The best top 5 places to start a business
When factors like cost of living, economic stability, and workforce education are considered, then five countries come on the top being the best places to start a business.
1. Hong Kong
At the top of the list is Hong Kong because of the low rates of taxes. It also has the highest literacy and post-secondary education rates, which translates into a higher educated workforce. It is the number the one place in the world to do business in. Furthermore, it gives substantial freedom to entrepreneurs and at the same time has well-regulated rules and laws.
Businesses in Hong Kong are run on several types of new operating models or with innovative ideas. Doing business there is very relaxed. Import duties are low as you can bring in almost any type of food or drinks into Hong Kong. This makes it the ideal place for running food and beverages lifestyle stores. On the other hand, in mainland China, you can only offer 60% of what you can provide in Hong Kong because of the burdensome restrictions imposed in China.
One example of low restrictions is the low implementation of taxes. It is easy for foreigner business owners to set up business in Hong Kong. They permit maximum earnings with minimum costs with a simple tax rule and also provide a transparent and fair legal system. With all these advantages and a free economy for businessmen, the sky's the limit.
Canada has an inflation rate of only 1.2%, which show strong economic health and this will remain steady for a while in the future. Which businessman does not like a stable economy? With all this also comes a variety of government leverages and tax credits to the businesses.
If you are starting a business in Canada, the Federal Government also provides relief for startups and tax credits, which is one of the best incentives offered in the world. Other than what the government provides, there are more incentives such as access to excellent technical talent as The University of Toronto and The University of Waterloo are on the top of best engineering schools in the region.
Other facts that promote higher satisfaction for businessmen settlement are the low costs of living.
3. United States
The U.S has the lowest cost of living overall, which translates to cheap rent for offices and supplies. With a consumer market including GDP of $18 trillion and 325 million people, the United States offers the largest market on earth. Accounting for nearly a third of the world’s global household consumption, it has the highest spending in the world. They also provide strengthened access to millions of more consumers with free trade agreements with 20 other countries.
The U.S. has the most productive workforce in the world, with figures of workforce output 30 percent higher than the OECD country average. With the third largest geographical area, the U.S. has much to offer, such as land with natural resources including natural gas and petroleum.
They have the most developed financial market in the world, in which access to capital is widely available through investment firms, banks, venture capitalists and angel investors. All of these lead to more business creation, innovation, exploration and expansion.
Why pay high corporate taxes when you can save that money and start your business in Singapore, where you have only to pay 17 percent. These low corporate tax rates will help in saving money for doing more in your business. Having your startup in Singapore will also give you access to an excellent location for connectivity. It has the world's top industries due to its location in the heart of South-East Asia.
Their airport also serves over 80 international flights to 330 plus cities, along with hosting top logistic companies such as FedEx and UPS. Additionally, In Asia, Singapore's seaport was ranked the best in the last two decades, and offers 200 shipping lines with links to 123 countries with some 600 ports.
Information technology and telecommunication broadband networks in the country reaches up to 99% of the population with connectivity up to 27.7 terabytes per second. Starting a business here will introduce you to a nurturing and business-friendly ecosystem, as your company could take advantage of the extensive trade agreements and the business-friendly tax schemes.
These agreements make Singapore the desired country to start a business as they aid businesses and trading, aiming at minimizing the hurdles of taxes. Along with this no dividend taxes, capital gains, and lower withholding taxes contribute to the reasons Singapore is a sought after place for businesses.
Overall, the country has a dynamic framework of taxes. Singapore assures you safety as it has an effective legal system. Singapore offers entrepreneurs and businessmen a sense of comfort and security with a steady political system in South-East Asia. It is an excellent place to raise your family as it has a world-class dining, entertainment, and education system.
The World Economic Forum has ranked Singapore for having the most secure IP protection in Asia in its global competitiveness report 2015-2016. It also sees Singapore as a leading country in having the most transparency in Asia with stable policy-making procedures and a reliable political infrastructure that has a healthy business habitat.
Australia comparatively has lower rental costs, a higher literacy workforce and broader geographical space for your business. Apart from the steady economy, Australia has been recession-free for 26 years, which makes it a unique place from other first-world countries.
China's demand for natural resources has contributed to Australia's OZ economy and has boosted the wealth in the country. Apart from the economy, many other factors affect the reasons to start a business in Australia, such as the lifestyle. Researches have shown that the people are the most happiest in the world, as well as the same for new residents in the country who migrate there.
The high quality of life, general wellbeing, stunning natural beauty and the modern metropolis makes it the ideal place to start a business. These factors contribute towards your business, as you will get higher output from the workforce as it will keep workers happy and it will have a positive effect on them.
With being positively minded workers, they are also talented as Australia has some of the best universities and literacy rate of 99%. Universities such as Queensland University of technology and Queensland University are renowned.
Some of the world's wealthiest men are in Australia, which means there is profit to be made. The country is rich in natural resources such as iron, nickel, gold, silver, natural gas, oil and others, which is a benefit to the country, businesses and other countries. Businesses started in Australia combined with the availability of natural resources, talented workforce and its growing economy are prone to success.
These countries promote every positive factor that your business needs to have a successful startup. This is why they have been ranked as the top five best countries to start your businesses. All you need to do is decide now which country you want to start your business in.
Want to make your startup journey smooth? YS Education brings a comprehensive Funding and Startup Course. Learn from India's top investors and entrepreneurs. Click here to know more.