The coronavirus pandemic struck a devastating blow towards the end of 2019 and throughout 2020. Some businesses went down with it and were never able to recover again even after things got better. However, the experience presented some opportunities that smart entrepreneurs made use of.
Many startups are thriving today because the world is becoming more globalized. Due to this fact, knowing the best countries to start a business can prove to be a huge factor for success. All future investors or business owners know that they have the freedom to build their startups anywhere since modern software has made things very easy to run a global team from anywhere. Let us see some of the countries to consider when starting a business in 2022.
The United States of America is a location widely regarded as the land of opportunities in the world. Let us get down to just why foreign investors always want to choose the U.S. One advantage of starting a business there is the fact that you get some credit for driving innovation, boosting economic progress, and creating jobs.
It is agreed that Silicon Valley dominates the U.S. business market, but there are other big players in that market like Miami, San Francisco, Los Angeles and even Austin. The country is also the best choice if you need an investment to start your business up. You can easily find business partners and investors in the American market.
There are some exceptional advantages for foreign entrepreneurs in Canada which makes it one of the best countries in 2022 to open a business in as a foreigner. It also helps you to have business relations with the U.S. There are a lot of natural resources in Canada that you can take advantage of like timber, gas, oil.
Finding skilled workers in Canada is easy too and you can have easy access to the U.S. market. Canada maintains one of the lowest tax rates in the world and also has a reasonably stable economy. The country offers a clean environment, a great quality of life, and modern cities. You should consider Canada if you are wishing to expand to international markets and are open to new opportunities in foreign investment.
The United Arab Emirates has experienced tremendous business growth in the last few years and it is another favorable place for international investors to situate. Dubai, which is a part of the country, is a particularly fertile ground for ambitious companies and investors. You will know just how booming business is here when you realize that even the COVID-19 pandemic wasn’t able to destroy the tourism and rental industries in Dubai.
Innovation is key for success here though as the U.A.E. itself is a pack of so many innovative ideas being put into practice. There is ease of opening a company there and tax payments are modest and comfortable. The country is also known for protecting the minority investor. No matter the change in supply chains. The U.A.E. will remain a location for international trade logistics. So, it will be great to consider this country when you want to start a business.
Hong Kong is known as one of the premier financial regions in the world with a standard corporate tax rate at 16.5%. As if this is not already good, only half of that rate is administered to the first HKD 2 million of assessable profits for corporations. There are also no capital gains taxes or goods and services taxes in Hong Kong.
Trading of company stocks, better explained as gains from investment or capital transactions, are exempt from tax. English is one of the official languages in the country and the low tax regime is what makes Hong Kong a popular place for multinational companies like Goldman Sachs, J.P. Morgan, and AXA to set up regional headquarters there. Company registration in Hong Kong is not a difficult process and you can even hire services within the country to help you out.
You may be thinking of starting a business overseas and are looking for the perfect location to take your business to. You need to know that no matter your business idea, there is always a perfect location to realize your dreams.
However, you need to know that some locations would provide more business growth options for you in terms of easy collaboration without a barrier in language, low taxes, friendly environment, ease of setting up, and other favorable factors for business. We live in the era of globalization so, you shouldn’t make it a compulsion to set up locally. Wishing you the best as you use the tips in a favorable location here.