The world bank has come up with its list of best countries for doing business in the year 2019. While a few countries have stepped up a few ranks, a few others have retaliated. Nevertheless, the rankings are based on a complex matrix of factors and policies that account for time, cost, and interface of the entrepreneurs for starting the business. Every year, the world bank announces this list, and the governments and entrepreneurs begin to assess their advantage.
Having said that, a few countries have reformed their policies and standards that are affecting the global corporate sector in progress. Considering the World bank’s list, these countries should have been given a better rank on the list. Or, at least considered to be sharing a position with others.
The country although has a relatively steep tax policy, yet they offer the lowest cost for starting up a business. The ease of registration of business and property, technical advancements, skilled labor, and of course the logistics. Despite its rank at the seventh position in the list, the country has an advantage for tech entrepreneurs, specifically. The Republican party has implied a few policies that are expected to transform the country’s economy and employment for natives. Excise and logistics are the most affected segments affected by these policies, in a good way.
- Hong Kong
This autonomous country has probably the best policies for minority investors. For minority investors, three laws have been put in place to make sure that they don’t suffer unjustly at the hands of any other board member or stakeholder. Having said that, for foreign and national entrepreneurs, the country has exclusive portals that make the task of starting a company pretty easy. They have one of the best policies for cross border business operations and easy construction permits. The country ranks fifth in the world banks list, but we believe it should have ranked a little higher.
Singapore is amongst the top three contenders. This country has recently invested in its infrastructure and logistics exponentially. Almost all the industries are favored but the key players include tourism, technology, and biomedical sciences. Singapore ranked top in the world bank’s list for supply chain management. Fred Wallace from Sandhurst Consultancy explains that the new customer accounting changes in Singapore will help maintain the country’s reputation as a low-fraud country. This is another such initiative taken by the government of Singapore to ensure that the country remains at the top of economic development.
Canada, with its multicultural dynamic environment, has a welcoming approach to foreign investors. With low taxes on businesses and a diversified economy, Canada has encouraged a friendly corporate atmosphere. Moreover, the government has made the banking system smooth and regulated the finances with the help of efficient judicious fiscal management.not to forget the technological advancement and stable workforce are the pillars of modern infrastructural developments in the country. Canada has recently made it easier for foreign immigrants to sustain a living within their border. The reforms in immigrant work permits and application for citizenship has lured in a rush of skillful workers from all around the world.
The government has attracted foreign investors by offering a pro-business environment and diversified financial marketplace. Infrastructural epitome, international trade policies and connectivity, decent tax laws, judicially a favorable environment, and a multi-lingual workforce are a few factors that make Luxembourg the best place for doing business in Europe. Its political and economic stability is incredible and a benchmark for the world. E-commerce, tourism, manufacturing, logistics, and technology are a few key industries that drive Luxembourg’s economy. The government has keenly promoted technology-based investments to further increase the development of innovative solutions. Luxembourg though had not made it to the top ten in the countries best for doing business, we believe that this small country has taken some bold steps to improve its economy.
Foreign investments and exchange is a major driving factor for the world economy. With every country trying to develop and continuously improve its economic status in the global market, reforms and transformations in the financial standards and operations are mandatory. As far as the investors are concerned, apart from investing capital, the investees are expected for a skilled man force and provision of necessary resources. The most important factor that drives foreign investment is the ease in the establishment and operation of the business, not just procedural but cost effective as well. These countries have truly transformed the way global trade is conducted.