When looking to start a business in a foreign country, there are many things you have to think about before you make this big leap. From researching employment laws and taxes of a specific country to learning about their gross domestic product, consumer price index, employment indicators and the political situation, you have to cover a lot of aspects to ensure you are making the right decision. With that in mind, we’ve made a list of the best countries you should consider in case you are starting a business in 2020. Take a look.
According to the World Bank 2020 Doing Business report, Singapore is among the top ten best places on the planet to do business and therefore, starting your own company there should also be a great strategy. This island nation has a lot going for it – from the politically stable situation to a strong labor force. What is more, its people are some of the wealthiest in the world, which means there is a lot of disposable income which is good for keeping your business running. Also, in addition to not imposing any dividend or capital gains taxes, Singapore also has free trade agreements with many countries and the airfare is quite affordable meaning that you can easily access other neighboring markets. Plus, registering and starting a business can be done online, and very easily at that.
Another country that presents a very healthy environment for startups is the Land Down Under seeing as how it provides a wide variety of visa options for entrepreneurs as well as tax benefits, not to mention the huge advantage of having English as an official language. In addition to the beautiful landscapes, Australia has a prosperous economy and a variety of locations to choose from. While Sydney and Melbourne are known as business hubs that attract a lot of people, you could also opt for other regions. Australia is great if you’re thinking about dropshipping business since they have reliable companies such as Air Charter Network offering cargo charter options. So, if you want to get in the game with fast selling products you can count on their quick delivery.
Australia’s eastern neighbor New Zealand also ranks very high on the Doing Business list. Researching the industry you would like to join is made very easy online through Statistic New Zealand, so you will know exactly what you can expect from investing in this country. You can also learn about the spending habits of their population and how businesses similar to yours are performing. Payroll, capital gains and social security taxes are not involved as well and incorporating a business is done in a day. However, what you should do is check with the local council whether the rules and regulations of a certain area allow the type of business activity you are considering.
Starting a company in the Great White North is also something you can think about, especially if you are in the service, mining or manufacturing sector. In addition to these industries which have experienced a lot of growth recently, the oil and natural gas sector is also big in Canada. Its stable political situation and skilled workforce make it a lucrative place for investing and even the U.S. market is easily tapped into thanks to the bilateral trade agreement between the two countries.
Moving on to Europe – Germany is definitely a great choice seeing as how it is this continent’s largest economy. Even though it is the leading exporter of machinery, household equipment and vehicles, Germany’s biggest asset is its highly-educated and skilled workforce. While this labor force is not the cheapest around, it is definitely worth the investment and all foreigners who are willing to take this chance will benefit massively. Plus, Germany being a part of the European Union opens many other doors for your business.
Going a bit south, Germany’s neighbor Switzerland is another country known for its continuously stable political climate. Add to this the fact that its economy is burgeoning and that the skilled workers are ready to give their all and you can easily see how starting a company here can be good for you. While the sophisticated financial sector goes without saying, the manufacturing industry and the service sector are thriving as well. Switzerland also has a legal system which is not hard to understand and navigate, exceptional infrastructure and low corporate taxes. All of this makes this Alpine country heaven for entrepreneurs.
The last destination that we are going to mention is Norway. This Nordic country is very popular with business investors seeing as how there is a lot of disposable income and a stable political and economic situation, in addition to well-developed infrastructure and strong trade ties with EU nations. Moreover, Norway is quite technologically advanced and willing to pay for new tech and adapt to it. You can easily find skilled workers in the IT, finance and design sectors and registering a company is a straightforward process that can be done online.
There you have it – in case you are looking for a foreign country where you can start a new business in 2020, these seven nations have so much to offer. Make sure to do your research thoroughly and you should have only clear skies ahead.