Starting a business in 2024 can be exciting, but it’s not always easy. Different countries have varying rules and regulations for new businesses, which can make things complicated. We’ve put together a list of several excellent locations where you can start your business. Each of these places has something special to offer, like making it easier to do business or giving you access to profitable markets.
This means that many company owners have to think carefully about where to incorporate a business in 2024. Let’s take a look at our best options!
Ireland: a prime destination for international entrepreneurs and businesses
Ireland’s appeal to entrepreneurial expats is undeniable, with Dublin consistently earning a top spot on the global list of ideal cities for launching new businesses.
One of the most appealing things about Ireland for businesses is that it has a very low corporate tax rate, only 12.5%. In fact, it is one of the lowest in the world. Since the above tax rate only applies to profits, it proves especially advantageous for startups that haven’t made a lot of money yet.
Ireland has a strong export market, even though there have been some tough times because of Covid-19 and Brexit. Food, drinks, and plants from Ireland have been selling well. Ireland is also famous for producing and selling pharmaceuticals and technology products to other countries.
Big companies from all around the world like to open their European offices in Ireland. For example, popular social media giants, with Facebook, Twitter, and LinkedIn among them, have offices there. This shows how important Ireland is in the tech industry.
Why the UAE is an ideal jurisdiction for startups
The United Arab Emirates (UAE) is a thriving hub for emerging businesses. It’s famous for industries like tourism, real estate, and consulting. However, what really attracts new businesses to the UAE are the jurisdiction’s free-trade zones.
A free trade zone, also known as a special economic zone, is a specific geographical area, typically situated near seaports and international airports. There, businesses can trade, export, and import goods without having to pay taxes. These zones are also open to software, research, and financial-oriented companies, making the UAE an appealing jurisdiction to set up new ventures.
Even though there is no corporate tax in Dubai right now, this is about to change in June 2024. To stay a top place for global businesses, the UAE will start imposing a corporate tax. The tax rate will still be low, about 9%, and it won’t affect businesses in the free-trade zones.
The UAE’s strategic location as the midpoint between the East and West is an unparalleled advantage for starting a business. It helps businesses connect and work together, which might not happen as easily in other places. So, if you want to meet people and find partners for your business, the UAE is an excellent place to start your journey.
Why Switzerland appeals to Swiss entrepreneurs and business stability seekers
Although not part of the EU, Switzerland is a robust economic partner, providing Swiss entrepreneurs with valuable trade prospects. One of its standout advantages lies in the country’s access to the European single market, enabling Swiss businesses to engage in unrestricted trade with all EU member states.
What’s more, Switzerland has some of the best workforce in the world. In September 2022, the number of people without jobs was indeed low, just 1.9%. This is the lowest figure since 2001. Very few employees leave their jobs, with only a 10% turnover rate.
Switzerland is a stable country with a long history of no political turmoil. This makes it a perfect place to start a business because it means a stable economy, beneficial trade agreements, and a clear plan for the country’s future. These are all important aspects to think about when you’re choosing a country to start your business.
Business paradise: why the US shines for tech-driven startups
If your business is all about technology, then the United States, especially San Francisco, is the place to think about before anything else. The San Francisco Bay Area is famous for housing lots of tech companies, more than anywhere else in the United States. Being here also means you can easily connect with Silicon Valley, where you will find some of the smartest people in fields like science, math, technology, and engineering, potentially on a global scale.
The United States is known for being friendly to people from other countries who want to start businesses. It is number 1 in the world for its one-of-a-kind environment for startups. Besides all the tech startups in San Francisco, the entire country is an excellent place for different kinds of businesses, like online stores, education, and companies that care about the environment.
When you start a business in the United States, it immediately makes your company more visible around the world. With it, you will find support from investors and partners in other countries much easier. Since the United States is a big player in the global market, your business can reach customers all over the world, giving you lots of chances to grow, even after you first launch it
Singapore: a business-friendly oasis of stability and growth
Singapore boasts an impressive portfolio of 27 free trade agreements, significantly reducing the usual tariff costs associated with international trade. Starting a business here is pretty straightforward. The country is very stable politically, which means there is very little crime, and the economy does well.
Although Singapore’s economy faced challenges during the Covid-19 pandemic, primarily due to its reliance on international trade, it has demonstrated resilience by rebounding and continuing to grow.
You can also choose other countries to start a business, such as Malta, where you can benefit from some of the lowest tax rates in Europe.
If you’re interested in exploring the prospects of setting up a new business overseas, International Wealth is here to assist you. Our team can offer valuable insights on optimal business locations, ensuring a smooth and hassle-free company incorporation. To discover more, don’t hesitate to get in touch with our experienced business consultants without further delay.