Are you thinking about starting a business overseas? Or, maybe you're thinking about starting one in your own country, but not sure if it's the right place to do it? There are a lot of factors that play into the success of a business, and one of them is location.
And no, we aren't just talking about choosing the right neighborhood to start your business. The country in which you start your business can also make a huge difference.
So, what countries are the best? Read on to learn about the best countries to start a business in for 2019.
This tiny Asian country has some pretty huge advantages for those looking to start a business. According to the World Bank, starting a business in Singapore takes around 3 days.
Singapore is a high-income society, and as a minority investor, you will be treated quite well here. Its GDP is at a healthy 2%, and its unemployment rate is low too, also at 2%.
Plus, Singapore's also an extremely healthy environment to start a business in. In Singapore you will find:
- Political stability
- High levels of English, spoken and written
- Incredible infrastructure, hospitality, and transportation
- A strong labor force
- No dividends or capital gains taxes
Also, Singapore is the best place in the world to find yourself in a commercial dispute. It takes about 150 days to settle a commercial dispute here, less time than in any other country.
Another big advantage is that you will receive affordable airfares to neighboring countries. As a business owner, you will have affordable access to Thailand, Malaysia, the Philippines, and Indonesia.
If you're thinking about establishing a technology-related company, Norway is definitely one of the best places in the world to do it.
Norway is a highly technologically advanced society, and the individuals usually have a good disposable income. Put these two things together, and what you have is the opportunity to create a booming technology business.
Plus, Norway is politically stable, has a well-developed infrastructure, and the startup procedure in Norway usually only takes around 4 days.
And, perhaps one of the biggest benefits of starting a business in Norway is their high level of transparency and minimal levels of corruption. Sometimes, it can be very difficult opening a business overseas due to high levels of corruption and shady business practices. In Norway, you don't have to worry about these things.
You've probably noticed that Denmark tops a lot of "Best Countries" lists, and it's no wonder why. Even though it's population is smaller than that of London's, Denmark still has a very strong market economy.
The fee for starting a business in Denmark is peanuts- usually a little under $100. Just like Norway, you will also find high levels of transparency and low levels of corruption in Denmark, making the process of setting up a business very straightforward.
Plus, Denmark has one of the world's lowest levels of income inequality, which means you will also find a lot of people with disposable income here. And, Denmark has documentary compliance on imports and exports and a free border, which makes trading across it incredibly easy.
In New Zealand, there is an online procedure to start your business that only takes a few hours of your time. Since emerging from its recession in 2009, New Zealand has experienced a 3 to 4 percent growth rate ever since, making it a very lucrative place to start a business.
The cost of labor in New Zealand is low. Plus, there are no social security, payroll, or capital gains taxes in this country. New Zealand also treats its minority investors very well, and you will also find low levels of corruption here.
Plus, if you are looking to learn more information about the industry which you are investing in, you can check out Stats New Zealand. This is a governmental website that contains a wealth of information about the population's spending habits as well as how businesses in your niche are holding up.
Due to its high crime rates, Mexico is often overlooked by investors as a good place to start a business. However, even though there are some negatives to starting a business in Mexico, there are also many positives.
Extensive business reforms have taken place over the last several years, which means its a much friendlier environment to start a business than it was 10 years ago.
It is now easier than ever to register a business in Mexico, with the average time being 8 days. There is also a skilled and eager labor force in Mexico that is incredibly affordable when compared to other countries. And, Mexico now has free-trade agreements with 46 different countries. If you can find a way to protect your business from theft and robbery, Mexico is a great place to start a business.
In Thailand, it costs less than 6.6 percent of the average income per capita to start a business. If you are coming from a wealthier country overseas, this is hardly anything.
Businesses that are not majority Thai-owned, however, can face some troubles here, as they are subject to the Foreign Business Act. But, if you are partnering with a Thai citizen, the process of starting a business here is quite advantageous.
Thailand has one of the world's best tourism industries, and it only keeps growing. The labor force is extremely affordable and readily available. And, the bureaucratic procedures of starting a business here are pretty straightforward.
Even though the US has been through some turbulent times over the past few years, it is still one of the best places in the world to start a business. It still has relatively steep tax rates, however, it makes up for it by also having some of the lowest costs to operate a business.
Plus, the US still has the largest consumer market on earth, with a GDP of $20 trillion. And, household spending is higher here than any other place in the world, meaning there's never a shortage of people willing to try new products and services.
The US also has a wealth of natural resources, and it has free trade agreements with 20 countries.
Best Countries to Start a Business: Have You Picked Yours?
As you can see, there are a lot of great places around the world to start a business. The best countries to start a business will depend on the nature of your new business. If you think starting a business in the United States is your answer, then you've come to the right place. We've got a lot of resources for starting a business, such as a paystub generator and a W2 form creator, try them out now!
If you're working for an International company, you would want to know how to get your taxes done in that regards.