Fortunately, the world is now a lot smaller than it used to be because technology has made it possible to start a business in a range of countries. The whole process is easier despite there still being a need to follow regulations, pay taxes and adhere to policies. However, the information required to start a business is readily available. So, it does not matter if you are a company in the UK or the USA, if you have a computer or tablets, then you can expand and turn your business into a global enterprise.
Why Would You Expand?
By taking your business overseas, you can diversify and reach new customers while you will also have the ability to extend the sales life of your current products, regardless of whether you are selling pain or a range of EPOS till systems. Whatever the product might be, it might be the next big thing in another country. Furthermore, you can move away from depending on your local market and that means that your risk will be spread further and wider. When you expand, you will also be able to understand and identify new ways of carrying out business while you will learn how to compete in new markets and grow your brand.
Despite this, taking your business overseas is not something that you should jump into. In fact, you should do your research and understand any cultural differences that might make your product stand out or fail. It’s also important to understand what policies the government has in place that could restrict your business. So, with this in mind, which countries hold the most potential when it comes to expanding?
Singapore
The first thing to consider is the Gross Domestic Product (GDP) and this stands at around $360 billion, with a growth of 2%. It is known to be one of the healthiest environments in which to start a business. It’s both politically stable and is known as one of the wealthiest in the world while the labour force is also strong. Furthermore, from a business angle, there are no dividend or capital gains taxes while starting up a business is simple as it is possible to register online.
Norway
It might surprise you to learn that Norway is up there as one of the most widely recognised countries in which to start a business. It has a GDP growth of 1.1% while the GDP is $434 billion. However, more importantly, communicating with the government here is simple which is something that you should look out for when moving a business overseas. All of the relevant communication can be achieved online and that involves registering a business while tax laws are extremely simple to understand. What’s more, the country is also technologically advanced and that means that working in a digital world is easier than other countries. It’s a developed country, has good trade ties with other EU countries and that makes it an attractive prospect.
New Zealand
While New Zealand might be thousands of miles away, it’s a country that is definitely worth considering when it comes to expanding overseas. It has a GDP of $204 billion with a growth of 3.6% but more importantly, it has a skilled workforce that is not expensive. To add to this, there are no taxes relating to payroll, capital gains or social security while incorporating a business takes a day.
Hong Kong
Over the last few decades, the economy in Hong Kong has been growing and it now has a GDP of $362 billion. Thanks to the business policies that are both practical and economically friendly, it has meant that Hong Kong recognised the importance of overseas businesses operating there. The workforce is well-educated and it has an impressive communication network, making it simple to do business.
Switzerland
Switzerland benefits from low unemployment and an economy that is growing with a GDP of $705 billion and a GDP growth of 1.4%. The workforce is willing to work which is a great start for any business moving there and they are highly-skilled too. As a business, you will benefit from low corporate taxes, efficient capital markets and economic stability, all of which is vital if you are moving your business overseas.
Canada
With a GDP of $1.7 Trillion and a GDP growth of 1.5%, Canada certainly has a lot to offer businesses looking to expand there. The country was once known for being a rural economy but now it is mainly urban and industrialised. What’s more, any business that is looking to relocate there will also be able to benefit from the ties that it has with the US as this could offer the potential to tap into the US market. The labour force is skilled and politically, it is stable, which makes it a great place to start a business.
India
India is now the second fastest-growing economy after China and so, if you’re looking to expand then India holds a lot of potential. Around 17% of the world’s population lives in India which means that you have a large market to explore and access. It’s a business-friendly country with a number of schemes in place to help businesses and there are tax benefits too, such as corporate tax being as low as 22%. Recent reforms have changed the way in which businesses are launched and that means that it is even easier.
Germany
Germany is the powerhouse of Europe and with one of the biggest economies in the world, your business could flourish there. It has a GDP of $3.9 Trillion and the workforce is highly-skilled and well-educated, making it the perfect location for many businesses. Operating a business in Germany will also provide access to well-funded markets within the EU as well as the ability to benefit from its wealth.
So, if you are looking to expand your business, you have the opportunity to choose from a variety of countries that all offer something unique. Regardless of the sector you operate in, with the right research, you can turn your small business into a global business.
