The COVID-19 pandemic ushered in a drastic change in the world we inhabit. People across the globe found themselves in the midst of crowded hospitals and lockdowns as administration officials and health officials issued warnings about the risks of infections from the virus and other associated forms of health issues. The infection slowly crept into our lives, confining us to our homes and masks while leaving millions unhinged, without jobs, and susceptible to health hazards. The pandemic served as an important reminder of the relevance of internet services in the domains of business, communication, and education in the 21st century.
In fact, a major percentage of us started taking a keen interest in online gambling and iGaming, which often turned extremely lucrative, especially with many casinos offering free slots mobile games with amazing bonuses, free spins, and multipliers. With top-tier providers such as Microgaming, Betsoft, Playtech, etc., dishing out an amazing range of innovative games, punters across the world were getting hooked to this new madness.
Since March 2020, a ‘new normal’ was born – wearing masks; working from home, attending online classes, webinars, and e-summits; online meetings became the norm. While the world economy suffered significantly as businesses fell out of rhythm and suffered losses, a lot of companies and startups managed to stay afloat and harnessed digital infrastructure and IT services to their benefit. Furthermore, a lot of online small businesses came into existence, and e-commerce became a big source of revenue for several countries. Moreover, governments of several countries attempted to support their citizens and have introduced various socio-economic measures that have helped recover growth rates, support this digital transition and make business ventures look like an accessible option.
So if you are toying with your entrepreneurial ideas for a while and wish to start your own IT business venture in 2021, you’ll need to consider a few factors. For instance, to begin with, pick a country that’s suitable and receptive to such endeavours! We understand how intimidating all of this might seem – nurturing an idea, making location choices, mapping the use of virtual interfaces for branding and marketing. Don’t worry; our experts got you covered with some suggestions that could help you set the ground for your business. Read on to learn more!
But Wait! What does an IT Business Entail?
Information technology ( IT ) is an unavoidable part of any business in the 21st century. It provides the base for finds use in almost every aspect of business dealings – it enhances business operations efficiency, improves communication, supports decision making, stores company data, and so much more. When we are talking about an IT business – a ‘tech company’ to use a layman’s term, the focus is more on developing and maintaining technological services. So when you’re choosing to set up an IT business, remember to focus on a few things:
- Identify your Area of Specialisation. It could range from data management and recovery to business analytics, cybersecurity, and so much more. Technology keeps evolving, so it’s important to stay up-to-date with the latest trends in your area of specialization.
- IT Business Structure. Leadership and an organized mode of management are necessary to keep up with the rapidly evolving IT business landscape. So it’s important that you devise the structure of your business entity with care. Do you want to be the sole proprietor or enter into partnerships? Will your business take the form of a Corporation? Consider these questions in the initial stage because changes at a later stage might be cumbersome and can incur money.
- Acquiring Necessary Legal certification and License. Please, PLEASE have proper documentation, certificates for your businesses from legitimate authorizing bodies such as government departments, industry regulators, etc. As an owner, also check whether the country you’re setting up your business in requires you to acquire special licenses or not!
- IT Budget. One of the most important aspects of any business venture is having a clear sense of your budget. In the IT business, there are primarily three important segments to your budget, such as purchase cost, taxes and maintenance cost.
As commentators claim, a large expense for IT business ventures is the maintenance cost because maintaining software systems; purchasing updated versions and having a trained workforce is key to the development of a tech company. So when mapping your budget, please evaluate and try to minimize other expenses.
- Consider the Location of your Tech-company. Last but not the least, remember that your tech company needs a market, an environment that facilitates its growth and supports its functioning. So always pick a country that suits your interests so that your chances of success increase!
How to Choose a Country for Your IT Business
As mentioned earlier, picking a favourable country for your IT business can be heavily rewarding. So confused about how to make your choice? Here are some factors you should consider as you pick a country for your venture:
- Political Stability of a Country. Remember, a good government that can lead in situations of crisis without major internal conflict is usually described as a politically stable entity. Such countries usually have open business policies that encourage business investments and facilitate growth. While almost all countries suffered economic losses and went into recession, statistics show that politically stable countries had better recovery rates. While digital infrastructure helps you connect with people and investors across the world, you’d like a stable country as your base. So pick a country with a stable leadership pal!
- Tax policies. You need to set up your tech company in a country that doesn’t engage you with heavy tax bills as you set up your business. Moreover, IT businesses have extravagant maintenance costs, as explained before, so you need an environment that doesn’t burden you with more elaborate expenses.
- Willingness to Accept Foreign Business Ventures. Remember that you need a welcoming environment if you have to establish and maintain a company. While technology gets you the global workforce, you need strong roots – a country that nurtures your venture, keeping in mind your foreigner status. Moreover, thanks to globalization, you might have investors from all over the world. So you must consider a country’s legal framework about Foreign business ventures and evaluate whether there are any advantages or disadvantages.
Here’s Our List of Top 5 Countries to Start an IT Business in 2021
The United Arab Emirates, as commentators usually agree, is an important international business hub that is welcoming when it comes to investors and owners from abroad. Dubai gives you great business exposure – you’ll see different kinds of investments and businesses flourishing here.
So you have the chance to collaborate, engage and learn from other ventures that will lead to the potential growth of your company and will encourage you to not be complacent when it comes to innovation. Moreover, their strategic location posits them as an important center of international trade, making it a space that welcomes innovative new ideas. Moreover, the tax payments in Dubai aren’t a complicated affair – it makes running your IT company a convenient process.
Despite having suffered a recession due to the COVID crisis, New Zealand has demonstrated impressive GDP growth of 1.4% after having contracted by 12.2% in the third quarter of 2020. Moreover, apart from handling the economic constraints, it was also one of the first countries to manage the health hazards of the virus successfully.
Furthermore, New Zealand is a politically stable entity with business policies that encourage minority investors and is receptive to international business ownership and investment. So it’s a great choice for your IT Start-Up!
Singapore is a great country for IT companies. This is because, as one of the rapidly growing business hubs in Asia, it thrives on digital innovation and is a relatively stable political economy. Moreover, it is characterized by good investment reception, and its business policies are marked by the absence of dividend taxes and capital gains.
IT happens to be one of the crucial sectors of the Dutch economy, and the Dutch take pride in claiming that they have the top-quality digital infrastructure. Moreover, IT industries such as cyber-security, big data, Gaming flourish in this country. Moreover, the government has IT business-friendly regulations and organizations that can make your entrepreneurial journey quite easy. So definitely check it out!
A beautiful, wealthy country located in the heart of Europe, Switzerland attracts business. It has highly-developed facilities that are very receptive to IT start-ups and has international business-friendly policies. Moreover, Switzerland is economically and politically stable that draws investors and maintains very low taxation of foreign individuals, foreign organizations with protective privacy laws. This makes it a very lucrative country for business investment and ownership! Also, you’ll have an unlimited supply of chocolates, right? Isn’t that like a real Swiss bonus to consider?