshore location for your company:
- Tax exemptions: Most offshore locations like Seychelles, BVI, and more offer attractive tax exemptions to businesses.
- Stable Political Environment: A stable political offshore jurisdiction can provide a safety net for your company. So, your business thrives even if your home country is facing political instability.
- Privacy Protection: Offshore countries like Belize, Panama, and so on have strict privacy protection laws in place. They are designed to protect your identity.
The above-mentioned benefits are just three of the many benefits that you can gain by investing in an offshore jurisdiction. Now, let us take a look at the emerging offshore markets of 2024.
Emerging Offshore Markets of 2024
While there are severe themes that we can look into to understand market trends, we will be discussing the opportunities that are in line with the UNDP’s sustainable development goals. Of these goals, let us focus today on affordable and clean energy.
Offshore Wind Energy
The National Renewable Energy Laboratory’s 2024 Offshore Wind Market Report focuses on how the digital age, innovations in turbine technology, and the emergence of floating wind farms are revolutionizing the wind energy sector. All of these factors mentioned before have been pivotal in reducing the cost of set-up, which is driving this market forward.
Moreover, several governments are creating policies to support, invest in, expedite approvals, and overall accelerate offshore wind development projects. Latvia and Georgia are a few of the offshore locations where Business Setup Worldwide can help you set up your wind energy company.
Offshore Oil and Gas
There is an increased demand for oil and natural gas products in a post-COVID world. The Westwood Global Energy Group expects the offshore rig market to tighten further in 2024. In fact, they claim that the utilization rates may reach 96%, which means the offshore drilling market has a massive profit potential. Business Setup Worldwide can help you establish your business in countries like Malaysia, the UAE, and Dubai.
Business Opportunities In Emerging Markets
Now, let us take a look at the business opportunities these new markets offer you:
Transportation
You can start a transportation business that can help move equipment to and from the location. The oil and gas market especially requires a number of specialized vessels to transport people, services, goods, and more.
Staffing Solutions
Another great business opportunity is to act as a bridge between the employers and the potential employees. You can start your staffing solutions business to help hire a range of permanent, temporary, long-term, short-term, and even expert employees for these companies.
Technology
As we have mentioned before, the advancements in technology have led to a revolution in the green energy sector as well. You can start a targeted business that provides technological solutions.
We have briefly discussed the emerging markets of 2024 and the business opportunities you can explore. If you wish to dip your toes in the new markets or even start your business at an offshore location, please reach out to Business Setup Worldwide. Their team of experts will be happy to help you through the processes, paperwork, additional services, and more.