Are you an entrepreneur Looking for the best countries to start a business in 2024? Look no further! Read this article and learn the best countries for starting a business.
We have created a list of best countries in the world to start a new business based on many factors like highly developed strong economy, market size, rate of corporate taxes, easiness of launching a business, government regulations and grants etc.
Starting a business is never easy, especially when you are moving your operations abroad. With a host of factors such as corporate taxes and trading regulations to consider, getting the perfect country for the launch of your start-up can make all the difference in achieving success.
In this blog post, we’ll be examining what makes certain countries stand out among the rest as the best countries to start a business in 2024 – helping you decide where you should be heading this year!
Best countries to start a business for entrepreneurs
Finding the right country to launch is critical for entrepreneurs looking to make a mark in the global economy. U.S. News provides valuable insights about best countries to start a business rankings for pursuing business ventures, based on survey responses from over 17,000 people worldwide.
Top-ranked countries offer affordable operating costs, effective bureaucracies, cheap manufacturing costs, excellent international connections, and easy access to capital.
Here are the best countries to start a business in 2024
1. Switzerland
GDP: US$800.64 billion
Corporate tax: 8.5%
Best city to start a business: Zurich
Switzerland is an attractive option for business owners who are looking to take advantage of international trade opportunities. Thanks to its status as an economic ally of the European Union, Swiss businesses can easily and quickly access the lucrative single market without any of the technical or legal barriers that other countries might face.
This is all supported by strong macroeconomic indicators, such as a record-low unemployment rate of 1.9%, low employee turnover of 10%, and one of the most highly skilled and educated workforces in the world.
Furthermore, Switzerland has a long history of political stability which allows its businesses to plan for their future with confidence, giving them a great foundation upon which to build their commercial endeavors.
2. United Arab Emirates
GDP: US$421.1 billion
Corporate tax: 9% (as of June 2023)
Best city to start a business: Dubai
The United Arab Emirates is a well-acclaimed hub for budding entrepreneurs. Its eclectic range of businesses such as real estate, consultancy, software, research, and financial establishments make it a popular destination to establish new companies.
This is amplified by the presence of free-trade zones – special regions typified by the vicinity of airports and seaports where taxes are non-existent when trading goods or services. Moreover, Dubai offers another one of its exclusive advantages – the lack of a corporate tax.
Although this will change in June 2023 at a relatively low 9% rate, it will not affect countries located in free-trade zones. On top of all these features, the UAE’s geographic location also provides an unrivaled platform for networking and collaboration between the east and west.
For aspiring new business owners who crave an advantage over their competitors, the UAE might well be the perfect place to start up.
3. Qatar
GDP: US$ 179.68 billion
Corporate tax: 10%
Best city to start a business: Doha
Qatar stands out among the world’s wealthiest nations, having an impressive per capita GDP of $94,000—placing the country in the top five with the highest GDPs. With its economy primarily powered by oil and natural gas, Qatar offers a wide range of business opportunities for entrepreneurs and investors.
Numerous sectors are thriving in the nation, including tourism, technology, construction and manufacturing, IT, healthcare, agriculture, education, media, and consultation services.
Attracted by Qatar’s promising business environment, entrepreneurs and corporate leaders significantly seek to start companies in Qatar. Benefiting from the government’s active effort to improve conditions for businesses and investors, Qatar serves as an alluring destination for expanding such enterprises.
Qatar has leapt into global prominence as a sought-after business destination since it was confirmed to host the 2022 FIFA World Cup. Major investments have been made in Qatar’s tourism, technology, construction and manufacturing, information technology, healthcare, agriculture, education, media, and consultancy services sectors. These sectors are growing rapidly and are becoming increasingly attractive to potential foreign investors.
The hosting of the 2022 FIFA World Cup has brought about a variety of positive economic changes which are expected to further boost Qatar’s global standing as a key business destination. Now, Qatar’s neighboring countries also (such as Saudi Arabia ) are attempting to foster their economy through the support of tourism and amusement, notwithstanding their formerly entrenched orthodox opinions.
Qatar’s business environment offers a variety of options for entrepreneurs, the primary being the Qatar Business Zone. This free business zone provides a range of benefits such as full foreign ownership of shares; no restrictions on foreign currency, and no taxation on income.
Establishing a company in Qatar is advantageous due to its advanced infrastructure, educated yet economical labor force, lack of income tax on wages, and exemption from taxation on export revenues. Furthermore, corporate tax rates are as low as 10% while profits can be readily transferred to the business owners’ home countries without any difficulties.
Banking services are available to provide additional support to business owners.
