Having a great and marketable business idea alone is not enough, being an entrepreneur and setting up a new company requires tenacity, discipline and consistency. Having said that, in some countries it is far more challenging to get the business up and running owing to restrictive regulations and infrastructure. If you’re looking to give your business and your entrepreneurial journey a better chance at success then consider moving to a country that provides a support structure for entrepreneurship. As an entrepreneur here are the top three countries to consider so that you hit the ground running.
This list has been adapted from a recent report published by U.S. News, based on ‘2019 Best Countries Ranking’ and ‘Entrepreneurship sub-ranking’ surveys.(1)
As per the report Japan cinched the top spot in the list of countries that are most favorable for entrepreneurship. We must remember that some of the most innovative technology in the world traces its roots to Japan. For instance, Japan is home to the largest automotive and electronics companies in the world. In recent times it has also been emerging as a frontrunner in the field of robotics. Japan’s technologically advanced ecosystem would be an ideal destination to give wings to entrepreneurial dreams.
With the largest economy in Europe and the fourth-largest in the world, Germany has always been a good place to run a business. After three consecutive years at the top, this year the U.S. News report ranked Germany second, in terms of attributes that encourage entrepreneurship. Easy access to capital, sophisticated infrastructure, technological expertise and a robust legal framework position Germany as a favorable country to kick-start an entrepreneurial venture. Economic hubs like Munich, Berlin, Frankfurt and Hamburg provide entrepreneurs with a strong market base to test new products.
Experts say that the German government makes it easy to start and run a business. However as an entrepreneur starting out in a new country it would help to be cautious about Germany’s complex tax code and its impact on businesses.
The report ranks the U.S. as the third best country for entrepreneurship with high scores in ease of access to capital, infrastructure, technological expertise and innovation. If your entrepreneurial venture challenges the status quo, the U.S. is a perfect playing field to catapult your business to the next level.
Powerful economic centers in the U.S. provide entrepreneurs with ample opportunities to develop their products before launching them in the market. The support that the country offers to new companies is evident in the fact that the U.S boasts of many of the world’s leading startup accelerators.
Other countries that complete the list of ‘top ten countries for entrepreneurship’ are Switzerland, U.K., Canada, Sweden, South Korea, Australia and Singapore. Entrepreneurs contemplating a move to a foreign country need to figure out finances first and then work towards giving their venture the ecosystem it deserves to flourish.