As we build our business, we should aim to make it as successful as possible, this means tapping into foreign markets and expanding into different countries. Nearly all business owners strive for growth, their purpose is to make money and expand their empire. If you plan on taking the next step and moving into a new area, here are just some of the benefits.
Large Pool of Talent – This tends to depend on the country you are moving into. If you decide on a new company formation in Singapore, you will have access to highly skilled, well-educated people who excel in science, engineering and more. Asia is a great place to find talented individuals who are willing to work for an international company. They are keen to bring their skills to the next level and work with a foreign run company. If you are considering a move into unchartered territory, it makes sense to hire a business consultant.
Ease of Doing Business – Some countries make doing business difficult, they create a number of processes and procedures that put foreign investors of their country. A business owner strives to do business in an environment that welcomes investment, even from an external source. Some of the best places in the world to start up a new company are Singapore and New Zealand. They have streamlined the process to make it easy for foreign investment, this leads to continued support and growth.
If you are thinking about expanding into a new market, here are some factors to consider:
- The process of registering and running a company
- Ownership laws
- Local economy
- Level of corruption
If you are going to have a huge number of issues, you may want to reconsider your strategy.
Less Saturated Market – Another benefit of opening a business in a new country is the chance to sell your product or service to a new market, a less saturated market. If your competition is low or non-existent, you have every chance of succeeding. On home soil, your current market could be extremely competitive, but in a different area, you may find it virtually untapped. You could potentially take over the market and dramatically increase your revenue.
Government Incentives – In many business-friendly countries like Singapore, they have government incentives for startups. They encourage foreign investment and enjoy welcoming external ideas into their economy. There can be all kinds of incentives on the table, like lower tax or an avoidance of double taxation. When deciding on where to go, it can be helpful to look at the level of corporation tax you will have to pay in different countries.
If you set up operations in an unknown environment, it makes sense to use a business consultant who is familiar with the area. They will be able to help you with the process and give recommendations about investment opportunities. Going into a developed country often has many benefits as it has established links that can help your company develop and prosper.
