To some, it is just an aspiration to one day set up their own business, but to others it is a reality. But, did you know the country you’re in can have a significant impact on just how fast, or slow, you can get a business of the ground?
There are a number of steps to take before you can identify as self employed. For example, you need to choose a business name and register it as its own enterprise, sort out insurance cover, make sure you’re compliant with health and safety if you’re immediately employing people, start accounting for everything – and the list goes on.
For most UK-based start-ups setting up a business is fairly quick, not to mention that it’s quick cheap and easy, too. However, if you’re based in the likes of Cambodia it’s going to take about 99 days – this is quite fast if you compare it to Venezuela where it takes 230 days!
Ecard Shack have researched the countries that are the quickest and slowest places to set up a business – take a look at it here to see how your country compares.
The quickest places to launch a business:
- New Zealand – 0.5 days
- Canada – 1.5 days
- Hong Kong – 1.5 days
- Georgia – 2 days
- Australia – 2.5 days
The slowest countries to launch a business:
- Eritrea – 84 days
- Suriname – 84.5 days
- Haiti – 97 days
- Cambodia – 99 days
- Venezuela – 230 days
Despite New Zealand being the fastest place in which you can set up a business, it wasn’t until 2007 that this was the case – it originally used to take up to 12 days! Georgia similarly used to take 25 days to start up a business, until 10 years ago when it began to decrease and now sits at 2 days – the third quickest country to start a business.
Australia has always been a country which is fairly quick to start up a business – for the past 15 years it’s taken on average no more than 3 days.
Venezuela and Cambodia have increased the amount of days (on average) that it takes to start up a business. In 2003, it only took 95 days, whereas it has increased by 4 days. Over the past 15 years, the average amount of days it takes to start a business has increased by 87 days.
Take a look at the map here to discover the quickest and slowest countries to start a business in.
