I was having a chit chat with a few friends and then it got serious when a friend talked about a country, he would love to start a branch of his company in. I decided to do my due diligence and look out a few countries and why they could be good for startups and encourage growth, and at the end of this post, you could also help me with a few countries you know is good for startups. There are a lot of countries that do not have a strong economy and the government do not encourage startups but rather they find ways to milk the company dry from its first year but in this post, I am talking about countries that support startups but locals and foreigners as well as if the countries have a good economy.
Switzerland
Is it because of its stable currency, good economy, or low-level corruption? Switzerland has proven to be one of the world leading countries in fintech and blockchain. Maybe because it has the world bank situated here, it is easy to find investors and business partners and mentors in Switzerland. I can’t say about living in Switzerland as it doesn’t look cheap but starting a business there can be a little encouraging.
Sweden (North Europe)
I picked Sweden into my list due to the low inflation rate and the high GDP of the country. Okay, I see someone is going to chop my head off on the basis that the income tax in Sweden is high but the country tries to support startups, also the corporate tax in this country is around 22% making it a fair offer compared to other developed countries (Remember that corporate tax is income – capital – expenses = profit – tax) and the country has highly skilled workforce.
Canada
A lot of seed funding, grant and tax breaks for startup has made Canada the dream of startups. Canada looks like a country still growing itself and so the government is doing everything at its best to make sure that there are people to grow the economy stronger having a corporate tax rate of 15% and as a startup, trading with the US will be very easy in Canada.
Malaysia
A lot of friends have been going to start a business in Malaysia and I wondered why this was increasing but soon I understood that the government has been doing their best to make sure that the country laws favors startups like Tax breaks for small companies as well as easy trade in and out of the country. A lot of tech startups are now starting their companies in Malaysia and soon, this country will become the next Silicon Valley.
United States (Delaware)
Do you know that over half of the publicly traded companies in the United States are registered in Delaware? Well. It is a good place to start a business with easy access to local and immigrants. A lot of companies just file their company’s paperwork in Delaware is it is a friendly place for business.
New Zealand
The cost of living in New Zealand is quite low and this makes it easier for people who want to start a business to thrive, businesses are supported by the government and a lot of tax breaks for startups.
Singapore
The Singaporean government have been very supportive to its locals as well as foreigners in the country, helping startups and having a corporate tax of 17%. The country does not tax dividends as well as no capital gains taxes. Registration is easy and can be done online.
Conclusion
After running through this countries, I would like to know if your country is a good place to start a business and do the encourage both locals and immigrants?