Would you like to know which are the ten best countries for doing business in? If you are looking to start a new enterprise, or wish to expand ongoing operations, then the following list will provide you with numerous options that will make your life so much simpler. These countries have done everything possible to attract businesses, creating a pro-business environment in which companies can thrive. By reducing the amount of regulations, or making them more efficient, some nations have been able to reduce the cost of starting businesses significantly.
Construction permits, credit approval, and taxation, are only some of the areas that can have a considerable impact on businesses. The best countries for doing business have successfully combined the numerous factors involved in generating an environment where companies will grow with ease. In fact, it’s likely some of the 12 most profitable businesses we presented in a previous list might have been founded in one of these nations.
In order to determine which countries favor business the most, we decided to look at where regulations are the most business-friendly. According to information provided by the World Bank in their Doing Business 2015 report, which compares business regulations for domestic firms across 189 countries, several patterns can be highlighted. First off, being pro-business does not mean a total absence of regulations, but rather laws that make financial interactions easier and do not impact negatively on the private sector. Secondly, the highest ranking nations on the list also perform very well in macroeconomic sets comparing competitiveness and overall performance, meaning that being pro-business can surely be beneficial.
Either way, let’s just take a look at who is on the list of the ten best countries for doing business and we just may come to some interesting conclusions.
10. Australia
Starting a business is considered to be very easy in Australia, though the protection of minority investors and registering property are not as simple. Nevertheless, doing business is relatively easy in the first country on our list, the tenth best in the world.
Where will our list of the best countries for doing business take us (and possibly your business in the future) next? Head to the next page to find out.
9. Finland
Finland has the highest possible score in terms of resolving insolvency and also scores highly in areas such as contract enforcement and cross-border trade.
8. United Kingdom
Getting electricity and registering a property can be much harder in the UK than in many other countries. Nevertheless, taxation, minority investor protection, easy access to credit, and trade all score very high in terms of ease of doing business.
7. United States
A country that certainly could not be missing in our list, as it prides itself upon free trade and a strong pro-business stance. The US scores especially high in the areas of obtaining credit and resolving insolvency, making it very easy to open (and if need be, close) shop.
6. Norway
Norway scores well across the board in terms of ease of doing business, yet it has fallen in the ranks due to the fact that obtaining credit is so difficult.
5. South Korea
The easiest country to get electricity is South Korea, which also ranks very high in terms of international trade, contract enforcement, and insolvency resolution. The only area that might complicate businesses in Korea is property registration, which scored abnormally high.
4. Denmark
This small nation located just north of Germany has managed to achieve a truly harmonious atmosphere for the business community to grow. Even its worst performing area – contract enforcement – still ranks relatively low compared to its peers.
3. Hong Kong
The rankings for Hong Kong are all over the place, ranging from a perfect score in terms of dealing with construction, to a miserably low one for property registration. Nevertheless, since all other variables achieved excellent results, the third position was secured with some ease.
2. New Zealand
Nowhere in the world is it easier to start a business than in New Zealand. In addition, this nation has a perfect score in credit obtainment and minority investor protection, making it a very savvy place to have a business.
1. Singapore
Singapore is such a wealthy nation for a reason: it is extremely open to trade, contracts are always enforced, and taxes are low. The scores achieved by Singapore demonstrate that the government has created an almost perfect environment for businesses to flourish.
