By Majella Mark
- Bali tourism grew by 7.8% in 2018, twice the global average and there are approximately 30K expats residing there
- A spa day that would cost you $600 in New York City would be as little as $200 in Bali
While many move to Bali to enjoy the surf and sunshine there are many industries growing rapidly. The country’s tourism grew by 7.8% in 2018, twice the global average, making it a spiritual cash cow, becoming the yoga and meditation Mecca of the world. A spa day that would cost you $600 in New York City would be as little as $200 in Bali. With hundreds of resorts and yoga studios, the eco-friendly, vegan loving island has a sustainable economy, so it may be time for Black people to go international and start opening up businesses in Bali.
Why This Matters: The entrepreneurial potential lies with the demand for wellness experiences, creative spaces and surfing expeditions, but there is room for innovation. There are 30,000 expats living in Bali, as the country hands out thousands of work permits to foreigners each year. Back in 2016, more than 2,000 permits went to Americans, and approximately 4% of those permits went to people residing in Bali.
the startup industry in Southeast Asia gained over $500M in venture capital funds in 2017
On the innovation front, the startup industry in Southeast Asia gained over $500 million in venture capital funds in 2017, and Indonesia received nearly 20% of the VC money for most of 2018. With 100,000 Rupiahs equalling only $7 U.S., the strains of bootstrapping a business venture will diminish and you will still be in a developing country with familiar accommodations. The cost of living in Bali is tremendously cheap and if you have a successful business or make a living working remotely with clients abroad in the U.S. or Europe, your money will get you far.
Situational Awareness: As more Black people become global citizens, they are looking beyond the western world for financial opportunities. The biggest hurdle for expats in Bali is the property investing and leasing process. Foreigners are only able to lease commercial property for up to 30 years. However, this provides an opportunity to have a long term commitment if desired, giving time to establish your business. There are black people already taking the leap, such as Yarminiah Rosa who moved to Bali from New York in 2017 to start her own jewelry company called PurposeRosa. It’s time more of us become internationally known.
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