Entrepreneurs often assume that the only place they can start up their companies is on domestic soil.
Then, eventually, they might be able to expand overseas if they’re successful. But this approach to starting a business is missing a trick. Why would your current country be optimal for selling your products when there are hundreds from which to choose? It doesn’t make sense.
A lot of entrepreneurs are now finally coming to an understanding of this concept and approaching the task of finding new business opportunities differently.
They’re thinking about which counties will be most conducive for facilitating their ideas.
Norway
In terms of population, Norway is a small country in northwestern Europe. Only a few million people live there.
But because of the country’s colossal income, it has a surprisingly large market. The average person living and working in the country earns about 30 percent more than the average person in the US, which is quite considerable when you think about the wealth held in America.
Norway’s standout feature, though, is its digital communication, something that investors with frontier markets focus take seriously.
The government prioritizes rapid internet connections for the whole population. There’s a massive focus on tech-based businesses, and the country offers a wealth of high skill workers from the financial and communication sector.
Belize
Belize is a small country in Central America. And unless you regularly visit the Caribbean, you probably don’t know much about it.
For entrepreneurs, though, it’s a great location. There are no corporate taxes in the territory. Most of the government’s revenue comes from sales taxes. And starting up in the country is incredibly easy. Merchant accounts are simple too.
Belize, however, comes with a few cons, the main involved paying a fee to the government if you bring more than $50,000 into the country.
UK
The UK is a high-tax region and not usually the first place you think of setting up a business.
But the process of incorporating is probably the easiest of anywhere in the world.
You can have a legally-recognizable company up and running in under an hour, making it perhaps the simplest of any European country.
Furthermore, you’ll pay a fee of just £14, which comes out at $20 – hardly anything.
Also, note that the UK government offers some perks for international investors and entrepreneurs.
There are significant R&D tax credits for those who do product development on the island.
And tax authorities don’t chase firms in their first few years as there’s an understanding that most aren’t profitable. Do what you will with that information.
Denmark
Denmark is one of the richest countries in the world, despite its high taxes. And it is also relatively friendly to entrepreneurs.
The main reason for this is the country’s flexible hiring and firing policies. In the past, it was very difficult to get rid of workers in the country.
As a consequence, firms didn’t want to hire, and unemployment rates shot up.
The government changed the rules to make it easier for companies to get rid of people and scale up and down. Now employment is much lower.
- DISCLOSURE – This post has been written by an outside source
