A new business takes a lot of courage, and this holds true even for small businesses. Entrepreneurs must exercise their proficiency on different levels – from legal to finances and marketing to sales, there is a lot to take in before taking off.
Apart from mastering the essential marketing tools for running a successful small business, identifying where it makes more financial sense to open a new business comes as a priority:
- Learn which countries are doing their best in welcoming new businesses.
- Discover references to step-by-step guides for a great kick start.
- Find out where your business could thrive at its best.
Even now – with the Covid-19 pandemic-related setbacks – there still are opportunities to succeed as an entrepreneur despite the economic aversions. The experts at UENI have revealed the six best European countries that offer a favourable business climate to help fasten your decision-making process.
In Ireland, the economic boom of the mid-1990s to early-2000s gave rise to a period of growth known as the Celtic Tiger, which was based on foreign investment. When the economic crisis of 2008 hit, Ireland too was affected, but thanks to the Celtic Tiger mindset it recovered. Nowadays it holds a top position amongst the best countries where you can start a small business. The Celtic Tiger is proof of how open the Irish government is towards new businesses.
With a low corporate tax rate of only 12.5%, this might be the country where you want to invest in opening a new business next. This is also part of the reason why giant companies as Google, Facebook, LinkedIn, and Twitter opened their European head offices here. Would you be next? Learn more about Enterprise Ireland and don’t let this opportunity slip away.
A post-Soviet state, Bulgaria comes forth as a focal point for business people all over the world. It may be thanks to the fact that it does not have an excessive bureaucracy since it only takes 23 days to register a new business. Perhaps it is the low administrative costs, which vary from 500 to 800 Euros, or it may be the bank deposit for setting up a limited liability company, which is close to nothing at only 1 Euro. The point is that Bulgaria paints the picture of a fortunate business conjuncture. If it sounds like the best deal for you, find out more about opening a business in Bulgaria through Invest Bulgaria Agency.
If you have a legal residence or permission to work in Holland, there are plenty of reasons why you might want to start a new business here. On the one hand, retail is one of the pillars that founded Amsterdam, and it is what makes Holland a favourable landscape for entrepreneurs. On the other hand, while the tax rates could get high, depending on your bracket, the Dutch Government offers generous public support for new business owners.
There is a good reason why Sweden currently ranks number two on Forbes’ best countries for business list and has been in top three consistently. Sweden is renowned for its healthy economy, which is why start-ups always thrive here. Popular and successful companies such as Skype and Spotify are Sweden made. This Nordic country’s government is also known for fostering innovation and entrepreneurship and offering support for new business owners, which balances out the high living expenses.
Speaking of Nordic countries, Norway holds a top position, too, when it comes to nurturing innovations and technologies, especially if they are related to increased efficiency. Starting a small business in Norway is a few clicks away since the whole process of setting up a new company is entirely online. The taxes can be high, indeed, but they are transparent, and the costs are balanced out by low investment risks. Norway offers public benefits and support, and if things don’t work, you can resolve insolvency for only 1% of your entity’s value.
England holds a top place thanks to the British tax structure, which is designed to support the lack of profitability for the first years as a fresh new business. To register your company in the UK starts from £12 online, and £40 by post, and it takes only 24 hours to get it done. To learn more, check out our article on starting a business in the UK, or visit the HMRC site.
EuropeanLife Magazine, 2021