Every year, the World Bank collects static data on states and on their basis draws up a special rating – Doing Business, which in translation means “to conduct business”. The top lines are those states that have high marks for established criteria, such as a clear tax system or ease of incorporation. So, where is better to open a business in 2018?
New Zealand Freedom
A small country, famous around the world for its beautiful views, which are shown in many films, is perfect not only for making films. The authorities provide truly fantastic freedom to entrepreneurs. It is easier to apply for permission to build buildings, register acquired property or receive a loan for the development of an innovative business than in any other corner of the world. Attracting investors and potential entrepreneurs is also a transparent and clear tax system, as well as the lack of control over the movement of currency.
Special incentives from the government can be claimed by businessmen who decide to start a business in the field of:
• IT-technologies;
• High-tech production;
• Scientific developments;
• Biotechnology.
The country’s leadership is constantly developing entrepreneurship support programs and is pleased to host foreigners seeking to open a business.
Singapore Innovation
You can open a business from scratch in constantly developing Singapore in just a day: by submitting a statement in the morning. The following can already be seen as an entrepreneur. The only thing that causes dissatisfaction of foreign entrepreneurs is the need to register a large business with the obligatory involvement of an intermediary from among local citizens and firms.
However, the advantages of this country for business and entrepreneurship allow us to forget about a minor minus:
• Simple tax system. Some of the usual state fees for Russians are completely absent here, others are disproportionately small, for example, VAT is only 3%;
• Stability of the Singapore dollar. The exchange rate fluctuates slightly. Unlike the dollar and the euro, constantly experiencing ups and downs;
• Minimum risk of bankruptcy. The state creates the so-called “airbag” for entrepreneurs, helping to avoid ruin.
Particularly in demand in the country are entrepreneurs opening companies in the field of information technology, tourism or in the service sector.
The permanence of Denmark
Stable Denmark has always been at the top of any list of business ratings. The peaceful political situation, the constant influx of tourists, the favorable location of the state ensures the continuous development of entrepreneurship, including foreign.
The state has developed a system of subsidizing and lending to businesses. The authorities are constantly developing programs to support entrepreneurs, and banks are willing to lend a fairly large amount, especially if there is a surety among local residents.
South Korea Progress
Over the past decades, South Korea, in contrast to its northern neighbor, has made a huge evolutionary leap, breaking into the list of countries with high economic development. Migrant workers and entrepreneurs attracted by the stability and continuous development of the country flock here from all over the world..
The authorities are interested in attracting entrepreneurs from neighboring countries, injecting capital into the country’s economy. Businessmen can rely on tax benefits and government support, most often expressed in cash grants. However, registering real estate or requesting a loan from a bank is difficult here: among the countries of the world according to these indicators, South Korea scored only 39 and 44 points for these positions, respectively.
Prosperity of China
The powerful economy of China and, in particular, one of its developed business centers – Hong Kong, is extremely attractive for businessmen. The banking system here is stable almost to monolithicity, there is no corruption, and international trade is at a high level..
According to most indicators considered in assessing the potential of a country for business, China is in the top ten. The only thing that stands out against the backdrop of prosperity is a complex procedure for registering real estate. However, local entrepreneurs suffer from the same problem, being in the same conditions with foreign colleagues.
US determination
The list of the best countries for business will definitely not do without this state. America attracts businessmen thanks to a developed credit system – getting start-up capital in the USA is relatively simple. And here it’s easy not only to open, but also to close the case, declaring yourself bankrupt.
Other areas that the entrepreneur will certainly have to face do not look so rosy. The worst thing in the country with obtaining a building permit – America scored 39 points here. In addition, there is great competition among businessmen in the country..
UK business acumen
Great Britain strives to cooperate with potential entrepreneurs from neighboring countries. The proof of this fact is the conclusion of an agreement on the abolition of double taxation, endorsed by more than 100 countries. These include Russia. The reason for this loyalty is that a significant part of the revenue flowing into the budget comes from entrepreneurs.
You will not have to face difficulties in paying taxes. The only obstacle to the businessman’s path may be a complex system of real estate registration.
Entrepreneurs considering these or other countries for business need to carefully study the situation in the selected state. It is also worth remembering: in order to register a business, it is most often required to apply for a visa or residence permit, since when conducting a business, especially at the stage of its establishment, it will take a lot of time.
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I’m wondering, out of all the best countries for business, which one offers the easiest process for opening a business? What factors contribute to a country being considered as the most business-friendly?
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