Starting a new business away from your domicile is not a cup of tea and sometimes choosing a country that suits best your business activities may be one of the hardest choices you have to make. Even though it is not always easy to setup a business in a new country, but the only important thing is how you can decide the country to establish your business. If you want your business to grow, or you want your existing business to expand, there may be a time when a question arises in your mind What if I start my business abroad? Will it be a success? Well, we have covered the top easiest countries to start a business in the world.
Before we dive deep into the topic, let us first discuss the key points that you should consider while choosing a country to setup a business.
- Culture: One of the most important things that you need to consider the culture and language. It is hard to survive in a foreign market if you are not familiar with the culture of that region. Also, you cannot expect your business to grow in a culture that differs from the gist of your business. It’s not that you can change the culture of a particular place by your behavior or wealth, you need to adapt to the environmental changes.
- Legal provisions: You need to take into consideration the various law imposed by the foreign government to protect the local nationals. It is advisable to consult a legal professional who can lead you in the right direction to help you comply with all the legal formalities.
- Market research: it is highly risky to start a business in a foreign country without proper market research. If you are planning to take your business abroad, you have to prepare a brief market research study in different countries and choose the location suitable to your business industry.
- Political Factors: You need to consider the political factors and conditions of different countries. Choosing a country with stability in policies and regulations guarantees you firmness in your long-term plans.
Now that you know the steps you should consider while taking your business abroad, let’s look at the easiest countries in the world to start a business as per the economists from the World Bank
Top 20 easiest countries in the world to start a business
- New Zealand
- Hong Kong
- South Korea
- North Macedonia
Let us learn more about the top countries:
- New Zealand
New Zealand tops our list. You must be wondering what makes New Zealand the best country for starting a business. Well, the question is what doesn’t. The quality of life in New Zealand is great, which makes starting a business in this country a lot easier. The rules and regulations are also stable which provides good protection for your business. The environment in NZ is innovative. It only takes a day and a half to build up a business in New Zealand. So, if this island country matches your preferences, then I don’t think there is any other option you should even consider.
Singapore has emerged as one of the fastest emerging hubs for business and growth in Southeast Asia. This city-state is best suitable for you if your business planning to invest in the technology sector. Therefore, the transport system as well as the policies on this island, make the country a better place to start your business.
- Hong Kong
Hong Kong is among the best business cities in the world where you will not face any issues regarding the day-to-day activities of your business due to its business easiness. This administrative region of China offers many business advantages including a proper legal structure and a low tax system. It’s not even compulsory to be familiar with the native language because most of the residents can communicate in English.
- United Kingdom
One of the main reasons to consider starting your business in the UK is because of its consistent economic growth. The economic condition of the country always remains stable, and this provides a sense of securities to the foreign business owners. The lifestyle and culture in the UK demand an innovative approach and if you have one, there is nothing that could stop your business from flourishing in this country.
Another country to consider for your tech-related business could be Denmark. This Scandinavian country has its advantages like being innovative and its economy is growing faster with clear goals and opportunities. The good environment of inhabited people will make you think about adopting a new lifestyle. The economic condition in Denmark is also stable with proper rules and regulatory policies.
One of the countries that provide a work-life balance with an opportunity for growth and prosper is the Netherlands. The procedure to start a business in the Netherlands is also very easy. People here are innovative and supportive. The country has so many business opportunities to offer once you register your business with the local chamber of commerce, all your house expenses and living cost will be taken care of for up to a year. Isn’t that great?
Another country you can consider for starting your business in the Middle East is the United Arab Emirates. We all are aware that the city of Dubai has become a trade hub for business and entrepreneurial activities. The procedures to start up a business are also very easy in the UAE. After acquiring a visa, all you need is a local bank account that will take care of all your transactions. If you are thinking of doing business in a trade hub particularly to start a business in Dubai, the UAE is the right choice.
There is no issue in starting a business legally in a foreign country if you have all the required documents, visa, and a proper business plan. Even though the easiest countries to start a business have similar advantages but it is advisable to open a local bank account in the country you are planning to establish your business. It will make all your business transactions easier and will help you in dealing with the local currency.