Entrepreneurial expats admit to benefits of moving abroad

Published on September 30, 2011 by Kevin Walsh · No Comments

Australia was one of the more popular locations for starting a business abroad due to favourable economic conditions

A new survey has found that 70% of entrepreneurial expats who moved abroad to start a new business believe they were right to leave their own country.

The NatWest International Personal Banking ‘Quality of Life’ Index found that 22% of those surveyed consider their business prospects for the next 3 years to be either excellent or very good.

78% of expats cited faster growth was one of the major advantages of running a business abroad.

USA, Honk Kong and Singapore were rated as the top 3 countries for nurturing enterprise.

There were mixed results in terms of general business prospects though as Canada, Australia and New Zealand were deemed the countries with the most positive business prospects.

Portugal, Spain and France performed poorly in this area.

This is why it is important to thoroughly research the area which you are relocating to before arriving.

Everything from the popularity/requirements of the service you offer, to intricate cultural differences in how to do business should be addressed.

Dave Isley, Head of NatWest International Personal Banking, commented on the findings; “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 (them) thriving in foreign climes.”

Transfer Money to Australia

If you are looking to invest in Australia, think carefully about how you will be transferring money to Australia. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Australia – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.