Establishing a venture comes with its own excitement. As the year 2024 approaches, a lot of new things will be in store for entrepreneurs, however, the most important decision remains which is where to set up shop. The right country can enhance the ease of doing business, provide access to great markets, and attract valuable subsidies or incentives. How do you decide where to go?
In this article, we will be looking at the best countries to start a business in 2024 according to the ease of doing business, tax policies, market accessibility, regulations, and success stories among others. If you intend to set up a new business or are looking to expand your existing business, you just might find these countries as your new favorite locations.
How We Chose the Best Countries for Businesses
To assist you make the right choice, we tried to analyze some of the most important factors that play a role in ensuring the smooth running of businesses. Here is the ranking explanation of the countries in our list:
Ease of Doing Business
The most important factor for setup of new companies is the absence of red tape. This includes a quick registration, low bureaucracy, and well defined rules that allow a business owner to focus on building the business and not doing paperwork.
Countries with lower tax rates, simplified structures, or special incentives for entrepreneurs offer significant financial advantages, especially in the early stages of business growth.
Benefits and Incentives
Kredeiter Tayi Stepanovich TAYI законодавство Countries benefiting from favorable tax laws stand out by low corporate taxes, which can be 0%, and the absence of restrictions on the withdrawal of profits to them.
Resources and Market Accessibility
Having access to key thriving markets and key resources, while offering goods or services, can be of great advantage.
Environment and Legal Policies
Bussiness friendly policies, clear frameworks and predictable regulations decreases risks and should be fuound in any operation.
Inspiration And Achievements
Achievements of other people can be good motivation and proof to a particular country because it demonstrates how business can succeed.
Best Countries to Start A Business In 2024
1. Singapore
Business Indulgence
Commanding the ease of getting things accomplished, Singapore persistently records as one of the countries having simplest business significantly due all the procedures being digitalized. Therefore, so long as funds are available, incorporation of companies can be done in a matter of few hours in comparison to days or weeks that are experienced in other contries, which then means that operations and trade can be conducted rapidly.
Tax Incentives and Benefits
Startups can easily enjoy the lower corporate tax that is capped at 17 percent because they also gain tax exemptions for the initial profits. There are several grants and funding schemes available to Singaporean innovative ideas tech companies and other forward firms and some even came up with ideas that resulted in tax exemptions especially for pioneering profits.
Market and Economic Resources Accessibility
Thirdly, Singapore is located at the heart of Southeastern Asia so they also serve as a gateway to the greater and stronger ASEAN market. Their unique marketing enables them to easily access global clients as well as partners due to the increased world-class system infrastructure that is available.
Legal And Judicial Activities
They posses clear and dependable law protection and order which is guaranteed to her neighboring countries.
Your company’s innovations remain protected due to the strict enforcement of intellectual property rights.
Success Story
Carousell is a flourishing e-commerce platform that originated in Singapore and has since expanded its services worldwide. The sector’s advancement in Singapore assisted the company during its initial stage.
2. United States
Ease of Doing Business
The United States is known for its entrepreneurship and provides great infrastructural support for business establishment, especially in Delaware and Nevada for their incorporation-friendly policies.
Tax Benefits and Incentives
Different states impose different tax laws, which can be favorable for businesses. There is also funding support for businesses, like the Startup America program.
Access to Markets and Resources
U.S. offers great funding opportunities, advanced technology development and one of the biggest consumer markets in the world.
Legal Environment
Protection laws for entrepreneurs, business owners, and innovators are straightforward even with the possible overwhelming amount of federal and state guidelines.
Success Story
Airbnb took off in San Francisco, capitalizing on the U.S. innovation ecosystem and international networks. It is now globally recognized as one of the top brands in the world.
3. Estonia
Ease of Doing Business
Estonia is a forerunner in digital capabilities with things like e-Residency that enable non-residents to completely manage businesses without borders.
Tax Benefits and Incentives
Estonia’s straightforward tax system is great for businesses. the corporate tax is only applied when profit is withdrawn – this allows companies to reinvest more.
Access to Markets and Resources
This tech-savvy country provides access to the EU market while being a more cost-effective solution than Germany or France.
Legal Environment
Estonia is ahead of other countries when it comes to company formation, document management and compliance because of the exceptional digital infrastructure.
Success Story
Wise (previously TransferWise)was founded and based in Estonia. Their colossal success is in part due to Estonia’s supporting ecosystem for startups.
4. United Arab Emirates (UAE)
Doing Business
The UAE is attracting global entrepreneurs from all over the world due to its Dubai International Financial Centre (DIFC) free zones and their simple licensing systems.
Tax Benefits
UAE territories such as Dubai and Abu Dhabi provide a 0% corporate tax, 0% income tax, and a VAT tax that is near the lowest in the world. Additionally, special economic zones have other benefits as well.
Access and Resources
Because these countries are at the intersection of Europe, Asia, and Africa, the UAE has access to many important markets for trade and commerce.
Legal Environment
All businesses in these free zones have simple legal processes and 100% ownership, which makes the area more secure and appealing for entrepreneurs.
Success Story
Careem, an Arabian ride-hailing app purchased by Uber, was able to scale due to the favorable business environment in the UAE which has rich investment options.
5. Canada
Ease of Doing Business
Canada is an attractive destination for business start-ups due to its stable economy and easy procedures. Locals and foreigners alike are able to easily register their firms.
Tax Benefits
Canada has various tax credits for sustainable research and development work which many firms take advantage of.
Access and Resources
Canada being one of the richest markets, alongside having easy access to the US and being part of several trade agreements assures amazing reach to the market.
Legal Environment
Canada`s strong regulatory system guarantees operational security which is reaped due to their clear focus on transparency.
Online businesses can rejoice as Shopify is a Canadian company that stands at the helm of global e-commerce. The founders claimed that they benefitted greatly from Canada’s growth ecosystem in the early stages of their expansion.
Success Story
Country Comparison Table
| Country | Ease of Doing Business | Tax Benefits | Market Access | Key Strength |
| Singapore | Streamlined, digital | Low corporate tax | ASEAN gateway | Tech innovation support |
| United States | Entrepreneur-friendly | Flexible by state | Large consumer market | Access to venture capital |
| Estonia | Digital-first approach | Deferred profits | EU access | e-Residency for online business |
| United Arab Emirates | Fast & simple | 0% corporate tax | Global trade hub | Free zones for full ownership |
| Canada | Stable and organized | R&D tax credits | NAFTA partnerships | Sustainable growth incentives |
Choose Your Ideal Starting point
For every budding entrepreneur looking to set up a business in 2024, now is the best time to locate the market you want to enter. The correct geography may just have all the angles necessary for propelling your startup to unprecedented highs.
Still uncertain about where your business would flourish? Further investigate these locations and find the one which fits your required criteria best so you can set about writing your entrepreneurial success story today.
