Location is an important criterion when it comes to setting up your business. Forbes reveals the ranking of the best countries to start your business adventure.
Among the factors that play an important role in the success or success of a company, location is important. In fact, commercial policies differ from one city, state or country to another. Business climate, tax rates, and legal and regulatory requirements are all variables that must be considered. Ignoring these key factors can indicate failure for your new adventure.
A new international study by the UK organization Small Business Prices provides important insights into these key questions. However, this study does not provide all the answers. The ranking of the best countries to start a business from Small Business Prices is an indicator among many others.
This ranking is based on several parameters, including the number of new companies in 43 countries, the type of sectors in which they operate, the survival rate of companies and total domestic spending on research and development. In light of all these parameters, Small Business Pricing therefore the following classification is drawn:
- United States
- The United Kingdom
Other points of view
There are other rankings and resources to consider before deciding where to start a new business.
Forbes ranked 153 countries based on 15 factors: property rights, innovation, taxes, technology, corruption, infrastructure, market size, political risks, quality of life, labor, freedoms (personal, commercial and financial), administrative formalities and investor protection. Only countries with data covering at least 11 categories were selected for the final ranking.
According to this ranking, “despite all the talk about the potential of emerging markets, the thriving economies of North America, Western Europe and Asia remain the best places to do business. »
The article also states that “Singapore appears to remain the most investor-friendly location in the world between 2014 and 2018, maintaining its top spot from 2009 to 2013. Switzerland and Hong Kong are also defending their second and third place. The rest of the top 10 are led by North America, Scandinavia and other developed economies in Asia. »
This ranking is based on the results of a global opinion poll. Countries are ranked based on ratings from nearly 5,000 business decision makers in five categories: affordable countries, bureaucratic countries, countries with low manufacturing costs, countries connected to the rest of the world, and countries with easy access. in capital.
This index provides insight into the complexity of starting and running businesses around the world. It examines key trends affecting three areas of business: accounting and taxation, global entity management and human resources, and revenue. Entrepreneurs can learn about several factors:
– Which is the most complex (or simplest) jurisdiction in terms of their business environment?
– Where and how are companies pushed towards responsible management and increased transparency?
-How did digitalization evolve to eliminate traditional processes during the covid-19 pandemic?
– Why is the trend towards international alignment able to resist local complexities?
Be careful when searching and relying on data and analysis from a variety of sources. For example, the report Doing business the World Bank ranks countries according to taxes, investor protection and administrative/bureaucratic formalities. In 2020, the World Bank said “data irregularities of Entrepreneurship 2018 at 2020 was flagged within June 2020. Therefore, the World Bank management paused the next report and initiated a series of reviews and audits of the report and its procedure. »
There are other priorities to consider when launching a new business: your expertise, your knowledge, your financial and other resources, your customer base, your growth potential, your distribution channels and the nature of the products or services you will sell.
That’s why Small Business Prices said, “If you want to build a business that will thrive and continue to succeed in the coming years, then entering the pharmaceutical (biotech) industry is the best way.” »
Of course, not everyone can (and shouldn’t) get into a business, especially if they don’t have the experience and expertise. Additionally, companies, industries, and countries that are hot or trending one year may sit behind the next year. Whenever and wherever you decide to start a business, remember the importance of following good business and financial advice and skills.
Translated article from Forbes US-Author: Edward Segal
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