Ryan McClenaghan moved from Northern Ireland nine years ago and established advanced manufacturer Micron Manufacturing in Sydney because he believed there were more gaps for entrepreneurs in Australia than Europe and the United States. 
"I identified Australia as having an older traditional manufacturing sector. I saw a gap in the market and I knew I could fill it," he said.
"Australia is somewhat isolated. It's a smaller market but you have the chance to create something of high value and get it to the market, rather than relying on trying to get things made somewhere like in China. In the United Kingdom you have all of those countries in Europe, huge markets and highly innovative on your doorstep that you have to compete with."
Micron Manufacturing designs and manufactures metal products for industrial and architectural use, including building facades.
Mr McClenaghan is not alone. Almost half the foreigners coming to Australia, 47 per cent, say the country is a good place to start a business, according to the HSBC annual global expat survey.
This is the first year since the report began in 2008 that there has been such a strong response to Australia as an entrepreneurial environment.
HSBC Australia head of retail banking and wealth management Graham Heunis said Australia's result was above the global average of 34 per cent, and just behind New Zealand, which 55 per cent of people think is a good place to start a business. Fifty-four per cent of people favour Hong Kong and Singapore.
"I think the drop in the Australian dollar has also certainly helped attract more expats to Australia," he said. "It just makes it cheaper to invest, especially if you are out here working for a big company being paid in US dollars."
Mr Heunis said foreigners felt this way because Australia has a stable political environment, sound legal framework and strong financial, trade and people links to Asia. The report surveyed more than 22,000 expatriates globally and found 55 per cent of Australians say living in Australia enables them to progress their careers compared with 41 per cent of expats.
The findings come just a week after the new Turnbull federal government announced it would look to make Australia the start-up nation, with 25-year-old Wyatt Roy appointed Assistant Minister for Innovation.
The move was praised by the start-up community, which says it has lacked attention from the government in the past.
The report found most people moved to Australia to improve their quality of life. Sixty-one per cent said their work and life balance was better than in their home country.
The report found 68 per cent of expats in Australia report an increase in physical activity for their children, twice the global average of 35 per cent and second to New Zealand.
It was after a working holiday to Australia that Mr McClenaghan decided to stay.
He said the biggest barrier for small business owners in Australia was the amount of regulation.