Best countries to start a business post-pandemic
While economies across the world are striving to recover from the effects of the ongoing pandemic, here are some of the best countries to start a business in the aftermath, selected with a focus on flexibility and efficiency of getting started and other benefits to entrepreneurs.
New Zealand
New Zealand is widely recognized for successfully curtailing the COVID-19 virus thus far. The country ranked first in the World Bank's Ease of Doing Business rankings in 2020 and secured the top spot together with Denmark in the Transparency International's Corruption Perceptions Index in 2020. Key highlights of doing business in New Zealand include the ease of incorporating a business in less than a day, economic stability, government support, and opportunities.
For qualifying entrepreneurs, New Zealand offers an Entrepreneur Work Visa that allows you to buy or establish a business, with a path to residency.
Estonia
Estonia's famous e-Residency program enables entrepreneurs to set up businesses from overseas, and Invest in Estonia says you can establish a company in just three hours. This is a great choice for present-day digital entrepreneurs. Key benefits of starting a business in Estonia include zero-corporate income tax on undistributed profits and easy access to public and other services.
The country also offers a start-up visa for entrepreneurs from outside the European Union, as well as a digital nomad visa.
Panama
Panama is popular for its zero taxes on overseas income. The ease of setting up a business and the growing start-up community also support establishing a business in Panama. The country notably has several visa programs, including a Business Investor Visa, that allow expats to start a business and live in Panama.
Singapore
Singapore is another popular destination to set up businesses, ranking second in the World Bank's Ease of Doing Business Ranks in 2020. The country also has recorded less than 40 deaths from the COVID-19 virus at the time of writing. In addition to setting up a business easily, you will usually pay no tax on capital gains and certain dividend and interest income. Singapore is safe, stable, and offers good access to other countries in the region.
Poland
Six Polish cities made it to the Business-Friendly City Perception Index in 2021 by Emerging Europe, with Łódź taking the top spot. Benefits of starting a business in Poland include the low cost, its central location, and the recent changes that tax profits of small businesses with a turnover below PLN 100 million only when distributed.
While the best country to start a business will also depend on individual plans and the type of business, several other countries rank high as good places to do business. For example, Hong Kong, Denmark, and South Korea ranked third, fourth, and fifth, respectively, in the World Bank's Ease of Doing Business rankings in 2020.
Business ideas for the post-pandemic era
While the COVID-19 pandemic negatively affected many businesses worldwide, some that cater to the changing needs and ways of life continue to prosper. If you are an expat entrepreneur brainstorming business ideas for the future, here are a few to consider.
Delivery business
The stay-in rules made many consumers use delivery services, as visible in the recent success of platforms such as Uber Eats.
You can partner with other organizations to deliver their products or deliver your own. While food and groceries are popular delivery items, you can select from a range of products, including gift items, plants, household goods, laundry, and personal goods, among others. Consider choosing a niche such as baked items or fruits, for example, instead of food in general.
Online education
People are increasingly turning online to learn new skills. Essentially, you can teach almost any skill that you have developed, such as art, languages, dancing, gardening, household skills, and technical skills. Teaching can be done in a variety of ways, including virtual lessons, workshops, and ready-made courses that can generate passive income.
Online store
The pandemic drove more people to shop online, as evident by the success of Amazon. You can start a website or create a store on an existing e-commerce platform such as Amazon or Shopify. In the alternative, you can simply sell through social media, via an Instagram business account, for example.
Sanitation and cleaning services
Sanitation and cleaning have increased in popularity as individuals and organizations attempt to eliminate COVID-19 infections. You can provide cleaning services to households, shops, private buildings, restaurants, and other establishments.
You can also start a business to supply sanitation products or protective wear such as masks.
While there are several business ideas to consider in the new post-pandemic world, expats should ensure their businesses are flexible. Businesses that can adapt and evolve with the changing environments will survive tough times such as a pandemic – which we hope won't return!