4. Ireland
GDP: US$504.18 billion
Corporate tax: 12.5%
Best city to start a business: Dublin
Ireland is a widely sought-after destination for entrepreneurs looking to expand their businesses abroad. Its capital city, Dublin, has been repeatedly named one of the top cities in the world for starting a new venture, largely due to its efficient corporate tax rate of 12.5%.
This tax is imposed on profits, thus creating a profitable margin for even those businesses that are just starting out and have not yet generated major returns. Ireland’s population of over five million also presents potential business owners with the opportunity to stand out from the crowd and make an impact in their respective market niche while quickly achieving profitability.
In terms of exports, the Republic of Ireland’s value of food, drink, and horticulture exports rose to €13.5 billion in 2021 despite the outcomes of the COVID-19 pandemic and Brexit, indicating significant growth in this sector. Further exports include pharmaceuticals and technological products which have added to Ireland’s stellar business-friendly reputation.
Forbes recently listed Ireland among the 15 nations most favorable for enterprise, highlighting its one of the lowest corporate taxes, strategic international location, and solid legal and regulatory environment as key aspects boosting its appeal to overseas investors to do business.
Ireland remains one of the best countries for entrepreneurs and small business owners seeking to build international success. According to the World Bank’s 2018 Doing Business report, this nation of just over four million people ranks 8th in the world for ease of doing business. In 2021 alone, Irish exports amounted to $190 billion across all sectors, with the United States taking 31% of the goods.
With the headquarters of eight of the world’s ten largest pharmaceuticals and half of all global financial services businesses located in Ireland, it is a major hub for the tech-based industry.
There are also numerous government supports available to incoming businesses, such as grant money, and SMEs make up 99% of all enterprises in Ireland and have powered its impressive GDP growth of 26.3% in 2015.
Due to the sheer number of companies situated in the country, networking opportunities are abundant, making Ireland an unparalleled spot to launch an international venture.
5. Singapore
GDP: US$340 billion
Corporate tax: 17%
Best city to start a business: Singapore
Singapore is widely considered a top-tier nation with a robust economy and a premier choice for launching business ventures. As evidenced by its regular placement atop the World Bank’s renowned Ease of Doing Business Report, Singapore stands out as an exemplary AAA-rated economy, highly regarded for its smooth business conduct and setting up process.
The minimum requirements to start a company in Singapore include one shareholder, one director, one local company secretary, a local address, and a scant share capital of only one dollar. Registry is digitized by the Accounting and Corporate Regulatory Authority (ACRA), allowing incorporation to happen in record time—around three days—subject to compliance approval.
Beyond this swift procedure, Singapore proffers advantages that make it an ideal starting venue for entrepreneurs. For example, there is a low-tax rate of 17%; several free trade agreements that minimize tariffs across borders, and numerous Avoidance of Double Taxation Agreements (DTAs) with 62 different countries, along with investment protection agreements with countless others all around the world.
The uncomplicated business setup simplifies the entire startup process to just meeting the required qualifications, getting the necessary permits, and setting up a corporate bank account, making Singapore an attractive business destination for many.
The Singaporean government offers an array of monetary grants and subsidies to assist struggling startups, both domestically and internationally.
These initiatives range from Startup SG Tech and the Enterprise Development Grant to EDB Singapore’s Innovation, R&D, and Capability Development incentives, which not only reduce operational labor costs but also expand business scope significantly.
As such, Singapore has further bolstered the encouragement of enterprise development with the Global Trader Programme (GTP), International Headquarters Programme (IHP), and Regional Headquarters Programme (RHP).
This nation has proven to be an ideal haven for aspiring entrepreneurs in pursuit of capitalizing on a dependable governing body and consistent economy. According to the IMD’s World Digital Competitiveness Ranking 2019 survey, Singapore stands as the second globally most digitally competitive economy.
When it comes to security, this sovereign nation often enjoys low crime statistics and preserves political stability even in times of economic hardship – the current crisis being a testament to its resilience.
Despite a visible slowdown due to pandemic-related restrictions, Singapore remains poised for continued economic growth and improvement.
Singapore has become an undeniably attractive destination for those seeking to be immersed within the business culture of mainland Asia, as well as for international companies such as Google, who have established their headquarters there.
The World Economic Forum has magnanimously acknowledged Singapore’s economy as being one of the most open on a global scale. Moreover, not only is the nation’s Gross National Savings nearly equivalent to half of its GDP, but Singapore also boasts S$500 billion in exports every single year – resulting in the country having one of the highest trade-to GDP ratios globally.
Ultimately, these facts have enabled Singapore to flourish into a hub for talent to develop innovation and drive entrepreneurship and wealth management.
