Thinking about expanding your business horizons? Picking the right location is crucial. When planning a new venture or expansion into new markets, it is important to understand the market's viability, business regulations, and how their cross-border payment systems work. Being able to receive and make payments within the market, irrespective of your source currency, is an essential factor to consider and a problem that WeWire solves.
For this blog post, we also explored country indicators based on the Ease of Doing Business Index (now discontinued), as well as other factors for potential growth opportunities even in developing countries. Some of these indicators considered include minimum capital to open a new business, construction costs and permits, tax payment mechanisms, access to credit, and electricity costs.
Here are the top ten countries for your business expansion
New Zealand
New Zealand boasts a thriving economy despite its remote location. It can provide significant business incentives due to multiple free trade agreements (FTAs) with partners such as the United Kingdom, China, Australia, Hong Kong, Malaysia, and Singapore, which provide reduced import duties or exemptions for imports from these countries. The New Zealand Dollar is one of the most traded currencies in the world. With WeWire, you can send money to New Zealand from your local currencies at competitive rates through our 24/7 Over-the-Counter Money Transfer desk.
Singapore
With a transparent legal system, business-friendly tax policies, and highly developed infrastructure, it is unsurprising that Singapore ranks as one of the top countries to do business. Nestled strategically between Southeastern Asia's top economies, Singapore boasts several free trade agreements with countries like China, Turkey, the UK, India, and even the European Union. Manufacturing is a key contributor to Singapore's GDP, and as such, cross-border payments flow in and out of the country to importers, exporters, suppliers, and other trade contributors.
Hong Kong
Global businesses are attracted to Hong Kong because of its strong rule of law, financial stability, and technological expertise. Hong Kong's proximity to markets in China, India, Thailand, and Japan makes it easy for industry players in tourism, trading and logistics, and financial services to move around and do business. The country's low tax rates and free trade agreements with the Association of Southeast Asian Nations (ASEAN) make it a prime location for investors and business expansion.
Denmark
Denmark leads Europe in the World Bank's most recent Ease of Doing Business Index. Despite its small population of barely six million people, Denmark's economy remains strong with a thriving services sector. The country's favourable fiscal policies, ease of getting construction permits, and focus on medical and green technology set it ahead of most of its European counterparts. Though a member of the European Union, Denmark maintains its own currency, the Danish Krone, which continues to trade on the strong side of Euro parity.
Korea, Rep
Despite South Korea's geographically small size, it is considered the 12th largest economy in the world. Its automobile, electronics, shipbuilding, nanotechnology, and steel industries are key contributors to the country's economic success. South Korea's tax regime is simple, and due to agreements signed with other countries, businesses in the country can avoid double taxation.
United States of America
As one of the largest economies in the world, the US economy is consumer-driven, with industries like health, pharmaceuticals, real estate, & construction contributing to the Gross Domestic Product (GDP). As a leading global trader, the US boasts solid infrastructure, high productivity, extensive natural resource availability, and a stable political system, all of which contribute to attracting investors to the nation. Foreign direct investment into the US for 2022 was USD 285 billion.
Emerging Markets to Consider
UAE
Over the years, the United Arab Emirates has positioned itself as a prime business hub through policy updates and favourable taxation policies. Situated at the crossroads of Europe, Asia, and Africa, the UAE serves as a global hub for trade and commerce. Its strategic location offers easy access to emerging markets in the Middle East, Africa, and Asia, making it an ideal base for companies seeking to expand their footprint internationally. With initiatives like Dubai Internet City, Dubai Silicon Oasis, and Abu Dhabi's Hub71, the UAE is rapidly emerging as a leading innovation and technology centre.
Nigeria
Boasting Africa's largest economy and a youthful, tech-savvy population, Nigeria presents a dynamic market for businesses looking to expand. With a growing middle class and improving digital infrastructure, Nigeria offers exciting opportunities in sectors like fintech, eduTech, agriTech, entertainment & media, e-commerce, and renewable energy.
Ghana
Known for its political stability, strong economic growth, and business-friendly environment, Ghana is a rising star in Africa. The government actively encourages foreign investment, with initiatives simplifying the business registration process and offering tax breaks. Ghana's location provides access to a wider West African market, making it an attractive hub for regional expansion.
Kenya
A pioneer in East Africa's mobile money revolution, Kenya boasts of a tech-driven and entrepreneurial population. The country's well-developed financial system and established communication infrastructure make it an attractive base for launching mobile and digital services. Kenya also serves as a gateway to the East and Central African regions, offering access to a wider market.
Seamless Cross-Border Payments with WeWire
If you've read this far and you’re considering these exciting emerging markets, it's time to make a move! Don't let cross-border transactions hold you back, no matter where you're expanding to.
WeWire empowers businesses like yours to navigate the complexities of international payments. We drive business growth and expansion by making cross-border payments seamless across markets in these countries and over 70 others around the world. Our user-friendly platform ensures secure and efficient money transfers, allowing you to focus on building your business empire.
Ready to break borders and seize new opportunities?
Contact WeWire today at sales@wewire.com and let's discuss how we can fuel your global expansion.
