According to a new report, it looks like many Canadian expatriate entrepreneurs attempting to establish profitable venture in the United States and Canada might have more luck setting up shop in India. The Economic Times has reported that a number of workers have taken advantage of the opportunity to reap the benefits of relocating their operations to the fast-developing country. It also provides a way to survive many of the effects of the economic crisis.
In fact, according to Neill Brownstein, the owner of Footprint Ventures, a venture-capital firm, who spoke to representatives of the Indian newspaper, the country has become a hot spot for many would-be entrepreneurs hoping to cash in and stabilize their businesses ideas.
“India is now the new land of opportunity and thousands of expats are making a beeline to Indian cities to nurture their dream of setting up their business,” Brownstein said.
Even though many of the approximately 50,000 expatriate workers (including many Canadian expats) currently residing in India have employment with a number of multi-national companies, this is beginning to change. More expats are deciding to strike out on their own and find a place in the market for independent business ventures. This information was also contained in the Times report.
Another expat told the Times that she established the now well-trafficked spa in Bangalore after she realized that many of the local inhabitants still spent money on luxury services despites the down turn of the global economy. Emma Trinidad, a former cosmetics supplier, took this opportunity to establish her own unique and profitable business.
There have been recent changes made to the visa regulations by the Indian government that targeted expats in particular. According to the report, government officials announced that those who wished to work in the country must have a valid employment visa before they arrive.
For those Canadian expats who already have a form of employment—meaning those who have a business rather than an employment visa—are required to obtain the proper documentation before week’s end. (October 31st.) Most consider it a bit of an inconvenience albeit a minor one.
This change in visa law has not dampened the flow of expats looking to build businesses in India’s more stable economy.