If you think your business could benefit from global expansion, then you’d be right! After earning a sizeable share of their domestic market, many companies reach a point when going global is the only logical next step.
From exploring new markets and gaining a competitive edge to accessing fresh talent and reducing costs, there are many excellent reasons why you should expand your business.
However, before you venture abroad, you need to do your research. There are many choices when it comes to global expansion destinations — and finding the right market can seem overwhelming.
As such, it’s essential to find out which country will be the ‘right fit’ for your business. This will depend on factors like cultural differences, GDP growth and inward investment, availability of skills and labour, quality of infrastructure, employer costs and the complexity of the regulatory landscape.
As experts in global expansion, we know the best countries for business. Let’s take a look at our current top five…
If you’re keen to expand into the Asian market, look no further than Singapore. The country is consistently ranked as one of the easiest places in the world to do business, and it’s clear to see why.
Due to its exceptionally business-friendly environment — Singapore offers one of the world’s lowest corporate tax rates, and it only takes 1.5 days and two processes to set up a business there — the island-city state is highly popular with foreign investors.
The country has a strong and highly skilled labour force, is politically stable and boasts a solid economy and market efficiency with many free trade agreements that open up huge markets. Singapore has also invested heavily in upgrading its infrastructure and connectivity in recent years to put the nation at the forefront of supply chain solutions in today’s global market.
What’s more, Singapore offers affordable airfare to neighbouring countries such as Thailand, Indonesia, the Philippines and Malaysia — making it a prime location for organisations considering expansion into other Asian markets.
Denmark is one of the most innovative countries in the world and remains the easiest European market to do business in. Availability of skills is high, and the Nordic nation significantly surpasses many other countries when it comes to secure internet server access and usage.
The Danish economy is also characterised by extensive government welfare measures and reasonable distribution of income, which is why Danes enjoy such a high standard of living and are frequently regarded as some of the happiest people in the world.
Spain is another fast-growing destination that’s not to be missed. Thanks to its well-connected position, more and more companies from across Europe are expanding into the Iberian Peninsula.
The country enjoys access to the world’s largest market — the European Union — and has long-standing trade relationships with markets across the Middle East, northern Africa and Latin America. Recent years have also seen consecutive growth in the foreign trade sector due to the moderation of wages and improvements in productivity.
Infrastructure and logistical services in Spain rank highly worldwide, and the country is a leader in advanced IT and telecommunications technology. Spain also prides itself on its ongoing research and development and investment frameworks — with numerous financial and tax incentives available for businesses that contribute heavily to the economy.
Perhaps a surprising choice, but although questions remain about how Brexit will impact Ireland’s trade with the UK (its third-largest trade partner), this small nation has a strong and rapidly growing economy, as well as a comparatively sizeable labour force.
Inward investment has grown significantly in recent years, with the government increasing public spending and drastically lowering some taxes — great news for business owners! Ireland’s high internet user rate and accessibility to secure servers also help make it one of the most attractive markets for organisations that rely on keeping data safe.
One of the best things about doing business in Norway is that it’s a very transparent and politically stable country. Complying with tax laws is relatively straightforward, and you can easily register a company. Communication with the government can also be done reliably online — making Norway an attractive option for companies looking to grow an honest business.
In Norway, you’re likely to find highly skilled labour easily, especially in industries such as IT, design, finance and music technology. The communication and transport infrastructure are also well-developed, and the population is generally wealthy, meaning there is plenty of disposable income to tap into.
Need help finding the right international market for your business? Partnering with a Global PEO like TopSource Worldwide will help you understand market conditions, cultural nuances and local regulations — so you can break into new markets easily and compliantly. Get in touch today to see how we can make your global expansion dreams a reality.