Striking it big in the United States has always been a mark of honour for businesses and business-people – especially those in its parent nation, the UK. It’s traditionally been one of the most competitive places to do business in the world, and with one of the largest, most well-developed markets out there, has long been seen as a prosperous place for the smart and successful.
But does this maxim still reign true? In this article, we explore whether or not the US is still a land of opportunity for UK professionals and businesses, and if they should migrate there in 2021.
Is the US still a land of opportunity?
The US is still an economic heavyweight, so while countries such as China are fast developing their own economic clout, the US still very much holds its own.
According to the World Bank, US GDP in 2019 was $21.43 trillion, compared to China’s $14.3 trillion, indicating a very well-developed economy that reaches to all aspects of life and society.
70% of GDP is due to consumer spending too – a good amount that’s beneficial to businesses. And importantly, the US is a politically and socially stable country that has many large, strong institutions. While this last point does mean a little more red tape, it means doing business in the US is predictable and less risky than, say, business in a developing nation.
Its population is 328.2 million and growing, which means a huge pool of customers and niches that businesses can pitch their products and services to. And the country’s unemployment rate is also relatively low – a boon for emigrants who can use their marketable skills in areas of the economy beset with labour shortages to gain excellent rates of pay.
All that said, however, the US only came 17th in the Forbes Best Countries for Business list in 2021 – the UK came in the number one spot. This could put off some business and professionals from traveling there.
How to take advantage of the opportunity
For those that still see the US as a land of opportunity, there are plenty of ways to get there, though if you own a business or would like to relocate your startup to the USA, it can be a good idea to get the assistance of a legal expert in US immigration to ensure your application is above board.
- Employment-based immigration – If you get a job with a US company, you can get a green card. This isn’t a lifelong means of doing business in the US, but can be a good stepping stone.
- Green card lottery – Each year, the US government gives away 55,000 permanent residence permits under the Diversity Immigrant Visa Program. This can be the simplest way to enter the country.
- Family-based immigration – If you have a family member who lives in the US, such as a spouse, child who Is a US citizen, or parent, you may be able to get a green card.
- Investment-based immigration – If you invest between $900,000 and $1,800,000 (depending on the state) in the USA, you can gain residency too.
Do you want to do business or work in the USA? Let us know your thoughts in the comments section.