Expanding your business can be a very daunting process especially when the expansion is across national borders. Entrepreneurs and investors usually have a plethora of factors to consider when expanding their business into a new country. Some of these factors include operational logistics, local preferences, government regulation, key contacts, currency, human talent and marketing opportunities. More than others, some countries have specific attributes that make them more conducive for new entrants into the business sector. The attributes are affordable manufacturing costs, connection to the rest of the world, and easy access to capital. Based on these attributes, here are the top 5 countries to expand your business in 2020:
Singapore is a bustling metropolis in Southeast Asia and home to one of the world’s busiest ports. The country has a population of about 5.7 million, as one of the wealthiest nations in the world, the populace has a lot of disposable income. Interestingly, the Southeast Asian country has the world’s best financing environment. Furthermore, it provides light regulation, low corporate taxes, access to fast growing Asian markets, and readily available private credit. According to the World Bank, Singapore presents one of the healthiest environments to start a business. This is due to the political stability, strong labor force, free trade agreements. Additionally, business owners can enjoy affordable access to other exploratory markets such as Thailand, Indonesia, Philippines, and Malaysia.
Sweden has one of the most favorable business environments as well as world class science and technology. It has an open and transparent business environment, strongly supports research and development, and has world class IT infrastructure. According to Forbes, the country of 10 million people enjoys a GDP growth of 2.1& an d appositive trade balance.
Thailand, which translates to “land of the free,” is the only Southeast Asian nation that did not encounter European colonization. With a population of about 70 million, the country has a GDP of $505.0 billion. A substantial agriculture sector and competitive manufacturing industry have kept Thailand strong and growing with low poverty and unemployment rates. Located just above the equator, the nation is wedged into the Indochina peninsula with neighbors Myanmar, Laos and Cambodia and has an arm that extends out to Malaysia. This makes for a favorable location for international business through its ports. In addition, the country has a favorable tax environment and cheap manufacturing costs for new businesses.
Malaysia is a small country with a fast-growing economy. Interestingly, it has a population of over 30 million people and it maintains a connection to the rest of the world as it is situated along the South China sea. The country has relatively easy access to capital, favorable quality of life and readily available workforce.
Despite its challenges, Mexico still presents one of the best possible destinations in which to start a business. Due to extensive business registration reforms in the country, it is now much easier to register and start a business in Mexico. In fact, it only takes about eight days to have your business up and legally running in the country. Importantly, it has relatively affordable labor force. Importantly, there is also enormous potential for expansion as it has free trade agreements with 46 different nations.