Top 7 best countries to start or join a business in 2024
Today, many entrepreneurs are trying to find a country to open their business. Here are the top countries in the world for starting a business or investing in existing enterprises in 2024, as well as the factors to consider
Starting your own business can be quite difficult, especially abroad. However, there are certain countries in the world that create ideal conditions for future entrepreneurs. Regardless of whether you plan to launch your own project or invest in an existing business, when choosing a state, you should pay attention to the established legislative norms and ease of doing business, the available market potential, as well as the tax structure, the availability of qualified personnel and the general quality of life in the country .
After analyzing all these factors, you can highlight a number of countries that have created ideal conditions for starting your own business in 2024. What kind of states are these? The top 7 best countries in the world to start a business or invest in existing enterprises further.
Dubai is one of the seven emirates that make up the UAE. It is well known for its high quality of life, rich culture, and rapidly developing economy. Dubai has numerous advantages for foreign entrepreneurs, including the opportunity to open your own business in the Free Economic Zone. In Dubai, there are about 40 Freezones, which allow you to open enterprises of various directions – media, finance, jewelry production, health care, artificial intelligence, etc.
Available visas for doing business in the UAE:
The United Arab Emirates immigration law has a number of visas for relocating businessmen and investors:
- Visa for business guests – available for short-term entry into the country: to participate in a conference, trade fair, to hold a meeting, negotiate, conclude a contract, etc.
- Investor visa – allows a foreigner who invests at least $2,700,000 in one or more new or existing businesses in Dubai to enter the country.
- Entrepreneur's visa - allows a foreigner who plans to start his own business in the country to move to the territory of the UAE.
Ireland is a small country that is a member of the EU and the Eurozone. The state is known as a major European educational and cultural center, as well as a popular destination among tourists and investors. The most favorable condition for doing business in the country is the presence of free zones that provide tax and customs benefits, as well as simplified conditions for doing business. The main free zones in Ireland include:
- Dublin Airport - the center of the aviation and logistics industry;
- The Shannon Free Zone is the oldest zone in Ireland with the most favorable conditions for doing business.
Available visas for doing business in Ireland:
- Short-term business visa - allows you to visit the country to participate in a seminar, meeting, conference, conduct negotiations or conclude contracts.
- Work permit for specialists with critical skills - is the basis for moving to Ireland highly qualified foreigners.
- Program for budding entrepreneurs - allows you to move to Ireland to start your own business.
Great Britain is one of the countries with a highly developed economy, a favorable area of taxation and a reliable judicial system. Most often, entrepreneurs who open their own business in the following areas move to the country: e-commerce, biotechnology, games and creative industries.
After leaving the EU, Great Britain created about 10 free economic zones in England, Wales, Scotland and Northern Ireland.
Available UK business visas:
- Guest visa is a short-term permit for participation in business events: conferences, meetings, trainings, negotiations.
- Innovator visa – for the opening of an innovative enterprise, which has been previously approved by the relevant British authority.
- Global Talent Visa – for work in the field of science, engineering, medicine, digital technologies, arts and culture or research and innovation.
The United States of America has been attracting entrepreneurs and business owners for many years with its high economic development, favorable market, multicultural population and highly qualified professionals.
In total, the US has more than 250 foreign trade zones (FTZs) that allow duty-free import, storage and production of foreign goods. They are controlled by US Customs and Border Protection and located near ports, airports or border crossings.
Available visas for doing business in the USA:
- Business visa (B-1) – for short-term arrival in the USA for the purpose of attending conferences, meeting with clients or market research.
- E-1/E-2 trade/investor visas – for trade or investment activities, provided there is a relevant agreement between the US and the applicant's country of origin.
- L-1 intra-corporate visa - allows you to work in a branch or subsidiary of a foreign company.
Australia is in demand among entrepreneurs working in the technology sector, particularly in education, healthcare or tourism. The country has a thriving economy, a lot of natural resources, a quality education system and business-friendly legislation.
Tax breaks for foreign businesses are provided by Australia's two free economic zones - Christmas Island and the Northern Territory. They seek to attract investment in tourism, agriculture, mining and energy industries.
Available visas for doing business in Australia:
- Short-term visit pass – for attending a meeting, conference or seminar, conducting market research or negotiating a contract.
- Visa for business visitors (subclass 600) – for a long-term business trip, in particular, to investigate prospects for the company's development or to make investments.
- Visa for launching an innovative business – if the business idea meets certain requirements and is approved by an authorized organization.
Canada is a large, multicultural country that boasts a strong economy, a stable political system, a high standard of living and a welcoming culture.
In Canada, there are about 12 economic zones that provide foreign companies with tax exemptions, the right to expedited customs procedures and tariff preferences. These zones are located near major ports, airports or checkpoints and are managed by the Canada Border Services Agency.
Available visas for doing business in Canada:
- Visa for business visits - allows you to stay in Canada for up to 6 months.
- Start-up visa – for the launch of an innovative enterprise in Canada, which has received approval from an authorized body of Canada.
- An internal movement permit allows you to enter Canada to work for a branch or subsidiary company that has its head office in the foreign national's country of origin.
New Zealand is an island nation known for its environmental initiatives, high standard of living and rich culture. In 2020, New Zealand took first place in the World Bank's "Doing Business" rating as a country with the easiest conditions for starting your own business.
Available visas for doing business in New Zealand:
- Visa for a business visitor — allows you to enter the country for a short-term business trip lasting up to 3 months.
- Entrepreneur visa — for the purpose of opening an innovative firm and managing it, provided that the business receives approval from New Zealand authorities.
- Global Impact work visa – to work in a social enterprise that has received support from the Edmund Hillary Foundation.
So, you can start your own business abroad quickly and easily, sometimes even much easier than in the country of origin. The main thing is to find the right state.
Daria Rogova, Head of Insurance at Visit World
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