More and more entrepreneurs around the world are interested in relocating their own business, opening it or expanding it. New opportunities can be found in literally any country, but some states offer the most favorable conditions for those who run their own business.
When compiling our rating, we used data from renowned research companies, as well as the legislative framework of the listed countries. They all provide different data because they examine different parameters.
Therefore, we have identified two TOPs within one article: the first is dedicated to the ease of opening a small business (IE), and the second is dedicated to the best countries for entrepreneurial activity in general.
General situation in the business arena
The events of 2020-2022 forever changed the global economy. It has begun to behave rather unpredictably, and analytics are currently not working at 100%. Thus, previously “iron” countries showed themselves to be quite unstable: for example, China.
Some world leaders have lost their positions to newcomers, and new and interesting directions have opened up for entrepreneurs. If you need to earn extra money for starting your business – try andar bahar.
Thus, at the beginning of 2024, attention focused on the countries of the Middle East and Asia. This is due to the fact that Europe became interested in them as an alternative supply of natural resources (oil and gas).
This is also due to the coronavirus pandemic, which greatly shook China and temporarily took it out of the game. While entrepreneurs in many countries saw new opportunities during the pandemic, China and Hong Kong are still struggling with the disease.
Some European countries consistently hold leading positions. Mostly Western. At the same time, the USA and Canada, although they have not lost much of their rating, are not in the TOP 5, but at the same time we cannot talk about the strong instability of their economy.
TOP countries in which it is easiest to open and run a small business
An individual entrepreneur is one of the easiest ways to register a small business. The main disadvantage is that in case of bankruptcy you will have to pay with your own property, while a legal entity is insured against this.
But in a number of countries, individual entrepreneurs can participate in simplified taxation programs, which becomes beneficial with moderate annual turnover. And by the way, in some countries even a foreigner can register an individual entrepreneur without leaving home – through online services of government agencies.
Registration of a legal entity is a more complex procedure. And it, as a rule, requires authorized capital. But it guarantees the inviolability of personal property in the event of bankruptcy and allows you to hire employees.
And this, in turn, may become the basis for the founder to obtain a residence permit (or its analogues). Because, contrary to popular misconception, not all states are ready to issue residency to someone who has simply opened a company.
Below we list the countries in which it is easiest to open an individual entrepreneur and a law firm. In some cases this takes literally a couple of weeks.
This small country is good for starting a business in several ways. Firstly, since it is not a member of the EU, it easily issues residence permits to foreigners based on the registration of an individual entrepreneur or LLC. The main requirement is that the business is not fictitious.
Secondly, any form of entrepreneurship can be registered easily and quickly: this will require a basic package of documents and a short waiting time: within 2-3 weeks.
Thirdly, individual entrepreneurs with a small annual turnover (up to 6 times the average annual salary in the country, this is a little more than 110 thousand euros) have the opportunity to register for a simplified taxation system.
Its advantage is a stable low rate (the amount depends on the type of activity), the disadvantage is that you will have to pay a set amount, even if the income is 0. In general, many entrepreneurs have every chance to successfully develop their business in Serbia.
United Arab Emirates
In addition to the fact that the country is considered excellent for doing business (this will be discussed below), it also implies the ease of opening a company.
This is due to the fact that the UAE understands: oil, of course, is profitable, but it alone will not be able to maintain the well-being of the state forever. Therefore, it is necessary to establish international business relations.
Italy remains an excellent option for business immigration. In addition, it is one of the European countries in which the share of small and medium-sized businesses predominates. So it will be quite easy to open your own small business here.
An individual entrepreneur or LLC (with an authorized capital of 10 thousand euros or more) is best suited for this.
The procedure for registering a company is as simple and transparent as possible: you need to enter your data in the business register of the chamber of commerce and industry (it is possible to do this online), in a few weeks you will receive your company registration number and tax identification number, as well as information about inclusion in social insurance registers.
In this country it is as easy as possible to open an LLC or individual entrepreneur. For example, for individual entrepreneurs with some types of activities, only the applicant’s international passport is required! But many people prefer to open an LLC.
This gives scope for activity (by the way, you can specify several types of it), and also requires a ridiculous authorized capital – from only 1 euro. Based on the registration of both forms of entrepreneurship, the businessman is issued a residence permit for Montenegro.