Many factors go into making a business successful, and where it is located can be the first major decision for investors and entrepreneurs.
It’s not always easy, or quick, to start a business, especially a successful one. Experience, know-how, and capital certainly help. In any business, you have to have some funding and while taking out a loan is one of the best ways, you still have to do your homework. For example, if you’re in the UK, you need to read a few business loans reviews in the UK to know if your preferred firm is legit.
If you’re starting a business and wondering about your overseas options, this post from luminablog.co.uk will show you the top five countries where it’s easiest to do business.
New Zealand is the economy with the most business-friendly environment. The country earned top scores for “starting a business,” the indicator that looks at the number of steps entrepreneurs can expect to go through to start up and formally operate a business, plus the time and cost it takes to complete those steps. It also ranked first for the indicator on “getting credit,” which measures the strength of the country’s legal rights and depth of credit information.
The country also ranked well for registering property and protecting minority investors. Thanks to a streamlined online process, starting a business in New Zealand only takes about half a day—the shortest time in the world.
Singapore has maintained a consistent ranking as the world’s second most business-friendly environment. Among the highlights, the country ranked second in terms of enforcing contracts and third for protecting minority investors. Singapore also ranked well for starting a business and dealing with construction permits.
Recently, Singapore also simplified construction permits by improving its risk-based approach to inspections, improving the accessibility of soil information to the public, and making it easier to acquire a construction permit.
Hong Kong (China)
Hong Kong, a special administrative region considered part of China, has worked its way up the list in recent years. It was ranked first for dealing with construction permits, second for paying taxes, and third for the ease of getting electricity. Reforms over the last few years have made it easier to start a business by doing the following:
- Eliminating the requirement for a company seal
- Improving access to credit by using a modern collateral registry
- Making paying taxes easier and less costly for companies
- Making it simpler to get electricity by streamlining the process for reviewing connection applications and installing meters.
Denmark is the fourth-easiest country in which to do business. It ranked highest in trading across borders, and achieved fourth place for dealing with construction permits, and sixth for resolving insolvency. The report notes that Denmark made dealing with construction permits cheaper by eliminating fees for building permits.
In addition, Denmark also recently “lowered its paid-in minimum capital requirement from 50,000 kroner ($7,470) to 40,000 kroner ($5,975) for domestic limited liability companies.”
The Republic of Korea ranked first in enforcing contracts and second in getting electricity. Other areas of strength included: getting electricity and enforcing contracts. In recent years, the country has made advancements that have made transferring property easier and strengthened minority investor protections.
Overall, in Korea, it only takes 13 days to get electricity, while getting a road maintenance contract takes as little as 161 days. It’s all about efficiency in this island nation: it is also the fastest economy to award public contracts in just four months after communicating the opportunity for the bid, collecting the bids, opening and evaluating them, and finally signing the contract and authorizing the beginning of the work.