It’s hard to believe that Walmart started as a single retail store in a small Arkansas town. Today, this global business operates over 10,000 stores in 24 countries.
The secret to Walmart’s success, apart from its focus on bulk sales at low prices, is expansion. The company has never shied away from going boldly into new territory and stuck to its business model no matter what.
So, if you’re running a little low on new markets to conquer in your own country, it might be time to consider global expansion toward greener pastures.
Keep reading to discover the best places to do this.
It makes sense to start your business expansion as close to home as possible, so, fortunately, the U.S. has a great business location right next door.
Mexico is fast attracting the attention of businesses wanting to undergo international expansion. The country has a high GDP of $$1,076 billion and holds more free trade agreements than any other nation on Earth.
One of the best parts of expanding your business into Mexico is the workforce. Here, you’ll find many hard-working, diversely talented people at affordable prices. Incidentally, this is one of the main of international business expansion.
Although this Central American country took a bad economic knock during the pandemic, the future outlook is positive and further investment will only assist in helping Mexico claw its way back to the top.
If you don’t want to go south, our northern neighbor holds plenty of promise for those wanting to embark on global business expansion.
Dynamic, multicultural Canada has a welcoming attitude toward international investors and offers attractive incentives for business development.
Canada boasts low business taxes, excellent fiscal management, judicious financial regulations, and a diversified economy. The highly-educated workforce and banking systems are stable, and the country encourages innovation and entrepreneurship.
Canada presents many opportunities for strategic investment in the following sectors:
- Oil and gas field services
- Marketing and media
- Software publishing
- Financial technology
- Virtual and augmented reality
- Medical marijuana
Canada also offers preferential market access to investors via EU partnerships and NAFTA. They’ve also implemented more favorable immigration policies for foreign investors.
Are you ready to expand your business much further afield? Sweden is full of promise for international ventures.
Sweden is Europe’s leader when it comes to innovation and one of the most productive countries in the world.
The Swedish infrastructure and construction sectors are booming. That’s thanks to a 64 billion Euro government investment into upgrading roads, railways, and metro stations across the country.
The government has earmarked another 150 billion euros for new offices and housing, creating fantastic opportunities for contractors
Although Sweden boasts one of the most highly educated workforces in the world, there’s still a need for international expertise and investment in every area. It’s already home to 30 of the world’s largest 500 companies, with plenty of room for more.
Major industries in Sweden include:
- Automotive and transportation technology
- Information technology
- Green technology
It’s easy to start a new venture in Sweden thanks to low, taxes, high manufacturing productivity, and a stable government and economy.
Singapore came out tops on the 2020 Global Expansion Tech Index for good reason. It scores top marks in the areas of regulatory landscapes, skills availability, GDP, and infrastructure.
The country is strategically located close to lucrative Asian markets like Thailand, Indonesia, and Malaysia, too. Singapore boasts admirable political stability, low corporate taxes, and easy procedures for setting up a new business.
What’s more, Singapore leads the way when it comes to logistics and supply chain solutions. High-speed connectivity, a strong infrastructure, and a well-educated, innovative population add to the appeal of this business-friendly country.
Singapore is a major force in the following fields:
- Biomedical sciences
- Health Care
- Communications and media
- Chemical Development
Finally, the government promotes this high-tech economy founded on the diverse gaming, sports, lifestyle, education, and finance industries.
Ireland might be small, but it’s a fierce competitor in the realm of tech. This country is already home to over 1,000 multinational companies including Apple, Microsoft, Facebook, and Google thanks to low taxes and access to secure servers.
The pandemic did little to damage Ireland’s robust export economy, and foreign investments are at an all-time high thanks to some of the lowest corporate tax rates in Europe.
What’s more, businesses in Ireland also enjoy a 25% tax credit against development and research costs.
As a member of the European Union, Ireland offers duty-free access to this valuable market, fluctuation-free currency when trading in the Union, and a free flow of citizens throughout these countries.
It’s also the only English-speaking nation in the Eurozone.
6. New Zealand
New Zealand is another small country that stands out in the global economy. Here, you don’t pay taxes on capital gains and the regulatory environment is exceptionally business-friendly.
The country boasts remarkable political stability and dealt with the pandemic like it never even happened, and their GDP barely skipped a beat in the process.
The government is keen to support businesses and entrepreneurs. New Zealand provides strong infrastructural support by providing grants for start-ups, as well as mentoring and low-cost legal advice to help newcomers manage and structure their businesses.
You can complete the paperwork to start a business in New Zealand online and within a few hours. That’s thanks to a system of pre-determined business structures with standardized procedures attached to each of them.
While taxes are inevitable, New Zealand offers business owners a relatively mild tax climate. There’s a 6.7% tax discount for people in self-employed positions or partnerships and even more rebates if your annual income is below NZD 38,000.
Global Business Expansion Is Within Your Reach
Going global isn’t easy or without risks, but global business expansion could be the best thing you ever do for your business. It’s certainly something to consider for your next five-year plan.
If your business isn’t quite ready to fly the coop yet, you can get there steadily by absorbing some helpful business advice from the articles on our website. Keep reading.