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When starting a business, the first question that comes to mind is probably where you will be located. You may have ideas about your industry or the type of business you want to start. But where should you locate if you plan to expand across borders and do business internationally? Here are three ideal countries to start a global business based on their ability to welcome new businesses, lack of stress on the wallet, and friendly atmosphere for foreigners to start something new.
Related: 3 Steps to Successful International Expansion
Singapore is a great place to start a business as it is small and incredibly industry-friendly. The country has less than 6 million inhabitants. This means you won’t get lost in the crowd or be overwhelmed by lots of other companies 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 safety will not be at risk when running your business outside of this country.
Singapore’s economy is strong and growing every year as more businesses move here to take advantage of its 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 tiny nation-state without worrying 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 leaders are committed to upholding this reputation, so (ideally!) you won’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, which makes it an attractive destination for foreign investors. You won’t have to pay high taxes on your profits, making it easy to earn profits and grow your business without worrying about the money you’re losing to the government.
The country has a low cost of living and it is easy for expats moving there to find affordable accommodation, food, transportation and other necessities. In short, you will be able to save a lot of money living in Singapore by using domestic products, which can be a quarter cheaper than imports. And thanks to strict pro-environmental policies and high quality assurance standards, the domestic product is generally in excellent shape.
Related: Interested in Starting a Business Abroad? Keep these 5 things in mind
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 thanks to its police, which are considered to be among the best in the world. Sweden has been ranked since 2013 by Forbes as the world’s most innovative business country and was named the best place in Europe to start a new business by The Economist.
Sweden can be the right choice if you are planning to set up an international business 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 for your employees when they get sick.
Banking regulation is also reasonably safe – Sweden does not have a debt crisis like those seen in the US or Greece. Sweden’s GDP growth was 2% higher than expected in 2018, making it one of the few countries to still experience economic growth after 2008, based on a 10-year analytical comparison.
Sweden has a strong manufacturing sector and is home to many tech companies like Spotify, making it a great place for startups. The country also has a rich history of innovation – it was the first country to introduce banknotes to Europe in 1661.
3. New Zealand
New Zealand is an ideal place to start a business due to its self-sufficiency 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 growth. New Zealand does not have a minimum wage law, which means wages can be negotiated between you and your staff, giving 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 more freedom as a business owner.
As well as having flexible labor laws and a great economy, New Zealand has one of the lowest crime rates in the world, which means it’s one of the safest countries to live in. or start a business.
The country has a high standard of living and low costs. As in Sweden, the government provides free education and health care to citizens and residents, so it’s easy to start a business without worrying about health insurance or paying school fees for your children.
There are many reasons why these countries are great places specifically to start a business. They offer an ideal environment to start and grow your business, as well as support for businesses of all sizes. So whether you’re looking to expand your business internationally or want to start something new, consider one of these countries as an option.
Related: How to Expand Your Business Globally