Starting a business can be a hard task to go through. Starting a business in a foreign country can be even harder. However, there are numerous benefits to going abroad to start a startup. Many countries love hosting young entrepreneurs and opening up new opportunities for travelers. These three countries can serve as good examples. This is how to know that the country you are moving to is a great country to start your business.
Factors for considering
There are certain factors that any new entrepreneur needs to consider before starting a startup in a foreign country. We have come up with a simple breakdown of those factors into four categories.
The main reason to start a business in a foreign country in the first place is the desire to reduce the costs. There is no much sense in going to a country that will require more money for your startup that you could pay at home. So relatively low costs of living along with lower wages can be a good reason to move your startup to a new country.
Climate plays a big role in our lives. It affects our productivity, mood, energy levels, and much more. So picking a country in a hot, mild, or cold climate can make a big difference for your and your team. Don’t undermine the importance of this factor.
The country may seem like a paradise to you. The nature is breathtaking, the people are nice, the food is great, and the costs are extremely low. All of that doesn’t matter if you don’t have any certainty about what the next day will bring you. Political stability means that your rights will matter, the laws will be followed, and the economy won’t crush in one hour.
State of economy
At last, the state of the economy is what any business should always take into account. This category also includes countries’ openness for foreign investments and business. If their economy makes it easy to launch a business there, it is a country to consider.
Considering all of these factors, we have come up with three countries that can be the best places for launching a startup.
Malaysia is among the most popular destinations across South Asia. Many nationalities don’t need any visa to enter the country. The costs of living or required minimum for starting a business there are very low. The level of happiness there is, on the opposite, quite high. Malaysia has to compete with such giant ex-pats hubs as India and Indonesia. Though, it seems that in the past few years, Malaysia has been winning people over. It has a great nature to see when you are not working. The culture there is a true mix of different nationalities and religions, so you won’t feel out of place. Its economy is slowly but steadily going up over recent years. It has a nice hot climate. You can also live on one of the islands if the mainland is not interesting enough for you.
This little county in the North of Europe has been making some news recently. News of becoming the best country for starting a startup. You may not even know where it is and that’s okay. The point here is that the government of this country knows where the future is going. It strives to attract young, ambitious people full of business ideas and taste for adventures. Estonia has already become the hub for all the IT specialists in Europe. The wages there are low, the specialists are many. Surely, you will need to adjust to cold winters, but other than that, we can’t see why you shouldn’t move to Estonia.
For all the Americans and Canadians who want to have a warmer climate and lower expenses, Mexico can be a perfect destination. Recently it has been rising in the ranks of the best countries to start a business. It has also been a popular destination for ex-pats from all over the world. Its rich culture, great cuisine, open and friendly people make a great working and living environment. Yes, Mexico doesn’t score very high on political or economic stability. However, it has been showing a lot of progress in recent years.
Before you make such a big and important decision, we have one last recommendation to write. Don’t make your final decision only by researching guides like this one. Go there and research the countries you want to move to. It is the best and most reliable way to learn whether the country of your choice fits you and your needs. Of course, if you don’t have enough funds to travel without solid purposes, there are other ways. For one, you can read these speedy paper reviews and hire a writer who can help you with the research.
Though, you can also talk to the locals online. Read local news to see what’s going on in there. Try their cuisine, or even listen to their national radio. Such little things can tell you a lot about the country you are about to see.