No matter if it’s your inaugural endeavor or an experienced entrepreneur with fresh concepts, where you decide to set up shop can make or break its success.
Forbes Advisor conducted extensive analysis on 18 key metrics across five categories – business costs, climate, economy, workforce and financial accessibility. To assist you in making this important decision, they analyzed 18 measures across each of them.
1. San Francisco
San Francisco, California, is an ideal city in which to establish a new business. It boasts an abundance of small businesses as well as economic prosperity that offers support from the government for entrepreneurs.
City tourism draws many to it for its stunning landmarks and natural vistas, its famous landmarks, vibrant cultural centers and communities and access to iconic spots – these all play an integral part in drawing tourists in.
Launching a business in San Francisco doesn’t have to be daunting, but requires creativity and an innovative mindset. Some lucrative options for new businesses to consider in San Francisco include accounting services, freelance writing services and online retailing.
2. Vancouver
Vancouver is one of the best places in which to start a business, as well as being home to numerous prestigious universities and research institutions. Furthermore, it’s highly livable city with plenty of leisure activities available as well as providing an ideal work life balance environment.
To ensure the success of your new business venture, create a detailed business plan and investigate funding solutions. Make a note of your target market and location as well as industry and competitor details while following trends closely.
Once registered, a business should determine its form of registration – sole proprietorship, partnership or corporation. Consider each type and select one which fits best with your goals.
3. Singapore
Singapore is an excellent location for starting up a business, being recognized by the World Bank’s Ease of Doing Business report as one of the world’s most business-friendly nations.
As well as an impressive 17% corporate tax rate and great trade agreements with countries worldwide, Hong Kong also boasts a simple business set-up process and low crime rates – making it the perfect location to launch a company of your own.
Start-up businesses ranging from sole proprietorships, LLCs and ordinary partnerships must register their business with the Accounting and Corporate Regulatory Authority (ACRA). A registered business name and office address must also be secured as well as the filing of tax returns within three months of incorporation as well as appointment of an auditor.
4. Switzerland
Switzerland is an established business hub and popular with foreign investors, boasting skilled labor forces, low corporate taxes and an expanding services sector.
If you are considering moving to Switzerland, be aware of its pro-business stance and encouragement of foreign investment. Furthermore, its economy consists of high-tech manufacturing as well as financial services.
Switzerland is a heavily regulated market, so when beginning business operations there it is essential to follow all laws and regulations. If exporting your products, compliance with EU laws must be ensured before proceeding. Furthermore, investing in an insurance policy to protect yourself against interruption to trading or data loss could prove invaluable.
5. Dubai
Dubai is an ideal city in which to start a business due to its convenient transportation links, large talent pool and access to trade. Furthermore, its liberalized economy, solid infrastructures and tax-free policies also appeal to foreign investors and entrepreneurs.
Emirates offer an attractive environment for expats thanks to a favorable visa regime that makes obtaining employment, leasing property, moving in/out and obtaining Schengen visas easier than ever before.
Registering a company in Dubai can be relatively straightforward, although the details can become complicated if it is your first attempt or you lack experience. The application form to register your chosen name and activity as well as copies of shareholder passports needs to be filled out before applying.
