There are some reasons why many founders are interested in launching their business in Asia. Not only having abundance of incredibly diverse talents, Asia is also known for its rapid growth of technology and e-commerce. The region is also known as home to some fastest-growing economies in the world. Therefore, there is huge opportunity for aspiring entrepreneurs who want to make their first steps into business and succeed.
However, not every country is equally suitable for starting small businesses. Then, which country do you think is best to make your first move?
Based on the latest research by William Hofmann in Value Champion, here are three top countries for launching a startup.
Well, you might have heard a lot about Singapore’s success story in engineering economic growth. This country is rated as the second best country to conduct a business, globally. The Lion City is considered as a wealthy country as it has $52,962 gross domestic product (GDP) per capita.
With low unemployment (2.15 percent) and good internet accessibility (81 percent), it comes as no surprise that Singapore becomes number one search for people who want to start a business. Despite known for its high cost living, it seems that low tax incentives for small business (17 percent) still attract global business leaders to build a company there.
According to the study, Singapore not only has the highest education rates in Asia but also the number one labour force quality with 42.9 percent tertiary education and 79.4 percent secondary education. As labour force is important to achieve a successful business, this makes Singapore a great place for startups to grow their business.
02 Hong Kong
The World Bank lists Hong Kong as the third best city globally to start a business. Hong Kong has a strong public institution and availability of financing. With $43,741 GDP per capita, 3.7 percent of low unemployment, and the second of high cost living (globally), this city is undeniably strong in its economic industries. Moreover, Hong Kong has relatively low tax incentives (16.5 percent)
As Hong Kong ranks as the third place for its labour force (21.7 percent tertiary education and 78.4 percent secondary education), this well-developed city can help your business to be on top.
Japan is known for its fast growing technology with over 93 percent of its population has internet access. Therefore, the Sakura country is a great option to start a tech startup. Japan also has low interest rates and one of the most educated workforces globally (86 percent for its secondary education and 30 percent for its tertiary education).
However, it will be a bit expensive to build a startup in this tech country as it has high corporate tax rates (23.4 percent) and many employees who work in Japan expect a high salary — even in a startup company.
To read the full research result, click here.
Read also: 4 Major Types of Businesses You Should Know before Launching Your Own