People do business all over the world, but not everywhere is easy: Some countries make life difficult for entrepreneurs, while others, on the contrary, are very accommodating. According to the World Bank Group’s annual Doing Business rankings, small businesses are easiest to do business in the following 20 countries.
While the tax rates for businesses in the U.S. are relatively high, this is offset by the low functional costs. The U.S. entrepreneur does not spend the most money (based on global rates) on office rent, logistics, or manufacturing. Nevertheless, the U.S. lags behind some developed countries in terms of the attractiveness of the business environment, and every year this gap grows wider. By the way, experts recommend Hawaii as a place to start a business, according to them, it is a very good place.
Doing business is also facilitated by a well-developed infrastructure. In the United States, for example, the mail is the real engine of the economy. Documents, checks, goods, and securities are sent by regular mail. Everything works very quickly and with almost no problems. In practice, bank checks, which are still common in America and at first seem to be a thing of the distant past, are also quite handy.
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The small country, famous all over the world for its beautiful views shown in many movies, is ideal not only for filming movies. The authorities give entrepreneurs a truly fantastic freedom. It is easier to get a building permit, register a property purchase or get a loan to develop an innovative business than anywhere else in the world. Transparent and clear system of taxation, as well as the absence of control over the movement of currency also attract investors and potential entrepreneurs.
Businessmen who have decided to start a business in the sphere of:
- IT technology;
- High-tech production;
- Scientific development;
The country’s leadership is constantly developing programs to support entrepreneurship and is happy to welcome foreigners who want to start a business.
You can open a company from scratch in the ever-growing Singapore in just 24 hours: apply in the morning. From there you can act as an entrepreneur. The only thing that does not suit foreign entrepreneurs – the need to register a large business with the obligatory involvement of an intermediary from among the local citizens and firms.
However, the pluses of this country for business and entrepreneurship allow you to forget about the minor minuses:
- A simple taxation system. Some of the usual for the Russians state fees are completely absent here, others – incommensurably small, for example, VAT is only 3%;
- Stability of the Singapore dollar. The exchange rate fluctuates slightly. In contrast to the dollar and euro, constantly experiencing ups and downs;
- Minimum risk of bankruptcy. The government creates a so-called “safety cushion” for entrepreneurs, which helps avoid bankruptcy.
Entrepreneurs opening companies in the sphere of information technologies, tourism or services are in particular demand in the country.
Stable Denmark invariably finds itself at the top of any business ranking list. Peaceful political situation, constant inflow of tourists, favorable location of the state ensures constant development of entrepreneurship, including foreign.
The state has developed a system of subsidies and loans for businesses. The authorities constantly develop programs to support entrepreneurs, and banks are ready to lend quite a large sum, especially if a guarantor can be found among the locals.
In recent decades, unlike its neighbor to the north, South Korea has made an enormous evolutionary leap into the ranks of economically developed countries. Migrant workers and entrepreneurs flock here from all over the world, attracted by the country’s stability and sustainability.
The authorities are interested in attracting entrepreneurs from neighboring countries, injecting capital into the country’s economy. Businessmen can count on tax incentives and state support, which is most often expressed in monetary grants. However, it is difficult to buy real estate or apply for a bank loan here: Among the countries of the world, South Korea scored only 39 and 44 points, respectively, on these indicators.
The powerful economy of China and, in particular, one of its developed business centers, Hong Kong, is extremely attractive to businessmen. The banking system here is almost monolithically stable, there is no corruption, and international trade is at a high level.
China ranks in the top ten in most indicators taken into account when assessing the country’s potential for business. The only thing that stands out from the prosperity is the complicated real estate registration procedure. However, local entrepreneurs suffer from the same problem, being in the same conditions as their foreign counterparts.
The UK is keen to cooperate with potential entrepreneurs from neighboring countries. Proof of this fact is the conclusion of a double taxation agreement, which has been endorsed by more than 100 countries around the world. Russia is among them. The reason for such loyalty is that a significant part of the income flowing into the budget comes from entrepreneurs.
There are no difficulties in paying taxes. The only obstacle in the way of businessmen may be the complicated system of registering immovable property.
Entrepreneurs considering these or other countries for business should carefully study the situation in the chosen country. It is also worth remembering that a visa or residence permit is most often required in order to formalize a business, as doing business, especially in its formative stage, will require spending a lot of time abroad.
Opening a business abroad is a qualitatively new stage of development for any entrepreneur or firm director. You need to test your existing business for survival in another country, and if you are starting a project from scratch, think through a few ideas, then choose the country where you are going to implement them.