Sunday, February 28, 2021

Countries to Start a Business: The Top 15

Starting a business can be daunting task for investors and entrepreneurs. Because they have so many places to choose from. They also several things to consider before they can start a business in so many countries they have to choose from.

In this post we bring you a compilation of the best countries to start a business. These attributes include : affordability, bureaucratic tendencies. Additionally cheap manufacturing costs, connection to the rest of the world, and also, easy access to capital.

These are the top 15 countries to start a business.

United Kingdom

The UK, a leading trading power and financial center, is the third-largest economy in Europe after Germany and France. Highly developed, and the nation also exerts considerable international economic, political, scientific, and cultural influence. With a GDP growth rate of 1.7%, the UK is located off the northwest corner of Europe, the country includes the island of Great Britain. Which contains England, Scotland, and Wales – and the northern portion of the island of Ireland. The year 2017 ushered in anxiety about the country’s role on the global stage. This was as a result of the public voting in the summer of 2016 to leave the European Union. Therefore, casting a shadow of doubt over the future of the economy.

Sweden

Sweden’s small, open, and competitive economy has been thriving. Sweden has achieved an enviable standard of living with its combination of free-market capitalism and extensive welfare benefits. The Kingdom of Sweden is one of the largest countries in the European Union by landmass. The country is outside the eurozone largely out of concern that joining the European Economic and Monetary Union. Which would diminish the country’s sovereignty over its welfare system. Timber, hydropower, and iron ore constitute the resource base of a manufacturing economy that relies heavily on foreign trade. Sweden has a GDP growth rate of 2.1%

Hong Kong

Hong Kong has a free-market economy, highly dependent on international trade and finance. The value of goods and services trade, including the sizable share of re-exports, is about four times GDP. The GDP growthrate of 3.8%. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities. Whether imported or produced locally: hard alcohol, tobacco, oil, and methyl alcohol. There are no quotas or dumping laws.  Mainland China has long been Hong Kong’s largest trading partner. Therefore accounting for about half of Hong Kong’s total trade by value. With natural resources limited, and food and raw materials mostly imported. 

Netherlands

The Netherlands, the sixth-largest economy in the European Union, plays an important role as a European transportation hub. The country boasts of a trade balance of10.5%. With a consistently high trade surplus, stable industrial relations, and low unemployment. Industry focuses on food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force. But provides large surpluses for food-processing and underpins the country’s status as the world’s second-largest agricultural exporter. The Netherlands is part of the eurozone. Thus, its monetary policy is controlled by the European Central Bank. 

New Zealand

From an agrarian economy to a more industrialized free-market economy, New Zealand is a country that can compete globally. Thus, this dynamic growth has boosted real incomes. Per capita income rose for 10 consecutive years until 2007 in purchasing power parity terms but fell in 2008-09. With a last recorded GDP per capita of $42900. The export market, abounding with dairy, sheep, beef, poultry, fruit, vegetables, and wine. Now opened beyond the U.K., and manufacturing and tourism were expanded. Per capita income remains high.

Canada

This country resembles the US in its market-oriented economic system, the pattern of production, and high living standards. Canada has a GDP per capita of $45000. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation. From a largely rural economy into one primarily industrial and urban. The nation has a large oil and natural gas sector. With the majority of crude oil production derived from oil sands in the western provinces, especially Alberta. It now ranks third in the world in proved oil reserves. Behind Venezuela and Saudi Arabia and is the world’s seventh-largest oil producer. 

Denmark

The Danish economy is characterized by extensive government welfare measures and an equitable distribution of income. An aging population will be a long-term issue. Denmark’s small open economy is highly dependent on foreign trade, and the government strongly supports trade liberalization. Denmark is a net exporter of food, oil, and gas and enjoys a comfortable balance of payments surplus. But depends on imports of raw materials for the manufacturing sector. Denmark has a GDP per capita $56300

Switzerland

Switzerland espouses neutrality. The country is a prosperous and modern market economy with low unemployment. Also a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland’s economy additionally benefits from a highly developed service sector. Led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates. All these make Switzerland one of the world’s most competitive economies.

Related: 5 Best Countries in Africa To Do Business

Australia

Australia is an open market with minimal restrictions on imports of goods and services. Thus, the process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia’s abundant and diverse natural resources additionally attract high levels of foreign investment. These include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources.

Singapore

Singapore has a highly developed and successful free-market economy. It also enjoys an open and corruption-free environment. Stable prices, additionally, a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports. Particularly of electronics, petroleum products, chemicals, medical. Also optical devices, pharmaceuticals, and on Singapore’s vibrant transportation, business, and financial services sectors. Singapore is also one of the wealthiest nations in the world. Thus making it one of best countries to start a business.

Germany

The German economy – is the fifth largest economy in the world. Germany is also Europe’s largest – is a leading exporter of machinery, vehicles, chemicals, and household equipment. Germany benefits from a highly skilled labor force. It is additionally the most populous nation in the European Union. Germany has seen its role in the international community grow steadily since reunification.

Finland

Finland has a highly industrialized, largely free-market economy with per capita GDP almost as high as that of Austria and the Netherlands and slightly above that of Germany and Belgium. Trade is important, with exports accounting for over one-third of GDP in recent years. The government is open to, and actively takes steps to attract, foreign direct investment. Finland is historically competitive in manufacturing, particularly in the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in export of technology as well as promotion of startups in the information and communications technology, gaming, cleantech, and biotechnology sectors.

United States

The US has the most technologically powerful economy in the world. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment. Likewise, its cultural imprint spans the world thanks to its popular culture expressed in music, movies and television.

China

China is one of the world’s fastest-growing major economies since former leader Deng Xiaoping installed reforms in 1978. China’s economy is the world’s second- largest, trailing only the United States. With almost each and every economy depending on China in one way or another for product delivery.

India

India’s diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries. Also a multitude of services. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services, business outsourcing services, and software workers. But its population is also one of the poorest in the world . 

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