You could launch an online business at home regardless of where you live. But according to recent studies and trends, starting your business in a foreign country might be a better idea.
When you think of skilled labour, ample markets and ease of working, incorporating your startup overseas could be the best thing for you. But what are the best countries to launch your online business?
In 2016, New Zealand was the best country in the world to launch a business. It has since fallen a few places. But it’s still one of the best places to start a business.
The country’s government ensures establishing your startup takes the least amount of possible. From reserving a business name to paying for licensing fees, the entire process of registering a business could take half a day. What’s more, New Zealand charges relatively low taxes considering there are no social security, payroll or capital gains taxes.
When it comes to labour, New Zealand is a developed country with a rich source of a diversified workforce. Of course, you might need to study the country’s consumer trends to better understand whether you could find the right market before establishing your business.
For instance, the country has a population of fewer than five million people. But because 97% of them are employed, you could capitalize on their purchasing power if you target the right group of people.
Kiwi slots, for example, now ranks amongst the top-rated websites to visit for online casino deals. It targets New Zealand gamblers who not only love slot games but also that want to receive bonuses from casinos.
Norway boasts one of the best economies in the world. Nearly all adults are educated and employed. Schools are incredibly equipped, and hospitals are affordable to almost everyone. If you’re looking for a developed country where people have impressively high purchasing powers, Norway is the right country.
Norwegians also take pride in being early adopters of all things related to the Internet. So, if you have a new online idea, it can take off pretty fast in the Nordic country.
On the flipside, Norway has a high cost of living. Unless you have a substantial amount of capital to keep you afloat before your business starts to make profits, you might want to rethink your decision.
If you have enough cash to survive the first six months of a new business, though, you should strongly think of setting up your startup in Norway. With the ample availability of skilled professionals in the IT sector, an online business in Oslo can scale up pretty fast.
The United Kingdom
In the UK, you could incorporate an online shop within an hour. But here’s the best part. You could do it for £12. Obviously, you should have a lot more money to cover for other expenses. But unlike in many countries, the UK government understands the struggles new business go through before they can start making profits.
When it comes to labour, the UK is home to world-class programmers, IT specialists and online marketers. London is the birthplace of some of the most successful startups, after all. From blockchain to Telegram, DAZN to William Hill, plenty of companies started small in the UK before becoming global conglomerates.
Being one of the wealthiest regions in the world, Britain boasts of high education levels, massive employment and diverse markets for all sorts of industries. So, whether you establish a T-Shirt online store or become a Photoshop expert, you’ll find a market in England, Scotland and Wales.
Of course, you should do your research to understand which industries have market gaps that you can fill with your business. The gambling industry, for example, is pretty competitive. But because customers are continually complaining about poor support services and exploitive promotions, new casinos keep cropping up.
For promotions, you can claim bonuses at Gambla as well as learn more about casinos based in the UK. That way, you can know issues people have about gambling businesses before deciding to launch a similar or a different company.
Since the start of this century, Malta has been one of the best countries to start a business in Europe. That’s because it’s a tremendously progressive country in adopting laws that can improve ease of doing business.
Malta is also a developed nation with high employment rates and quick access to skilled labour. In industries like gambling and blockchain, the Mediterranean Island has a great deal of cheap but skilled labor.
If you still doubt whether you should start your business in Malta, this article might help clear your doubts. It talks about the country’s regulations, where to find skilled talent and taxes to expect from the country’s government. Spoiler alert, Malta charges incredibly low fees for foreign businesses.
The United States
Politics, trade wars and the country’s approach to immigration might put off foreigners who want to start a business in the US. Surprisingly, the US seldom ranks outside of the top 10 best countries to run an online company every year.
With over 300 million people, the US provides a large enough market for all businesses. Skilled labour is readily available, and the country leads the world in research and innovation. When it comes to funding, any good idea will almost always find a financier in the country.
Taxes vary from one state to the other and incorporating a business isn’t precisely a one-day process. But if you have a great idea and incorporate it as a business in the US, there’s a high chance it could exceed your growth expectations.
Although you could start an online business virtually anywhere, you have a higher chance of becoming successful if you start it in countries like the UK, Norway and Malta. Each state is different in how it incorporates new businesses and taxes vary depending on your business and its size.
As such, conduct research to find out the pros and cons of establishing an online business in several countries before you settle for one of them.