Best and Easiest Countries to Do Business in 2019

where is the best and easiest place in the world to set up a business there's actually two different parts there and where's the best place where's the easiest place I'm gonna talk about some really easy places in the world to do business I'm also going to tell you why it might not matter as much as you think it does [Music] hi I'm Andrew Henderson everyone wants everything to be easy and when it comes to doing business I always enjoy seeing which countries are the easiest places to do business well it turns out the people with the World Bank not exactly my favorite people but they put out a list every year of the easiest places to do business what I like about this is they go through a lot of objective data and they look at everything from forming an entity getting registered as a tax payer turning on the electricity giving a building permit to to build your your warehouse they look at all that different stuff and they compile that and you can go and sort it for different categories and you can also sort it for the aggregated main data point which is what's just the overall easiest place to do business and so number one for a while now has been New Zealand where they say everything's very straightforward there's also very little corruption in New Zealand and so hey that's the easiest place to do business in their metric close second is Singapore if you watch our Channel you know we we like Singapore for banking and business also very transparent country very straightforward not a lot of nonsense not a lot of runaround things being moved online very connected country just an easy place to do business and then they go through the rest of the countries there are actually some that would surprise you Denmark Norway these are easy places to do business who would have known places of interest to our audience Georgia we talked about the Republic of Georgia great place to Bank it takes literally one procedure to open a company there now if you've ever gone to the government office into policie you know that doing that one procedure if you've never been there before it can be a little confined and I've had people have problems with that but it takes one procedure the wild card on this list is actually makedonia or now North makedonia I'm not giving in to you Greeks I'm siding with the low tax country it's always makedonia than me but makedonia number 10 in the list of easiest countries to do business so I'm by the way the US and the UK are actually on that list eight and there number nine so what does this list mean and why am i giving you these these data points of easiest countries well a couple things number one there are countries that a lot of people haven't ever heard of with the average entrepreneur in the US or in Australia thank God but it's pretty easy to set up a company in Georgia no way yet Georgia is you know in the top five or six on a list for many of these different things and so the first thing I want you to be aware of is get outside your comfort zone think of what am I not considering what thoughts aren't part of my world that if I open my world up I can have a better business more opportunities make my life easier etc the big thing that stands out to me though on this list is it's speaking to ease and not necessarily what's best okay so new zealand number one yeah it is easy things are online you set up your company quickly not a lot of nonsense but what are all those things that you're doing that don't have a lot of nonsense oh you're registering to pay your very high level of tax right you are you know going and filing for permission to do this or that or you're filing to go and get a license okay there's a lot of bureaucracy they've just made the bureaucracy easy there's a high level of tax they've made the tax easy the US and the UK are on the list yes the US and UK in the grand scheme of things around the world makes setting of a business very easy it's rather easy to set up an LLC in the United States it's rather easy to set up a limited company in the UK but depending on your situation it may not be very tax advantage in fact you know what it's in many cases like the roach motel it's easy to get in and hard to get out and so if you're studying up a u.s. LLC and you're not doing proper tax planning you might have a terrible tax situation in fact I had a guy come to me recently who was from London who set up a US LLC and he did it in a way to where he actually made his tax situation worse so the fact that it was easy to do business there the same way say that the easiest bank account the easiest second residence the easiest whatever may not be what serves you easy isn't always best and so what I love to see is countries making it easier to do business I love that I love a country that's doing stuff online I don't want to schlep down to an office to have to file a form I want if I have to file taxes or pay taxes make it easy for me and so countries like Estonia which also scores relatively high in the list you know they've made paying taxes super easy both as a person and as a company but the question is if I'm looking at going where I'm treated best I want ease I don't want to be I don't want a bureaucratic slog but let's take Georgia for example Georgia has effectively a 20% tax rate on on corporate income now they have this kind of estonia model with a few tweaks where you can reinvest the money but then there's also v80 you have to consider and so someone occasionally comes to me and says hey andrew I set up my company in