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When starting a business, the first question that comes to mind is probably where you are located. You may have some ideas about your industry or the type of business you want to start. But where should you set up shop if you are considering expanding across national borders and doing international business? Here are three ideal countries to start a global business based on their ability to accommodate new businesses, lack of stress on the wallet and friendly atmosphere for foreigners looking to start something new.
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Singapore is a great place to start a business because it is small and incredibly favorable to the industry. The country has fewer than 6 million people. This means you won’t get lost in the crowd or be overwhelmed by lots of other businesses trying to do what you do.
The crime rate in Singapore is low, which is ideal for starting a business there. You can feel safe knowing that your physical security will not be compromised while operating your business out of this country.
Singapore’s economy is strong and growing annually as more companies move there to take advantage of tax-friendly policies and banking regulations. These business-friendly banking regulations make it easy for foreign investors to do business within the borders of this small nation-state without fear that their money will disappear into an abyss somewhere along the way (or be stolen).
The Singapore government is enthusiastic about foreign investors and has a reputation for being fair and honest. The country’s leadership is committed to maintaining this reputation, so (ideally!) you don’t have to worry about crooked politicians or corrupt bureaucrats taking advantage of your business to line their pockets.
Singapore has a low tax rate, one of the lowest in the world, making it an attractive destination for foreign investors. You don’t have to pay high taxes on your profits, making it easy to make money and grow your business without worrying about how much money you’re losing to the government.
The country has a low cost of living, and it is easy for foreigners who move there to find housing, food, transport and other necessities at reasonable prices. In short, you will be able to save a lot of money by living in Singapore by using domestic products, which can be a quarter cheaper than imports. And due to strict eco-friendly guidelines and quality assurance standards, the national product is generally in excellent shape.
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Sweden, with its strong economy and low crime rate, is a great place to start a business. Sweden is one of the safest places to live because of its police force, which is considered one of the best in the world. Sweden has been ranked as the world’s most innovative country when it comes to business since 2013 by Forbes and has been named the best place in Europe to start a new business by The Economist.
Sweden may be the right choice if you are considering starting an international company in Europe. The Swedish government takes care of its citizens – there is universal health care and free public education. This means you don’t have to worry about paying high taxes or providing health care to your employees when they get sick.
The banking regulations are also reasonably secure – Sweden does not have a debt crisis like those seen in the USA or Greece. Sweden’s GDP growth was 2% higher than expected during 2018, making it one of the few countries still experiencing economic growth after 2008 based on a 10-year analytical comparison.
Sweden has a strong manufacturing sector and is home to many technology companies such as Spotify, making it an ideal location for startups. The country also has a rich history of innovation – it was the first country to introduce banknotes in Europe in 1661.
3. New Zealand
New Zealand is a great place to start a business because of its autonomy in having built a strong economy. The country’s economy is ranked among the top 10 economies in the world, so there are good opportunities for your business to grow. New Zealand has no minimum wage law, which means wages can be negotiated between you and your employees, allowing flexibility when paying employees. You will also have no restrictions on how much profit you want to make or how much tax you pay – this gives you greater freedom as a business owner.
As well as having flexible employment laws and an excellent economy, New Zealand has one of the lowest crime rates in the world – meaning it’s one of the safest countries to live or start a business.
The country has a high standard of living and low costs. Like Sweden, the government provides free education and healthcare for citizens and residents, so it’s easy to start a business without worrying about health insurance or paying for your children’s schooling.
There are many reasons why these countries are good places in particular to start a business. They offer a great environment to start and grow your business, as well as support businesses of all sizes. So whether you want to expand your business internationally or want to start something completely new, you should consider one of these countries as an option.
Related: How to take your company global