You might think that economic powerhouses like China or emerging economies like India would be at the top of the global rankings for ease of starting a business; however, this is not entirely true. It is no longer enough just to have a strong economy on the rise; you also need a robust free enterprise system and minimum bureaucratic interference.
Many start their business journey as freelancers. This way of life allows entrepreneurs to go to places with a cheap lifestyle, like Thailand, and save money. There they work, offering their services as copywriters. More companies want to position their products or services on the web through SEO. The best sector where this can be seen is in the casino world. Companies wish to set their games utilizing target words like คาสิโนออนไลน์. Through these words, Thai casino players can reach experts like Asiabet, where they may enjoy classic games like poker, and roulette, at reliable and licensed online casinos. They have an overview of each operator, giving you their deposit information, payment methods, languages, and bonus information, to name a few, which help players find the best one for their needs.
Another sector is social media, where a highly engaged post is essential for sales. However, Thailand is not the best country to open a company.
Thus, to measure whether a country has such conditions, indicators have been developed that provide valid information on the profitability and ease of starting a business in that country.
What you should know about the Ease of Starting a Business Index
The Ease of Starting a Business Index is used to measure the legal and economic opportunities that a country offers for starting a new business in a country. The main indicator used by this index is known as ‘’starting a business’’ and it checks and measures a number of factors that help determine how feasible it is to start a business in that country.
The World Bank included 190 countries in this index and evaluated them on a percentage scale from 0% to 100%. A high degree of ease in the index indicates that the country has a low level of bureaucracy and is more conducive to starting and running a business; otherwise, it can be interpreted as a country with a high number of unfavourable conditions for investment to take into account. Many registration procedures, high-cost rates for paperwork, many weeks, even months, to complete the processes, excessive economic regulations, etc.
Ranking of Asian countries where it is easiest to start up a business
In the world ranking, 5 Asian countries are among the top 20 in terms of ease of starting a business; among them are: Singapore in position 3; followed by Hong Kong in position 5; Armenia in position 8; the Republic of Korea in position 11, and Uzbekistan closes the top in position 12. At the local level, each of these countries represents the 5 Asian countries best placed in the index of ease of starting a business, respectively.
None of these countries require any start capital to start any business venture in their respective capital cities, thus effectively attracting a wider margin of investors and entrepreneurs to come to start their business in their countries.
- Singapore
Singapore is the Asian country with the best ease level to start a business. It has a rate of only 2 bureaucratic procedures to legally register a new business; these procedures have an average duration of 1.5 days. The cost for an entrepreneur (male or female) is 0.4% of per capita income, which is $218.12 for both procedures.
- Hong Kong SAR, China
Hong Kong has the second highest rate of ease of starting a business in Asia. It requires only 2 administrative procedures to legally register a new business in the country; these procedures take an average of 1.5 days to complete. The cost of the procedure for an entrepreneur (man or woman) represents 1.1% of the per capita income (48 650$) which would be about 535.15$.
- Armenia
Armenia is the third of the South Asian countries in the ranking of ease of starting a business. Armenia has an average of 3 procedures to legally register a company; these procedures take an average of 3.5 days to complete. The cost of the procedure for an entrepreneur (male or female) is 0.8% of per capita income or about $32.
- The Republic of Korea
The Republic of Korea ranks fourth among South Asian countries in terms of ease of starting a business. The country has 2 administrative procedures to legally register a company; these procedures take an average of 4 days to complete. The cost of the procedure for an entrepreneur (man or woman) represents 14.6% of the per capita income (4,143.48$).