10 Best Countries To Start A Business
Posted on October 8, 2013 by Lola Rotimi-Sosanya
10 Best Countries To Start A Business
The recent report of The World Bank and the 2013 issue of Entrepreneurship Barometer by management consulting firm Ernst & Young reveal a new rating for the world’s most business welcoming countries. These are countries with the mildest economical climate for foreign investors looking to start a business.
The overall research included 185 economies worldwide. Among criteria that influence a country’s rating were the initial investments required to start a business in the country, the procedures required to start a limited liability, the level of bureaucracy, as well as the overall time it takes to setup a company. The best starting point was 0% of initial investments required per capita.
#1 New Zealand
New Zealand leads the ranking, providing the unprecedented simplicity to foreign and domestic entrepreneurship. It only takes one official procedure, and one day to start a business, a perfect number. All a startup has to do is apply online and register. According to the World Bank’s report, the procedure costs 163.55 New Zealand dollars ($129) only. There is no minimum requirement as for a minimum capital.
New Zealand is on the top position of the World Bank’s rating for the second consecutive year, welcoming both domestic and foreign investors and young entrepreneurs. It is easy to go through immigration procedures when starting a business in New Zealand – buying a franchise or investing in a new venture.
Starting a business in Australia costs 426 Australian dollars ($390). Being a business-friendly country, Australia made it a small to large business haven for foreign investors. State and regional authorities welcome the entrepreneurs with mild and easy procedures. Multiple sponsorship opportunities are also available through governmental programs. Quality business migrants get advantages in immigration procedures, too.
One online application and five days registration procedure will get a new business up and running in Canada. Ernst & Young, the management consulting firm, ranked Canada among the top five countries with the most nourishing climate for entrepreneurs. It is one of the best places in the world to start a business. Canada fosters the entrepreneurial culture making it easier on businesses in taxes, governmental financial support and funding.
Besides its natural and cultural beauties, Singapore also attracts hundreds of foreign investors who look to start a business without a hassle. A foreign investor has to make a company seal, an ink stamp and request a registration. Being an important geostrategic place in Southeastern Asia, Singapore boasts of a buzzing international trade. The World Bank’s report ranks Singapore as one of the best cities in the world to start a business.
Flexible immigration laws and minimum bureaucracy create a unique blend of business opportunities and entrepreneur-friendly policies. According to report, it only takes 3 days to start a business in Singapore, with all official requests and registrations.
Macedonia has been steadily simplifying the procedure for foreign and domestic entrepreneurs to establish a venture. Now, Macedonia offers a significantly lower capital requirement, less application procedures and time required to complete them as compared to several years ago.
Macedonia has duty-free access to millions of international customers via such international trade agreements as SAA (Stabilization and Association Agreement), EFTA, CEFTA, Free Trade Agreement, and the World Trade Organization. The country offers low taxes and rates, perfect geostrategic location, easy company registration that takes 4 hours only. Besides, Eastern European countries and Macedonia boast of a young and educated workforce charging less than their US counterparts.
#6 Hong Kong
Starting a business in Hong Kong is easier than it might seem. Startups are often short of funds, and Hong Kong makes it easy. The average cost of starting a business in Hong Kong is about $600. An entrepreneur is required to create a rubber stamp and sign up an insurance policy, as well as pay to the pension fund. Many businessmen choose Hong Kong instead of traditional offshore destinations.
Hong Kong corporate tax rate is 0% for all transactions that take place outside Hong Kong. Besides, its banking system is based on safety, security and simplicity for businesses. An entrepreneur is required to have a personal account in the local bank, which only takes 20 minutes. Last, but not least, Hong Kong is a reputable and recognized worldwide brand in the business world.
Two days and the registration and bank account are up for a new business in Georgia, Eastern Europe. Despite the complicated internal situation with Abhazia, and tense relations with the influential neighbor Russia, Georgia has Western backup and opens its doors to international investors.
Rwanda came as a surprise on the World Bank’s report. Entrepreneurs may want to take into account the overall challenges they may face when doing business in Rwanda, but starting a business is easy. The requirements include free online registration and a certificate which is three days after registration.
Belarus was another surprise on the report, but taking into account five days registration and 0% in a minimum capital requirement. Another interesting fact about Belarus is that it has the lowest outward immigration rate among the other post-Soviet countries.
Four procedures and 13 days will get a new entrepreneur set and ready to start his business in Ireland. Again, the minimum required capital is 0%. Being a European country with a high rate of economic growth within the past 30 years, Ireland welcomes foreign investors to start a business in an entrepreneur- and tax-friendly envir