Looking to do some traveling and also start a business? If so, you are most likely curious to know which countries are easiest to own and operate a business, as well as offering the most tax incentives. Look no further; here is our list of the top ten most business-friendly countries in the world.
Despite being a lower-middle income country, economically speaking, Georgia has continued to improve their financial situation for business owners. Since the World Bank began their own rankings in 2003, they’ve made 47 regulation reforms to help improve business operations. It’s now easier for Georgian business owners to access utilities and resolve insolvency issues.
On average, it takes a week to start a business in Sweden and only two years to resolve an insolvency, which makes Sweden a very pro-business nation. Couple that with the fact that Sweden has an online database that lets you see property rights for the last 400 years, and you’ve got a recipe for success.
8. United Kingdom
The UK remains a very business-friendly country despite the volatility with an impending Brexit, as well as issues with the European Union. Furthermore, the UK also has dropped in worldwide rankings for paying taxes and getting credit. Despite these setbacks, it’s still a great place if you’re looking to open up a new company.
This country has made huge tax reforms by reducing the statutory corporate income tax rate and also taking steps to help business owners solve their insolvency. At the time of this rating, it takes less than a year and only 1% of the estate to do so.
6. United States
With a business-friendly president in the White House, it should come as no surprise that the U.S. has made it easier than ever to own a business. Land ownership information is freely available online, insolvency issues are solved very quickly, and some municipalities are making working life better for the average person, allowing up to a week in some places for paid sick leave.
Construction is the name of the game in this Asian country, as third parties are no longer allowed to charge more than 1.3% of an estimated construction cost. Furthermore, Korea ranks 2nd overall in electricity accessibility and 1st overall in enforcing contracts.
4. Hong Kong
This country angered some would-be entrepreneurs by reintroducing the business registration fee, but also helped business owners by creating the land administration system, which makes it easier to register property. Still, Hong Kong is ranked third for starting a business worldwide.
Singapore has always been very business-friendly, but recent changes have made owning a business more transparent than in years past. Businesses must now maintain ownership information to give to the public at request and let the Ministry of Manpower know when they are firing 9 or more employees. However, they’ve also improved their infrastructure to make importing and exporting easier.
Despite increasing the costs of obtaining permits and utilities in construction projects, Denmark still ranks first overall for the industry as a whole, as well as first overall for trading internationally.
1. New Zealand
With less than a day of wait time and only one procedure required to start a new business, New Zealand is at the top when it comes to starting a business. They also score very highly in building regulations, placing them at the forefront of pro-business countries in the world.
Davenport Laroche, Headquartered in Hong Kong