Have you outgrown your local market?
Taking your company global is one of the best techniques for expanding your business.
A 2016 survey showed that 58% of small businesses already have regular, loyal customers overseas. 72% hoped to expand their business to other parts of the globe by the following year. With the advent of the internet came the possibility to pique the interest of people in all parts of the world, even if you’re not a Fortune 500 business.
As such, once you’ve expanded as much as you can in your country, it’s time to form a global expansion strategy. Below, we’ll get into the top 8 countries for business expansion. Keep reading to start building your international business presence!
Best Countries for Global Expansion
1. The United Kingdom
For businesses based in the United States, the United Kingdom is one of the best countries for global expansion.
The country boasts a skilled workforce, with many people receiving university degrees or higher. It also has a $2.6 trillion GDP, making it one of the world’s wealthiest economies. The low corporate taxes make it enticing to many companies.
Further, the United Kingdom has excellent workers’ protection laws. By following their policies, you’ll increase your employees’ work satisfaction. You’ll also reduce your risks of being involved in a labor-related lawsuit.
2. Malaysia
If you’re looking to invest in a country with a quick-growing economy, Malaysia is a fantastic choice.
The southeast Asian country often gets overlooked because of its size. Yet, Malaysia has been on a steady upward pattern of growth over the last few years. Like the United Kingdom, it features great business tax policies.
Further, its cities are business-friendly, always in search of new partnerships and opportunities. It’s a great place for entrepreneurs.
Malaysian residents also enjoy a high quality of life. So, if you’re thinking of moving some employees overseas, you can rest assured they’ll enjoy many benefits of living in this small country.
3. Germany
Germany is one of the best countries to headquarter a company in. As such, it’s a great place to expand to as well.
Germany experienced major economic setbacks in the 1900s and 2009. Yet, the country has recovered well. In fact, Germany now accounts for about a fourth of the EU’s GDP. Its market has been on a steady economic incline.
About 18.6% of the EU’s population lives in Germany. This makes the country the largest consumer market in Europe. It’s also a leading exporter of goods.
But Germany isn’t just great for revenue. It also boasts a wide variety of skilled laborers with all levels of training and education. Many Germans hold at least a vocational degree. Taking advantage of the German market means acquiring workers who are experts in their fields.
4. Japan
If you want to expand into East Asia, Japan is one of the best countries to consider. Since World War 2, the Japanese economy has recovered and gained substantial traction in the business world. The country has since posited itself as a leader in the tech, entertainment, and automobile industries.
Its rising consumer influence makes it an excellent choice for many companies. It also takes measures to control the depreciation or appreciation of value between the yen and the dollar. So, you don’t have to worry about conversion rates messing with your business plans.
Japan also boasts political stability, making unrest that will impact your business unlikely.
5. South Korea
Foreign companies that relocate to South Korea face minimal red tape. This is because the government has minimal interference in business practices.
In fact, South Korea has offered incentives to countries that wish to do business in their country. The Foreign Direct Investment (FD) reimburses foreign companies for their contributions to the South Korean economy. It also lowers the cost of their launches.
South Korea is also a new and exciting frontier. Following the Korean War and the economic crash of 1997, the country has quickly rebuilt its economy. Many South Koreans express excitement about new technology and business opportunities.
The country’s culture contributes to positive partnerships. The Confucian model of life prizes people who are hard-working and community-based. South Koreans seek to make long-lasting connections, even in the business realm.
6. Italy
Italians love small and medium-sized businesses. In fact, a large part of Italy’s economy is made up of non-large companies.
Instead, Italy prizes unique ideas. So, if your company is doing something no one else has done, Italy might serve as a natural choice for you.
The country has a large agricultural sector, despite its urbanization. Its fertile soil produces many food-related products that some industries rely on. The wealthy economy means there is also a lot of room for growth.
Even better, Italy has a very stable political system.
7. Switzerland
Switzerland is currently ranked first on the list of best countries in which to headquarter a business.
The tiny European country offers many business attractions, including nearby access to many other countries. Switzerland has four official languages: German, Italian, Romansh, and French. Each of these is spoken in a different region of the country. The Swiss-German and Swiss-French dialects get used often, as does English.
Most Swiss people are multilingual and use more than one language on a regular basis.
So, if you want to expand to other parts of the world, Switzerland is a good first choice. You’ll hire workers who can speak the languages you need to further your global expansion strategy.
8. Mexico
If you’re looking for an affordable workforce and a high GDP, consider Mexico.
Mexico features a GDP of $1.1 trillion with 2.3% growth. With 128.9 million people, the country has a large workforce available for you. It also has free trade agreements with 46 countries.
Want to learn more about where to expand? Check out these countries!
Ready to Build Your Global Expansion Strategy?
Now that you know where you’re going to move, it’s time to start building your global expansion strategy.
First, start with your international business expansion plan. Think about which countries will serve as the best market for your industry and give you the best connections. Then, map out which countries you would like to move into years in the future.
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