Do you want to start with your business as soon as possible? Do you already know how to make money with your business idea? You don’t know if your nicely written business plan will actually work? Do you have the right people around you? The list of questions when starting a business is probably endless. One essential question though, is: where will you start your business? Choosing the right location is crucial because of many reasons, which depend from the market in which your company will do its business. Here are some possible reasons:
- you want to be, where your costumers are
- you want to save money with low taxes
- you want to be, where you get the best employees
- you want to have freedom of business (low political regulation)
- you want to be, where your competitors are
Now you’re probably thinking: I want all of that! Maybe you even have a business, for which you actually find a country that matches all these criteria, but usually you have to deal with trade-offs. This article puts the spotlight on another point. What if you just want to start your business as fast and as cheap as possible? This article began with some questions about starting a business. What if you’ve gone through all those questions, you’ve written your business plan and now you just want to start with the real deal, but you still have to care about boring administrational work? After doing some research using doingbusiness.org, I present you the top three countries when it comes to easily start a business.
In third place: Canada
With a GNI per capita of 45’560 US$, Canada takes place three in the Doing Business (DB) “Starting a Business” ranking. It only needs one procedure, which takes five days to register a firm. You just have to fill out a file from the “Electronic Filling Centre” and you’re ready to start. The costs (always include all official fess and fees for legal or professional services) are 0.4% of the income per capita. No paid-in capital is needed.
Australia in second place
Australia has a GNI per capita of 65’477 US$ and makes it possible for you to start your business within two days. It takes one procedure more than Canada though. First you need to fill out the “Application for Registration as an Australian Company” which already gives you an Australian company number. Then you need to get your Australian business number. You only need to invest one day for each of the two procedures. The costs are 0.7% of the income per capita. Paid-in capital is not needed.
New Zealand Number One
A GNI per capita of 36’648 US$ and an astonishing one single day to register your firm! To start your business you simply need to apply for registration with the “Companies Office” online. Costs are 0.4% of the income per capita. Again, no paid-in capital is needed. Thanks to this very short and easy procedure, and the low costs, DB ranks New Zealand as the number one company for starting a business.
For comparison the mean values of the OECD countries:
- number of procedures: 5
- days to register the firm: 12
- costs in % of income per capita: 4.5%
- paid-in capital in % of income per capita: 13.3%
The interesting point is, that all three countries do fairly well in the overall ranking. In this DB ranking New Zealand takes place three of 185 economies, behind Singapore and Hong Kong (SAR, China). Australia makes it to place ten and Canada takes place 17. Of course, maybe you’re not interested in any of the three countries, when talking about starting your business. Certainly they all give you a quick way to get started with your daily problems of the company, the real deal. If you don’t need to bother where on earth you’re running your business, then maybe these are attractive countries for you