Recent developments in globalization have made international business a booming market. If you open a business in your home country, it is becoming increasingly easier to take that business into the global economy.
Many entrepreneurs have jumped on the opportunity to establish businesses in different markets. It increases global brand awareness and profits. The only question that remains is, what are the top countries to make your business dreams a reality?
In this guide, we will provide you with a list of the top places to establish a business. We will also explore what makes them excellent for young entrepreneurs.
What To Consider
There are a few factors that you should consider when choosing the destination for your base of operations. We will quickly fill you in on what you should be looking for in a global economy.
The first consideration should be the gross domestic product of the country. The GDP of an economy is an overall snapshot of the financial goods and services that a country produces within a given period. GDP will help you determine an economy’s size and performance.
Consumer Price Index
Another critical factor is the consumer price index of a country’s goods and services. Monitoring inflation, supply, and demand will help you determine if your business will thrive. It will also help you plan your long term business operations goals so that you can set realistic expectations.
The health of the manufacturing and services industry should also be a top priority. It will be beneficial to understand how strong the manufacturing industry is, especially if you plan to produce a product.
You should also pay close attention to the employment indicators of a given country. Monitor a country’s unemployment rate and workforce to see if you will be able to hire reliable employees.
Another critical factor is the economy’s central bank minutes. Since their central bank governs an economy’s financial policies, you should ensure you have a good grasp of what policies are being put into place.
United Arab Emirates
At the top of our list is the United Arab Emirates or UAE. The UAE has had a stable economy for years, and it remains at the top. Not only is the economy stable, but they have an excellent quality of life as well.
One wonderful thing about the UAE is that you can use a local sponsor to help you open your business. If you want to own 100 percent of your company, then you can also choose to operate in one of the free zones. It allows you to have more control while still maintaining foreign business status. It has become so popular that there are even companies that will help with business setup in UAE.
Many Nordic countries have attracted foreign companies for a long time. One popular destination is Sweden. Sweden has maintained relatively slack government regulations, which makes set up easy.
They also boast a large workforce with many foreign nationals having a quick and easy application process.
Ireland remains one of our favorite recommendations for businesses worldwide. The shocking Brexit decision that is happening next door helps make a case for a company in Ireland.
Ireland also boasts a low corporate tax rate and a thriving workforce for young adults. You would have plenty of resources for finding great employees.
In general, there has not been a better time to take your business to the next global level. Many corporations are doing so for many different reasons. When considering a new location, keep in mind the countries we mentioned as well as the essential items to consider.