As the world embraces globalization, it is more important than ever to be aware of the best places around the world to do business.
When thinking about what country is best for your business, it’s important to do research. What is the ease of doing business like? Will the corporate tax rates work in your favour?
We’ve picked out our top five countries for global expansion. These are based on factors including ease of doing business, the economy, government schemes and market location.
Singapore has been voted one of the easiest places to do business 1. With one of the world’s lowest corporate tax rate and generous government initiatives, it is in high demand for business wanting to go global.
In 2019, the country ranked as the world’s most competitive economy. This is partly thanks to its great infrastructure, skilled workforce and market efficiency 2.
Its sought-after location in the heart of Southeast Asia also mean it’s close to markets like India.
Growing sectors in the country include Fintech, start-ups, health and fitness, medical sector and cyber security.
Ireland has one of the most educated workforces in the world. The share of 30-34-year olds in Ireland with a third level qualification is 56.3%, compared to an EU average of 40.7%.
Its location in the Greenwich Mean Time Zone (GMT) mean easy access of western and eastern markets during the working day. Its membership of the EU means free circulation of capital, people, goods and services. Plus, access to one of the strongest economic areas in the world.
The country has the only US Pre-Clearance facilities in Europe. These are located at Dublin and Shannon Airports, offering a key advantage for transatlantic travel.
Ireland’s pro-business attitude, stable economy and strong and consistent growth make it the perfect country for business expansion.
Ireland is becoming a world leader in tech, software, pharmaceuticals and financial services. 14 of the top 15 medical technology companies and the top five global software companies are currently operating in the country.
Despite Brexit, the UK boasts economic stability and a talented workforce. 2019 saw a record-breaking year in investment in the tech sector, despite the economic uncertainty.
UK’s tax rate is third lowest in the G20 3. The country has double taxation agreements with destinations including Ireland, India and France. For US businesses, it allows freedom to trade with other countries without worrying about doubling the tax on the same income.
Cutting edge technological advancements and an innovative workforce provide major benefits to businesses. The government is currently funding research into AI. This includes providing funding for students completing relevant PHDs.
Digital Minister Matt Warman said: “It’s fantastic to see Britain continue to be the best place in Europe to start and grow a tech business. With record-breaking investment and the creation of eight new billion-dollar companies last year.”
Sweden has the fourth most competitive economy in Europe with an ease of business rating of 10th out of 190 countries 4. The government actively fosters innovation and competition. Its reputation as a hub for innovation is recognised worldwide. The country has strong placement in the Global Innovation Index, European Innovation Scoreboard and the Bloomberg Innovation Index.
Sweden is second only to Silicon Valley for more billion-dollar firms headquartered in the region per capita.
In being a smaller market, it’s the perfect place
to test out new ideas and products before introducing them to larger markets.
Malta’s economy is one of the fastest growing in Europe. With a steady flow of investment across all sectors of the economy, it’s no wonder it’s so popular amongst businesses wanting to expand 5.
The country has one of the most developed business infrastructures in the world. Alongside, a consistent regulatory and business friendly environment. It offers a competitive 35% corporate tax rate on worldwide income to all business incorporate in the country.
Growing sectors in Malta include: financial services, ICT, electronics, pharmaceuticals and aviation
There is something for every business when expanding globally. Whether it’s Singapore to access the growing South East Asian Market or the United Kingdom for access to London, the global financial hub of the world. Depending on your business, different countries offer different benefits.
If you’re ready to start your global expansion journey, request a call back from one of our global expansion experts today.