6. United States
GDP: US$20.94 trillion
Corporate tax: 21%
Best city to start a business: San Francisco
Setting up shop in the United States opens opportunities for a massive pool of consumers – over 329.5 million individuals dispersed across fifty states, covering 9.834 million square kilometers. Potential partners, highly qualified personnel and varied possibilities in diverse high-performance business sectors are also some of the benefits you will gain.
A French study indicated that the top ten cities for entrepreneurial endeavors feature five American metropolises: New York, San Francisco, Los Angeles, Boston and Chicago. Setting up a venture in the US is typically relatively speedy and straightforward for non-residents.
Being the world’s second largest economy behind China in 2021, the US provides a stable, solid and trusting market to foreign investors.
Home to four thousand colleges and universities, America is teeming with more than eight hundred thousand international students. Community colleges and technical schools acceptably prepare students for a successful career trajectory – whatever your business may look like, you’ll find numerous skilled professionals ready to take on whatever you are offering.
The United States boasts a picture-perfect setting for business initiatives, earning the highest recognition and respect from world-renowned consulting firm Ernst and Young, who declared it the most alluring market in the world for venture capital and private equity funding. According to The World Bank rankings, the US is fifth overall in its ease of doing business—a definitive attribute when it comes to foreign investment and international trade.
San Francisco Bay Area, particularly, stands out as the brightest beacon in the US for high-tech companies, thanks to its close proximity to Silicon Valley, which is home to 6 Fortune 500 organizations, 1900+ technology companies, 120+ biotech companies, and 200+ cleantech enterprises.
Moreover, the United States makes for an exceptionally hospitable environment for launch parties and endeavor endeavors; the US start-up eco-system is globally rated first. Over and above tech ventures, the great American market is also heavily populated with eCommerce projects, instruction and energy businesses and environmental endeavors.
The United States is renowned as a leader in Intellectual Property Rights (IPR), with approximately one million patent or trademark protection applications annually submitted to the US Patent and Trademark Office.
By registering in the USA, businesses reap immediate international recognition which facilitates the ability to obtain financial backers and form overseas partnerships. As a dominant player in the global market, the USA grants businesses unlimited potential for growth and expansion from their initial commencement.
7. Japan
GDP: US$ 4.94 trillion
Corporate tax: 23.20% – 33.58%
Best city to start a business: Osaka
Japan is a renowned global powerhouse and the world’s third largest economy, only having been outpaced by the United States and China. As one of the main hubs for high-end goods, products, and services, consumers living in Japan have access to an enviable array of options.
The unique compositions of this market, namely its combination of premium quality and innovation, have made it particularly desirable for foreign companies who are seeking success in the international arena.
Furthermore, Japanese consumers also have a higher level of disposable income than many other markets, which can facilitate more investments in products that show potential for long-term growth. This factor has the ability to make Japan a hotspot for investment if the need arises.
Additionally, businesses that have chosen to partner up with Japanese counterparts will attest to their loyalty and commitment towards their initiatives – both short-term and long-term. Many multinational corporations have looked to Japan as the preferred platform for developing new products and concepts.
The advantages of operating a business in Japan are both strategic and economical. Establishing a corporate entity can be done in just two weeks, and it is possible to achieve a substantial portion of global profits within three to five years. Utilizing JETRO’s One-Stop Business Establishment Center services cuts the time required for set up to four days.
Japan boasts 20+ ports, as well as 5 international airports serving its cities and regions. Of these, Tokyo is serviced by Tokyo International Airport (HND) and Narita International Airport (NRT), while Osaka is connected to Osaka International Airport (ITM) and Kansai International Airport (KIX).
Japan’s transportation infrastructure is highly organized and efficient, indicative of the nation’s reverence for quality. Developing a product or service that meets the expectations of the Japanese market is a feat worthy of recognition–a testament to one’s ability to both succeed and compete on the global stage.
With its modern infrastructure, comprehensive resources such as roads, highways, railway systems, subway systems, airports, ports, and telecommunications networks, Japan is well-equipped to distribute any goods or services efficiently.
In summary, it is clear why Japan stands out as an ideal country for entrepreneurs on the international stage. With one of the largest economies in the world, a wide range of options for quality products and services, a high disposable income, a commitment to innovation, and loyalty to business partners; Japan truly sets itself apart as a destination ripe with potential opportunities.
Conclusion
Although there are many countries offering diverse and unique business opportunities, the ones discussed in this article stand out as the best countries to start a business in 2024.
From Ireland, with its supportive and inclusive business culture, to the United States, whose strong legal system is ideal for intellectual property protection, there are many options which offer sound infrastructure, competitive taxation, and access to local talent markets.
Personal preferences, specific industry requirements, and business goals should all be taken into consideration when choosing the best country for your company. With research and planning, entrepreneurs can secure a business future in an ideal location, ready to thrive in the rapidly changing global economy.
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