There are many reasons that entrepreneurs choose to move their businesses across the world. Whether it be cost savings, favorable market conditions, geographic advantage, risk diversification, or competiveness, doing business in locations across the globe can prove to be extremely beneficial. Ultimately, this decision depends greatly on the specific needs of a business, which can sometimes be volatile. Here are five locations that are currently favorable for those looking to move their business abroad.
1. Bali, Indonesia
In Bali, there is a co-working space that allows entrepreneurs to build their businesses alongside other professionals. The cost of living is also much smaller than the average cost of living in a large metropolitan area, such as Chicago or New York City. Virgin named Bali as one of the world’s best start-up hubs due to its “picturesque location, friendly people, good prices, and a wide range of start-ups already in place”.
2. Hong Kong
Hong Kong is a highly sought after business destination because of its favorable corporate tax rate. Being located geographically close to China’s mainland is also extremely beneficial for those utilizing manufacturing in their business. These consumer packaged businesses have easy access to Shenzhen and Guangzhou, which are two of the world's most prosperous manufacturing cities.
3. Bangalore, India
Bangalore serves as the IT go-to city for India, with a multitude of engineers. Major companies such as Microsoft and Amazon have offices there, and in recent years companies including Facebook and Yahoo have purchased tech startups in the city. Some sources have even dubbed it the Silicon Valley of India, with an average economic growth rate of 10.3% per year.
4. Santiago, Chile
The Chilean government has fueled startups in the country through its Startup Chile program. Through Startup Chile, around 240 to 320 companies are invited to relocate to the city for at least 3 to 6 months. Since the program began in 2010, more than 1,000 start ups have graduated from the program, with many staying to reap the benefits in Santiago.
5. Toronto, Canada
If you want to receive benefits of doing business internationally, Toronto is a great option. The cost of living is much less, and there are many talented workers available in the area. Toronto is also consistently ranked at the top of international indexes in terms of its competitiveness and innovation.