Starting a business can be quite intimidating, that’s for sure. As you are, most likely, investing your own personal assets, the turn-out for you, should things go south, would most likely have a negative impact on all aspects of your life. For most, the stress is not worth the payout, and thus they resort to becoming employees all of their lives. For those who are brave, however, starting a business is an investment-worthy of their time and money. While definitely a huge leap of faith, with the right amount of preparation, knowledge, and people helping, starting a business can definitely change your life.
A business owner has no right to relax even once the business has been established and has created firm roots in the industry. The next step on the mind should be to expand. It doesn’t take a business degree to know that global expansion is a very risky venture that could turn the tides for your company. Just like with the decision to start a business, this endeavor is scary and has the potential to deplete your resources when not done properly. However, leading your organization to success could really change the field for your company.
Having said that, here are some of the best countries to start a business.
With a GDP of $455.2 billion pesos, Thailand is one of the best countries in Asia to start a business in. Originally starting out as one of the Tiger Economies in Asia, Thailand experienced a formidable growth spurt in the 1990s.
Blessed with hardworking people and natural resources to boot, establishing a business in Thailand would be one of the best decisions that you make. As a developing country, the cost of labor in Thailand is considerably cheaper than that of other countries. The minimum wage for workers in Thailand is around $8.5 a day, a far cry from the minimum wage in the US of $8 per hour.
Housing over 68 million people, Thailand showcases different cultures such as Indian, Cambodian, Chinese, etc. This is definitely one of the biggest advantages when it comes to business, as it only means that there will always be a group that you can cater to. The Thai government, to promote foreign investments, also offer many tax incentives to support their own national development.
Having a Wholly Foreign-Owned Enterprise or WFOE in China is one great investment for your company. For starters, the Chinese government is extremely supportive of private ventures. By providing extensive support such as incubators and subsidies, there are now many foreign investors that are boosting their own economy. The Chinese consumer market is also growing together with their financial propensity and consumer behavior.
Aside from that, the operating costs in China are extremely low as compared to other countries making it an ideal country for global expansion. Just because the labor costs are low does not mean that the workforce is unskilled. In fact, Chinese employees are one of the most sought after employees in the world as they are very hardworking.
For more information about WFOE in China, you can visit here.
Why look too far when you’re trying to expand your company globally. Instead of venturing too far out, try neighboring countries first, such as Mexico. Just south of the border, Mexico provides a new haven for your business. There are many benefits that come with starting a business in Mexico.
First of all, the laws concerning businesses are much more lenient and less invasive as compared to that of the US, thereby giving you freedom with what you want to do with your company. The resources that companies need to shell out to operate are also lower, which is a huge factor as to why many organizations decide to migrate their business over to Mexico. Regardless of the industry that you are in, it is also quite likely that there is less competition in Mexico than in the US.
When it comes to economic growth and stability, nothing truly beats New Zealand. Despite being a small nation, both land and population-wise, the country of New Zealand are known for its steadily increasing GDP. Its government has provided laws that would provide a discount on taxes for small businesses whose annual income falls below NZD 38, 000. This is very much indicative of its supportive behavior towards foreign investors and businessmen.
New Zealand is also known for its work-life balance. This means that your employees are fully motivated and are not mentally drained from their previous jobs, which translates to higher productivity.
If this is not enough to convince you, then this will, according to the 2016 World Bank Doing Business survey, New Zealand topped the list as one of the easiest places in the world to start a business.
India is known to be one of the best countries to start a business in. Aside from its high population, meaning a large market to tap on, the Indian economy is also expected to grow further as it transforms most of its rural areas into urban areas with its population leaving the low-income level and joining the middle-income strata.
Looking for Indian employees would also not be a problem as this country boasts of a labor force consisting of over half a billion people, most of which are under 30 years of age, the prime age for employability. The operating costs in India, just like its living costs, are comparably cheaper than with other countries making India ideal for startups as fewer resources are needed.
Just in the past decade alone, the Indian government has passed dozens of bills that are extremely beneficial to the industrial sector, making it a perfect hotspot for economic activity.
Of course, just because you start your company in these countries does not automatically mean that the road ahead would be easy or that it would immediately translate into success. No matter how welcoming the location is, if your business model is faulty, then the chances for survival would still below.