Businesses nowadays have fewer limits because of globalization. As the 21st century becomes more technologically advanced, more people are getting the opportunities that people once couldn’t have. One great example is that nowadays, you can become an internet entrepreneur. Business is no longer confined to your home country or office. You can switch locations and reach other markets without too much fuss.
Although there’s a lot more that goes into setting up your business, knowing the best countries to set up your business is a start.
Here are the 10 best countries where you can start your business.
1. UK
If you’re looking for the country with the fastest setup for businesses, the United Kingdom sure lives up to that potential. You can have your company incorporated in just an hour for only £14. It’s one of the easiest countries in Europe to set up your business.
It has a good market and there are many investors always looking for the best deals and potential partners. On top of that, their government offers different tax benefits for founders, employees, and investors.
Some areas are a bit harder to thrive in, but if you’re looking for the best places in the UK to set up your business, try Belfast, Derby, Stoke, Durham, and Stirling.
2. USA
The United States of America has one of the most competitive markets in the world. In such a vast area, looking for the right place to set up your business can be tricky. They also have a few rules too if you’re not a US resident. Basically, if you’re a US resident, you can only incorporate the state where you live. For non-US residents who are planning to incorporate, you can only do it in Delaware.
It doesn’t mean you’re at a disadvantage though. Delaware contains about 50% of the publicly traded companies in the USA. About 60% of them are part of the Fortune 500. There’s a reason why it’s the best place to get incorporated.
Compared to other states, the initial filing fee is cheaper. They also offer a tax break. Another great thing about them is that they don’t require business licenses. Non-residents don’t also need to pay a personal income tax.
Even if they do impose a tax on foreign income, they are one of the best places to start a business.
3. Denmark
If you’re planning to incorporate your company in Europe, Denmark has one of the fastest and most flexible countries to have all your documents done. They’re also the most tax-efficient amongst other Scandinavian countries.
4. Singapore
Singapore is one of the most attractive countries to start a business in. Many international businesses have been shifting their focus to Singapore. It has a competitive environment and it’s a prime gateway not only to the Asian Market but to the world. Despite having a good location, it is a politically stable country with a strong labor force.
5. The British Virgin Islands
If you’re looking to find the best place to incorporate your business, the British Virgin Islands (BVI) provides the most well-respected company formation setups, especially for offshore accounts.
They allow you to pair your incorporation with an offshore bank account, as long as it has a reputable jurisdiction. Most people pair it with banks from Singapore or Hong Kong who have partnerships with companies in the BVI. Although they are not the cheapest place to incorporate, getting your documentation done is easier here.
6. Norway
Another Scandinavian country on the list, Norway is the best place for tech-based businesses. They have a strong economy along with having efficient processing for documents and other legalities. You can have everything registered within weeks.
7. New Zealand
If you’re still looking for a place where you can have everything done within days, try New Zealand. You can have your company registered within a day and it only takes two days at most to register a property. It’s gaining traction due to having low labor costs and a skilled workforce.
8. Isle of Man
The island is legally separated from the European Union and the UK. Having a customs agreement with the latter gives the Isle of Man a competitive advantage especially when it comes to holding intellectual property.
9. Nevis
If your focus is on asset protection, The Federation of Saint Kitts and Nevis is one of the best countries that can safeguard it. Nevis, in particular, offers a good asset and lawsuit protection even though it doesn’t have the most reputable jurisdiction so far. They also don’t have a country-wide register, which gives you more privacy. One of the most attractive things about this country is that if someone wants to sue you, they will have to file a suit against Nevis and pay for the court proceedings themselves.
10. Belize
If you’re a digital nomad or an entrepreneur, Belize is a great place to start a business. It’s also a good place to have your business incorporated. There aren’t taxes plus the set-up costs are low compared to other countries. Belize allows the setting up of accounts even if you’re not on site.
If you’re an internet entrepreneur or a digital nomad, you’ve probably thought of setting up your business in a different country. The list above should help in narrowing your search but before jumping in, always be smart and do your research.
Good luck!
