There’s an old saying in business: you’ve got to burn before you earn. In other words, it takes money to make money. But how much does the average entrepreneur need to transform their exciting ideas into fledgling companies?
Well, as BusinessFinancing points out, the answer depends on where they want to do business. Using data from The World Bank’s Doing Business 2020 report, its team of researchers created a map outlining the start-up business costs in every country. And you might be surprised by some of the findings.
Home of the small business
Land of the free, home of the small business. That’s how many historians view the history of the United States. Being your own boss and providing a fair service for a fair price has always been a big part of the American dream for many people.
And to help keep it alive, the US government makes it relatively easy for aspiring business owners. A small fee of $725 is all you need to register a new start-up.
Minimal start-up capital required
Adventurous types looking to embrace the old West’s frontier mentality should book a flight south to Belize, where new business owners pay less than $100 to get started.
But if that sounds like too much of an initial investment, then you can start a business for pennies down in Venezuela – and we mean that literally.
Reserving and registering a company name costs just 21¢. You’ll even get a free shout-out in a local newspaper!
High costs, but high returns
Think twice about setting up shop in the Middle East. You have to shell out over $7,000 to operate in the UAE, while new business owners in Saudi Arabia have to pay a $1200 registration fee before they can start trading.
Israel is another Middle Eastern country with a four-figure registration fee. But that could turn out to be a pretty wise investment, especially if you’re in the tech sector. Last year, Israeli tech firms raised over $5billion in funding from outside investors. The government also provides low interest loans to attract new tech and software start-ups.
A start-up revolution
Parts of Africa are experiencing their own tech revolution. Countries like Nigeria, Ethiopia, and Tanzania have fully embraced the digital technologies set to transform the next century, including cryptocurrency currency and blockchain. And with start-up fees ranging from $150/$350, the African continent is very much open for business.
Here’s a full breakdown of the business fees in all the other countries around the world.