When it comes to doing business abroad, the UK, Ireland and Malta are prime locations to expand your business. Ease of doing business, economic stability and a talented workforce are just a few global expansion opportunities each country has to offer.
But, when going global it’s important to do research and consider which country provides your business with the most benefits. We’ve done a brief summary of a few of our favourite countries to give you an overview of what you can expect from their business environment.
The UK’s tax rate is the third lowest in the G20 1. 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 the worry about doubling the tax on the same income.
There are 66 million people in the UK 2. Therefore, the country provides opportunities to reach a massive new market. It also boasts a very talented and skilled workforce, housing four of the top ten universities.
And, when it comes to starting up, there is no shortage of VC funding. For entrepreneurs looking to start a company or open an office in the country, there is plenty of support. Despite Brexit, 2019 saw a record-breaking year in investment in the UK’s tech sector. The sector saw a £3.1bn increase from 2018 3. British tech companies received more VC investment that Germany (£5.4bn) and France (£3.4bn) combined.
Source: Tech Nation
As the Unicorn capital of Europe, the UK sits only behind the US and China when it comes to building fast-growing global firms. With record investments in a number of sectors including AI, FinTech and clean energy, the UK is the perfect place to grow your business. Fintech, marketing, advertising and energy are some of the top fastest growing sectors in the UK 4.
Digital Minister Matt Warman said: “It’s fantastic to see Britain continues 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."
Every year Ireland draws a large international crowd both in tourism and business globalization. Alongside its low 12.5% corporate tax rate, there are many other benefits of expanding your business in the country.
Ireland boasts strong transport links. It sits just one hour by air from London and 90 minutes from Brussels and Paris. Investment over the past 10 years in Ireland’s rail, road and air transport network mean the country is incredibly well connected both to its own cities, Europe, Asia and North America. In addition, the only US Pre-Clearance facilities in Europe are located at Dublin and Shannon Airports, offering a key advantage for transatlantic travel.
Its membership in the EU means free circulation of capital, people, goods and services within the group and access to one of the strongest economic areas in the world. 14 of the top 15 medical technology companies and the top five global software companies are currently operating in the country 5.
In 2018, Ireland was ranked by Forbes as the 11th best country to do business in 6.
The country plans to invest €116 billion in public infrastructure and capital works under the National Development Plan.
This will focus on ten strategic investment priorities including enterprise, skills and innovation capacity, housing and sustainable urban development, the national road network, environmentally sustainable public transport and climate action.
Ireland’s pro-business attitude, stable economy and strong and consistent growth in a number of sectors make it the perfect country to expand your business into.
Malta has seen an enormous transformation in its business sector. Its reputation as an innovative, fast paced environment to do business is being increasingly recognised. With the highest share of hi-tech imports and exports within the EU 7 and strong, long-standing links with Europe and North America, it’s no wonder it’s so popular with businesses expanding abroad.
But, what else makes this small country on the edge of Europe appealing to so many businesses?
The country stands in the middle of the Mediterranean. Its neighbouring areas include Sicily, North Africa and Gibraltar. It has strong links to the EU, Africa and middle East, its sea infrastructure means long-standing trade links with these areas. For businesses, this means easy access to several thriving markets.
Malta’s airport has also been classified as being amongst the top 15 in the world 8.
The people of Malta are also highly educated. 60% of Maltese students continue to tertiary education, with law, accountancy and management among the most popular subjects. The Maltese people are also mostly bilingual. The country has one of the most developed business infrastructures in the world. Its consistent regulatory and professional environment along with a competitive 35% corporate tax rate, mean it’s a great place to do business 9.
Malta is often regarded as the hub linking the EU’s market of 500 million people and the rapidly evolving markets of Africa. The country also has a steady flow of foreign investment across all sectors of the economy. The finance sector currently counting for 90% of the total.
Its economic performance is robust and continues to grow. Its Gross Domestic Product (GDP) is increasing whilst on average, the EU’s has shown contraction 10. Malta’s capital markets are also poised for growth, offering opportunities for small and medium cap companies.
As one of the fastest growing financial services hubs, key sectors in the country include ICT, financial services, pharmaceuticals and aviation technologies 11.
If you’re ready to start your global expansion journey, request a call back from one of our global expansion experts today.