Georgia just like you told me to is I ever said that because if you're gonna be half shore and you're not going to be operating in Georgia yes it may be easier to set up a company in Georgia than to set up a company somewhere else but the company somewhere else may have a zero or a five or a two percent tax rate whereas in Georgia you're gonna eventually be paying more than that in tax you might have to worry about v80 so while I'm not saying you should go to you know the Congo where everything's just a total disaster instead of your company there I'm saying that the easiest thing in Georgia or the US for example or your company can be set up like that that may not be the answer because you may be getting yourself into a different trap and so what this World Bank index doesn't look at it is is are you getting value for your dollar listen if you run a flower shop in New Zealand this index is great and so if your goal you're watching this you're saying I'd like to go to another country and start a business on the ground and just live there and have a normal life then absolutely New Zealand Singapore excellent places to go to Georgia if you're a bit more adventurous makedonia I think interesting unsuspected place on this list that I've been looking at for a long time and I've been a fan of them so that to me is for the on-the-ground business New Zealand what a great place to run on the ground business because if you live there and all your business is in New Zealand you're gonna pay news so at least you have the ease that you wouldn't have in another country that you wouldn't have in say Italy okay so if that's who you are the New Zealand Singapore again Georgia fantastic even the u.s. great fantastic not as digital as the other countries but find the US still not that difficult but are you getting the value for that if you're a location independent business owner or investor is it worth doing a little bit more work dealing with a few more forms to incorporate yourself in a way where you're not going to be paying the high rates of tax in those countries and so that's the distinction is that most people aren't even talking about the nomadic capitalist lifestyle yes there are people who are digital nomads they're traveling the world they're dealing with their tax but there aren't really many people who are speaking to I'm running a six or seven figure business I want my life to be easy but I also want to keep more of my own money and so that's where this World Bank Index comes up short what I like this for is it gives us data points of which countries are doing the right thing makedonia I think has been well not perfect doing a lot of the right things no one knows that they have a tax policy that's Estonia based but better than Estonia everyone's talking about Estonia and overlooking makedonia and the fact that they've made it even easier now the question is is that worth paying 10% tax for for your business maybe maybe not so I like the data points I like to add my own subjective experiences in these countries and put the objective with the subjective and what I take from that is that so many people are talking about Estonia because that's what then marketed as being the place to be where all the cool kids are and makedonia gets overlooked not saying that's that it's an apples to apples comparison for everybody but I'm saying that what's been marketed to us is often what we view as winning and so here's the bottom line on the best and easiest places to do business again they're not the same best is not necessarily easiest and so while I love that an index like this takes the objective data points and sees which governments are doing the right thing which governments see and our understanding that they know where their bread is buttered that's one part of the equation the other part of the equation is your personal experience and the fact that very few people are talking to the nomad capitalist about hey it's easy but the taxes are 40 percent okay and so you need to take the easy part combine it with a nomad capitalist part and then in the middle combine it with you know what's just gonna work for you personally what works for your personal business your personal style your desired lifestyle this is the beginning piece you need the rest of it to form your picture of the best place to do business and not just the easiest place to fill out forms hi I'm Andrew Henderson from nomad capitalists I wrote this book which you can find on Amazon to distill a lot of the stuff we talked about in these videos and a lot of the stuff I've learned over the last decade plus traveling all around the world teaching you about how to legally reduce your taxes build your personal freedom and create wealth faster definitely get a copy of this book if you want to learn more now if you want to watch more videos make sure you subscribe to our Channel and make sure you click the notifications bill so you never miss one of our new videos with more tips on how to go where you're treated best and if you're already a six or seven figure entrepreneur and you'd like to put these strategies in place for yourself go to Nomad capitalist calm and learn about how I can help you

Channel: Nomad Capitalist

Views: 42,530

Keywords: nomad capitalist, best country to do business, best countries to do business, best country for business, best countries for business, easiest country to do business, where to start a business, new zealand for business opportunities

Id: U9XkXLSxWCw

Length: 10min 46sec (646 seconds)

Published: Fri May 24 2019