New Zealand
Last year, New Zealand took first place in this report. For example, the country scored the best overall and took first place for starting a business and obtaining credit.
Looking at the economic parameters, New Zealand is once again doing well. The gross domestic product of this country was USD 203 billion in 2019, while the unemployment rate was 3.9%. The expected inflation for 2020 is 1.2%.
In addition, New Zealand is taking some interesting measures for entrepreneurs. For example, setting up a business only takes one day and you can register a property within two days. In addition, the country has a skilled workforce that is not too expensive. There is also no question of capital gains and wages tax and social security taxes.
Georgia
This European country was also assessed on the basis of 10 different criteria. It took second place for business startup and seventh place overall. Georgia is also doing well in registering property and protecting minority investors.
Georgia’s gross domestic product was $15.9 billion in 2019, while the unemployment rate was 11.57%. The expected inflation for 2020 is 4.6%.
Georgia is known for its lenient corporate laws, progressive tax policies and government-backed incentives. This has attracted many foreign investors to this country. Moreover, Georgia is located on the border between Europe and Asia, which makes cross-border trade easy.
Canada
This North American country took third place for business startup. In terms of economic data, Canada is doing very well, with GDP in 2019 amounting to $1.741 trillion. This is the tenth largest gross domestic product in the world. Expected inflation for 2020 is 0.6%, while the unemployment rate was 13.7% in May 2020.
Canada has a high standard of living and has made impressive progress in manufacturing, services and mining. Thanks to this progress, this country no longer has a rural, but an urban and industrialized economy. In addition, Canada has the third largest oil and natural gas sector in the world, after Venezuela and Saudi Arabia.
Canada also enjoys balanced bilateral trade with the US. This could be attractive to investors looking to enter the US market via Canada. The country has a very stable political climate, great healthcare and a skilled workforce. These benefits make Canada a lucrative destination for those looking to start a business in the industrial or service sector.
Singapore
This Asian country is doing well in the Ease of Business list: overall, they took second place. When it comes to starting a business, they rank fourth. They also achieved high scores for the following criteria: enforcement of contracts, protecting minority investors and dealing with building permits.
Singapore’s GDP in 2019 was $362.82 billion. Inflation for 2020 is estimated at 0.2%, while the expected unemployment rate is 2.5%. Besides these good economic figures, this country is also politically stable and is one of the richest countries in the world. This means that the population has a lot of disposable income.
In addition, Singapore has a strong workforce and no taxes are levied on dividends and capital gains. The country also has many trade agreements and offers affordable airline tickets to neighboring countries. This means that many new markets can be tapped. You can also easily and quickly start and register your company via the internet.
Hongkong
Hong Kong ranks fifth for business startup. This administrative region also scores well in total: Hong Kong took third place. The World Bank gave them good marks for: dealing with building permits, connecting electricity and paying taxes .
Hong Kong’s GDP in 2019 was $372.99 billion. Expected inflation for 2020 is 2.2%, while the unemployment rate is estimated at 4.5%. Hong Kong’s economy has grown steadily over the past few decades, which is a sign of practical and economically sound corporate policies. As a free market economy, Hong Kong relies heavily on international trade and finance. In addition, the region has a highly skilled workforce and good transport and communication infrastructure. In addition, Hong Kong has developed itself as the market for Chinese companies that want to do business with foreign companies.
However, this region has some drawbacks: almost everything has to be imported, from food to raw materials. But every disadvantage has its advantage: Hong Kong does not impose tariffs on imported goods, except for hydrocarbon oil, hard alcohol, methyl alcohol and tobacco.
