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The best and worst countries to start a business in 2020

Enterprises of all sizes are keen in establishing operations in new foreign markets. This increases the opportunities for market growth and helps in diversification. It was confirmed by a survey conducted by Wells Fargo that 87% of the firms in U.S believe in expanding internationally to achieve long-term growth.

If you believe the same then this article will be a very helpful guide for you. If you’re at the verge of taking your enterprise global you must first consider the ease of doing business factor for 190 economies of the World. Ease of doing business is measured considering 12 main challenges of starting and running a business in a particular business location.

The 12 main challenges are 1) Starting a Business, 2) Approval of Construction Permits, 3) Getting Electricity Approvals & Connections, 4) Registration of Properties, 5) Arranging Credit Facilities, 6) Regulations that protect Minority Investors, 7) Tax Structure & Payment Procedures, 8) Import and Export Regulations, 9) Enforcement of Contracts and Agreements, 10) Resolving Insolvency and its Rules, 11) Employment of Skilled and Unskilled Labor- its rules and feasibilities, 12) Contracting with the Government. Countries that have made the aforesaid challenges easier and investor friendly lists at the top of Ease of Doing business report published by World Bank Group.

20 Best countries to start business in 2020

  1. New Zealand

It takes only 1 day to open a company in New Zealand.  Gross Domestic Product is more than $211 Billion & annual GDP Growth is 3.6%. The Per-Capita GDP is $44,000 and its Public Debt/GDP is 33%. The Population of New Zealand is approximately 4.8Million. The rate of unemployment is 5.1%. Trade Balance/GDP is -2.8%, last but not least Inflation is 0.6%. These facts and figures along with the World Bank Group rating of 86.8 / 100 in ease of doing business in New Zealand makes it the best country to start a business in 2020.

  1. Singapore

The Gross Domestic Product is more than $313 Billion & annual GDP Growth is 2%. The Per-Capita GDP is $56,000 and its Public Debt/GDP is 113%. The Population of Singapore is approximately 5.6 Million. The rate of unemployment is 2.1%. Trade Balance/GDP is 19%, last but not the least Inflation is -0.5%. These facts and figures along with the World Bank Group rating of 86.2 / 100 in ease of doing business in Singapore makes it one of the best 20 countries to start a business in 2020.

  1. Hong Kong

The Gross Domestic Product is more than $339 Billion & annual GDP Growth is 2%. The Per-Capita GDP is $46,000. The Population of Hong Kong is approximately 7.4 Million. The rate of unemployment is 2.7%. Trade Balance/GDP is 4.6%, last but not the least Inflation is 2.6%. These facts and figures along with the World Bank Group rating of 85.3 / 100 in ease of doing business in Hong Kong makes it one of the best 20 countries to start a business in 2020.

  1. Denmark

The Gross Domestic Product is more than $324.9 Billion & annual GDP Growth is 2.2%. The Per-Capita GDP is $51,560. The Population of Denmark is approximately 5.6 Million. The rate of unemployment is 5.3%. Trade Balance/GDP is 1.5%, last but not the least Inflation is 0.9%. These facts and figures along with the World Bank Group rating of 85.3 / 100 in ease of doing business in Denmark makes it one of the best 20 countries to start a business in 2020.

  1. Korea, Rep

The Gross Domestic Product is more than $1.531 Trillion & annual GDP Growth is 3.1%. The Per-Capita GDP is $29,743. The Population of Korea, Rep is approximately 51.47 Million. The rate of unemployment is 3.84%. Last but not the least Inflation is 1.48%. These facts and figures along with the World Bank Group rating of 84 / 100 in ease of doing business in Korea, Rep makes it one of the best 20 countries to start a business in 2020.

  1. United States

The Gross Domestic Product is more than $19.39 Trillion & annual GDP Growth is 2.3%. The Per-Capita GDP is $59,532. The Population of the United States is approximately 327.2 Million. The rate of unemployment is 3.6%. Last but not the least Inflation is 1. 8%. These facts and figures along with the World Bank Group rating of 84 / 100 in ease of doing business in the United States makes it one of the best 20 countries to start a business in 2020.

  1. Georgia

The Gross Domestic Product is more than $15.16 Billion & annual GDP Growth is 5%. The Per-Capita GDP is $4078. The Population of Georgia is approximately 3.717 Million. The rate of unemployment is 3.5%. Last but not the least Inflation is 2.9%. These facts and figures along with the World Bank Group rating of 83.7 / 100 in ease of doing business in Georgia makes it one of the best 20 countries to start a business in 2020.

  1. United Kingdom

The Gross Domestic Product is more than $2.6 Trillion & annual GDP Growth is 1.8%. The Per-Capita GDP is $39,000. The Population of the United Kingdoms is approximately 66 Million. The rate of unemployment is 4.9%. Trade Balance/GDP is -4.4%, last but not the least Inflation is 0.7%. These facts and figures along with the World Bank Group rating of 83.5 / 100 in ease of doing business in the United Kingdoms makes it one of the best 20 countries to start a business in 2020.

  1. Norway

The Gross Domestic Product is more than $399 Billion & annual GDP Growth is 1.1%. The Per-Capita GDP is $75,000. The Population of Norway is approximately 5.3 Million. The rate of unemployment is 4.7%. Trade Balance/GDP is 5%, last but not the least Inflation is 3.6%. These facts and figures along with the World Bank Group rating of 82.6 / 100 in ease of doing business in Norway makes it one of the best 20 countries to start a business in 2020.

