To some, it is just an aspiration to one day set up their own business, but to other’s, 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 off 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!
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 number 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.