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NC Insights – The Easiest Countries to Do Business in for 2023
October 3, 2023
Many people dream of expanding their business to have an international footprint. Indeed, being part of the global market is an exciting challenge for many corporations, and there’s arguably never been a better time to try establishing a branch of your company in a foreign country.
There are many different factors that go into deciding the best and worst countries to do business, ranging from a country’s economic indicators—such as gross domestic product, unemployment rate, and the consumer price index—to its corporate tax rates and political climate. On the one hand, underserved or emerging markets can represent fertile ground for growth. However, new markets can come with unforeseen challenges and instability you may not be used to dealing with at home, so it’s best to do your research about which country might be most beneficial for your business.
There are so many countries to choose from, your decision will differ based on the type of business you are looking to expand. Read on to learn about some of the best countries to do business for international companies.
Singapore
This relatively small island nation is an economic powerhouse, with super business-friendly policies that make it ideal for a business looking to expand, according to the World Bank. Its economic growth is strong, and its population has a relatively high earning power and GDP per capita, translating to lots of spending potential. Politically stable, Singapore also offers favorable tax laws to business owners, including no dividend or capital-gains tax.
To top it all off, it offers numerous free-trade agreements and great access to promising neighboring countries, including Malaysia and Indonesia—all of which means more avenues for expansion and possible markets to capture once you’ve established your business in Singapore.
Hong Kong
A Special Administrative Region of China, Hong Kong is a great place to do business. Its free-market economy depends on the global market for its economic growth, and its workforce is highly educated. With world-class infrastructure and easy access to China, it’s a good option for any company wanting to expand its footprint or gain a presence in Asia. Many Chinese companies are eager to be listed on the Hong Kong Stock Exchange (HKEX), thanks to its reputation as a leader in global commerce.
United Kingdom
Though it may have left the European Union, the UK is still considered one of the top countries for business owners. It has a relatively low business-tax rate compared to the average Central European country, and one of the lowest corporate-tax rates of the G20 nations.
Furthermore, its digital infrastructure is particularly business-friendly. Its online portals and digital filing systems are easy for foreigners to navigate, meaning you could incorporate your business in a single day working from your laptop.
Though the UK voted to make itself less competitive on the global stage as a result of Brexit, it is opening up free-trade agreements with the rest of the world as a result of leaving the EU, which can be more beneficial depending on the nature of your business.
Norway
A wealthy country with a highly educated and relatively wealthy population, Norway is a great place to do business if you’re in the tech or services sector. Its sophisticated digital infrastructure means that bureaucratic tasks, such as filing taxes or registering your business, are incredibly straightforward compared to other nations. And though it is not in the EU, its place in the European Economic Area means it has very strong ties with the bloc, both culturally and economically. It also has a world-leading quality of life.
Ireland
Ireland has earned a reputation as an economic success story among EU countries in the wake of the 2007-08 financial crash. One of the ways it has done so is to make it very attractive to do business there, including offering low corporate-tax rates that have drawn in big tech companies, including Google and Facebook.
But the tax benefits aren’t the only reason Ireland is an attractive place to start a business. Ireland GDP has grown steadily during the last decade, and it has a robust labor force with an international-facing outlook. Though it wouldn’t have been true 20 years ago, Ireland has certainly made the case for being one of the best countries for international corporations.
Mexico
With one of the largest economies in Latin America, Mexico is a highly competitive economy if you’re looking to expand your business’s footprint outside of the US. It has relatively little political instability compared to other countries in the region, a large tourism economy—thanks to the resorts dotted all along the Pacific Ocean—and a relatively young population, which translates to a strong workforce with much earning power ahead of them.
Reforms to business registration mean it’s less of a bureaucratic headache to do business in Mexico these days. In addition, its proximity to the United States make it attractive to American business owners who want to have a footprint in both countries.
So where should you start your business?
There is no singular country that can be declared the best country to do business. It will depend on what you’re trying to achieve as a business owner and the type of market or customer you are trying to reach. But these countries represent some of the most welcoming and exciting places to consider.
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