7 Best Places in the World to Open a Business
Not all places are ideal to start and run a business. Businesses require a conducive environment for both the buyer and seller for it to grow and sustain the community. Fortunately, entrepreneurs and investors have an extensive list of places and things to consider before establishing a business in a particular location. Depending on the report that was released by the U.S. News 2018 Best Countries Rankings, the five top-ranked countries managed to score the highest marks among over 6,000 business decision makers. The survey-based mainly on world-wide perception-based research. The main features that were considered included the country’s connection to the other parts of the globe, bureaucratic, affordability, easy access to capital and cheap manufacturing costs.
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According to the World Bank, an entrepreneur can start a business in Thailand and commence its operations over a period of five days. Its new business density is among the lowest in its region hence allowing room for ambitious and hopeful businesspersons. Even though Thailand was among the top five best countries to start a business, firms that are not majorly owned by people from Thailand are subjected to the Foreign Business Act. The policy restricts endeavors such as tourism and manufacturing that could attract foreign investors to the country.
Basing on the information from World Bank, an entrepreneur takes about 19 days to start a business in Malaysia. The nation has enabled online business registration. Therefore, paperwork registration is a thing of the past in Malaysia. This makes it easy for both foreign and local investors to start and operate companies. Business registration can be filed online through the Companies Commission of Malaysia business website. Many entrepreneurs benefited from the streamlined business registration process in 2014 when over 50,000 startups limited liability firms were launched.
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According to the World Bank, you need only eight days to start and fully equip a business in Mexico. Coincidentally, Mexico also features in the list of the top 30% regarding policy and regulatory performance in the world. The country is known for its excellent business accreditation reforms that caused a rise in the number of the overall registered companies. However, according to some reports, Mexico is a home for high crime rates that affect business operations as there is a high risk of robbery and theft, so invest with those things in mind.
Agreeing with the report from the World Bank, entrepreneurs take an average of twenty-three days to start a firm. Indonesia settles to democracy that has helped it to become the leading economy in Southeast Asia. The country has allowed a conducive environment for investors to establish businesses. The government of Indonesia has partnered with the International Finance Corporation to sponsor the Program for Eastern Indonesian Small and Medium Enterprise Assistance that is commonly known as PENSA. PENSA promotes and boosts local investors to start and operate new businesses. The organization also educates and trains new entrepreneurs.
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An entrepreneur requires only three days to start an enterprise in Singapore according to the information from the World Bank. Besides, Singapore is another country that is ranked among the best economies in the globe in regards to regulatory enactment. The nation fetches high income from the business sector. One of the reasons why the country has proliferated in business for its excellent support to minority investors. Moreover, the state is famous for its upgraded amenities such as infrastructure, hospitality, public transportation and English skills. The nation has been a regular candidate on the lists of the top places that are ideal for starting a new company. Furthermore, according to the World Bank, Singapore was among the countries that adopted the use of an electric system of public administration.
Hong Kong is known for its low corporate tax rates and high literacy rates. The high post-secondary education rate is suspected to be the reason as to why the country has a high supply of workforce. The government of Hong Kong also supports its business sector by offering both financial and educational support.
The United States subjects its investors to steep corporate taxes but makes up for it by lowering the costs of living. There is access to cheaper supplies and offices. The country is also a home for a highly educated workforce that provides services to the various businesses. The United States is considered the most democratic country in the world that gives room to both the majority and the minority.
The above countries have various histories or transformations that they have gone through before achieving their current business status. It is possible for all places in the world to be conducive to start a business.
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