Owing to the rise in globalisation, starting a new business and expanding it to a new market can be scary. Among other factors, finding the right destination country to establish this business plays a huge role in the business’s success.
As the technology industry is one of the most sought-after in the world, some countries offer lucrative business opportunities, advantageous visa schemes, world-class infrastructure, and other benefits to help entrepreneurs launch and expand their businesses to the global market.
So pack your bags and book your flight ticket—find cheap ones on reliable travel websites like www.wego.co.in/flights—as we have gathered a list of some of the best countries around the world where you can establish your business as a tech entrepreneur right now:
The United Arab Emirates
Undoubtedly, the United Arab Emirates is currently the best country to establish a business for entrepreneurs. The business support framework, laissez-faire tax regime, and the country’s world-class infrastructure always attract entrepreneurs to set up and establish their businesses in the UAE.
Moreover, with the country’s new visa rules offering advantageous visa schemes to entrepreneurs, including the three-year company employment visas, investor or partner visas, and the Golden Visa for entrepreneurs and startup owners providing a 10-year residency, to entrepreneurs whose company is registered within the UAE and falls under the small and medium enterprises (SME) category with annual revenues of AED 1 million or above, the UAE is definitely a top choice for entrepreneurs looking to establish their businesses right now.
Most importantly, the emirate’s tech-enabled, futuristic, green city, Expo city Dubai, also has a startup innovation scheme in place for entrepreneurs around the globe. Known as District 2020, the global entrepreneurship programme will assist startups, and small businesses scale up and enter new markets. The Expo 2020 legacy will be characterised by innovation and international cooperation with free rent and two-year visas on offer.
The United States of America
The forefront of technological innovation and home to some of the leading tech firms, including Apple, Google, Microsoft, Uber, Dell, and Amazon, the USA is undoubtedly one of the best countries to establish a business for tech entrepreneurs. Furthermore, Silicon Valley in the US is home to over half of all Fortune 100 companies. Therefore, setting up a tech company in the USA means that these leading tech firms will be your neighbours.
Most importantly, setting up a tech business in the US means access to sophisticated, cutting-edge technology and international communications. The US also has one of the most advanced Venture capital (VC) and investment environments, providing funding that young businesses need to get off the ground and grow.
Moreover, consumers in the US are also among the most tech-savvy population, so the demand for new technology is almost always high among the general population. Apart from this, the USA also has one of the most highly skilled and educated workforces, making it easier for entrepreneurs to hire a highly skilled and technologically advanced workforce to take their business to the next level.
Having one of the most developed infrastructures and being one of the world’s most economically prosperous nations, Switzerland is another great choice for tech entrepreneurs to establish their businesses in. With highly competitive SMEs that dominate the local economy and the country’s high rank in technological advancement, Switzerland is undoubtedly at the forefront of innovation.
Moreover, the country’s high-skilled workforce and world-class research institutes attract heavy investment from multinational corporations, making it highly beneficial for tech entrepreneurs setting up their businesses in Switzerland. Furthermore, the demand for new technology is also consistently high among the general population of Switzerland.
A technology hub and one of the fastest growing tech-states, Hong Kong, is yet another country that makes up the list of best countries where tech entrepreneurs can establish their businesses in.
With advantageous government initiatives that play a significant part in nurturing a conducive environment for technology companies providing a boost to their innovative capacity, Hong Kong has the fastest growth rate for tech sectors.
Moreover, the country’s government has backed up and supported several local organisations forming strong local and international partnership networks. Therefore, the authorities not only offer start-ups and individuals financial support but also provide an extensive network to facilitate the growth of the technology industry.
Some of the state initiatives include offering low-interest loans and advice to growing tech start-ups. As a result of Hong Kong’s intense research and development capabilities, excellent infrastructure support, and robust intellectual property protection, it has rapidly become an Asian hub for technology firms.
An ideal place to scale a tech startup, South Korea has definitely lived up to its reputation as the leading technology centres in the world. With the most advanced technologies in the world, ranging from having the fastest average internet connection and the highest number of broadband services per capita to being an early mover for 5G connection, South Korea is undoubtedly the world’s most connected country.
Moreover, with the strong support from the Korean government that favours the startup ecosystem and provides immense support to talented entrepreneurs and promising startups, South Korea is genuinely the ideal place for establishing and growing tech businesses.
Furthermore, the South Korean government has endorsed tax breaks and incentives for angel investors and venture capitalists, tax incentives for mergers and acquisitions in the technology and R&D sectors, and improved visa regulations for foreign entrepreneurs.
Most importantly, the country has strong cultural and economic ties with Japan, Hong Kong, and and Taiwan, providing opportunities for tech entrepreneurs to scale their businesses across the Asian market.
Additionally, investors, accelerators, and incubators from around the world are drawn to Korea’s startup ecosystem because it is active and well-designed. For instance, Google launched its first-ever Asian Google Campus in Seoul. Therefore, tech entrepreneurs worldwide establishing their businesses in South Korea will have many opportunities to scale and grow their businesses there.
With the most progressive information and technology infrastructure, a friendly business ecosystem, a stable political environment, beneficial business policies, lucrative tax laws, the availability of a skilled workforce, and encouraging government schemes, Singapore’s technology start-ups are amongst the fastest-growing industries in the entire Asia Pacific region.
Apart from this, the massive concentration of investors coupled with the vast availability of funds in the country makes Singapore a highly sought-after place for tech entrepreneurs to scale their businesses in.