7 Best Countries to Start a Business in 2023

Are you hoping to make it big in the business world this year? With entrepreneurship on the rise, there's no better time than now to take the plunge and launch your start-up. But with so many countries available, how do you know which is right for you? Search no more! We’re taking a look at the 7 best countries to start a business ranking – revealing the top countries that offer entrepreneurs everything needed for success in 2023. From affordable operating costs to effective bureaucracies and easy access to capital – these countries may just be the key to achieving your business dreams!

1. Switzerland. GDP: US$800.64 billion. Corporate tax: 8.5%. Best city to start a business: Zurich. Switzerland is an attractive option for business owners who are looking to take advantage of international trade opportunities. Thanks to its status as an economically of the European Union, Swiss businesses can easily and quickly access the lucrative single market without any of the technical or legal barriers that other countries might face. This is all supported by strong macroeconomic indicators, such as a record-low unemployment rate of 1.9%, low employee turnover of 10%, and one of the most highly skilled and educated workforces in the world. Furthermore, Switzerland has a long history of political stability which allows its businesses to plan for their future with confidence, giving them a great foundation upon which to build their commercial endeavors.

2. United Arab Emirates. GDP: US$421.1 billion. Corporate tax: 9% (as of June 2023). Best city to start a business: Dubai. The United Arab Emirates is a well-acclaimed hub for budding entrepreneurs. Its eclectic range of businesses such as real estate, consultancy, software, research, and financial establishments make it a popular destination to establish new companies. This is amplified by the presence of free-trade zones – special regions typified by the vicinity of airports and seaports where taxes are non-existent when trading goods or services. Moreover, Dubai offers another one of its exclusive advantages – the lack of a corporate tax. Although this will change in June 2023 at a relatively low 9% rate, it will not affect countries located in free-trade zones. On top of all these features, the UAE’s geographic location also provides an unrivaled platform for networking and collaboration between the east and west. For aspiring new business owners who crave an advantage over their competitors, the UAE might well be the perfect place to start up.

3. Qatar. GDP: US$ 179.68 billion. Corporate tax: 10%. Best city to start a business: Doha. Qatar, renowned for its impressive per capita GDP of $94,000 and abundance of natural resources, provides an exceptional business environment for entrepreneurs and investors to start businesses in the country. With the government's active effort to improve conditions for businesses and investors, sectors such as tourism, technology, construction and manufacturing, IT, healthcare, agriculture, education, media, and consultation services are thriving, becoming increasingly attractive for potential foreign investors. Major investments have been made by the government in order to boost Qatar’s economic capabilities and repute since it was announced that the country would host the 2022 FIFA World Cup. Qatar, the host of the 2022 FIFA World Cup, offers entrepreneurs a business-friendly environment with many attractive benefits such as full foreign ownership, no taxation on income or export revenues, and easy access to banking services. A major attraction is the Qatar Business Zone which provides foreign investors with low corporate tax rates of 10%, a skilled but affordable labor force, unrestricted foreign currency movement, and freedom from taxation of wages. These features make it an inviting option for foreign investment and – together with its advanced infrastructure and simple transfer of profits – make Qatar an ideal place to start a business.

4. Ireland. GDP: US$504.18 billion. Corporate tax: 12.5%. Best city to start a business: Dublin. Ireland is a highly sought-after destination for entrepreneurs looking to establish their business abroad due to its low corporate tax rate of 12.5%, it's five million strong population which provides potential business owners with the opportunity to make an impact in their respective market niche, and its robust exports sector whose value of food, drink, and horticulture exports rose to €13.5 billion in 2021. It has also been listed by Forbes as one of the 15 nations most favorable for enterprise, making it a prime destination for overseas investors seeking to set up business operations. Ireland's small size belies its big opportunities for entrepreneurs and small business owners, evident in its 8th worldwide ranking in the World Bank's 2018 Doing Business Report. Its exports totaled $190 billion in 2021 and 31% of those were sent to the United States. Ireland is a major hub for tech-based industry, with eight of the world's ten largest pharmaceutical companies and half of all global financial services businesses located there. Plus, its SMEs make up 99% of the enterprises, having powered a 26.3% GDP growth in 2015. With government supports available plus abundant networking opportunities due to the number of companies situated in the country, Ireland stands out as an ideal place to launch an international venture.

