Depending on the type of business, startup founders are guided by different criteria when choosing the ideal country for developing their company. Therefore, there is no one-size-fits-all location that will be suitable for every startup. However, a thoughtful analysis of key aspects can make it easier to make the right choice. What are the best countries for entrepreneurs? Read on.
Best countries for entrepreneurs – table of contents:
How to choose the right country?
Before starting a business, it is necessary to conduct a thorough research that will help verify whether it is definitely the best option for your startup. Dynamic market conditions require founders to closely monitor the various stages of business development.
The location of the country where a company is launched affects its future success. Too great a distance or various kinds of transportation difficulties can disrupt the proper functioning of the entire company. Therefore, when deciding on a particular location, it is worth checking out various transportation options in case of an unexpected crisis.
The possibility of handling paperwork online is also a significant convenience. Sending paper-based documentation abroad is associated with numerous difficulties and costs. The option to keep records electronically, additionally in English, effectively minimizes all sorts of barriers.
Other important aspects are the tax benefits or investment programs available in a given country, as well as the licensing and permit requirements.Countries that support foreign investors provide programs that are attractive to them, making the vision of starting a business there more appealing.
When starting a company in a different country, you should also consider the structure of your business itself. The decision should depend on your individual preferences, plans when it comes to moving to a foreign country, as well as the nature of your business.
Thus, the success of a business abroad depends on in-depth analysis and considering the long-term perspective. Getting to know the new market will allow you to better plan the various stages of development and minimize the failures that result from a lack of adequate preparation for overseas expansion.
Best countries for entrepreneurs
Striving to maximize profits, startup founders are looking for all sorts of solutions to reduce their costs. Choosing an environment suitable for business development is a tempting option that lets them optimize all key processes within a company. As a result, startups are no longer limited to the borders of their own country and are increasingly looking for more favorable alternatives in other countries as well.
According to research by English consultancy NimbleFins, the top ten countries for startups in Europe include Germany, the UK, Switzerland, the Netherlands, Ireland, Denmark, Finland, Norway, the Czech Republic, Sweden and Poland. The list was compiled taking into account key indicators relevant to the operation of any business, such as the economy, costs, business environment or workforce.
What is more, the American magazine “CEOworld Magazine”, analyzing 5 factors – investment in human capital, workforce resources, infrastructure for companies or the level of research and development, created a ranking of ten countries that stand out as having the best conditions for the development of startups. They have been presented in the following order: United States, United Kingdom, Canada, Israel, India, Germany, Poland, Malaysia, Sweden, Denmark.
Often, the somewhat utopian vision of an easier business development process in foreign locations tends to distract startups from the real risks associated with moving an entire business to another country. Such a solution can bring the desired benefits only if the strategy is well thought out and the right people are involved.
It is helpful to take legal advice from law firms that deal with all aspects of registering a business in a foreign country. What is more, before making such a decision, analyze the way in which a particular industry operates in the chosen country.
As startups can vary enormously, almost every entrepreneur expects something different from the “ideal” business environment. Thus, it is difficult to determine unequivocally which country will be best to set up your business. Before making a final decision, consider such aspects as the size of the market you want to enter, the level of competition you may face from local businesses, and the level of support available from the government and other organizations.
You’ve just learned what the best countries for entrepreneurs are. Read also: 7 startup roles explained.