We live in an international world. You don’t necessarily have to be a nation’s resident in order to start a business there. More and more countries are throwing their doors open and welcoming budding entrepreneurs; the only prerequisite to a business visa in most places is a good idea.
If you are interested in expanding or starting a new business internationally, you need to find the location that’s right for your product or service. Doing this can be challenging when you are not familiar with foreign markets.
This post will tell you about the top countries to start a business in so you can make a better decision about your venture’s future:
Singapore
Singapore is, without a doubt, this list’s best country to start a business in. The city-state is regarded as one of Asia’s business hubs. Global business professionals often call it the ‘Gateway to Asia’ as it is where most Western businesses go to get themselves set up on the continent. The former British colony is also an easy place to get an SME business loan, which is fantastic if you’re struggling to fund your new venture. Getting started, there couldn’t be easier.
The only thing you need to ensure if you are planning on starting there is that you are tax compliant. Singapore’s authorities do not take kindly to tax avoidance. You may also want to learn Mandarin as Chinese is the language that’s spoken there most. This is due to the huge number of Chinese nationals that base themselves there.
The United States
The United States is still one of the world’s leading business hubs despite the political instability that has been taking place there since 2016. Entrepreneurs regularly turn to America to make fortunes for themselves and their families. Unlike Singapore, the American authorities make starting a business there extremely difficult. There are an almost endless number of hoops you have to jump through just to get a visa.
Tax rates are also uncomfortably high, meaning you’ll have to pay a lot more than you might elsewhere; even so, all of the trouble associated with setting a business up in America is worth it when you consider how large the nation is and how huge the markets there are. You can find success doing just about anything as long as you have motivation, determination, and a positive attitude.
United Kingdom
Another good place to turn if you want to start a business is the United Kingdom. The United Kingdom isn’t a significant world player anymore. American and Chinese companies rule the international business roost. In spite of that, the United Kingdom is a good place to turn for individuals interested in setting themselves up in the English-speaking business world.
British companies are regarded by many to be the gold standard; people all over the world make concerted efforts to only buy British products as they are often of high quality, undergoing rigorous safety checks and quality control.
Getting started as an entrepreneur in the United Kingdom couldn’t be easier. All that’s required is an entry document and an idea. You can organise your visa online without needing to go and see a representative of the British government at the consulate closest to you. You will need to pay taxes there, and British taxes are notoriously high, however.
Japan
Japan is a nation that’s known globally for its commitment to delivering high-quality products and its innovations in technology. A trip to Japan is like a trip to nowhere else; robots line the streets, and convenience stores have been downsized and converted into vending machines. It is not just a good place to go for travelers interested in futuristic cyberspaces. It’s also great for entrepreneurs.
Japanese markets are huge. Starting a business there is another great way of breaking into Asian markets. As it is a stone’s throw from China, it can be a safe place to base yourself in order to start doing dealings in China without having to navigate the nation’s complex rules and regulations regarding foreign business. You can also use Japan as a base to start trading in Korea, which is very close to it as well.
Canada
Canada shares a land border with the United States. Despite its close proximity to America, it has its own unique culture, moulded by the French and British settlers that called it home and made it what it is today. Canada is a vast country and can be a fantastic place to go in search of fame and fortune. Canada has a much more liberal approach to business visas and general entry; it’s much easier to get in there than it is in any of the other places mentioned here.
One thing you should know about Canada however is that the nation’s taxes border on extortion, especially for foreign businesses. You will have to come to terms with this fact if you want to start a business there.
Tax avoidance can result in prison sentences and deportation. Do not attempt to reduce your earnings artificially or outright refuse to pay.
Argentina
Argentina is South America’s business hotspot. In recent years the continent has achieved a reputation for being dangerous and hostile to tourists. This is partially due to the fact that most of the world’s cocaine is manufactured there. Drug cartels have gained a monopoly over the continent and made it their own.
South America is known for corruption, too. Argentina does not suffer from these problems and is reasonably safe. While crimes do still occur, they do not with as much frequency as they do in other neighbouring countries.
If you are interested in starting a business in Argentina then you can begin the business visa process online. It’s relatively straightforward and a good option for people who are trying to corner Latin markets.
Latin markets are thriving and are largely ignored by many Western countries due to how difficult it can be to set up in South America. You may want to hire a guide at first just so you can get an idea of which parts of the country are safest and best for foreign investors and entrepreneurs; most flock to the capital Buenos Aires.
Conclusion
Starting a business anywhere can be stressful. It’s only something that determined and dedicated individuals can do. If you want to start your own business, then you need to find somewhere suitable to base it. The nations listed here in this post are all good ideas. You will need to apply for a special business visa before arriving at any of them. Starting a business without first acquiring a visa can lead to deportation.
