The practical guide on where to start your business abroad
Opening a business abroad can seem very overwhelming but yet very rewarding. You may have considered this because you have tested a business idea and decided that there is more of a demand for your product or service in another country. Key benefits of starting a company abroad can include increasing your market penetration, make clients feel you are committed to their market, lowering overall costs overtime and taking advantage of currency fluctuations.
When it comes to choosing the destination of where you would like to start up your business, we know this can be a daunting task. But do not fret, as this short guide will give you our take on some of the best locations (in no particular order) to start a business and why.
When starting up a business, the United States may not be the first place in mind, but this country can be a great place for start-ups as it welcomes many new business innovations and ideas. This allows you to think of multiple creative solutions that consumers may require without any limitations. Another factor to consider that may persuade you to start-up in the US is the relatively low operating costs. This means once your company has started booming, you can take advantage of the lower costs and potentially higher profits.
It is no secret that Singapore continues to be a great economy, that has a well-established presence as a secure place for businesses. The diverse and unique population of different cultures and the adoption of western principles offers a comfortable place for entrepreneurs to do business. Not to mention Singapore is extremely friendly as it allows all businesses, international or domestic to leave their footprint easily with the legal framework, as Singapore’s regulatory environment is deemed to be the most business-friendly. This results in the country being the second most competitive economy and a great place to do business.
The United Kingdom can be a promising place for entrepreneurs as there is a wide encouragement for new business ideas. The country offers various sources of funding and serval financial schemes to set up a business. In addition, there are also significant tax benefits for businesses, which are available to anyone a resident in the European Economic Area who has the ability to relocate to Britain. This suggests the great combination of entrepreneurial optimism and various sources of funding definitely make the UK a great choice for a start-up firm.
One of the main selling points to start a business in New Zealand is because of its economic stability and its great potential for growth. Due to this, the New Zealand government have an optimistic nature to help support businesses and entrepreneurs. But it does not stop there, New Zealand also have very straightforward legal requirements depending on your business structure, which suggests those who wish to start up a firm will not have to worry about legal restrictions. In addition to this, the time it takes to set up a business in New Zealand can be completed in less than a day, thanks to a simple online procedure.
As the largest market in Scandinavia, Sweden provides lots of opportunities for businesses to gain access to the European Union and the Nordic market. This has helped Sweden’s position to become one of the world’s biggest beneficiaries of foreign investment and a great economy with high purchasing power. This means a new company starting in Sweden will not have to worry about gaining the resources they require, due to the wide available range. Although this does suggest heightened competition, Sweden’s economy and politically stable economy invite new innovative companies to enter the market and establish their presence.
The low living costs in Mexico not only will benefit you in terms of your personal life but also helps you decrease your personal expenses and allows you to invest more in your business. This gives you the ability to put more in your company and help it flourish to become what you desire. In addition to this, not only are personal costs lower, but operational costs can be found cheaper too, which means trying out a new business could less risky, as you will not have to worry about the heightened costs you may find in other countries. Also, as the competition is low you can take advantage of utilising marketing strategies to increase your brand awareness. Mexico welcomes new businesses to the country as the barriers to obtaining a work permit and starting a company are low.
So there you have it this short guide is a great starting point to get you thinking on some of the best locations for you to start up your business. Along with opening a business abroad, we understand that currency transfer may not be at the top of your priority list, but it definitely can impact your bottom line. If you have any questions or need any advice regarding transferring money abroad, you can call in, hassle-free and no obligations on +44(0)20 7738 0777.