Top 5 Easiest Countries Where You Can Expand Your UK Business

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It doesn’t matter if you are experienced or a newbie as a business owner, there’s always something to learn in this field. So, you might get the idea of saving money through tax benefits and starting a business in a tax haven, but ask yourself: Which are Easiest Countries Where You Can Expand Your Business?

The United Kingdom has 99.9% of its entire economy coming from SMEs in the private sector. When you already have an SME in the UK, you may be wondering which other country is as good a tax haven and has such simple corporate laws for effectively expanding your business.

Choosing the right country with the most suitable tax benefits for your particular business type is very important so that you get good returns in the long run. Knowing some of the benefits of international business is important before you decide on a country.

The prosperity of any enterprise largely depends on the presence of political and economic stability. Things like money, taxes, laws and politics are hugely responsible for anything happening in a business or company.

Now, how can you succeed in expanding internationally and accomplishing your business objectives? Finding the right talent and then the right country is the straightforward process behind this intimidating challenge. Let us start by talking about things you should take into considerations before choosing which country to expand your business in.

Factors to Consider Before Choosing a Country to Expand Your Business

Before anything else, make sure you look into the following factors here:

1. Where else does the same problem prevail?

Think: Who is facing the problems for which you have the solution? They might be your next customers!

Because first there has to be a problem to which you can come up with a solution.

2. How different is the new market?

Imagine yourself visiting a new place. Feels very different, right? So, now you can understand what more adjustments are needed for your business. Global trends may help (think about Netflix!), but some changes might still be necessary.

3. New rules to follow and money to deal with

Moving your product abroad costs money. Setting up a shop in a new country has rules you need to follow (taxes, staff, etc.). The UK is easy for business, but other places might be more complex. Also, be prepared to follow different rules in different countries.

4. Political challenges?

Even if a country boasts the finest infrastructure, talent reservoir, and business culture that promotes your company's success, these could be subject to change in the face of unforeseen economic or political shifts.

Government instability has a direct impact on the country's business opportunities and raises the risk profile of the country as a desirable destination for investment.

Remember: Expanding overseas is exciting, but be prepared for all the forthcoming challenges!

5 Easiest Countries to Expand Your UK Business

Let’s start with the neighbour: Ireland

Ireland is close to the UK and part of the European Union. Apart from being neighboring countries, both have similar taxation rules for private businesses and are also part of the EU-UK Trade and Cooperation Agreement. This agreement can make trade easier as it says that the company that can show legitimate rules of origin gets zero tariffs and zero quotas on all goods produced.

This nation boasts one of the fastest rates of annual GDP growth in the world. Ireland, particularly Northern Ireland, has one of the lowest corporate tax rates in Europe, at 12.5%. Plus, many people in Ireland speak English, so communication will be easy.

What’s more? Northern Ireland does not require customs forms, declarations, or non-tariff barriers in order to sell goods to the EU or Great Britain. All this is possible because of these zero-tariff agreements.

Most innovative European country: Sweden

Starting a business in Sweden is pretty straightforward, and with a robust GDP and a workforce that’s both highly skilled and competitive, companies will find the local environment quite favourable for establishing their operations. Plus, Sweden is known as one of the world’s happiest countries.

This implies that businesses can expect to employ contented workers who maintain a healthy balance between work and life, leading to high levels of productivity. In addition, 47.2% of Swedish youth hold a bachelor’s degree or higher, and they’re well-known for their strong work ethics and sophisticated consumer preferences.

The only downside is the country’s high cost of living, which necessitate that employers provide substantial wages. However, this is manageable as long as you can benefit from tax relief.

Heading to the West: Canada

Canada is another country where English is widely spoken, and it has a steady economy. Thanks to a varied economy, low business taxes, wise financial management, and strict financial controls, the country has experienced remarkable growth. It’s strong banking system, a stable workforce, and a business environment encourages innovation and entrepreneurship which contributes to profitability.

Canada is one of the biggest economies in the world, and its workforce is highly educated. Its proximity to the USA means you could connect with more customers. Another major benefit of starting a business in Canada is the large number of Free Trade Agreements (FTAs) it has.

We can’t forget the USA

The USA is an excellent location for expanding your UK business due to its vast market and shared language. The business culture is easy to navigate as it bears similarities to that of the UK.

The U.S. stands out as a lucrative destination for global business growth, thanks to the abundance of start-ups, high workforce productivity, and the minimal time needed to establish and register a business.

Additional benefits encompass impressive broadband speed and comparatively low financial prerequisites when setting up a local legal entity. Moreover, the U.S. is entering a Free Trade Agreement (FTA) with Canada, providing an opportunity to reach an additional country’s consumer base for your business!

Last but not least: Singapore

Singapore consistently ranks well for its business-friendly environment. But that’s not the only reason why it’s a great place for growing your business internationally. Other good reasons to consider Singapore are its stable politics and its closeness to other large Asian markets like Thailand, Malaysia, and Indonesia.

Another thing that foreign investors like about Singapore is its low business taxes. All these factors together make Singapore one of the top places to consider for expanding your business internationally.

A Few Things Your UK Business Needs to Know Before Going Global

You have a list of all the good (or great) countries you can expand your business into and make it global. However, there are some adaptations you should consider doing in your company like hiring local language-speaking staff, revising policy and some other stuff. Let’s discuss in detail.

● Refer to a similar company

You should look for a company that has undergone similar changes and adaptations after expanding into the country you have chosen for international trade. This is because no one knows it better than the person who is currently doing it. Make changes to your company based on the knowledge you gained from this reference business.

● International trade relations

You need to make sure you already have domestic partners who can help you expand overseas. In the United Kingdom, one obvious option is to contact the Department of International Trade, as well as any members of your local chamber of commerce who are involved in international relations. These organisations may also have a counterpart in the chosen market who can provide additional support.

● Hiring local language speaking staff

It is critical to hire employees who can fluently speak the local language of your chosen country, at the very least those who will interact with potential clients. These are the people who will deal with the local customer base and give them the security of trusting a genuine company. This applies to websites, marketing, and even the e-commerce platform's currency.

● Working with local distributors

You will undoubtedly require assistance from local authorities and distributors who are more familiar with the locations of your target customer base. So, look for some of the friendly distributors and logistics companies operating locally in the area of your choice.

● Adapting changes in products and services as per customer base

You can’t be sure that every foreign market will want your product or service, so to increase your odds of success, consider what research you’ll have to do. Spend on getting market information on your industry in the country you want to do business in. You have to make many adjustments to ensure it matches your customer's needs.

In the End…

There are amazing benefits of international business. The significance of international trade to UK business organisations can never be overstated. Remember, expanding a business to another country is a big step. It’s important to do your research and maybe get advice from a business advisor.

For that, Icon Offices is extending a friendly hand towards you. If you need help creating a UK business from scratch, we can help. If you need corporate services at cheap rates, such as VoIP services, 24/7 call answering services, renting shared office rooms or meeting rooms, tax registration, and business consulting, Icon Offices is the best place to look.