There are several factors that go into making a start-up successful, and where it is located can be the first major decision for entrepreneurs.
But why not start your business in your home country? There’s no rule to say that you can’t, but this can often restrict your business’s success. For example, living in a high-tax location can quickly put your start-up at a financial disadvantage.
When setting up your start-up, it is important to consider all of the impacts of creating a global design team.
What should I consider when choosing a location for my start-up?
Human resources – It may be difficult to encourage your employees to relocate to a certain country. Hiring may also prove a challenge, due to lack of skill or costs, for example.
Investors – Your business investors may have a specific preference on where you incorporate your business, due to factors such as tax relief. Company governance may also be impacted.
Residency – Some locations around the world will have residency requirements for founders. Do some research around this and ensure you have the correct immigration paperwork and requirements.
The next question, is where in the world should I start my business in 2022? We’ve taken a look at a wide range of factors that could influence your decision, and have compiled a list of the top 5.
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The British Virgin Islands
The British Virgin Islands (BVI) is one of the best places to incorporate if you want to park your income offshore. The process of incorporating in the BVI is quick and flexible, with minimal financial reporting requirements. The BVI is great for start-ups because the company can be run from anywhere in the world, with no restrictions on where the company can carry out business.
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Norway
Norway has a very strong economy and digital communication is prevalent. Whatsmore, Norway is great for businesses in the technology market, with an abundance of highly skilled workers in IT, finance, and music tech. Whatsmore, the infrastructure in Norway is high-quality, and transport links are excellent for computers.
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Singapore
Singapore is a well-known destination for its strong trade and investment opportunities and is quickly becoming a very competitive location for global businesses. The country is very politically stable, wealthy, and has a strong labour force.
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United Kingdom
Incorporating your startup in the UK is very quick and simple, with some processes taking just an hour to complete for as little as £14. In addition, the British Government offers numerous tax benefits for investors, founders and employees.
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Switzerland
Switzerland has a very competitive economy, and its policies attract a range of foreign investors. Switzerland also offers business-friendly legislation, alongside great infrastructure.
Are you considering starting a business abroad? We can help with your international employee relocation should you require global mobility services. Please don’t hesitate to get in touch with a member of the team today to discuss your move.
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