Are you considering starting a business abroad, but are not sure which country to choose? It is therefore not easy. Don’t worry, we have listed the 5 best countries to start a business.
To put together this list, we relied on Easy to make business list, published every year by the World Bank. In this report, countries are assessed according to how easy it is to do business there. The World Bank uses different criteria to evaluate countries. One of these criteria is to start a business.
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New Zealand
Last year, New Zealand was at the top of this report. For example, the country generally scored best and took first place to start a business and obtain credit.
Looking at the economic parameters, New Zealand is doing well again. This country’s gross domestic product was $ 203 billion. In 2019, while unemployment was 3.9%. The expected inflation for 2020 is 1.2%.
In addition, New Zealand is taking some interesting measures for entrepreneurs. For example, setting up a business only takes one day and you can register a property within two days. In addition, the country has a skilled workforce that is not too expensive. There are also no capital gains and payroll and social security contributions.
Georgia
This European country was also assessed on the basis of 10 different criteria. It took second place for start-ups and seventh place overall. Georgia is also doing well when it comes to registering a property and protecting minority investors.
Georgia’s gross domestic product was $ 15.9 billion in 2019, while unemployment was 11.57%. The expected inflation for 2020 is 4.6%.
Georgia is known for its lenient corporate laws, progressive tax policies and government-sponsored stimulus packages. This has caused many foreign investors to move to this country. In addition, Georgia is located on the border between Europe and Asia, making it easy to trade across borders.
Canada
This North American country took third place for business start-up. In terms of economic data, Canada is doing very well: GDP was $ 1.741 trillion in 2019. This is the tenth largest gross domestic product in the world. The expected inflation for 2020 is 0.6%, while the unemployment rate was 13.7% in May 2020.
Canada has a high standard of living and has made impressive progress in production, service and mining. Thanks to these advances, this country no longer has a rural but an urban and industrialized economy. In addition, Canada has the third largest oil and natural gas sector in the world after Venezuela and Saudi Arabia.
Canada also enjoys balanced bilateral trade with the United States. This can be attractive to investors who want to enter the US market through Canada. The country has a very stable political climate, good health care and a skilled workforce. These benefits make Canada a lucrative destination for those looking to start a business in the industrial or service industry.
Singapore
This Asian country is doing well on the list of light companies: overall, they took second place. When it comes to starting a business, they rank fourth. They also achieved high scores for the following criteria: enforcement of contracts, protection of minority investors and management of building permits.
Singapore’s GDP was $ 362.82 billion. In 2019. Inflation for 2020 is estimated at 0.2%, while the expected unemployment rate is 2.5%. In addition to these good economic numbers, this country is also politically stable and one of the richest countries in the world. This means that the population has a very disposable income.
In addition, Singapore has a strong workforce and no taxes on dividends and capital gains are levied. The country also has many trade agreements and offers affordable airfare to neighboring countries. This means that many new markets can be exploited. You can also start and register your business easily and quickly via the internet.
Hong Kong
Hong Kong is in fifth place to start a business. This administrative region also scores well overall: Hong Kong took third place. The World Bank gave them good marks for: handling building permits, connecting electricity and pays taxes.
Hong Kong’s GDP was $ 372.99 billion in 2019. Expected inflation for 2020 is 2.2%, while unemployment is estimated at 4.5%. Hong Kong’s economy has grown steadily in recent decades, which is a sign of a practical and economically sound corporate policy. As a free market economy, Hong Kong is heavily dependent on international trade and finance. In addition, the region has a highly qualified workforce and good transport and communication infrastructure. In addition, Hong Kong has developed as the market for Chinese companies wishing to trade with foreign companies.
Yet this region has some drawbacks: almost everything has to be imported, from food to raw materials. But every disadvantage has its advantage: Hong Kong does not impose tariffs on imported goods except hydrocarbon oil, hard alcohol, methyl alcohol and tobacco.