There can come a time when you realize your business has outgrown its country. There are no more opportunities for growth, and you’re now simply stagnating while your competitors around you thrive.
When you reach that point, the only thing left to do is explore expansion options into other countries. Where should you go? These countries can stand out from the crowd:
Australia
It might be time to set up a virtual office in Melbourne, Sydney, or another bustling city, when you learn that Australia is a great place to do business. It ranks highly in terms of ease of doing business and boasts transparent regulations and supportive government policies.
Business owners enjoy recent reductions in corporate tax rates to make the country more competitive with other OECD countries. Furthermore, Australia is well-positioned to access the Asia-Pacific markets, including China and the ASEAN group.
Mexico
While Mexico may not be the natural first choice for business expansion, it’s undoubtedly one of the top countries to explore. Alongside being close to the United States, it’s also the United States’ biggest trade partner. The total goods trade was estimated at $839.9 billion in 2024.
Mexico also has a young workforce, a growing manufacturing sector, and it boasts free trade agreements with the United States, Canada, and 50 other countries. It also supports a significant range of exports, like automotive parts, consumer electronics, vehicles, and agricultural products.
Canada
When you want a safe option for expansion, Canada may just tick the right boxes. The country has experienced steady economic growth over the last decade and has a 15% federal corporate tax rate. Moreover, given its proximity to the United States, there is additional convenience as well as growth opportunities.
Finally, Canada has a highly skilled workforce, with over 60% of people aged 25 to 34 years having had a high school education. This is the second-highest rate in the world.
Philippines
When you seek highly trainable workforces to take your business to new heights, the Philippines is a worthwhile option for expansion. Not only is it among the fastest-growing regions in ASEAN, but its adult population is well-educated. People aged 15 and above have a literacy rate of 95%.
As the Philippines has a reasonably low cost of living, you can pay lower wages for exceptional talent in your business.
Ireland
Corporate tax rates can be a deciding factor in determining where to expand your operations. After all, the lower the rates are, the more money you can keep in your business for investment opportunities.
That’s why Ireland might appeal as the next place you explore for expansion. It has one of the lowest corporate tax rates in Europe, at 12.5%. However, Ireland also appeals because it’s ranked in the top 15 countries with a skilled workforce and boasts economic flexibility due to Brexit. As of 2023, 950 American companies employ 376,000 people living in Ireland.
Japan
Japan has one of the largest economies in the world and a flexible corporate tax structure ranging from 15% through to 23.2%. By expanding into Japan, you can also expect a highly skilled manufacturing workforce.
If you’re seriously considering expanding into the Japanese market, keep in mind that you may need to brush up on administrative and hiring procedures.
Don’t let new expansion opportunities pass your business by. Now could be the right time to expand into any of these lucrative countries and start offering your products and services far and wide.
