The 10 Best Countries to Start A New Business
Starting a company in itself is no easy task. That being said, opportunities exist everywhere. Depending on the goals of your company, its target audience, taxation laws, and other important factors, launching in various areas across the globe may offer significant advantages. Let’s look at the ten best countries for initiating your endeavor.
1. United States
With a diverse and skilled workforce along with a wide array of investment firms, banks, and investors for funding, the United States can be a dream for individuals looking to start a company. At the center of the action is New York, followed by other up and coming cities such as Miami, Minneapolis, and Seattle. There are 38 million home-based businesses in the U.S. based on incfile.com statistical reports.
When looking at start-ups from an international standpoint, Singapore ranks as one of the top places in the world. Being one of the wealthiest nations according to Fortune and imposing no capital gains taxes, this country might be one of your best options. Additionally, Singapore has political stability that other parts of the globe may lack.
3. New Zealand
From a timeline perspective, New Zealand ranks high in its ability to incorporate businesses in as little as a day. According to the 2016 World Bank survey posted by the New Zealand Immigration, it is the easiest country in the world to do business in. Labor costs are significantly cheaper and there are no payroll, social security, or capital gains taxes. While it may be a small country, researching market information can help determine whether your niche is suitable.
Boasting with a highly skilled labor force, especially in technology, finance, and design, Norway is a great option for those interested in economic stability and well-developed government communication. Although you can quickly register for properties and tax laws are straight-forward, labor regulations are rigid. The Statistics Portal reports that the population will increase by an additional 300,000 people come 2020.
5. United Kingdom
Looking at Europe as a whole, the U.K. is one of the easiest places to set up a company in. For example, incorporation can be completed within an hour for under $20. There are also a number of tax benefits from both investors and founders. According to the Financial Times, approximately 660,000 companies were established in 2016 and the figure continues to rise.
Similar to Norway, Sweden is a comprehensive welfare state and operates under free-market capitalism. This may not appear as favorable as other countries, but it boasts in government transparency as well as low crime rates. The Organization for Economic Cooperation and Development reports that there are 20 star-up businesses per 1,000 employees, compared to just five in the United States.
With its capital serving as both an industrial and financial hub, Denmark dominates the list of global start-up locations. There are very low levels of corruption and a highly skilled workforce. The gross domestic product is average, coming in just under $46,000. Businesses are able to be established quickly with minimal costs and has a corporate tax rate of 24.5 percent based on the U.S. News Best Countries Report.
Although small in nature, this country in western Europe has one of the most competitive tax incentives in the world in addition to its developed economy. There are significant tax benefits for individuals who move there from other countries.
Expatica states that company tax bases fall at 30.36 percent, composed of 22 percent income tax, a five percent unemployment fund, and a 7.5 percent municipal trade tax.
If your concern for corruption is low but you are highly motivated by tax incentives, Panama may be your choice! Connecting Costa Rica and South America, it is one of the leading international nations in Central America for starting a company. It ranks as number 39 on the 2018 Doing Business list for starting a business.
Starting a company in Indonesia takes longer than many other countries on this list, but it is a haven to boost entrepreneurs. The International finance Corporation works in conjunction with the government to educate start-ups and promote local companies. The estimated ecommerce value in 2015 was 18 billion, which is predicted to increase to 130 billion within the next two years based on techinasia.com.