Top 5 countries where it is profitable to open a business in 2022
➤ British Virgin IslandsThe British Virgin Islands (BVI) is the best place to incorporate a company if you are an Internet entrepreneur with worldwide revenue generation. And here's why:
- The BVI has the most reputable and experienced incorporators of any offshore country;
- you can link a business with an overseas bank account opened in a reputable jurisdiction, including Europe;
- banks want to work with companies registered in the BVI, as the country takes the procedure for registering companies and scaling a business by foreigners seriously.
- registration here is not as cheap as in some other offshore countries, but cheaper than in Europe;
- registered office and government fees are also higher;
- there is a requirement for the economic presence of registered companies.
➤ DenmarkDenmark is considered one of the easiest countries in Europe to start a business and register a company, and it does have some nice perks:
- with flexicurity, you get the most flexible hiring and firing rules in the world, reducing the cost of scaling up business operations;
- you can register a firm in Europe and complete your company registration in Denmark in just a few business days, not weeks;
- there are no citizenship requirements for your firm's management, including for the CEO and board of directors;
- effective tax for setting up your business in Denmark compared to other Nordic countries;
- Danish company law is up-to-date and in line with current EU legislation.
➤ NorwayNorway has a strong economy and most communication with the government can be done digitally. Also:
- company registration is fast and tax compliance is relatively straightforward.
- the focus of government support is on technology businesses;
- the country's labor market is filled with highly skilled employees in IT, finance, design, and music technology;
- entrepreneurs have access to manufacturing expertise, investors and creative talent;
- obtaining construction permits on behalf of a newly incorporated company can be time-consuming;
- the country's labor regulations are quite strict, which is compensated for by the availability of highly qualified personnel.
➤ New ZealandNew Zealand is considered one of the easiest countries to do business because:
- it takes only one or two days to register a company;
- registering a company and real estate can be done in two days;
- the country's workforce is skilled and educated;
- relatively low labor costs;
- as for taxes, there are no payroll, social security or capital gains taxes;
- the country creates a separate LLC, which is a separate legal entity, independent of the shareholders.
➤ SingaporeSingapore is attractive for companies that do not plan to do business in Europe. It is known for many large international companies that locate their headquarters in the country. Because of its strong trade and investment opportunities, the city attracts global entrepreneurs and business leaders. This country has repeatedly been named the most competitive Asian country to start a business because:
- it is one of the richest countries in the world;
- it's politically stable;
- it is a convenient geographic location for doing business in Asia;
- it has a competitive market of highly skilled professionals;
- there's no tax on dividends and capital gains;
- there are serious tax preferences for registered resident companies.