Best countries to start a business in 2023
Starting a business is always a lot of challenges, especially in a foreign country. You should keep in mind that some countries have different requirements and standards for starting a business, so it is important to research them before you start your business. Read more about this in our article
Starting a business is always a challenge, but starting a business in a new country can be even more challenging. Entering a new market is accompanied by certain factors that must be taken into account: the size of corporate tax rates, new requirements and standards for opening a business, changes in trade laws, etc. It is also necessary to study your future market in detail.
Which countries offer the best conditions for future businessmen? We have prepared for you the top 10 countries where you can open a business abroad in 2023.
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Ireland is a very popular destination among expat entrepreneurs. The capital of the country, Dublin, continues to hold the title of one of the best cities in the world to start a business. The main reason for this is the lowest corporate tax in the world, only 12.5%. Since corporate tax is levied on profits, this low rate is ideal for companies that are just starting out and do not yet have large profits.
Ireland is a small country, so young businessmen will have much more chances to stand out from the competition, find a market niche and make a profit faster.
Another advantage of the country is the export market, which has grown significantly over the past few years - the value of food, beverage, and pharmaceutical exports from the country has increased by 4% to a record 13.5 billion euros in 2021 alone. Therefore, for those looking for the best places to start an export-based business, Ireland is a great option.
● GDP: 418.6 billion US dollars;
● Corporate tax: 12.5%;
● Best city to start a business: Dublin.
Switzerland has access to the European market, that is, it can trade freely with every country that is a member of the EU. The state can also boast of a low level of unemployment.
Switzerland has historically been a politically stable country, making it an ideal place to start a business. The state is distinguished by a stable economy and well-established trade agreements.
● GDP: 748 billion US dollars;
● Corporate tax: 8.5%;
● The best city to start a business: Zurich.
United Arab Emirates
The UAE is a hub for new businesses. The main advantage of the state is the free trade zone - this is a geographical zone in which enterprises import, trade and export goods at a tax rate of 0%. Free trade zones can also be used by software, research and finance companies. This fact makes the UAE a very popular place to start a business.
From June 2023, the UAE introduced a corporate tax. However, its size is about 9%, so it remains one of the lowest in the world and will not affect free trade zones.
Another advantage is the geographical position, being the middle between the East and the West, the UAE promotes the development of business relations.
● GDP: 421.1 billion US dollars;
● Corporate tax: 9%;
● The best city to start a business: Dubai.
Singapore has a flat corporate tax rate of 17%, a stable government and economy, and excellent trade agreements with many countries around the world. Having entered into 27 different free trade agreements, Singapore has eliminated most of the tariffs that normally exist in international trade.
Another advantage of the country is the easy procedure for starting a business: all you need to do to start a business in Singapore is to meet the incorporation requirements, obtain the relevant permits and open a corporate bank account.
Singapore is considered the most politically stable country in its region, so the crime rate remains consistently low and the economy is thriving.
Singapore is one of the best places to start a business if you don't plan to do big business with Europe. It is also the best place to network with the business giants of mainland Asia.
● GDP: 340 billion US dollars;
● Corporate tax: 17%;
● Best city to start a business: Singapore.
The US is the best country to start a business in the technology sector. The San Francisco Bay Area boasts the highest concentration of high-tech companies in the US, easy access to Silicon Valley and the brightest STEM minds.
The US is actually one of the most foreign-friendly countries to start a business in, and its startup ecosystem ranks first in the world. Along with a large number of tech startups in San Francisco, the US as a whole is also a thriving hub for e-commerce and retail, education, energy and the environment.
Registering a business in the US provides instant international status, making it easier to attract financial sponsors and international partners. As a global market leader, the US also provides access to the global economy, offering businesses unprecedented opportunities to grow.
● GDP: 20.94 trillion US dollars;
● Corporate tax: 21%;
● Best city to start a business: San Francisco.
The Indian economy is middle-income and booming, especially in future technology areas such as artificial intelligence and the IT sector.
The advantages of the country include a billion population - there is always a large target audience for your business, mainly thanks to the young population. The laws are also business-friendly: the Asian country has passed several important and investor-oriented bills aimed at helping startups gain an edge in their respective industries.
The Indian government has taken clear and targeted steps over the years to make India attractive to investors and startups.
● GDP: 3.17 trillion US dollars;
● Corporate tax: 30%;
● Best city to start a business: Delhi.
The Philippine economy is one of the fastest growing markets in Southeast Asia. The advantage is the strategic location of the Philippines, which is in the center of the Asian continent and at the crossroads between the eastern and western worlds of business.
The country has an open economy. The state government is actively working to attract new startups. The Pearl of the Eastern Seas has a wide range of well-developed infrastructure, especially in the fields of communication, transport and finance.
● GDP: 394.09 billion US dollars;
● Corporate tax: 25%;
● Best city to start a business: Manila.
Cyprus is a member of the European Union and is recognized as one of the best countries for starting a business today. The country's economy is characterized by a high level of income and continues to develop. The state has a high standard of living, which creates favorable conditions for the development of startups. With a low corporate tax rate of 12.5%, Cyprus has been and will continue to be one of the best options for offshore companies.
● GDP: 27.72 billion US dollars;
● Corporate tax: 12.5%;
● Best city to start a business: Nicosia.
Bulgaria's economy operates as a free market with a relatively large private sector and a small public sector. Bulgaria's currency, the lev, is the strongest and most stable in Eastern Europe. Bulgaria is an important member of the European Union and other global world organizations.
The corporate and individual tax rate in Bulgaria is 10%, which is one of the lowest in Europe. The state has a highly qualified workforce, and the salary level is much lower than in Europe. It is also easier to launch a startup here, because the prices are much lower than in the EU as a whole.
● GDP: 80.27 billion US dollars;
● Corporate tax: 10%;
● The best city to start a business: Sofia.
South Korea has one of the fastest growing economies in the world. The state also has a well-planned and designed transport network. The South Korean government actively provided favorable conditions for the development of startups in the country, as evidenced by its policy of free trade zones for entrepreneurs in various sectors of the economy.
● GDP: 1.8 trillion US dollars;
● Corporate tax: from 10%;
● Best city to start a business: Seoul.
Starting a business in a new country can be quite difficult, you need to conduct a detailed market analysis, prepare the necessary documents, etc. In order for the moving process to go smoothly and without unnecessary worries, you should seek help from highly qualified lawyers.
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