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Top seven countries to start a business in

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Published 4 months ago

For those with an entrepreneur mindset looking to start a business abroad, there is a lot of research to be done regarding which country provides the best conditions regarding all possible aspects. Expat.com gives you an insight into the best countries for business in 2018, according to Forbes magazine.

UK

Londres, Royaume-Uni
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Despite uncertainties coming along with Brexit, the United Kingdom remains a leading commercial and financial center, being the third European economic powerhouse after Germany and France. Rich in natural resources such as coal, natural gas, and oil, the UK has a diversified economy. The services sector, including banking, business services, and insurance, make a significant contribution to its Gross Domestic Product (GDP) amounting to $ 2.629 billion as of December 2017. The UK also performs well in terms of personal freedom and ranks 4th in technology and 12th in innovation. Corruption is also very low in the UK while unemployment rate is currently at 4.9%. The UK has also committed to reducing corporate tax from 20% to 17% by 2020, which makes it a great place to start a business.

New Zealand

Auckland, Nouvelle-Zelande
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Transitioning from an agrian economy to a free market industry economy in the past few decades, New Zealand primarily depends on a high-tech industrial sector. From 2011 to 2016, growth rate went from to 2% to 3%, even though trade – which is one of its main economic pillars – is particularly vulnerable to declining prices and low demand on a international level. However, the New Zealand government is pursuing its efforts in terms of developing financial markets and export with a special emphasis on innovation. Expanding its free trade agreements, development of infrastructure, and easing its budget austerity are its main priorities. New Zealand also guarantees investor protection and personal freedom. Compared to other countries, coupled with a lower tax burden, procedures relating to setting up a business in New Zealand are quite simple.

Netherlands

Amsterdam, Pays-Bas
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As the European Union's sixth biggest economy, the Netherlands is a major transportation hub. The country has not only excellent industrial relations but also a high trade surplus. Unemployment rate in the Netherlands is also very low compared to many other European countries (5.9%). The Dutch economy is mainly driven by the financial sector followed by industry including food processing, chemicals, electrical machinery, and petroleum refining. By late 2017, the Netherlands' GDP amounted to $ 778 billion thanks to a series of structural reforms. The Netherlands can thus be an ideal country to start a business in given its reputation when it comes to technology, innovation, intellectual property, and personal freedom. Corruption is also relatively low in the Netherlands.

Sweden

Stockholm, Suede
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Sweden is a Nordic country that needs no introduction. Its population's living standards speak for themselves. Even though Sweden is not part of the euro zone, it has an impressive GDP, amounting to $ 551 billion at the end of 2017, at a 3.2% growth rate. The country owes its economic prosperity to its free market capitalism and expanded social benefits. Relying heavily on its natural resources such as iron ore, timber, and electricty, Sweden has a foreign-oriented economy. Setting up a business in Sweden is definitely a good idea thanks to the significant importance it grants to technology and innovation, as well as intellectual property. Corruption rate in Sweden is also relatively very low.

Canada

Toronto, Canada
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Welcoming expatriates in large numbers every year, Canada is also a land of opportunities for foreign entrepreneurs, and investors with a GDP of $ 1.530 billion. If you're looking to set up a business in Canada, you're likely to benefit from a lower tax burden compared to many countries, along with greater trade freedom and more flexible procedures. Canada also gives a significant importance to investor protection and intellectual property. The Canadian economy is quite similar to the American one, with technology and innovation playing a crucial role while it is highly dependent on the manufacturing, mining, and services sectors. Having many resources such as natural gas, oil, and uranium, Canada is the biggest energy supplier to the USA. Canada also has a very developed banking sector thanks to its long financial tradition of conservative loans and capitalisation.

Hong Kong

Hong Kong
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Hong Kong is another top country for doing business with its free market economy that relies heavily on trade and finance. It's worth noting that the value of trade in goods and services is nearly four times as much as Hong Kong's GDP of $ 321 billion in 2017. Hong Kong also stands out as a leading stock market for Chinese companies wishing to get listed overseas. While its manufacturing sector has shifted to mainland China, the services sector has experienced significant growth during the past decade. For those looking to set up their business overseas, Hong Kong provides not only trade freedom but also a lower tax burden, more flexible procedures, and greater investor protection. Moreover, unemployment rate stands at 2.7% as at late 2017.

Denmark

Copenhague, Danemark
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Denmark can almost be described as a corruption-free country, which makes it a top destination for setting up your business. Technology and innovation definitely have a key role in shaping up the Danish modern market economy. While Denmark highly depends on international trade, the high-tech agricultural sector, followed by a leading pharmaceutical industry, shipping, and the development of renewable energy are also quite remarkable. As a member of the UE, Denmark has a GDP of $ 307 billion at a 1.7% growth rate. Needless to say that Danes enjoy amazing high standards of living thanks to social protection measures and a fair distribution of income. Entrepreneurs are likely to enjoy more personal freedom, but also a lower tax burden even though procedures relating to setting up a business in Denmark can be quite complex.