Among top priorities for company founders in 2023 is deciding where to locate new businesses. Incorporating a new company is a challenge. Even more so if you are considering business incorporation offshore. You will have to think over several important factors from tax rates for new companies and commercial laws regulating their activities to the business type you are about to set up and the potential market for would-be goods. You should learn everything you can about the regulatory environment in a future incorporation jurisdiction keeping in mind that the standards and requirements to start a company in your country of origin and the potential incorporation jurisdiction are different. Hence, it is essential to study them before launching a new business.
For those who haven’t yet made up their minds as to what jurisdiction to choose to set up an offshore company in 2023, the International Wealth seasoned industry pros made up a list of states they deem best for company launch:
- Singapore
- Ireland
- Sweden
- Switzerland
- New Zealand
- UAE
- USA.
Ireland
The low population count in Ireland accounts for not-so-high competition and more opportunities for market newcomers to stand out amongst business competitors. With the corporate tax of 12.5%, Ireland comes with excellent business development opportunities for emergent entrepreneurs and startupers about to boost their profits. In Ireland, the export market experienced a significant growth of 4% in 2021, and neither Brexit nor the COVID-19 pandemic prevented it. Ireland houses headquarters of several multinational corporations in Europe, with Facebook, Twitter, and LinkedIn among them. All in all, 80% of major pharma giants and 50% of international financial service providers are located in Ireland. With such a wealth of business networking opportunities, the country is a great place to launch a company that will flourish.
Singapore
Listed by multiple sources among the cheapest countries to start a business, Singapore is famous for its welcoming business environment, low crime rates, and a comparatively small population. It is an ideal jurisdiction for startupers willing to launch a successful new business overseas. With its strong growing economy, Singapore is an appealing location for multiple companies willing to enjoy the banking regulations that make it easy to run international businesses, with tax-friendly government policy on top of them. The government encourages and protects foreign investment. It keeps local taxes on profit low, which makes business expansion a relatively easy task in Singapore, provided you act wisely. Combined with low living costs, top quality standards, and tough environment protection policies, it turns Singapore into a paradise for investors and startupers.
UAE
Housing multiple new businesses, including the ones that render consultancy services and deal in real estate, the UAE still offers enough room for business growth and expansion. Internationally acclaimed for its Free Trade Zones that are mostly located close to huge transport hubs like international airports and seaports, the country is ideal to set up trade, export, and import businesses operating at a 0% tax rate. Free Trade Zones in the UAE are also popular with those looking for an opportunity to establish an IT, finance, or research company.
Switzerland
Although not an EU-member, the country has close ties with the Union thus providing for multiple commercial opportunities for company owners. Due to its unimpeded access to the EU market, Switzerland is free to trade with all EU member states without any restrictions. The latter turns it into a perfect starting ground for business launch and development. Politically and historically stable, Switzerland has long lasting trade agreements with multiple states, and the country’s future is cloudless and shiny.
Sweden
Known for its strong economy and low crime rates, Sweden is a top choice for first-time entrepreneurs to start a business. It is also among the world’s most innovative states. The Economist claims Sweden to be No.1 choice for startups in Europe. The Swedish government offers free education and universal healthcare to its citizens. Once a citizen of Sweden, you won’t need to worry about your employees’ medical expenses. Sweden comes with secure banking regulations and strong innovative and manufacturing sectors which should be taken note of if you seriously consider launching a business in these industries.
New Zealand
The economy of New Zealand is ranked among the Top-10 strongest economies globally thus securing excellent business growth opportunities for new companies on its market. Facing no restrictions on profit or taxes, companies incorporated in New Zealand enjoy remarkable flexibility with staff and tax payments, as well as profit making. It is also among the safest countries in the world, with high living standards uniquely combined with low expenses. Add free healthcare and education for both citizens and residents to the equation and you will get a success recipe appealing to potential investors and company founders. Last but not least, do not forget about the country’s unique landscapes. Do you know that the famous Lord of the Ring trilogies were shot in New Zealand? Now, you understand.
USA
Silicon Valley in the San-Francisco Bay Area is home for high-tech startups from all around the world. Among the most inspirational locations to start a business, San Fran already houses around 1900 tech companies, 200 cleantech businesses, and 120 biotech ones. Rated No.1 in the world, the US startup ecosystem welcomes foreigners willing to set up tech companies. Retail, e-commerce, environment, energy, and education businesses are highly welcome. With a US business, chances of success on the international market will go sky-high, boosting your business reputation and allowing you to attract the best partners.
If at a loss where to turn to, don’t hesitate to contact the International Wealth pros for a consultation. We are by your side 24/7, just email us at [email protected].
