Top Countries to Start a Small Business (Part II)

United Kingdom

The United Kingdom ranks high in place to start a business. Based on the World Bank report, the low costs related with setting up a business there, linked with improved levels of entrepreneurial enthusiasm, have added to the high ranking. Based on the report, over 85% of Brits feel that working hard can get you ahead in life. Business start-up cost in the UK is around $122 US, which is quite low compared to other countries.

Norway

Norway has managed to productively merge an energetic workforce with a strong technology sector, as well as a solid net of social programs to its citizens, making it a force to be reckoned with in global business.

Moreover, Norway has one of the most effective systems on earth to manage insolvency filings. The business start-up process in Norway customarily takes up to four days. The cost to launch a business is very low.

South Korea

South Korea got a DTF score of over 83 and a business ranking of 4th worldwide. The DTF is the measure of the distance of the frontier to the economy. A DTF rating is denoted on a scale of up to 100 where 100 is top in terms of new technologies and innovative development. South Korea ranks around the top thanks to strong results when it comes to trading across borders, enforcing contracts, and getting electric.

Hong Kong

The report shows that even though establishing a business is becoming more challenging in Hong Kong because of larger registration fees, there is a huge amount of protection for minority investors here. The DTF score for Hong Kong is over 84 and Hong Kong ranks #5 in terms of ease when establishing a business. Hong Kong also got a high rank due to the ease of getting construction permits and doing trading across borders.

Add Comment

Required fields are marked *. Your email address will not be published.