Many people dream of expanding their business to have an international
footprint. Indeed, being part of the global market is an exciting challenge for many
corporations, and there’s arguably never been a better time to try establishing a
branch of your company in a foreign country.
There are many different factors that go into deciding the best and worst countries
to do business, ranging from a country’s economic indicators—such as gross domestic
product, unemployment rate, and the consumer price index—to its corporate tax rates
and political climate. On the one hand, underserved or emerging markets can
represent fertile ground for growth. However, new markets can come with unforeseen
challenges and instability you may not be used to dealing with at home, so it’s best
to do your research about which country might be most beneficial for your business.
There are so many countries to choose from, your decision will differ based on the
type of business you are looking to expand. Read on to learn about some of the best
countries to do business for international companies.
Singapore
This relatively small island nation is an economic powerhouse, with super
business-friendly policies that make it ideal for a business looking to expand,
according to the World Bank. Its economic growth is strong, and its population has a
relatively high earning power and GDP per capita, translating to lots of spending
potential. Politically stable, Singapore also offers favorable tax laws to business
owners, including no dividend or capital-gains tax.
To top it all off, it offers numerous free-trade agreements and great access to
promising neighboring countries, including Malaysia and Indonesia—all of which means
more avenues for expansion and possible markets to capture once you’ve established
your business in Singapore.
Hong Kong
A Special Administrative Region of China, Hong Kong is a great place to do business.
Its free-market economy depends on the global market for its economic growth, and
its workforce is highly educated. With world-class infrastructure and easy access to
China, it’s a good option for any company wanting to expand its footprint or gain a
presence in Asia. Many Chinese companies are eager to be listed on the Hong Kong
Stock Exchange (HKEX), thanks to its reputation as a leader in global commerce.
United Kingdom
Though it may have left the European Union, the UK is still considered one of the
top countries for business owners. It has a relatively low business-tax rate
compared to the average Central European country, and one of the lowest
corporate-tax rates of the G20 nations.
Furthermore, its digital infrastructure is particularly business-friendly. Its
online portals and digital filing systems are easy for foreigners to navigate,
meaning you could incorporate your business in a single day working from your
laptop.
Though the UK voted to make itself less competitive on the global stage as a result
of Brexit, it is opening up free-trade agreements with the rest of the world as a
result of leaving the EU, which can be more beneficial depending on the nature of
your business.
Norway
A wealthy country with a highly educated and relatively wealthy population, Norway
is a great place to do business if you’re in the tech or services sector. Its
sophisticated digital infrastructure means that bureaucratic tasks, such as filing
taxes or registering your business, are incredibly straightforward compared to other
nations. And though it is not in the EU, its place in the European Economic Area
means it has very strong ties with the bloc, both culturally and economically. It
also has a world-leading quality of life.
Ireland
Ireland has earned a reputation as an economic success story among EU countries in
the wake of the 2007-08 financial crash. One of the ways it has done so is to make
it very attractive to do business there, including offering low corporate-tax rates
that have drawn in big tech companies, including Google and Facebook.
But the tax benefits aren’t the only reason Ireland is an attractive place to start
a business. Ireland GDP has grown steadily during the last decade, and it has a
robust labor force with an international-facing outlook. Though it wouldn’t have
been true 20 years ago, Ireland has certainly made the case for being one of the
best countries for international corporations.
Mexico
With one of the largest economies in Latin America, Mexico is a highly competitive
economy if you’re looking to expand your business’s footprint outside of the US. It
has relatively little political instability compared to other countries in the
region, a large tourism economy—thanks to the resorts dotted all along the Pacific
Ocean—and a relatively young population, which translates to a strong workforce with
much earning power ahead of them.
Reforms to business registration mean it’s less of a bureaucratic headache to do
business in Mexico these days. In addition, its proximity to the United States make
it attractive to American business owners who want to have a footprint in both
countries.
So where should you start your
business?
There is no singular country that can be declared the best country to do business.
It will depend on what you’re trying to achieve as a business owner and the type of
market or customer you are trying to reach. But these countries represent some of
the most welcoming and exciting places to consider.
Stay in the loop with Newland
Chase
An experienced immigration specialist can help you navigate the complexities of
border-crossing requirements. Contact Newland Chase
for a quote today.