Becoming an entrepreneur can be a lengthy process filled with hard work and determination, as you need to be passionate about a project and put all of your effort into it. Expat entrepreneurs can have a more unique experience with starting their own business, with there being a few extra hoops to jump through to ensure a streamlined process. However, being an expat starting a business can actually come with some added perks that can turn them into great business opportunities.
Depending on where you live, there can be other countries that you can move to that will give you a higher chance of becoming successful with a startup business. For example, Luxembourg, Switzerland and Sweden are ranked the three most open countries for business in the world. The UK is often considered attractive for international business due to its economy and business-friendly environment, even though it has been more challenging for businesses in recent years.
This guide will explore why being an expat entrepreneur can be a great business opportunity and give insight into some of the best countries for starting a new business.
Expat Entrepreneur Opportunities
Outmaneuver Competition
One of the biggest reasons for moving to a new country to start a business is the opportunity to outmanoeuvre competition, especially if a country has more potential to succeed in your niche. In some countries, having more money, resources and marketing power is the only chance of success for a startup, even if they have a stellar product. If you’re concerned that you won’t have space to shine in your current place of business due to a lack of resources, you can choose to expand into a new country where this factor doesn’t matter as much.
If you start your business in a market where you have a higher chance of being a success, it’s easier to build working relationships with key buyers and stamp yourself within the market before other companies realise it. For example, Germany is known for its industrial prowess and focus on quality and reliability, which makes it a major player in the global business-to-business (B2B) landscape. To work in Germany, you need to have a residence permit and register with the beneficial ownership register.
Untapped Lucrative Markets
Lucrative markets have a higher potential to be tapped into when you move to a new country to start up a business. Each country will have specific niches that it excels in and will give businesses a higher chance of success if they focus on that specific niche. For example, Mexico has one of the fastest-growing FinTech landscapes in the world, as they have experienced growth of around 50% since its inception in 2008. There are more than 300 FinTech companies now in the country.
To start a business in Mexico as an expat, you will need to register with the Foreign Investment Registry, open a Mexican bank account, get a tax ID for the country and sign incorporation documents.
Thriving Hubs
Innovation is at the heart of a successful business, so you should ideally look to start a business in a country that has more unique growth opportunities. There are many different industry hubs that countries have for expats to excel in, such as technology hubs or healthcare hubs. For the startup sector in particular, one country that has made huge strides is Chile. New businesses have been able to get off the ground in the country more than in professionally cultured countries like the United States.
To work and start your own business in Chile, you will need to open a Chilean bank account, obtain the correct company documentation and register with the Commerce Registry. Once this is all completed, you can then kickstart your new journey of becoming an expat entrepreneur.
New Industries
Looking for the countries that have the most growth within certain industries can help you become a successful entrepreneur. Following the upward trends can lead to you establishing a business that falls into the new niche, which improves success chances. For example, in the UK there has been significant growth in immersive technology, renewable energy, life sciences and professional services. This means that if you’re looking to move to the UK as an expat, you should tap into these new industries if you want to be hopeful about becoming an entrepreneur.
There are several hurdles that you need to leap over before starting a business in the UK and beginning work. You will need to pass anti-money laundering checks, obtain a work visa or get an endorsement from a UK-government-authorised endorsing body if you’re applying for a UK innovator visa. Immigration solicitors in London can help you with getting all the legal side of starting a business sorted, so you can then begin work.
3 Business Opportunities
Tech Startup
The UK is a tech hub, which suggests there are loads of opportunities for entrepreneurs that are key within this field to look for gaps. Especially in areas of innovation within great cities such as London, Manchester and so forth. Some examples include fintech, AI and cybersecurity. I have noticed AI jobs becoming more frequent and well sought after so diving into this industry right now would be a really smart move.
Real Estate
While the housing market is pretty high right now, it’s not the most attractive; however, what goes up must come down so there could be room for investment in the near future so be sure to keep an eye out on real estate opportunities in up-and-coming areas such as Birmingham.
Sustainability
This is a very popular cause of concern, so the market is estimated to be worth roughly around 23 billion pounds, which is expected to rise considerably with the push of decarbonisation, electric cars and so much more.
This is a great opportunity to invest in the renewable market or smaller businesses that you believe can make a real impact in the sustainable sector. I would put a larger amount of focus on these types of companies and forms of investment compared to the other two and see what your research gets you.
Conclusion
The world is increasingly interconnected, and the opportunities for expat entrepreneurs have never been greater. For those with a vision, a spirit of adventure and a willingness to embrace the unknown, the path to global entrepreneurial success is open. By carefully researching potential markets, navigating the legal and cultural landscapes and leveraging the unique advantages of their global perspective, expat entrepreneurs can not only achieve their own business goals but also contribute to a more prosperous world.