5 reasons exploring the USA could be a good idea for your business
The USA is frequently referred to as “the land of opportunity”, and with good reason. With a strong economy, a talented and energetic body of workers and plenty more benefits, businesses like yours could flourish if you’re prepared to move outside your comfort zone and expand to the US market. Here are five reasons why exploring the USA could be a good idea for your business.
1. The USA boasts a strong economy
Exploring the USA could mean your business has the chance to tap into a healthy, lucrative economy as one of the largest markets in the world. It’s also the top importer of British goods at the moment, and is the number one market in the world for luxury goods too. At a more granular level, many states are flourishing too: the state of California alone has such a high GDP that it is currently the world’s sixth largest economy. All of this makes expanding to America and enticing ‘draw’ indeed!
2. The USA boasts a relatively low rate of tax, and could get lower still
The amount of tax a foreign business pays for operating in the USA varies from state to state (which is why savvy business owners do thorough research when deciding which state to incorporate in), but the US as a whole is already known for having a relatively low rate of tax compared to other countries. And, Donald Trump is currently proposing to lower corporation tax further still. Whether or not he really will cut tax rates from 35% to 15% remains to be seen, but foreign businesses might well find that tax rates are more favourable in the US than in many other countries.
3. Brexit uncertainty makes the USA an appealing option
While negotiations are ongoing, UK based business looking to expand internationally might prefer to look beyond Europe. There’s no guarantee that UK based businesses will continue to have full access to a tariff-free market encompassing 27 countries, and given the USA’s strong economy, and the fact that rules and regulations regarding doing business in America as a foreign company are already in place, exploring the USA might be a preferable option.
4. Succeeding in the USA can boost your business’s reputation
Businesses that really want to make a name for themselves will expand internationally, and there’s no greater prize than ‘cracking America’. Exploring the USA and succeeding in a venture across the pond could help to enhance your business’s credibility, bolster its reputation, and even offer new opportunities for investment and growth.
5. The USA offers talent and innovation for foreign businesses
Finally, while there’s extraordinary talent the whole world over, the USA seems to have a high concentration of its own. Take its technology and software developers for example: locations such as Silicon Valley are the headquarters of approaching half of all businesses in the Fortune 100, meaning that foreign businesses who really want to tap into the knowledge, innovation and skill and some of the brightest minds and most energetic entrepreneurs ought to consider exploring this area.
Foothold America has a great deal of experience helping foreign businesses hire talented US workers, so get in touch if you’re thinking of exploring the USA and would like to find out more about how we can help.