Are you thinking of starting a new business? Maybe just expanding?Many entrepreneurs dream of launching a business in a foreign country, however, only a few go through with it.
So, why is that?
Often, entrepreneurs get paralyzed by their fear. After all, building a business abroad isn’t an easy feat. It entails great risks, and it can be overwhelming.
However, if you want to go big, you shouldn’tlet your fear control you.
Instead of focusing on what could go wrong, think of allthe reasons why you should be launching a business abroad.For starters, your business could be more profitable in less saturated markets.Some countries alsowelcome foreign investors with open arms. They could offer you tax cuts and grants which would give you an advantage right from the start. Of course, not all countries are as kind to foreign investors.
Hence, you ought to do a bit of research before taking on a new business venture abroad. To help you find the right country for your company, here are six of the best places to start:
1. Thailand
A gateway to economic trade in the Southeast region of Asia, Thailand welcomes investors from foreign nations who promote innovation, technology, and trade skills.Literacy rates are high in the country, which means you will have no trouble finding an intelligent and productive workforceonce you launch your business here. Additionally, employing a Thai workforce is also cost-efficient, as the average daily wage in Thailand is approximately $6.
2. India
Another country worth considering is India.Due to their growing population, there is an increasing need for livelihood opportunities across the country.The younger generationswant to look foropportunities beyond the agriculture sector and daily wage jobs. For entrepreneurs, this means you can start a new business with the help of a strong and young Indian workforce.Like Thailand, India has business-friendly policies and low operational costs for setting up a business. Naturally,this makes it a lucrative choice for building your next business venture.
3. China
The Chinese government is closely affiliated with its many businesses. They offer a lot of support to drive entrepreneurship as well as innovation. Much like India, China’s consumer market is vast and ever-growing, which means businesses have endless opportunities for expansion. You also won’t have trouble finding partners, investors, and other resources in the country (especially in cities like Beijing and Shanghai).
4. Singapore
Devoid of unnecessary and complicated paperwork, Singapore is one of the easiest countries for doing business, second only to NewZealand. This small Asian country is a politicallystable and well-developed society based on trade, finance, and manufacturing. It offers a stable environment for business investments and expansion. If you invest in this market, you will benefit from lower taxes, incredible infrastructures, and a productive English-speaking labor force.
5. Malaysia
World Bank ranked Malaysia the 15th easiest place to do business.It’s a few spots lower than Singapore, but it’s higher than the rest of the countries in this list. Compared to Singapore, Malaysian businesses have low startup costs and low operational costs.Thanks to government incentives and liberal policies, the country is conducive to business investments.
6. Mexico
Crime is one of the nuances of doing business in Mexico. Often, it discourages investors from starting a company in the country. Before you let that get to you, take a look at the advantages of starting a business in Mexico. In the last few years, the country has seen extensive business reforms making it a friendlier environment for foreign investors. The country alsohas a strong and more affordable workforce compared to the US. Not to mention, Mexico has more free trade agreements than any country, making it accessible to a wide range of businesses around the world.
Taking your next business venture overseas is far from easy. Indeed, there are some nuances; however, as you’ve seen in our list, there are several advantages as well. If you aren’t sure if starting a business abroad is the right move for you, or if you need assistance in utilizing other countries to help your business in your home country, let us know. At our parent company Solomon Signatures Inc., we can steer you in the right direction.