In case your job is mobile and if you’re an influencer or an internet entrepreneur you are lucky enough to have the privilege to work anywhere in the world. You can take your job with you and enjoy better deals, smaller taxes, as well as independence, or less jurisdiction. If you want to make this serious move and you want to know what are some of the best places for starting a business in 2021, keep on reading as we talk about them down below!
What to consider when picking out the country to work in? Top 5 important factors
1. Tax implications
Tax can be unbearable as we all know and can agree on, but you must pay for it. Look for countries that have rules of tax relief on returns as a founder or if you flip to a different geography in the future.
The jurisdiction part matters because plenty of investors optimize around their tax implications. They might have a preference on where you incorporate due to tax relief, which is why you should reconsider all of your options.
No one likes having to deal with a ton of paperwork. This includes the interval in which you need to report as well as other requirements. Think how time-consuming it can be.
Some geographies may have a residency requirement for the founders, while others don’t. Be well-aware of your situation and where you’re coming from. Gather your ID, passport, visa, everything!
Corporate Governance requirements tend to be different and they can vary from one place to the other. Which rules do you fancy the most, and do they apply to you?
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8 Best Places In The World For Starting A New Business
1. The British Virgin Islands
The British Virgin Islands is a common and popular go-to location for new business opportunities. You will especially enjoy the location due to its offshore jurisdictions. Enjoy the fact that you can pair this incorporation with a bank account in a reputable jurisdiction, such as Hong Kong or Singapore. You will also enjoy the bank fees, just make sure that you take your time to register when doing the initial plan and steps.
Denmark is one of the best countries to live in, along with Switzerland when it comes to European countries. In Denmark, you get the flexicurity when it comes to hiring or firing your workers. There are no resident requirements for the management, including the CEO. Denmark is a lot more tax-efficient when compared to other European countries, which is why it is a good choice.
If you find yourself in Norway you’ll be happy to know that you can communicate digitally with almost anyone within the government. No annoying trips back and forth. You will enjoy the fees averaging 1% of the bankrupt entity’s value. Overall, it is great for digital nomads, as all most jobs are focused on the IT, design, and finance sectors. There is also a well-developed communication and transport infrastructure.
4. New Zealand
Surprisingly New Zealand is also on this list as one of the best moves that you can make for your big or small business move. Why are they high up there? Well, registering a property can be done in two days and in the quickest way possible. You will easily get anything started and set up. Enjoy their terms of taxes since there are no payroll, social security, or capital gains taxes.
Singapore has had to make it to this list! In fact, it is known as a money-making town with tons of millionaires on every corner. The city attracts global entrepreneurs and leaders across the world while being politically stable. It is also an easy convenient location to get in touch with anyone to do business. It also imposes no dividend or capital gains taxes.
6. Isle of Man
Isle of Man is connected to the UK with its customs agreement, but it is legally separate from the UK and from the European Union. Because of this, it can have zero corporation tax rates, a sophisticated banking system, as well as great opportunities for holding investment portfolios including commercial property. It is also a fun place for a quick change of scenery.
If you are running a business that is fraught with liability, go to Nevis! It is the best location for truly secure work and privacy. You will also have all of your assets protected. It is highly talked about and always welcomes young inspirational souls and young entrepreneurs. The Government of St. Kitts and Nevis has introduced extensive legislation to attract financial services business to the island. Citizenship by investment program has also been in operation.
8. The US
The US does have some pros and cons to it, and different states will have their own deals for each worker. You can also find a wide variety of funding sources: investment firms, banks, venture capitalists, and angel investors. For a lot of businesses both big and small, Delaware is the best place to live when it comes to its initial filing fee being minimal compared to other states. Also, a business license isn’t required, while non-residents don’t pay personal income tax either.