subject: Doing tourism business in an Island: taking a sneak peak before investing [print this page] Doing tourism business in an Island: taking a sneak peak before investing
Business is meant for profit and it brings investment (domestic and foreign). It also indirectly reflects the economical landscape of a state. A favorable environment for business and investment means higher standards of living. In USA every state has a combination of one or more major industries which provides the maximum revenue for the state.
The Business scenario is regulated by the business law at state and federal level as well as geographical factors. Coastal regions like Key West in Florida State where tourism and hotel industry contributes a major source of revenue can be cited as an example. In the state of Hawaii income from tourism has surpassed the US defense expenditure in 1976.
Hawaii remained a territory' for 60 years allowing plantation owners to exploit cheap labor. The territory' finally received statehood after the vote that followed the Hawaii Admission Act, 1959. It is a high presence of public sector (about 21.5 % in the year 2001). The State has very high per capita tax burden as documented in the year 2003. In 1990 the legislature declared the tourism industry as the most important industry.
Hawaii revised statutes (part 7, chapter-201) describes the structure of tourism. Tourism Development Law (Chapter 203) and Hawaii Revised Statutes controls the marketing and the relationship with the Hawaii Visitors and Convention Bureau (H.V.C.B). The previous State Tourism Functional Plan was revised in 1994 after the change in visitor industry after Hurricane Neki and a failing Japan economy.
However, there has been diversification in agriculture industries (floriculture, food processing) as the state produces sugarcane, pineapple, coffee, macadamia nuts, etc. Other industries include printing and publishing, textile, etc.
The legislature of the state recognizes development of tourism as their responsibility. However, it is easier said than done. This is because the industry is dependent on several ancillary sectors. The Department of Labor and Industrial Relations have started several industrial training programs through its Tourism Training Council. The main motive is to build up local workforce for the industry.
The Hawaii Visitors and Convention Bureau is a private organization promoting Hawaii from business perspective. It is operating from the time when Hawaii hasn't become a state! In case you are interested in investing or opening a new business in the beautiful island state, get in touch with a Hawaii Business Law firm. They can give you a correct evaluation and suggestion if you are a foreign investor.
In case you are a domestic investor you would not mind to get your job done with very little headache. This is because there will be lot of application; approval related matters before you open your business in the state. You will also be required to maintain certain standards while running business.
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