Running a business comes with plenty of challenges. Sometimes, the best way to overcome them is to relocate to another country. If you’re thinking in this direction, you may want to learn about the best countries to move to for business owners.
This article outlines the five best choices and discusses what makes these countries particularly popular for business-related immigration.
Things to Know Before Moving
A business owner with an established business in their home country has to think about additional things compared to the one who plans to start a new business from scratch.
If you’re relocating your whole business, you need to consider the cost of the relocation, organize the shipment, and choose a reliable moving company to help you in the process. After all, moving your office requires shipping bulky equipment you may not be able to transport yourself.
Three Movers for businesses offer shipping services to and from more than 190 countries across the world. You can arrange the shipping time, number of packages, and container size, and expect a trustworthy and high-quality service at a reasonable price.
Do note that the distance between your current country and the desired destination can play an important role in how expensive the transfer will be.
All business owners who plan to relocate regardless of the status of their business need to research their destination country in terms of visa requirements, local legislations, ease of doing business, and many other factors.
To help you out, we have selected the top five countries that score great in most factors that are important for a business owner. Let’s explore them below.
1. Singapore
You may not be surprised to learn that Singapore is in the top five list of countries for doing business. Singapore has one of the world’s best economies, a comprehensive network of double tax treaties with over 80 countries, a simple tax system, and many other benefits. Their tax rate is 17%, and there is zero capital gain tax and dividend tax.
Also, the country’s strategic location means you’ll get to run a business at the world’s main crossroads and shipping routes. If the Asian market is your target, you can make it to just about any Asian country by taking a short flight.
Finally, Singapore is known for its skillful and multilingual business environment. Their workforce is considered one of the strongest and most motivated in the world. If you need extra help running your business in this country, you’ll have reliable workers all around you.
2. New Zealand
New Zealand is a forerunner among free-market economies around the world. The online registration procedure for business owners can be set up in a matter of hours to expedite the company transfer.
This country ranks higher than most in terms of credit ranking and the ease of running a business. However, in order to move to New Zealand, you need to have a proper work visa before registering your company in this country.
3. The United Arab Emirates – Dubai
Dubai has some of the world’s fastest-growing economies. The World Bank gave Dubai an impressive score of 94.8 out of 100 for Ease of Doing Business in 2020. The rating was calculated based on ten factors; visa reforms, a stable financial system, advanced infrastructure, and foreign-investment-friendly legislations are only some of them.
Businesses and investors who come from abroad can expect to receive a stimulus package that lowers the costs of doing business in this country. Businesses get some of the fines and fees waived, have new payment options for business costs, and much more.
The United Arab Emirates has introduced a new ten-year residence visa program for expats in this country that also applies to their families. If you’re planning a long-term business relocation, the UAE can make it possible.
Finally, thanks to the government’s far-reaching initiatives, relocating a company to UAE isn’t as expensive as you may expect. The initiatives aim to provide stability, reduce bureaucracy, encourage investment, and touch most elements of life in the country.
4. Denmark
According to the same ranking by the World Bank, Denmark is the fourth-best country for ease of doing business. Digitization processes are some of the main factors why Denmark scores so high. It’s relatively straightforward for foreign business owners and investors to register new businesses and establishments in a single day. Also, the fees aren’t as high as in the neighboring countries.
When trade balance, GDP growth, and GDP per capita are concerned, Denmark still remains a viable option for foreign expats wishing to move their business to this country.
The Danish government has plenty of self-employment promotions to make foreigners part of the labor market. If you’re a U.S. resident with a work permit in Denmark, you can also start your own business here. There are plenty of organizations and offices across the country to help with the procedure.
5. Canada
Canada resembles the U.S. in economy and structure. Both countries have a high-tech industrial sector and are market-oriented. If you want to relocate your business to Canada, you get the procedure done in no more than three working days. Also, setting up a business in this country comes with a much lower starting cost compared to other international moves.
If you want to move out of the U.S. but remain close or in the American market, then Canada is the best alternative. The country also has fair government funding for foreign business owners, and it’s also home to an extremely talented and motivated workforce.
However, before moving to Canada, you need to make sure your business qualifies for the country’s Intra-Company Transferee program. Some conditions include having an actively selling company that’s at least one year old, with employees, and with enough funds to grow in Canada. You’ll also have to show your completed tax payment record and prove that you have your registered office in the U.S.
Moving Your Business Abroad
All business owners want their businesses to be successful. Sometimes, to make that happen, they have to take a giant step forward and move to another country. Whether you’re unhappy with your country’s local laws for entrepreneurs or simply want to change your perspective, you can consider one of the five countries in this article for your next business destination.
