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When starting a business, the first question that comes to mind is probably where you will be located. You may have some ideas about your industry or the type of business you want to start. But where should you set up your markets if you’re thinking of expanding overseas and doing international business? Here are three ideal countries to start a global business based on their ability to host new businesses, lack of stress on the pocketbook, and friendly atmosphere for foreigners looking to start something new.
Related: 3 Steps to a Successful International Expansion
Singapore is a great place to start a business because it’s small and incredibly industry-friendly. The country has less than 6 million people. This means you won’t get lost in the crowd or overwhelmed by tons of other businesses trying to do what you’re doing.
The crime rate in Singapore is low, which is ideal for starting a business there. You can feel safe knowing that your physical security will not be threatened while operating your company outside of this country.
Singapore’s economy is strong and growing annually as more companies move there to take advantage of its tax-friendly policies and banking regulations. These business-friendly banking arrangements make it easy for foreign investors to do business within the borders of this small nation-state without fear of their money disappearing into an abyss somewhere along the way (or being stolen).
The Singapore government is enthusiastic about foreign investors and has a reputation for being fair and honest. The country’s leadership is committed to maintaining that reputation, so (ideally!) you won’t have to worry about crooked politicians or corrupt bureaucrats taking advantage of your business to line their pockets.
Singapore has a low tax rate, one of the lowest in the world, which makes it an attractive destination for foreign investors. You won’t have to pay high taxes on your earnings, making it easy to make a profit and grow your business without worrying about how much money you’re losing to the government.
The country has a low cost of living and it is easy for expats moving there to find housing, food, transportation and other essentials at affordable prices. In short, you will be able to save a lot of money living in Singapore by using domestic products, which can be a quarter cheaper than imports. And due to strict environmental policies and high quality assurance standards, the domestic product is generally in excellent shape.
Related: Interested in Starting a Business Abroad? Keep these 5 things in mind
Sweden, with its strong economy and low crime rate, is a great place to start a business. Sweden is one of the safest places to live due to its police force, which is considered one of the best in the world. Sweden has been ranked the world’s most innovative country for business since 2013 by Forbes and has been named the best place in Europe to start a new business by The Economist.
Sweden may be the right choice if you are thinking of starting an international company in Europe. The Swedish government takes care of its citizens — there is universal health care and free public education. This means you don’t have to worry about paying high taxes or providing healthcare to your employees when they get sick.
Banking regulations are also quite safe — Sweden does not have a debt crisis like those seen in the US or Greece. Sweden’s GDP growth was 2% higher than expected during 2018, making it one of the few countries still showing economic growth after 2008 based on a detailed 10-year comparison.
Sweden has a strong manufacturing sector and is home to many tech companies such as Spotify, making it an ideal place for startups. The country also has a rich history of innovation — it was the first country to introduce banknotes to Europe in 1661.
3. New Zealand
New Zealand is a great place to start a business because of its autonomy in having built a strong economy. The country’s economy is ranked among the top 10 economies in the world, so there are good opportunities for your business to grow. New Zealand does not have a minimum wage law, which means wages can be negotiated between you and your staff, providing flexibility when paying employees. You also won’t have restrictions on how much profit you want to make or how much tax you pay — this gives you more freedom as a business owner.
In addition to flexible employment laws and a great economy, New Zealand has one of the lowest crime rates in the world — meaning it’s one of the safest countries to live in or set up a business.
The country has a high standard of living and low costs. Like Sweden, the government provides free education and healthcare to citizens and residents, so starting a business is easy without worrying about health insurance or paying for your children’s schooling.
There are many reasons why these countries are great places specifically to start a business. They offer a great environment to start and grow your business, and support businesses of all sizes. So whether you’re looking to expand your business internationally or want to start something new entirely, consider one of these countries as an option.
Related: How to take your company global