Best Countries to Start your Business in 2021

by Zaara 07, Oct 2020

Starting a business can be daunting as investor and entrepreneurs have a wide range of countries to choose from, but also things to consider when beginning their activity. Before starting any business, entrepreneurs first think of a proper location to set up their business. Countries worldwide ease or the rules and regulations procedure of registering a business as well as launch different initiatives to lure entrepreneurs in choosing their country.

The World Economic Forum ranks each country according to its business environment and innovation. The ranking considers the fees and speed of setting up a business in each country, as well as attitudes toward risk, and the inclination of businesses to embrace disruptive ideas.

Here is the list of ideal countries where you can start your business in 2021

1.New Zealand

In New Zealand, setting up your business only takes a few hours of an entrepreneur’s time due to a simple online procedure. In the last few years, New Zealand has been transformed from an agrarian economy, mostly reliant on upon the British market, into a world-leader among industrial, free-market economies. The World Bank report designates that New Zealand is the finest country when it comes to protecting minority investors, as well as the best for opening a new business.

2.Singapore

Singapore remains to be the economy with the most business-friendly and protected environment.  According to the World Bank, Singapore offers one of the healthiest environments to set up a business. Apart from the outstanding economic indicator figures, the nation also has the following going for it:

  • It is politically steady
  • It is one of the richest nation globally meaning the populace has a lot of disposable income
  • It has a strong labour force
  • It does not levy any dividend or capital gains taxes
  • It has many free trade agreements that open up huge markets
  • You can easily register and open your company online

3.Hong Kong

Even though setting up a company is becoming more difficult in Hong Kong due to increased registration fees, there is a prodigious deal of protection for minority investors there. It is partially because of this that Hong Kong ranked number five in terms of ease of setting up a business. Hong Kong also received a high ranking due to the ease of obtaining construction permits there and conducting trade across the border.

Several advantages make this nation an attractive destination for businesses like -

  • It has a skilled labour force that is not too expensive
  • There are no payroll, capital gains or social security taxes involved
  • Incorporating a business takes a day while registering a property could take as little as two days

4.Switzerland

Switzerland is a burgeoning economy and a notoriously stable political climate. It is without a doubt one of the best places in the world for really anything except the hot weather. It has a highly trained workforce that is ready and willing to work. The nation  benefits from a highly developed service sector plus a manufacturing industry that has specialized in high-technology and knowledge-based production. It also has one of the world’s most sophisticated financial sectors, which makes it perfect for safe, calculated and steady investment. Other advantages include –

  • A very transparent legal system that is easy to navigate
  • Consistent economic and political stability
  • Low corporate taxes
  • Efficient capital markets
  • Exceptional communication and transport infrastructure

5.United Arab Emirates

The UAE is a developed country offering ease of doing business, nifty amenities,  world-class infrastructure, flexible government norms, and effectual quality services to all incoming businesses, irrespective of their country of origin. Some of the advantages of choosing to set up your business in the UAE are –

  • The UAE is a growing and diversified market with high global demand for imports and exports, and vast opportunities for suppliers
  • The country bears a strategic geographic location in a resource-rich region
  • The UAE has easy access and global connectivity with over 90 airlines and 170 shipping lines
  • Above all, commerce in the UAE is based on free trade barriers (no quotas or exchange controls)
  • The country levies no tax on personal, capital or corporate income, and allows 100% repatriation of capital and profits
  • The real estate and freight charges are competitive

Some of the other cities where you can open your business are –

  1. Mexico
  2. Korea
  3. Denmark
  4. United States
  5. United Kingdom

How can we help?

We at Commitbiz can assist you start a company in the UAE. Our services include business formation, IP, local sponsor, bank account opening, and office space. For more information, contact us today.