The Indian entrepreneurs are changing the game and moving to new foreign destinations. Want to know why and where are they moving to? Let us find out.
Though India has a large talent pool and an expansive market, many entrepreneurs prefer setting up businesses abroad. Of late, the destinations most preferred have changed. From the availability of skilled labor to a conducive start-up environment and ease of immigration, there are many factors being considered. Many start-up entrepreneurs are considering multiple residencies to future-proof their businesses.
What’s Triggering The Shift From Indian Entrepreneurs?
To be attractive to entrepreneurs, a country needs to be both open to innovation and immigrant-friendly. One of the reasons for the change in destinations is the complexity of immigration policies. Nothing this, the number of countries offering entrepreneur visas has been steadily increasing.
Studies have proved that immigrants lean more toward entrepreneurship as compared to native citizens. The USA was a traditional dream destination but even though they have introduced leniencies to their work visa policy for entrepreneurs, there is still no structured path to residency for them.
Connectivity is another factor responsible for the shift. Countries like the UAE where Indians have felt welcome are gaining in popularity while others like Hong Kong that subject immigrants to long quarantines are losing ground. Similarly, fewer entrepreneurs are heading toward Australia given that the country has been closed off for extended periods.
Then there are the work sectors to be factored in. For healthcare and pharmaceutical ventures, the UK is most preferred while Singapore scores high with AI, machine learning and fintech enterprises. Entrepreneurs building block-chain-based companies are heading mostly towards Malta and the UAE.
Other points of concern include easy access to capital, availability of good infrastructure, non-bureaucratic processes.
Destinations Currently Popular with Indian Entrepreneurs
The top countries entrepreneurs seem to be preferring today include:
According to the Ease of Doing Business Index, Singapore is ranked second and places in the Very Easy category. Interestingly, from 2006 to 2016, it topped the list. Singapore has many accredited investors, government support and an effective start-up ecosystem that makes it popular.
Recently, the country also introduced a TechPass for leaders in the tech space, technical experts and established entrepreneurs.
The UAE rose to prominence for entrepreneurs because of its Covid resilience. When most other countries closed their borders, the UAE managed to keep the economy considerably open. This made entrepreneurs more confident. The country is also known for its conducive tax structure and global connectivity.
Malta is attracting entrepreneurs in the blockchain, fintech and gaming sectors. The country has a progressive business outlook and gives entrepreneurs access to multilingual skilled talent. It is also positioned quite strategically with easy access to Africana and European markets. It has an investment-based permanent resident program and offers nomad residence permits.
The UK has traditionally been a popular choice for higher education since it boasts of some excellent infrastructure and many top universities. The country is now tapping these resources further with a global talent visa and the UK innovator visa.
Entrepreneurs can set up ventures quite easily and make use of unparalleled research and development facilities. The UK is a hub for sciences and technology, in particular, healthcare.
Italy has set up easy residency options and an attractive tax structure that appeals to entrepreneurs. It is the third-largest economy in the EU and has been steadily growing year on year.
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