Business is the basic source of generating revenue for the country. Whether it’s a local trade or an international import or export, business keeps the flow of funds in a stable state. There are various factors that influence the profit rate and revenue obtained from a business, which include the subtle economic condition of a country.
Therefore, the countries having better GDP growth provides the most hospitable environment for the business people to grow the extensions of their business empire. There are certainly other variables that define a country to be best for business; these include stock market performance, red tape, innovation, taxes, property rights, monetary freedom, etc.
LIST OF TOP TEN COUNTRIES THAT ARE BEST FOR BUSINESS & TRADE
By the reports issued by various institutions like Transparency International, World Economic Forum, and World Bank Group, we have narrowed down the list to the top ten countries that are most suitable for business. Forbes has managed to define the factors that each country distinctively which enable you to run a business successfully.
10. UNITED KINGDOM
The UK has quite an established agricultural system with the most efficient and mechanized rules which are entirely based on pure European standards. Therefore, they have an ever-growing GDP rate.
Moreover, Banking, business services, and insurance system play a vital role in upgrading the GDP growth rate of the country. They also provide sufficient investors protection rights for the well-being of your business.
Netherland stands 9th on the list as it has a fairly high trade rate where it has quite stable industrial relations. There the business rights and protection have evolved up to many folds. The business is more focused on agricultural products, chemical manufacturing, food processing, and electronics. There the unemployment rate has also dropped significantly due to more business opportunities.
Singapore provides the most favorable environment for the business of electrical products, medical, optical devices, items related to information technology, and pharmaceuticals. The country has a free-market economy.
Therefore, it gives great ease to the investor to earn a greater profit with minimal chances of loss. Corruption is nowhere to be found. And the trade mainly relies on exports.
As the country’s petroleum industry is progressing significantly, Canada rose to the 7th position in the list. According to the Statistics, Canada has been ranked 3rd in having the world’s largest oil reservoirs. Potentially it provides the investors from the petroleum sector to establish oil refineries and earn millions and billions out of it. The government took many initiatives to attract investors from all over the world.
Finland has made great success in exports of goods across the globe. Total exports of the country account for one-third of the total GDP of the state. Mobile phone technology has been the major focus of exports.
Exports alone earned high revenue for the country. This European State attracts hundreds of buyers from various other countries. It has also excelled in the business of IT sector, gaming, and cleantech.
Sweden, another European state which made it to the top ten. Their economy was entirely based on foreign trade and business. The country relies on its resources of timber, iron, and hydropower. Investors set their eyes to investing in these three sectors. Swedish government created ease for the investors with its extremely flexible set of business and property rights.
The latest report issued by Forbes in the top ten countries best for business says that Ireland has a trade-dependent economy, the major part of their economy heavily relies on imports and exports. Though its small state yet, the business standards are quite mechanized and modern according to the latest standards.
They have set low corporate taxes, as low as 12.5% which greatly encourages them to orient their investment to Ireland. Ireland has also been the center for many international firms as it has the strategy of loose tax residency prevailing in the country.
There are many factors involved that took Norway up to the 3rd which mainly includes the active and vibrant participation of its private sector. Moreover, the government provides a social safety net for foreign investors. The country is rich in minerals, petroleum, hydropower, forests, and fish. Therefore, it provides a whole world of the option to the businessman to invest and gain maximum profit out of it.
2. NEW ZEALAND
About 30 years back, New Zealand used to have an agrarian economy but as of now, it has evolved to produce a free-market economy. It is the smallest of all the countries ranked here in this list, but it has an economy of $201 billion which makes it the 2nd best country for business.
As the rate of corruption is quite low and there you can enjoy full monetary freedom and property rights, therefore, it greatly encourages entrepreneurship in the country. The rate of business progress in the country has risen to 3.3% over the last few years.
The country managed to secure the 1st position due to a relatively low corruption rate and monetary freedom. They have the most effective and efficient regulatory system for business and investments. The stock market of Denmark is the most vibrant and active one who had progressed up to 34% over the last 12 months.
The country heavily depends on foreign trade. It provides ground for high-tech agriculture trade. It also serves as an important destination for the world’s renowned pharmaceutical companies and renewable energy firms.