5 best countries to start a business in 2021

March 24, 2021

Best countries for starting a business

The COVID-19 crisis has been extremely challenging for businesses worldwide. However, it also presented plenty of opportunities that savvy entrepreneurs hurry to make use of. Startups are getting a chance to truly shine today, especially as the world is growing progressively more globalized. So knowing the best countries to start a business can be a massive factor for success.

One very important thing any investor or a future business owner needs to consider now is that you have the freedom to build that startup anywhere. In fact, in many cases, starting a business abroad can be more lucrative due to different tax policies. Modern software makes it easy to run a global team from anywhere. Therefore, you only need to pick the best country to start a business as a foreigner.

Best countries for startups in 2021

The COVID-19 crisis has been extremely challenging for businesses worldwide. However, it also presented plenty of opportunities that savvy entrepreneurs hurry to make use of. Startups are getting a chance to truly shine today, especially as the world is growing progressively more globalized. So knowing the best countries to start a business can be a massive factor for success.

One very important thing any investor or a future business owner needs to consider now is that you have the freedom to build that startup anywhere. In fact, in many cases, starting a business abroad can be more lucrative due to different tax policies. Modern software makes it easy to run a global team from anywhere. Therefore, you only need to pick the best country to start a business as a foreigner.

Singapore

Over the last two decades, Singapore has earned the reputation of being the fastest-growing business hub and best country to start a business. The COVID-19 crisis put all this progress at great risk as the country was hit hard. Singapore’s economy largely relies on international trade. Therefore, it has all but stopped and dropped by many points in the last year alone. The current uncertainty in global supply chains is still affecting it deeply.

However, according to experts, the lull in the growth of Singapore’s economy is short-lived. It is already back on track to recovery and further growth. Therefore, this country remains one of the best places for a startup today.

It must be noted that one of the reasons for Singapore’s success in recovery was its fast adoption of a digitized economy. The country is essentially built on digital innovation. Therefore, this type of business would strive here.

Another good opportunity is the manufacturing business. The pandemic has changed the world in many ways. One of them was the growth in distrust in global supply chains. In light of this, many corporations now consider bringing part manufacturing “closer to home”.

Singapore’s location makes it a very good choice for top-grade digital manufacturing to service a big part of Asia. Also, it helps that the overall economic environment in the country is healthier than the majority of the world can offer now. Political stability and generally high level of wealth also contribute to the resilience of Singapore in the current crisis. The absence of capital gains and dividend taxes is another big benefit of starting a business in Singapore. Being a digitalized state, it’s also no wonder that you can easily open a business using online services.

The UAE

The UAE is another business hub that impresses with the rate of its growth over the last few years. It’s a place with a very favorable outlook on international investors and business owners. Therefore, it’s not a surprise so many of them are drawn here. If you are looking for the best country to start a business, you might be interested in a business setup in Dubai. This part of the country, in particular, is fertile ground for ambitious companies and investors. Even the COVID-19 crisis didn’t manage to destroy the tourism and rental industries in Dubai.

The hospitality industry is a good option for investment here. However, it’s hardly the only opportunity for businesses. Innovation is key for success in the UAE and the country is a great place to base any trade business in. The energy field here is also exceptionally welcoming to new ideas.

However, one of the main reasons why starting a business in the UAE is a good idea is not the growing economy. It’s the ease of opening a company and running it with very modest tax payments. The paperwork and general bureaucracy of opening and managing a business here are straightforward. This covers everything from actually starting a company to obtaining permits and registering property and assets.

Note that this country is also in good standing in regards to protecting minority investors. The location of the country, right in the middle of the East and West, is also beneficial. In particular, you don’t have to worry even with the recent changes in supply chains. The UAE will remain a strategic point for international trade logistics.

New Zealand

New Zealand was a good place for starting a business even before the pandemic. However, now you’d be hard-pressed to find a better place because this country was the most successful in managing the impact of this crisis. This is an impressive feat considering how the economy of New Zealand relies mostly on international trade and tourism. These are two of the industries that suffered the greatest losses due to the pandemic.

Of course, the country was affected and its economy went into a recession. But even by the end of 2020, it recovered enough to show actual growth by 1.4%. To get some perspective, consider the fact that the GDP contracted by 12.2% in the third quarter of 2020. These numbers clearly show that by starting a business in New Zealand you are betting on a country that can successfully handle a crisis. Exceptional political stability is a big factor in this. The same goes for open policies for business owners and international investors.

In addition, this is another country where you can open a startup in a few hours using nothing but your computer. You can do everything you need online. The country’s policies also offer the best protection for minority investors. In fact, New Zealand is among the world’s leaders in regard to equality.

Switzerland

While not completely tax-free, Switzerland is a veritable tax haven for business owners and investors. This alone is reason enough to start a business in this country. Its strategic location in the heart of Europe and a highly developed economy clinch the deal.

However, Switzerland has even more to offer to the ambitious entrepreneurs of today. The country is politically and economically stable. It has proven as much by getting through many global crises almost unscathed.

Moreover, it has very lenient policies for opening a business. It also boasts well-developed industrial facilities and one of the best workforces on the planet.

Overall, there is nothing that one might need to build a successful business that you won’t find in Switzerland. Of course, this is a prime location for the projects with a wealth of funding. However, it’s also a good place for attracting investors. Technological startups, in particular, are very welcome in this country.

Georgia

If you plan on opening an online business, consider Georgia, which offers this kind of companies a tax-free zone. This country may not have such a stable economy and developed infrastructure as Switzerland or New Zealand. However, it’s currently growing fast and one of the reasons is attracting innovative entrepreneurs.

Tax benefits and the ease of setting up a company, especially in the IT sector, make Georgia the leader of emerging economies. The country shows great promise in the digital future of the world.

You can also currently benefit from the fact that Georgia is actively seeking investment. Therefore, legal requirements for investors and foreign entrepreneurs willing to open businesses here are lenient. Taxes are low and completely absent in some positions. The company can be opened within about three days.

Concusion

No matter what your business idea is, there is a great place to realize it today, and it’s probably in one of the best countries to start a business mentioned above. However, remember that some countries are definitely better than others for doing this. As we live in the era of globalization, you shouldn’t limit yourself to only your current country of residence. Explore your options to find the best place for launching your business to the greatest success.

More must-read stories from Enterprise League:

Create your company page. Discover companies to work with. Get business deals.

Related Articles