Entrepreneurship comes with risks and rewards. The choice of location for a new business can make all the difference. Some countries have made it a priority to attract aspiring business starters. Here is a look at how this helps expat entrepreneurs and the countries which host them.
Entrepreneurship flourishes in places where a set of specific factors come together. These are:
- Availability of skilled workers
- Lower cost of operating
- Favorable government policies
Innovation for entrepreneurship means that the host country has higher learning institutions, human capital, infrastructure, partnership opportunities, market sophistication, and business aptitude to help new enterprises succeed.
Sweden is the fourth most competitive economy in Europe and one of the best performing economies worldwide. The country is attractive to migrant entrepreneurs because of its strong business climate, global competitiveness, diverse language skills, and commitment to innovation. According to the World Bank’s ‘Doing Business Report’ for 2020 Sweden ranks 10 out of 190 economies on the ease of doing business. The government proactively invests to promote growth in sectors such as biotechnology and food processing. Over 3% of the country’s GDP is spent on research and development.
Stockholm and Gothenburg are the 2 largest cities. They are home to major technology companies. Sweden is host to large communities of migrant workers and entrepreneurs. These expat professionals regularly send remittances via the Ria Money Transfer App to support their families in their home countries. Sweden is a relatively small market, which makes it a valuable testbed for new ideas and products. Popular industries in Sweden are pharmaceuticals and Manufacturing.
Switzerland has been ranked the world’s most innovative country in 2020 by the Global Innovation Index. It has a long history of investing in research and development. Switzerland has a welcoming business environment. The country offers business-friendly legislation, great infrastructure, and political stability. Non-Swiss nationals find it relatively quick and easy to setup a new company. Switzerland has a highly educated, diverse, and skilled labor force. The country offers all the necessary platforms to host small and medium sized businesses. More than 90% of Swiss companies have less than 250 employees. The legal system in Switzerland makes it easy for foreigners to incorporate their businesses. It is possible to purchase real estate for business without having special permits. Tech is one of the major industries in Switzerland.
Australia has a well-developed infrastructure and mature legal framework to facilitate startups. Australian government grants are accessible from both State and Federal bodies. The legal structure makes it relatively simple to purchase or rent property. New South Wales is the startup capital of Australia. 48% of all new businesses in the country start here. The country has a steady and predictable economy. This makes it a good place to plan long-term investments. The educational system produces experts in every field. The country’s economic and financial policies are designed for growth. Major industries are banking and tech.
This is the fourth largest economy in the world and the largest in the EU. Germany offers favorable finance options and a transparent business culture for startups. English is spoken widely in Germany, making it a good location for foreign entrepreneurs. Germany is home to highly skilled workers and has a good quality of life. There are many ways to finance a business. One of the most popular is to approach the government to hire a consultant who will aid you in making a business plan and approach a bank for the right kind of loan. Some popular industries are tech and food.
Singapore’s efficient manufacturing and production practices have paved the way for free-market innovation in the electronics and pharmaceutical industries. Its location in the heart of South East Asia, in close proximity to the emerging markets of India and China is perfect. Singapore plays the role of the business epicenter of Asia. A worldwide survey of global freight forwarders and express carriers by the World Bank rated Singapore number 1 in Asia for logistics excellence.
One of Singapore’s initiatives is called Startup SG. This is essentially a launch pad for entrepreneurs. It gives them with a platform to access local support initiatives and connect to the global entrepreneurial network. Availability of a highly skilled labor pool in the region is owed to sound education policies, on-going training programs, and attractive immigration policies.
South Korea is the eleventh largest economy globally. It has a strong base of innovation, skilled labor force, and ample technological expertise. South Korea’s internet and mobile penetration rates are among the highest worldwide. 96% of the population has access to the Internet. The technology infrastructure is futuristic compared to other regional markets. South Koreans are known to be tech-savvy and early adopters of new technologies. They are highly connected. The country spends 4.5% of its GDP on research and development, the highest globally. It also has the highest robot density worldwide. The country has become a testbed for smart city technologies. Popular industries in South Korea are tech and manufacturing.
About the author:
Hemant G is a contributing writer at Sparkwebs LLC, a Digital and Content Marketing Agency. When he’s not writing, he loves to travel, scuba dive, and watch documentaries.