5. Singapore. GDP: US$340 billion. Corporate tax: 17%. Best city to start a business: Singapore. Singapore is an attractive destination for business start-ups, boasting an AAA-rated economy, low tax rates at 17%, multiple free trade agreements and Avoidance of Double Taxation Agreements with 62 different countries, investment protection agreements worldwide, quick and easy company formation in just three days with minimal required documents, and a range of financial incentives to help startups. Singapore's digital competitiveness was also ranked second best in the IMD 2019 World Digital Competitiveness Ranking, making it a dependable and resilient country to establish a business, despite recent pandemic-related restrictions. Singapore is widely recognized for its open economy, robust savings, and extensive trade ties which have resulted in a thriving hub of businesses seeking to establish themselves in one of the most dynamic nations in Asia. With its impressive Gross National Savings nearly equal to half of the country's GDP and S$500 billion worth of exports every year, Singapore stands out as an ideal destination for international companies looking to tap into the growing business culture of mainland Asia.

6. United States. GDP: US$20.94 trillion. Corporate tax: 21%. Best city to start a business: San Francisco. Setting up a business in the United States provides an abundance of opportunities, with access to 329.5 million potential customers spread across 9.834 million square kilometers, partners, top-tier personnel and diverse industries. Of the world's ten most entrepreneurial cities, 5 are in the US; New York, San Francisco, Los Angeles, Boston and Chicago. Furthermore, setting up a venture is relatively straightforward and speedy, backed by the 2nd largest economy in the world, providing a stable and secure market to foreign investors. With four thousand universities and colleges home to over 800,000 international students there are many skilled individuals ready to join whatever business you have to offer. The United States is an attractive market for starting a business due to its recognition by Ernst and Young as the most alluring in the world for venture capital and private equity, as well as its high ranking of fifth globally on The World Bank's ease of doing business. Silicon Valley, home to 6 Fortune 500 companies, 1900+ tech companies, 120+ biotech companies, and 200+ cleantech enterprises, provides entrepreneurs with strong intellectual property rights, supportive ecosystem, plentiful opportunities for connection and partnership, and potential for significant international recognition and access to financial backers. With increasing numbers of start-up ventures each year and ample patent or trademark protection applications being submitted to the US Patent and Trademark Office, the future of businesses in America is ripe with potential.

7. Japan. GDP: US$ 4.94 trillion. Corporate tax: 23.20% – 33.58%. Best city to start a business: Osaka. Japan is one of the world's top economies and a hub for high-end goods and services, making it an attractive destination for foreign businesses looking to gain success in the global market. Japanese consumers have a higher disposable income than many other markets enabling increased investment in products with long-term growth potential. Partnering up with Japanese counterparts has proven to be beneficial due to their unwavering dedication and commitment towards business initiatives from both short- term and long-term perspectives. With its vast array of options, premium quality and innovation, Japan has become the preferred platform for many multinational companies to develop new products and concepts. Starting a business in Japan offers entrepreneurs the advantages of both strategic and economic benefits. Japan boasts a streamlined process for incorporating businesses, taking as little as two weeks, while also providing access to global profits via avenues like JETRO's One-Stop Business Establishment Center Services, which cut setup time down to four days. The nation further provides transportation excellence with 20+ ports and 5 international airports serving its cities and regions, along with reliable and organized infrastructure managed at a high level of quality.

Japan is therefore an ideal environment for those seeking to distribute goods or services internationally, offering an opportunity to gain recognition for developing profitable products or services that meet expectations in the Japanese market. With one of the largest economies in the world, a wide range of options for quality products and services, a high disposable income, a commitment to innovation, and loyalty to business partners; Japan truly sets itself apart as a destination ripe with potential opportunities. Conclusion. Although there are many countries offering diverse and unique business opportunities, the ones discussed in this article stand out as the best countries to start a business in 2023. From Ireland, with its supportive and inclusive business culture, to the United States, whose strong legal system is ideal for intellectual property protection, there are many options that offer sound infrastructure, competitive taxation, and access to local talent markets. Personal preferences, specific industry requirements, and business goals should all be taken into consideration when choosing the best country for your company. With research and planning, entrepreneurs can secure a business future in an ideal location, ready to thrive in the rapidly changing global economy.