Essential requirements for budding expat entrepreneurs

Which are the most important requirements for budding expat entrepreneurs?

When considering the best expat location for your new business, the most important issue is choosing one which fits neatly with your sector. One recent survey focused on three sectors, import/export, digital and tech and the hospitality trade as in restaurants, three industries currently popular with expat entrepreneurs but varying as regards their funding, legislative and infrastructure requirements.

Taking opening a restaurant as the first example, data from the survey shows the availability of quality workers, the affordability of property and the local as well as the visitor market for a new eatery are all crucial to success. Other important issues are the time frame for set up as well as the overall hospitality ecosystem in the location. Should all the above be satisfactory and financing easily available for extras such as legal and incorporation costs, there’s a good chance such a business would be successful.

Setting up as a tech entrepreneur requires a different set of priorities, including a location already hosting other innovative tech startups and giving easy access to venture capital funding where necessary. Some prefer to settle where competition is limited, but the majority will be more comfortable within an established tech-based community already leveraging future-facing innovations. Property isn’t a problem, nor is accommodation, and those in the AI and blockchain fields should be able to establish growth in a number of major world cities.

Import/export businesses require less speculation as to where and how to establish a start-up, with reliable logistical infrastructure and accessibility the most important needs. Startups with links to international commerce will need to consider all relevant international trade agreements, especially nowadays, as abrupt changes to existing rules are becoming the norm rather than the exception.