Starting a business abroad

Seven in ten expat entrepreneurs believe they have achieved more by starting up a business abroad, research finds.

Singapore, Hong Kong and the USA are rated as the top three countries for nurturing enterprise, while Spain, UAE and China are the worst, according to NatWest International’s Personal Banking Quality of Life Index.

The study, in conjunction with The Centre of Future Studies, highlights the extent to which countries promote entrepreneurialism by making it easy for expats to do business. More than three quarters (78 per cent) of expat entrepreneurs believe faster growth is one of the major advantages of running their business abroad. A further 74 per cent believe access to cheaper resources is a real advantage and for 65 per cent it is the tax incentives that are the big draw.

When it comes to disadvantages, seven in ten (71 per cent) believe foreign regulations and standards are a hindrance.

Dave Isley, head of NatWest International Personal Banking says, ‘Setting up your own business can be difficult and you would imagine doing so abroad would be a task for the brave. A new breed of entrepreneurs is emerging and it is encouraging to see that the ‘21st pioneers’ are thriving in foreign climes. It is interesting the see that Singapore, Hong Kong and the USA are fruitful entrepreneurial countries according to the index yet China and UAE rank so low. Given the current economical climate, it is no surprise that expat entrepreneurs in Portugal, Spain and France do not feel they have a positive business outlook.’

When thinking about their business in the next three years, 22 per cent of expats consider the prospects for their business in the next three years to be excellent or very good and over half (55.8 per cent) rate their prospects as good.

APA