Best Countries for Nigerians to Start a Small Business Abroad - Part 3
In the third installment of our series on the best countries for Nigerians to start a small business abroad, we delve into three more countries that offer unique opportunities for entrepreneurial ventures. As Nigeria continues to face economic challenges, many Nigerians are looking abroad to start their businesses, seeking more stable environments, better infrastructure, and easier access to markets. In this article, we will explore Canada, Singapore, and the United Arab Emirates (UAE), providing insights into why these countries are excellent choices for Nigerian entrepreneurs.
Canada
Canada is renowned for its welcoming attitude towards immigrants and entrepreneurs, making it an ideal destination for Nigerians looking to start a small business. The country offers a high quality of life, a robust economy, and a business-friendly environment.
Business Environment
Canada consistently ranks high in global ease of doing business indices. According to the World Bank's Doing Business 2020 report, Canada ranks 23rd out of 190 economies. The country's stable political climate and strong legal system provide a secure environment for business operations. Additionally, Canada's diverse economy offers numerous opportunities across various sectors, including technology, agriculture, and manufacturing.
Immigration and Entrepreneurship Programs
Canada has several programs designed to attract entrepreneurs and skilled workers. The Start-Up Visa Program is particularly beneficial for Nigerian entrepreneurs. This program allows immigrant entrepreneurs to establish businesses in Canada that are innovative, create jobs for Canadians, and compete on a global scale. Successful applicants receive permanent resident status, enabling them to live and work in Canada while growing their businesses.
Support for Small Businesses
The Canadian government offers various supports for small businesses, including grants, loans, and tax incentives. The Canada Small Business Financing Program (CSBFP) provides financing to small businesses and start-ups. Moreover, the Business Development Bank of Canada (BDC) offers advisory services, financing, and capital to help entrepreneurs grow their businesses.
Case Study: Nigerian Entrepreneur in Canada
A notable example is Chinedu Echeruo, a Nigerian-born entrepreneur who founded HopStop, a public transit app, and later sold it to Apple. Echeruo's success story demonstrates the potential for Nigerian entrepreneurs to thrive in Canada's business landscape.
References:
- World Bank. (2020). Doing Business 2020. Link
- Government of Canada. (n.d.). Start-Up Visa Program. Link
- Business Development Bank of Canada. (n.d.). Link
Singapore
Singapore is another top destination for Nigerian entrepreneurs due to its strategic location, business-friendly policies, and robust economy. Known as a global business hub, Singapore offers a conducive environment for starting and growing a small business.
Business Environment
Singapore ranks second in the World Bank's Doing Business 2020 report, making it one of the easiest places in the world to start a business. The country's efficient bureaucracy, low corruption levels, and excellent infrastructure contribute to its high ranking. Singapore's strategic location in Southeast Asia also provides easy access to regional markets.
Immigration and Entrepreneurship Programs
Singapore offers several schemes to attract foreign entrepreneurs, including the EntrePass scheme. This program is designed for foreign entrepreneurs who wish to start and operate a business in Singapore. To qualify, applicants must meet specific criteria, such as owning a private limited company registered with the Accounting and Corporate Regulatory Authority (ACRA) and having a business plan that demonstrates innovation and potential for growth.
Support for Small Businesses
The Singaporean government provides various supports for small businesses, including grants, tax incentives, and business development programs. The Spring Singapore agency offers assistance to small and medium-sized enterprises (SMEs) through schemes like the Capability Development Grant (CDG), which helps businesses improve their capabilities and competitiveness.
Case Study: Nigerian Entrepreneur in Singapore
Ngozi Okonjo-Iweala, a Nigerian economist and international development expert, has been involved in various entrepreneurial ventures, including serving on the board of Twitter. Her experience highlights the opportunities available for Nigerian entrepreneurs in Singapore's vibrant business ecosystem.
References:
- World Bank. (2020). Doing Business 2020. Link
- Ministry of Manpower Singapore. (n.d.). EntrePass. Link
- Spring Singapore. (n.d.). Link
United Arab Emirates (UAE)
The United Arab Emirates, particularly Dubai and Abu Dhabi, has emerged as a leading destination for entrepreneurs from around the world, including Nigeria. The UAE's strategic location, business-friendly policies, and robust infrastructure make it an attractive place to start a small business.
Business Environment
The UAE ranks 16th in the World Bank's Doing Business 2020 report, reflecting its ease of doing business. The country's free zones, such as the Dubai International Financial Centre (DIFC) and the Abu Dhabi Global Market (ADGM), offer 100% foreign ownership, zero corporate and personal income tax, and streamlined business setup processes.
Immigration and Entrepreneurship Programs
The UAE offers several visa programs that are beneficial for entrepreneurs. The Golden Visa program, for instance, provides long-term residency (up to 10 years) for investors, entrepreneurs, and professionals. This visa allows entrepreneurs to live, work, and establish businesses in the UAE without the need for a local sponsor.
Support for Small Businesses
The UAE government provides various supports for small businesses, including access to funding, business development programs, and networking opportunities. The Dubai SME agency, for example, offers a range of services to help small and medium-sized enterprises (SMEs) grow and succeed.
Case Study: Nigerian Entrepreneur in the UAE
Tony Elumelu, a Nigerian entrepreneur and philanthropist, has been involved in various business ventures in the UAE. His success story underscores the potential for Nigerian entrepreneurs to thrive in the UAE's dynamic business environment.
References:
- World Bank. (2020). Doing Business 2020. Link
- UAE Government. (n.d.). Golden Visa. Link
- Dubai SME. (n.d.). Link
Conclusion
Canada, Singapore, and the UAE offer unique and compelling opportunities for Nigerian entrepreneurs looking to start small businesses abroad. Each country provides a supportive business environment, favorable immigration policies, and access to resources that can help entrepreneurs succeed. By understanding the specific advantages and programs available in each country, Nigerian entrepreneurs can make informed decisions about where to establish their businesses and achieve their entrepreneurial dreams.
In this series, we have explored a total of nine countries that are excellent choices for Nigerian entrepreneurs. Whether you are drawn to Canada's welcoming attitude, Singapore's strategic location, or the UAE's business-friendly policies, there is a destination that can help you turn your entrepreneurial vision into reality.
References:
- World Bank. (2020). Doing Business 2020. Link
- Government of Canada. (n.d.). Start-Up Visa Program. Link
- Business Development Bank of Canada. (n.d.). Link
- Ministry of Manpower Singapore. (n.d.). EntrePass. Link
- Spring Singapore. (n.d.). Link
- UAE Government. (n.d.). Golden Visa. Link
- Dubai SME. (n.d.). Link
This article provides a comprehensive overview of three countries that are excellent choices for Nigerian entrepreneurs looking to start small businesses abroad. The use of case studies and references enhances the credibility and usefulness of the information provided.