Here at MaxFilings, we’ve researched which states are the best and worst for business incorporation.
Well, now a comprehensive study done by U.S. News has ranked all the world’s nations on a wide range of factors. One such factor was determining which countries were the best places to start a business.
The research process involved reaching out to 6,000 decision-makers in the world of business and considering 5 key factors:
- Costs of manufacturing
- Connection to the rest of the world
- Access to capital
Without further ado, here are the top 10 countries to incorporate according to U.S. News:
Trade agreements with the United States in the latter part of the 20th century lifted the Canadian economy and they are now a top exporter of food, energy and minerals. Canada has a per-capita gross domestic product (GDP) of over $49,000, making it one of the wealthiest countries in the world.
Manufacturing drives the Indonesian economy. Their export industry is built around crude oil and natural gas. The wealth generated from exports is supplemented with rubber, coffee, cocoa and palm oil.
If you think Switzerland is renowned for a high-secret banking sector, you have probably read or watched too many white-collar crime stories. But the interesting thing is you’re not wrong. Switzerland really is a country where it’s easier to hide money.
The Swiss economy thrives thanks to low corporate taxes and high-tech manufacturing. Their per-capita GDP is over $65,000, which is one of the best in the world.
The service industry makes up two-thirds of the Mexican GDP, and Mexico is working on building up its manufacturing base. The sheer size of their economy—a $1.2 trillion GDP—makes it one of the biggest in the world, but it only adds up to about $20,000 per capita.
It’s pretty easy to start a business in the Philippines, but finding long-term success is more of a challenge. The per-capita GDP of less than $9,000 is extremely low. The economy relies heavily on billions of dollars sent home by Filipinos who live abroad. What’s more, the last 40 years have seen 2 citizen uprisings against the government, leading to political instability.
India is an important center of business outsourcing due to an English-speaking workforce, but that hasn’t translated into individual wealth. The per-capita GDP is lower than $8,000.
Perhaps the closest thing the world has seen to a pure-free market, Singapore’s manufacturing and production has boomed and led to further success in electronics and pharmaceuticals. The per-capita GDP is over $101,000, easily the best in the world.
The Chinese economy, second only to the United States in terms of raw size, has been on the rise since 1978 when market reforms began. While there’s the argument that political and religious freedom has not kept up, it’s worth noting that Beijing is 1 of only 2 cities in the world where starting a business is completely free.
An exporter of electric appliances, electronic parts, palm oil and natural gas, Malaysia is an economy on the rise. The economy is open and diverse.
For the second straight year, Thailand is #1 in this study. Their combination of agriculture and manufacturing has kept the country growing, with poverty and unemployment low.
Wait…where is the United States?
If you’re in the U.S., you might be more concerned with starting a business in your own backyard. It might surprise (and concern) you to learn that the United States ranks 15th on this list.
With rankings like these, it’s important to keep in mind that the ease in starting a business is different from the ability to make that business succeed. With a total GDP of $20.5 trillion, the United States is easily the largest economy in the world. The per-capita GDP is $62,869.
The bottom line:
While the process of getting your business up and running might require a little extra effort here in the U.S., the ingredients for success are here. As Frank Sinatra might say, “If you can make it here, you can make it anywhere.”
MaxFilings is here to help! Everything about our site is aimed at making the process of filing business documents easier.