So you’ve got a great idea to start a new business and you want to make sure you’ve pulled out all the stops to your soon-to-be success. Your product or service is innovative and thorough; your marketing strategy is well-thought out based on current market research; your price is affordable enough for the customer, yet profitable enough for you. On top of it all, you’ve found the right partners and/or staff that are going to help you pull it all together. What could possibly go wrong? Seems like you’ve ticked all the boxes, doesn’t it?
Unfortunately, the outcome of a business is rarely simple or predictable, and is always prone to outer circumstances. In some cases, external factors can hamper even the greatest entrepreneurial ideas and efforts. On one hand, national policies on entrepreneurship and current economic tidings of some countries can be extremely friendly and encouraging towards business owners. On the other hand, the legislation and regulatory procedures of some other countries can grind your company to a halt in no time.
You don’t want your new business to be a victim of its negative surroundings. Instead, make the most out of the proverbial global village, and launch your new business where it has the best chances to thrive. Based mostly on World Bank’s report for 2015 and other sources, here are some of the most business-friendly countries in the world:
Singapore’s first place spot on the list should hardly be a surprise: one of the four Asian Tigers, along with Hong Kong, South Korea, and Taiwan, it is a place of booming economy where efficiency meets quality. Well-known for its free market economy, very low unemployment rate, high work ethic, basically zero corruption and its reliance on export, Singapore remains an entrepreneur’s heaven.
Starting a business in Thailand is quick (it takes approximately 28 days) and fairly cheap. According to the World Bank report, Thailand made dealings with construction permits less time-consuming thanks to a fast-track approval process for smaller buildings. However, keep in mind that foreign-owned businesses in Thailand are subject to Foreign Business Act, which limits the types of industries you can venture into.
Not only is Denmark’s market economy thriving, but it is also supported by the fiscal policy and finances of their government. As of last year, the paid-in minimum capital requirement for starting a business has been reduced. Denmark, like its neighbour Sweden, is a member of the EU, which means the Danish legislation is the rest of the political body.
4. New Zealand
The range of flourishing industries in New Zealand is impressive, including tourism, mining, food processing, and more. Canada and New Zealand have the smallest number of procedures required, and what’s even better, New Zealand requires the shortest amount of time to fulfill them (half a day). In addition, New Zealand uses municipal planning and zoning in order to simplify the process of getting a construction permit.
With its booming economy and improved regulatory network for credit reporting, Ireland has become an even friendlier place to run and conduct a business. The essential factor, however, in Ireland’s popularity with foreign companies and startups lies in its low corporation tax of 12.5%, which has proven to be key in attracting business investments.
There is no minimum capital requirement to start a business in China. What’s more, the paying of taxes has become significantly easier thanks to a newly-introduced electronic payment system. Every five years, Chinese authorities publish a five-year plan to provide guidelines on economic goals and priorities for business owners. Currently the focus is set on scientific and tech innovations.
The financial hub of all Europe and one of the greatest in the world, the UK has recently reinforced the entrepreneurial climate by reducing the corporate income tax rate. Starting a business has also become much quicker via a sped-up tax registration process.
With one of the highest GDP per capita, the US remains one of the most welcoming countries for entrepreneurs and business owners. A major brownie point goes to the US for the relative ease of the venture capital funding and an overall favourable start-up climate.
Starting a business in Malaysia is fairly easy and can be all done online – what is needed is about four days and 6.7% of the country’s average income for capita. Combined with relatively cheap property prices, stable growth and a resilient economy, it is no wonder Malaysia is one of the go-to global spots for investors.
Not only is registering a business in Canada quick (up to two business days) and inexpensive but the economy is also generally stable and the standard of living is one of the highest in the world. Canada (along with New Zealand) has the smallest number of procedures required to start a business.