 31 Best Places in the World to Start a Business Are you thinking of starting a company away from home? Starting a business in another country can sometimes be challenging for business owners, especially when it comes to taxes, work legislation or high energy bills and the like. Thanks to the World Bank for publishing a doing business index each year where 190 countries were analyzed based on the pros and cons they offer companies there. The 2019 version of the publication Analyzed Countries based on several factors, such as the ease of starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders and forcing contracts, resolving insolvency and label market regulation. So in this video I'll share with you 31 Best Places in the World to Start a Business. This I believe will help you become a successful person. If you're new here, consider subscribing so that you won't miss other interesting videos like this. 1. New Zealand 86.59 points 2. Singapore 85.24 points 3. Denmark 84.64 points 4. Hong Kong 84.22 points 5. South Korea 84.14 points 6. Georgia 83.28 points 7. Norway 82.95 points 8. United States 82.75 points 9. United Kingdom 82.65 points 10. Macedonia 81.55 points 11. United Arab Emirates 81.28 points 12. Sweden 81.27 points 13. Taiwan 80.90 points 14. Lithuania 80.83 points 15. Malaysia 80.60 points 16. Estonia 80.50 points 17. Finland 80.35 points 18. Australia 80.13 points 19. Latvia 79.59 points 20. Mauritius Islands 79.58 points 21. Iceland 79.35 points 22. Canada 79.26 points 23. Ireland 78.91 points 24. Germany 78.90 points 25. Azerbaijan 78.64 points 26. Austria 78.57 points 27. Thailand 78.45 points 28. Kazakhstan 77.89 points 29. Rwanda 77.88 points 30. Spain 77.68 points and 31. Russia 77.37 points Although these countries have been ranked the top 30 countries with the best conditions for start-up business, there are quite several other factors to consider when starting a business in another country. One, the incorporation process. Business laws and practices, banking and taxation all vary from country to country. For instance, while you can start up a business with minimal paperwork in a single day in New Zealand, it could take several weeks or months in some countries. Also, you need to take into consideration things like start-up cost and other factors. In Singapore and Hong Kong, for instance, setting up a business involves three procedures that can be completed in three days. However, the start-up costs could be high, depending on the type of business you have chosen. Two, cultural differences. Cultural differences can determine if the business will be successful or not. For instance, in some countries such as the United States, fitness is a big part of their living, which they do not take for granted. Whereas in some countries, fitness is not even a subject, hence it is important to understand the kind of people that live in various areas and the things they value. It is advisable to take a short trip to your desired location to interact with the locals so that you can find out the kind of things that's valuable to them. Three, the legal and regulatory barrier. When reviewing legal and regulatory commitments, it is advisable to seek the assistance of a legal expert in the country you intend to move your business. If possible, you can look for an expert from your country who now leaves and works there. That way, you'll know that aside from having the knowledge and skills to help you navigate the foreign environment, you'll rest assured that person understands you culturally. Four, local market research. Before taking your business to another country, you should consider doing local market research. Spend time to analyze local spending habits, how much time, energy and capital will be dedicated to marketing your products or service. Also, find out what their working habit is like. If it is possible, try setting up a trial run for your company to see if it tends to grow in that location. Five, language barrier. Even if your business will cater to foreigners, it will help to learn how to communicate with the locals. Because when you can converse with the local population, it will make the establishment and launching of your product a straightforward venture. In situations where you cannot speak their foreign language, you can hire a foreign translator or better still, a bilingual individual that serves as both a translator and an employee in your business. The truth is, starting your business in another country will require patience, diligence and careful consideration of every factor discussed here. Most importantly, consider choosing from any of the 31 countries ranked by the World Bank as the best places to start a business. We wish you good luck on this journey. Thank you very much for watching our videos. We'll like to give you another interesting video for you to enjoy next, but before then, our team will be very happy if you can like this video and share with your friends on social media. If you're new here, don't forget to subscribe so you won't miss other interesting videos like this. Look at your screen now to see two other videos we handpicked for you to enjoy next. We love you.