Business school graduates and successful small business owners recently came together in an internet forum to discuss the ins and outs of setting up a company for the first time.
The conversation quickly revolved around which countries are better than others for starting a company, and plenty of business people had an insight into the topic. So, if you’re considering starting a business, you came to the right place because, as it turns out, not all countries are created equal!
1. United States
Not surprisingly, the USA tops the list for various business-related reasons. The nation’s large domestic market, low corruption compared to other countries, and ample financing opportunities from some of the most secure banks make it a convenient and safe option. In addition, the United States is home to over 10.5 million businesses, a figure trending upwards in recent years.
Surprisingly, Singapore is another great option if you’re looking to set up a company in a foreign country. Singapore businesses enjoy some of the lowest taxes in the world, and its proximity to Asia and Australia is considered another plus. The country is also known for its skilled workforce and unabashedly capitalist government, which is very business-friendly.
Another nation that has made a reputation for itself due to its low taxes, Ireland is identified as yet another country more than capable of hosting your next company.
With its English-speaking workforce and easy shipping access to the UK and the European Union, Ireland makes setting up a company on its soil straightforward and painless. Although its 300,000+ businesses registered in the country pales compared to the number the United States boasts, over a quarter million companies are nothing to scoff at!
4. United Kingdom
Known as Europe’s financial and business hub, targeting the United Kingdom as the home of your next company is a smart move. Renowned for its international access, overly-skilled workforce, and ample financing opportunities from well-known banks, the United Kingdom joins the United States as a nation with a positive reputation for upstart businesses.
Shell and Unilever are just two legacy companies with their roots in the UK, proving that staying in close proximity to the Atlantic Ocean is a smart move.
If you want to be laser-focused on your company’s bottom line, starting and ending with basing your business in China is best. The savings China offers can’t be beaten: from supplies to wages and everything in between, your company will be set up for financial success if incorporated in China. Add direct manufacturing access to the United States, and you’ll realize China may be your most innovative option after all.
Companies based in Mexico enjoy many of the same perks businesses in China enjoy, with the added benefit of the United States market being next door.
In addition, some business people contend that Mexico’s supply chain is even stronger than China’s, leading to low prices of goods and services that can be a boon for a new company. In addition, huge savings in shipping costs can be made if you don’t have to traverse the entire Pacific Ocean.
7. Tax Haven Nations
Countries like the Bahamas, Bermuda, and the Cayman Islands are known as tax haven nations because they offer companies (and individuals) minimal or no tax liability for their bank deposits, which is music to the ears of any business owner.
They’re also traditionally stable both economically and politically, generating a stress-free atmosphere for new business owners. There’s a reason why so many companies move to these countries – they’re away from the prying eyes of governments who look to overly tax them!
This thread inspired this post.
This article originally appeared on Financially Well Off.