  1. Sweden

The Gross Domestic Product is more than $538 Billion & annual GDP Growth is 2.3%. The Per-Capita GDP is $53,442. The Population of Sweden is approximately 10.12 Million. The rate of unemployment is 7.47%. Last but not the least Inflation is 1.4%. These facts and figures along with the World Bank Group rating of 82 / 100 in ease of doing business in Sweden makes it one of the best 20 countries to start a business in 2020.

  1. Lithuania

The Gross Domestic Product is more than $47.17 Billion & annual GDP Growth is 3.8%. The Per-Capita GDP is $16,681. The Population of Lithuania is approximately 2.794 Million. The rate of unemployment is 6.5%. Last but not the least Inflation is 1.6%. These facts and figures along with the World Bank Group rating of 81.6 / 100 in ease of doing business in Lithuania makes it one of the best 20 countries to start a business in 2020.

  1. Malaysia

The Gross Domestic Product is more than $314.5 Billion & annual GDP Growth is 5.9%. The Per-Capita GDP is $9945. The Population of Malaysia is approximately 31.62 Million. The rate of unemployment is 3.36%. Last but not the least Inflation is 0.97%. These facts and figures along with the World Bank Group rating of 81.6 / 100 in ease of doing business in Malaysia makes it one of the best 20 countries to start a business in 2020.

  1. Mauritius

The Gross Domestic Product is more than $13.34 Billion & annual GDP Growth is 3.8%. The Per-Capita GDP is $10,547. The Population of Mauritius is approximately 1.265 Million. The rate of unemployment is 7.3%. Last but not the least Inflation is 0.8%. These facts and figures along with the World Bank Group rating of 81.5 / 100 in ease of doing business in Mauritius makes it one of the best 20 countries to start a business in 2020.

  1. Australia

The Gross Domestic Product is more than $1.323 Trillion & annual GDP Growth is 2%. The Per-Capita GDP is $53,800. The Population of Australia is approximately 24.6 Million. The rate of unemployment is 5.29%. Last but not the least Inflation is 1.8%. These facts and figures along with the World Bank Group rating of 81.2 / 100 in ease of doing business in Australia makes it one of the best 20 countries to start a business in 2020.

  1. United Arab Emirates

The Gross Domestic Product is more than $382.6 Billion & annual GDP Growth is 2.4%. The Per-Capita GDP is $40,699. The Population of the United Arab Emirates is approximately 9.4 Million. The rate of unemployment is 2.58%. Last but not the least Inflation is 2.2%. These facts and figures along with the World Bank Group rating of 80.9 / 100 in ease of doing business in the United Arab Emirates makes it one of the best 20 countries to start a business in 2020.

  1. North Macedonia

The Gross Domestic Product is more than $11.34 Billion. The Per-Capita GDP is $5443. The Population of the North Macedonia is approximately 2.104 Million. The rate of unemployment is 22%. Last but not the least Inflation is 1.46%. These facts and figures along with the World Bank Group rating of 80.7 / 100 in ease of doing business in North Macedonia makes it one of the best 20 countries to start a business in 2020.

  1. Estonia

The Gross Domestic Product is more than $25.92 Billion. The Per-Capita GDP is $19,707. The Population of Estonia is approximately 1.325 Million. The rate of unemployment is 3.9%. Last but not least Inflation is 3.41%. These facts and figures along with the World Bank Group rating of 80.6 / 100 in ease of doing business in Estonia makes it one of the best 20 countries to start a business in 2020.

  1. Latvia

The Gross Domestic Product is more than $30.26 Billion. The Per-Capita GDP is $15,594. The Population of Latvia is approximately 1.92 Million. The rate of unemployment is 6.3%. Last but not the least Inflation is 2.5%. These facts and figures along with the World Bank Group rating of 80.3 / 100 in ease of doing business in Latvia makes it one of the best 20 countries to start a business in 2020.

  1. Finland

The Gross Domestic Product is more than $251.9 Billion. The Per-Capita GDP is $45,703. The Population of Finland is approximately 5.513 Million. The rate of unemployment is 6.7%. Last but not the least Inflation is 0.7%. These facts and figures along with the World Bank Group rating of 80.2 / 100 in ease of doing business in Finland makes it one of the best 20 countries to start a business in 2020.

  1. Thailand

The Gross Domestic Product is more than $455.2 Billion. The Per-Capita GDP is $6594. The Population of Thailand is approximately 69.04 Million. The rate of unemployment is 0.67%. Last but not the least Inflation is 0.8%. These facts and figures along with the World Bank Group rating of 80.1 / 100 in ease of doing business in Thailand makes it one of the best 20 countries to start a business in 2020.

Why need to Partner-up with a Translation Services Company?

Once you have decided on the destination country and it is not the USA or UK, all documentation from the beginning needs to be in the local language of the land. Going ahead in all kinds of marketing you will need to publish and circulate content in the local language of the destination country. A professional Translation Company such as dubai translation services will be required to assist you in that.  Documentation in English is not accepted in most of these countries. Also, to know their laws and regulations better you will need to get their documents translated into your language for a proper and clear understanding.

20 Worst countries to start business in 2020

Other than war torn countries like Syria, Iraq, Yemen & Libya the countries with the lowest score for Ease of Doing Business are 1) Myanmar, 2) Cameroon, 3) Cameroon, 4) Bangladesh, 5) Gabon, 6) Afghanistan, 7) Guinea-Bissau, 8) Liberia, 9) Angola, 10) Equatorial Guinea, 11) Haiti, 12) Congo, 13) Timor-Leste, 14) Chad, 15) Central African Republic, 16) South Sudan, 17) Venezuela, 18) Eritrea and 19) Somalia & 20) Burundi. Their Ease of Doing Business Score are below 46.8.

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