The business market looks a lot different than it did a couple of decades ago. Companies aren’t limited to their local area anymore — and many companies are finding that going global is more essential than ever for continued growth. Which is the best country to do business with when considering global business expansion?
If making the leap internationally is on the table, certain nations have significant opportunities. Here are the top countries for global expansion to consider in 2021:
1. United Kingdom
The United Kingdom is one of the best countries to expand your business into. It offers strong worker protections and low corporate tax rates. Its GDP is worth $2.6 trillion, growing by 1.8% every year.
2. Canada
Canada is another big name when it comes to international expansion, especially for companies that work with the oil and natural gas sectors. With balanced bilateral trade and a $1.6 trillion GDP growing by 1.5% every year, Canada is proving to be incredibly lucrative.
3. Ireland
Ireland might look small, but its size means its economic growth is very export-heavy. It also has low taxes, making it an ideal option for global expansion. Its GDP is $330 billion, with a massive growth of 5.1% annually.
4. Japan
Japan is one of the best markets for expansion in the world. The country’s rising consumer influence makes expanding here a strong business investment. It also has one of the strongest GDPs, at $4.9 trillion, with 1% growth.
5. Germany
Germany is among the best EU countries to set up a company. It has an incredibly strong GDP, worth $3.6 trillion, with 1.9% annual growth. This country is a leading exporter and is home to a large and skilled labor force.
6. Singapore
It’s easy to overlook Singapore, but if you want political stability, a strong labor force and a wealthy economy, look no further than this country. Its $313 billion GDP is growing by 2% every year.
7. Switzerland
Switzerland is one of the best European countries for business. It might be known for its neutrality, but it’s also home to an incredibly skilled workforce and a low unemployment rate of just 3.3%. The country’s GDP is worth $679 billion, with 1.4% annual growth.
8. New Zealand
If you’re worried about international taxes eating into your profits, look no further than New Zealand. This island country has a $211 billion GDP with 3.6% growth, and there are no taxes for capital gains, payroll or Social Security for you to worry about.
9. Mexico
Mexico is quickly becoming a powerhouse when it comes to international business expansion. Its GPD is worth more than $1.1 trillion, with 2.3% annual growth. It’s also home to an affordable labor force. As a benefit, Mexico already has free trade agreements with 46 countries, opening even more doors.
10. Norway
Norway is the home of all sorts of technological advances, making it ripe for international business expansion. The country has a GDP of $399 billion, with 1.1% projected growth. Simple tax laws make it an easy choice for businesses just starting to explore the international market.
How to Choose from the Top Countries for Global Expansion
Finding business-friendly countries in 2020 is no easy feat and is not something that should be taken lightly. Take the time to research each option and decide which one will work best with your company, culture and mission.
With an on-the-ground presence around the world, Globalization Partners can help your company expand into 187 countries including all 10 of the countries mentioned above. Contact us today to learn more.