Faced with a global economic downturn, many countries are at risk of putting all their eggs in one basket. And as a consequence face hyperinflation, unemployment and choppy economic cycles. If a local industry takes off, foreigners start to flood in, and the economy focuses on that singular sector. Yet identifying emerging industries before they take off is complex: no country can outperform an entire sector without some preventive measures. Building an economy on tech is a sound long-term strategy for nations who wish to improve their economies or enter those new markets. And many are adopting this approach with overseas startups from all over the world – giving them flexible visa requirements, introducing new visa types and welcoming them with open arms.
Global tech industry overview
There are a handful of developing countries that have managed to build economies on tech and attract overseas startups. These countries have invested in the proper infrastructure and created an environment that is conducive to innovation and growth. As a result, they have been able to reap the benefits of the global tech boom and emerge as significant players in the industry.
Some of the most notable examples include South Korea, Taiwan, and Israel. These countries have created world-class tech ecosystems rivalled by a few other nations. Their success is due to a combination of factors, including strong government support, a skilled workforce, and ample funding.
As illustrated below, the global tech industry is expected to grow from $7850.57 billion in 2020 to $8370.95 billion in 2021 at a compound annual growth rate (CAGR) of 6.6%. The market is expected to reach $11866.34 billion in 2025 at a CAGR of 9%.
South Korea is often hailed as a model for other nations to build their own tech industries. The country has invested heavily in research and development, and its universities produce some of the best engineers in the world. Additionally, the government offers strong support for startups, including tax breaks and access to cheap loans. As a result, South Korea is home to some of the world’s leading tech companies, such as Samsung and LG.
Below I have listed the 5 most developed countries seeking talents from around the globe for post covid economy boost.
The United Kingdom (Innovator Visa)
The United Kingdom is a great place to start a tech company. Not only is the ecosystem supportive, but the government offers several programs and visas to attract overseas startups. One such visa is the Innovator Visa, specifically designed for entrepreneurs looking to launch a business in the UK.
The visa allows individuals from anywhere in the world to come to the UK and establish a business. There are a few requirements, such as having at least ÂŁ50,000 in funding and being endorsed by an approved organisation, but overall it is a relatively straightforward process. More information can be found on the official website.
Once in the UK, startups will have access to all their resources to succeed. There are numerous incubators and accelerators and a wealth of talent and experience. The UK is also home to some of the world’s leading universities, which can be a great source of talent and ideas.
With its robust ecosystem and favourable policies, the UK is an ideal destination for overseas startups. If you’re looking to launch a tech company, the Innovator Visa is worth considering.
Canada (Start-Up Visa Program)
In recent years, Canada has been distinguishable among developed countries for its openness to startup visa programs. The Canadian government believes that by admitting entrepreneurs worldwide, the country will be better able to compete in the global economy. In 2017, the government launched a program that allows entrepreneurs to come to Canada and start a business with the support of a designated organisation.
The requirements for the program are not onerous: would-be founders must have a basic understanding of English or French, enough money to support themselves during their first few months in the country, and an innovative business idea that could create jobs. The designated organisation does not need to be a venture capital firm—it could be a business incubator, accelerator, or entity that can provide mentorship and resources.
Since its inception, the program has successfully attracted foreign entrepreneurs to Canada. In its first year alone, over 600 applications were received from entrepreneurs hailing from over 100 countries. And while the majority of applicants were from India and China, there was significant interest from other countries as well, including Nigeria, Pakistan, and South Africa.
There are many reasons why Canada is an attractive destination for startups. For one, it is open to high-growth entrepreneurial ventures. Back in 2012, the federal government changed its citizenship and immigration rules to grant permanent residency to any entrepreneur who establishes a startup that employs 10 or more people with revenues of at least $200,000 per year for two consecutive years. This new “startup visa” program has proved popular, with hundreds applying within the first few months following its announcement. As with most other countries in the world, finding resources early on is critical to success as an entrepreneur. However, unlike many other regions in the world—with their lack of venture capital and other private funding opportunities—Canada’s commitment to innovation significantly reduces this credibility challenge area for new firms.
Lithuania (Start-up Visa)
The Lithuanian Startup Visa Program is designed to attract foreign startups to Lithuania. The program offers a fast and straightforward way for startups to get a visa and set up their business in Lithuania.
To be eligible for the program, startups must have a minimum investment of €30,000 and create at least three jobs in Lithuania. Startups must also demonstrate that they have a viable business model and are seeking to expand into new markets.
The Lithuanian Startup Visa Program offers several benefits to startups, including a fast and straightforward application process, access to a large talent pool, and a supportive business environment. Lithuania is also a member of the European Union, which gives startups access to a large market.
Overall, the Lithuanian Startup Visa Program is an attractive option for foreign startups. The program offers a simple way to get a visa and set up business in Lithuania. Startups can take advantage of the many benefits the country offers, including access to a large market and a supportive business environment.
France (Tech Visa)
In an effort to attract more tech start-ups, the French government has created a special visa for foreign entrepreneurs. The French Tech Visa allows entrepreneurs from outside the European Union to come to France and set up their businesses.
The visa is available to entrepreneurs who have a business plan or project that is innovative and has high potential for growth. The visa is valid for four years, and allows the entrepreneur to bring their family to France with them.
The French Tech Visa is part of the government’s wider plan to make France a leading destination for tech start-ups. In addition to the visa, the government has also launched a number of initiatives to support start-ups, including providing funding and mentorship programs. According to the French government, the number of French Tech Visa holders has doubled in less than a year. According to Reuters, 2,867 entrepreneurs had secured the visa by June 30 of 2017, and 2,657 of them had set up their businesses in France.
Employers seeking foreign nationals made 83 percent of all applicants to the scheme in 2017, with Italians as the most common applicant nation. At 579 companies across 15 different fields requiring international recruitment drive by employers — telecommunications; software development; transport and warehousing; IT services and consulting; manufacturing; aged care and social assistance workers.A French diplomat told Reuters that demand for start-up visas was likely to continue in 2018.”The project is moving ahead quickly,” said Christophe Mallet
Estonia (Start-up Visa)
Estonia is a small country with a big heart for tech start-ups. They offer a beautiful startup visa for foreign entrepreneurs looking to set up shop in Estonia. The permit allows you to live and work in Estonia for up to a year, and it can be renewed for another year after that. There are no restrictions on the type of business you can start, and you don’t need to have any specific skills or qualifications.
Estonia is a great place to start a tech business, thanks to its robust internet infrastructure and supportive government policies. There are also plenty of talented people to collaborate with, as Estonia is home to many world-class tech companies. If you’re looking for a supportive and welcoming environment for your tech startup, Estonia is the perfect place.
Bottom Line
Researching the best place to start your business is a time-consuming process. Do you need to research visa requirements? What will work best for you, Silicon Valley or one of these five countries? I’ve been through all these situations and finally landed on a country for my exciting start-up. The world has changed, and there is no compulsion to be in silicon valley now; take the next step and apply to the country which excites you.