The Best Countries for Doing Business Abroad
Q: What are the best countries for doing international business with as an American startup owner, and why?
The following answers are provided by The Young Entrepreneur Council (YEC) is an invite-only nonprofit organization composed of the world's most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.
Panama is a great country to do business in as an American startup. You don’t need a visa to travel there, and there are plenty of expatriate communities to get involved with for support. Commercial real estate is easy to find at attractive prices, and there are plenty of English-speaking lawyers to provide legal assistance. The country has a solid business infrastructure as well.
Andrew Schrage, Money Crashers Personal Finance
If you are earning dollars online, that can go a long way toward pesos. And the cost of living is very manageable as a result, even if you live in Buenos Aires. The Argentine peso is one of the few currencies that depreciates much faster than the dollar.
Patrick Curtis, WallStreetOasis.com
Canada is a great place to do international business. It's rich; English-speaking; close to the U.S.; has first-class infrastructure; is U.S.-friendly; has tax treaties and similar business customs; and boasts a population of more than 35 million.
Nicolas Gremion, Free-Ebooks.net
If you want a perfect test market of educated, English-speaking, connected people, perfectly situated between Europe and the Americas, look to the 300,000 people of Iceland. With cheap flights and a great up-and-coming tech scene, it’s a great place to do business.
Matt Wilson, Under30Media
A: Costa Rica
We’ve been doing some business with a company located in Costa Rica. It’s an awesome tax structure, there’s a burgeoning interest in entrepreneurship, and the weather’s not bad, either.
Brian Moran, Get 10,000 Fans
If you can afford to translate your website into another language (I suggest using a company like MotionPoint.com), commerce and overall Internet usage in Russia have been booming in recent years. Even more exciting is the fact that you'll get to master SEO for a search engine that isn't Google since Yandex is the dominant player in Russia.
Logan Lenz, Endagon
Israel is a hotbed for technology and business generation. Dubbed the "Startup Nation," Israel has more startups and VC firms per capita than any other country in the world! It is an ideal country with which to do business as an American entrepreneur because Israeli firms have industry-leading technologies and are eager for more exposure to American audiences and consumers.
Doreen Bloch, Poshly Inc.
We’ve had huge success in Brazil. They have a vibrant startup industry that’s booming, and they are incredibly willing to go global to find business and products that work the best for them.
Robert J. Moore, RJMetrics
For bootstrapping entrepreneurs, Thailand has become the digital nomad capital of the world —where you can easily extend your cash runway five to 10 times with the low cost-of-living. Imagine baselining your expenses to under $1K/month, while you have easy access to manufacturing in China, capital in Singapore, outsourcers in the Philippines, and many more opportunities in Asia's quickly developing economy.
Cody McKibben, ThrillingHeroics.com
India is a huge country, with over 1.2 billion people. There is significant poverty, but the country is also home to a very large wealthy (and fashion-conscious) class as well as a top-echelon workforce. The work ethic is there, technical infrastructure is strong in major and second-tier cities, and long-term relationships are valued.
Aaron Schwartz, Modify Watches
Japan embraces new innovation and has a strong currency. Unlike other countries in Asia where American prices may seem exorbitant, the Japanese may actually find the "low" prices to be a good deal!
Bhavin Parikh, Magoosh Test Prep
One of the countries I consider great to do business with is Mexico. In Mexico, they really look forward to operating with American companies. They believe in American customer service policies and trust in our rules and regulations to ensure we will deliver the services we promised we would.
Felix Lluberes, Position Logic
A: United Kingdom
I have found working with partners in the United Kingdom extends the opportunity to many customers across many countries. People in the U.K. have extensive relationships and tend to do a lot of global consulting work. Building and working with a handful of U.K. partners, we have been introduced to customers in South Africa, Germany, India, Portugal and Ireland.
Raheel Retiwalla, Fuzed
Taiwan is a great mixture of Eastern and Western culture. They mix a creative, entrepreneurial spirit with an incredible work ethic. The primary language is Mandarin Chinese, which makes Taiwan a great launching pad for doing more extensive business in China. The local laws are much more transparent than in China, which makes it an attractive choice. Taiwan is also a great place to live!
Mitch Gordon, Go Overseas