Starting a business anywhere takes lots of research and preparation, tons of determination, a bright and marketable idea, and… the right location!
Choosing the right destination for starting your new business is a strategic decision of crucial importance.
When deciding upon the country where you want to launch your business, it’s important to consider some key factors, such as the ease of doing business, the availability of skilled and educated workforce, the availability of funding, the state of the economy and its level of digitalization, the legal system and the political stability in the country, the quality and standard of life there, the opportunities for getting support from the government and the community, the possibilities for networking, and the potential for development of your business, to name a few.
Nowadays we live in an increasingly globalised and connected world, where opportunities exist everywhere and there are countless places, where you can potentially launch your business – the times when your only options were your own home country and town are loooong gone! Some of these places are less conventional and might not be your first thought when considering a destination to launch your business.
But the bottom line is that you’ve got a lot more choices open for you than you actually think! So today we will navigate you through our TOP 3 (not necessarily conventional) destinations, which might make it just a little bit easier for you to get off the ground when starting a business.
N.B. Don't forget that the exact specifics of launching a business in a given country depend on the town, city, state or province you choose to create your entity in. So please, do your research carefully before deciding to start your new organization overseas!
For years in a row, Singapore has been considered one of the best places to do business in the world and has been named one of the most competitive Asian countries for starting a business. Singapore’s strong economic performance, as well as its trade and investment opportunities attract leaders and entrepreneurs from all around the world. It is also well known for the many international brands that choose to locate their headquarters there.
According to the World Bank, starting a business in Singapore takes around three days and the country is among the top countries in the world in terms of regulatory performance. In addition to that, Singapore is considered to be a developed economy with a high-income, well-educated society.The country is often praised for its attention to minority investors, its well-developed urban and transport infrastructure, its high level of hospitality, as well as the English skills of Singaporeans.
The bottom line: Singapore is a business-friendly country of many opportunities, which can offer you a competitive and well-developed business ecosystem.
2. New Zealand
New Zealand is also considered to be on of the best countries to start a business. According to the World Bank, it's the world's top economy in terms of ease of doing business. Incorporating a business in New Zealand takes only a day, and registering a property usually takes two.The workforce is known to be well-educated and skilled and the labor costs are pretty low. In terms of taxes, there are no payroll, social security or capital gains taxes.
New Zealand has set up several business structures. One of the structures allows entrepreneurs to apply to operate a business individually or, depending on the industry, become a part of a partnership and share the operational costs with a number of partners. Another structure sets up limited liability companies that are their own legal entity, separate from shareholders. Furthermore, there are publicly listed companies on the New Zealand Stock Exchange (NZSX).
The bottom line: Before deciding to start a business, it's important to learn more about the economy and the market trends in the country you want to launch in. So before preparing to start a business in New Zealand, don't forget to check up whether your business niche is suitable for the country's economy or not.
3. The UK
Although Brexit has created some fuss and uncertainty about the future of the EU-UK trade relations, many entrepreneurs still consider it a nice place to start a business mainly due to the low barriers to entry, the availability of an educated talent pool, and the business-friendly environment.
The United Kingdom ranks seventh in the World Bank’s ease of doing business index. Incorporating a company in the U.K. is easy and affordable: it can be done in a few hours and will cost less than £20. In addition to that, the British government offers various tax benefits for investors, founders and employees, as the tax authorities understand that new companies generally don’t tend to generate enough profits in the early stages of their development.
Getting financing for start-ups is also generally easier in the UK, and in 2017 it became the top European country in terms of amount of venture capital attracted - with more than £4 billion in investment. Last but not least, it’s easy to network and hire the right employees or freelancers.
The bottom line: The UK can offer you lots of opportunities for starting your business. Keep in mind that apart from London, some of the best places to start a business in the U.K. include Derby, Stoke, Belfast, Stirling and Durham.