Going global continues to become the norm for many small to midsize businesses, which is why seeking opportunities in well-established markets is so critical to your company’s success. To help you start planning your global expansion strategy, we put together a list of countries that stand out.
Discover our top five opportunities in established markets below.
Opportunities in Established Markets: Our Top 5
As 2016 comes to a close, we’re looking forward and reviewing the most promising markets for the upcoming year. Whether it’s growth from transformed employment standards or an open-market appeal, keep your eye on these areas for your business’ international expansion.
1. Sweden
A booming economy and government deregulation makes Sweden a very appealing country for many companies seeking global growth. In recent years, the government shrank jobless and disability benefits to encourage employment and present opportunities for tax cuts. While the country still has a higher tax rate compared to other developed nations, it’s tax burden has improved according to the World Bank’s Ease of Doing Business ranking.
Over the past year, Sweden’s economy grew 4.2% to $493 billion and had a low level of debt compared to other countries in the EU.
Top Opportunities in Sweden:
- E-commerce
- Agriculture
- Real Estate
2. New Zealand
Beloved for its free market and commodities innovation, New Zealand is another market to keep in mind. In 2015, the World Bank ranked the country as the easiest place to start a business and the second easiest country in which to perform business.
With small regulations and requirements, it’s a great place for businesses seeking relatively easy entry into a new country. Maintaining compliance is one of the most difficult hurdles facing new businesses ventures overseas, and New Zealand’s approachable market offers a welcoming invitation to eager firms.
New Zealand’s GDP is US$173.2 billion with a 1% inflation rate.
Top Opportunities in New Zealand:
- Information Technology
- Online Marketing
- Financial Advisor
3. Hong Kong
Hong Kong presents many opportunities for small to midsize businesses. It has one of the world’s most transparent and efficient entrepreneurial markets with a simple startup process. It’s also the freest economy in the world, according to the Index of Economic Freedom, and has been for the past 22 years.
In addition, Hong Kong has a large, eager labor market that continues to increase year after year.
Also, it’s financial sector is a world leader, promoting competition and plenty of business opportunities in-country.
Top Opportunities in Hong Kong:
- Big Data
- Internet of Things (IoT)
- Renewable Energy
4. Ireland
When considering new opportunities, keep Ireland on the top of your list. The country ranks well for many reasons including its affluent population, low tax burden, and open culture. As a new business from a foreign country, you will still need to work with a partner to learn the ins and outs of the Irish lifestyle, but the lack of direct language barriers is a benefit for startups.
Businesses also benefit from a low corporate tax rate when operating in Ireland, which can help cut costs during overseas expansion.
A few areas to keep in mind are contractual differences and the lack of automatic intellectual property protection. To learn more about typical labor law requirements, check out our post on this topic.
Top Opportunities in Ireland:
- Business Consulting
- Sports & Fitness
- Cleaning
5. Morocco
If you’re seeking expansion in the Middle East, consider Morocco. The country ranks the second best emerging market in the MENA (The Middle East and North Africa) region after the United Arab Emirates, according to Forbes.
The country presents companies with plenty of benefits due to its low-cost labor, a transparent and market-oriented economy, and its accessibility to Europe. Also, it’s economy is thriving thanks to its proximity to other dominant countries and rather moderate restrictions on new business development.
Top Opportunities in Morocco:
- Logistics
- Renewable Energy
- Information Technology
To learn more about international expansion, contact the Velocity Global team today! We work in over 185 countries and help your company get global quickly and efficiently!
