Take your business to the global stage in 2024 by extending services to these countries. Here we highlight 8 top countries to consider for global expansion. We also list important resources such as business contacts and business phone numbers.
8 Countries to Consider for Global Business Expansion in 2024
What do you need to make your global expansion successful? Here are a few global expansion best practices to pay attention to:
- Before entering new markets:
- Research the market and review your competition
- Plan and outline exactly how you will target and enter new markets
- Conduct test marketing to examine how your product will perform and how new customers will react to your product
- While entering new markets:
- List down essential local authorities to work with
- Develop local partnerships
- Get local business phone numbers to create communication channels
- Utilize international marketing to increase brand awareness
- Once you’ve entered the new market:
- Use an international call forwarding service to stay connected with your customers, no matter where you are located
- Take advantage of around-the-clock and multichannel customer support
- Satellite offices and remote workers can help develop a strong local presence
- Attaining global expansion after COVID-19:
- Utilize global communication tools to stay connected with your valued customers
- Demonstrate how your business is following COVID safety protocols
- Invest in online security and privacy measures
- Secure your supply lines and vendors
Keeping these tips in mind, let’s now look at the top 8 countries for global expansion in 2024.
1. Thailand
Thailand — also called the “Land of the Free” — has been steadily growing its influence around the world. A Southeast Asian country located between Myanmar, Laos, and Cambodia, and in close proximity to Malaysia, Thailand is in a prime position for international trade. Forbes has ranked Thailand as the 8th best-emerging market of 2024. Foreign direct investment has been successful in these major sectors: automotive, electronics, and digital sectors.
Local Authorities to Pay Attention to:
- Foreign Licensing Department of the Ministry of Commerce
- Thailand Board of Investment (BOI)
- SMART Visa Program
- Thailand 4.0
- Department of Business Development, Ministry of Commerce
- Revenue Department
- National Innovation Agency (NIA)
Related: Thailand Virtual Phone Numbers
2. Malaysia
Even though Malaysia is a small country, it has a fast-growing economy with a high-skilled population. Malaysia has ranked high for its business-friendly environment, entrepreneurship, and quality of life. The main reason businesses look to expand to Malaysia is due to its favorable tax environment and affordable manufacturing costs.
Local Authorities to Pay Attention to:
- Companies Commission of Malaysia (SSM)
- Ministry of Finance
- Ministry of Communications and Multimedia
- Ministry of Energy, Science, Technology, Environment & Climate Change (MESTECC)
Related: Malaysia Virtual Phone Numbers
3. China
China has been in the news for a variety of reasons in 2020. However, despite being the first epicenter of the coronavirus and being under lockdown for months, the country is projected to bounce back at uncharacteristic speed through a Belt and Road Initiative. As such, businesses may want to consider adding China to their global expansion list.
Local Authorities to Pay Attention to:
- Professional Employment Organization (PEO)
- RMB Accounts
- Bank of Communications
- China Merchants Bank
- Ping An Bank
- Shanghai Pudong Development Bank
- Chinese Visa Applications
- U.S.-China Business Council
Related: China Virtual Phone Numbers
4. Philippines
The Philippines, though a small country, has one of the best-performing stock markets in Asia and a liberalized and business-friendly economy. Its economy has quickened and it has been projected to sustain positive growth for the next 6 years. Additionally, there are many resources, networks, and market opportunities that support new businesses and help them grow in the Philippines.
Local Authorities to Pay Attention to:
- Philippine Embassy or Consulate
- Department of Foreign Affairs (DFA)
- Foreign Investment Negative List (FINL)
- Department of Trade and Industry (DTI)
- Cooperative Development Authority
Related: Phone Numbers in the Philippines
5. Switzerland
Switzerland boasts a highly competitive economy, a skilled and talented workforce, and is a hub for innovation. Its policies and business opportunities are highly attractive to foreign investments. Take advantage of its business culture and quality of life to further develop your business.
Local Authorities to Pay Attention to:
- Agreement of Free Movement of Persons
- State Secretariat for Migration (SEM)
- Swiss State Secretariat for Economic Affairs (SECO)
- Switzerland’s commercial register
- Chamber of Commerce and Commercial Registry
6. Indonesia
More and more investors are looking at Indonesia as part of their global expansion plan. This country’s business scene has many positive elements such as ease of doing business, cross-border trade capabilities, the ability for foreign investors to own land, and more.
Local Authorities to Pay Attention to:
- Indonesian Investment Coordinating Board (BKPM)
- Ministry of Law and Human Rights
- Ministry of Manpower
- Online Single Submission (OSS) System
Related: Indonesia Toll Free Numbers for Business
7. Australia
Australia has been maintaining its steady economic growth for the past 25 years. Being a sustainable investment destination, Australia has attracted — and continues to attract — foreign investment from all over the world.
Local Authorities to Pay Attention to:
- Australian Securities and Investments Commission (ASIC )
- Australian Government Business Registration Service (BRS)
- Australian Business Number (ABN)
- Private service provider (PSP)
- Domain Administration Ltd
Related: How to Get Australian Phone Numbers
8. Italy
Italy boasts a stable economy and a strong manufacturing sector. This along with its stable political climate and pro-investment culture makes Italy a good choice for global expansion.
Local Authorities to Pay Attention to:
- Register of Enterprises in Italy
- Registrar of Companies
- Italian Tax Authorities
Related: Italy Virtual Phone Numbers
Expand Globally in 2024
Take your business to the global stage in 2024 by expanding to new target markets and increasing your customer base. Establish connections, build global networks, test the market, and improve your global sales, one step at a time. We at Global Call Forwarding have the tools you need to communicate globally with your customers and business contacts. Call or chat with us today to learn more!
