The world’s largest economy may be intent on reeling back the globalisation that it once helped to build, but for all other countries, it’s still very much the case of being open to the world. As such, when setting up a new business, any entrepreneur can make the most of more favourable conditions overseas. Whether it’s for access to wider markets, capital, a better workforce, enviable tax rates, or other incentives, these are the best countries to consider for your new business.
Canada for New Businesses
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For an early-stage business with an eye on developing new and exciting products, Canada stands out as one of the best locations in the world to start. For businesses overall, its 15 per cent net corporate tax rate is rather favourable, but the country’s biggest selling point is the array of incentives and deductions that can be tapped into. For scientific research and development alone, Canada’s incentive program gives out some $3 billion annually.
Add to this the proximity to the US – regardless of how strained the national relationship has become – and Canada’s business-friendly immigration policies, and the pool of talent you can draw from becomes another major selling point. Of the many cities to choose from, Toronto is the natural choice for the sheer size of its investor community and pool of entrepreneurs already powering up new and long-standing businesses.
Curaçao for New Businesses
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Like many other countries dotted around the Caribbean Sea, the island of Curaçao has pivoted its national strategy to become incredibly business-friendly while also granting access to international markets. The idyllic island has powered up its appeal with strong financial infrastructure, plenty of tax incentives for new and existing businesses looking to register there, and its policies and governance have remained stable for a long time.
Many industries have flocked to Curaçao to make the most of its business-friendly standing, with the iGaming industry being a prime example. Getting a Curaçao betting licence has historically been seen as one of the most cost-effective options. It’s an all-in-one licence to help simplify an often complex procedure while still upholding strong and respectable regulations and compliance measures. For all kinds of businesses, the Curaçao approach of streamlining everything while also being tax-friendly can be very appealing.
Singapore for New Businesses
Singapore has become an incredibly desirable place to base a business for a whole range of reasons. For one, it’s in a very advantageous location should you seek access to the sprawling Asian markets. Best of all, despite its chance to charge rather high fees for making use of its strategic positioning and world-class array of finance and logistics infrastructure, Singapore is surprisingly low-cost and efficient.
Corporate tax in Singapore is set at a flat 17 per cent, and startups are even allowed to be exempt from tax up to their first SGD 200,000 (£115,000) of income. Further, the Singapore lifestyle has become very appealing. While perhaps not as idyllic as an island in the southern Caribbean, it’s a great place to live with plenty of business opportunities around the good work-life balance culture. Plus, it’s quick and relatively low-cost to get up and running.
There are plenty of countries that are offering favourable conditions for new businesses, but right now, the unique offerings of Canada, Curaçao, and Singapore top the picks.