The most business friendly second-home countries in 2024

Doing business in 2024 is shaping to be quite paradoxical. Rapid globalization has made global reach easier, but it comes with higher trade restrictions due to geopolitical tensions. Entrepreneurs looking to make their mark on the global stage and get the best value for their money while ensuring their business' success have to choose the right place to establish it or expand into. The world is a big place, though, and choosing the right country for your new headquarters or branch may seem like a tough ask. Luckily, NTL Trust has narrowed down the list to help you uncover top destinations that would be ideal locations for your business.

Paraguay

The Latin American country of Paraguay is home to one of the world's most high-potential markets. The country's economy has maintained a steady growth rate of about 4.4% during the majority of the 21st century, and it is forecasted to continue growing at a similar rate. The local market is a dynamic one, but what really makes Paraguay interesting is its status as a member of MERCOSUR. This means Paraguayan businesses have unhindered access to other MERCOSUR markets, such as those of Brazil, Argentina, and Uruguay. Operational costs in Paraguay are also a major draw, as its affordable labor, rent, and overhead costs make it an ideal location for global expansion. Taxes in Paraguay are also very favorable, as it operates on an attractive 10-10-10 tax regime (10% corporate tax rate, 10% income tax rate, and 10% value-added tax rate). Finally, getting a residency in Paraguay is quite streamlined . Through NTL Trust, you can obtain a residency in Paraguay simply by declaring your intention to live and establish a business in the country and paying the required application fees. The ability to obtain a residence permit quickly and without hassle makes this an excellent option, as you will have the ability to run your business as a resident rather than a foreigner, giving you the flexibility and time you need to get it running.

Serbia

If you are considering setting up a business in Europe, you should consider Serbia as the location to do so. The European country has an outstanding economic climate, boasting a GDP Compound Average Growth Rate (CAGR) of 2.9% during the past decade. Serbia also has a robust infrastructure and an excellently trained workforce that will help you take your business to the highest level. It has a strategic location that allows businesses to seamlessly work with markets in Asia, Europe, and Africa, as well as allowing for global outreach and communications within the standard 9-5 workday, thanks to its central location on the map. Operating costs in Serbia are lower than in mainstream European countries such as Germany and France, and the corporate tax rate is relatively low at just 15%. Setting up a business in Serbia is also very simple, as it ranks as Very Easy on the World Bank's Doing Business Report, claiming the 44th spot worldwide in terms of how easy it is to establish a business in the country. Getting a residency permit that allows you to manage your business in person is also quite simple, as Serbia's residency program is quick, straightforward, and aligns perfectly with the entrepreneur mindset as it is based on opening a company.

Dubai

Not quite a hidden gem, but this list wouldn't be complete without the mention of Dubai. The economic and tourism capital of the UAE has transformed itself into one of the world's most important economic hubs. Dubai's ports are centrally located, making it an excellent place for global expansion. The country is also a cultural melting pot, allowing entrepreneurs to engage with like-minded individuals from every part of the globe. The UAE ranks 16th on the Doing Business Report, and Dubai is one of the easiest places to establish a business. There are online portals for registering a business, and entrepreneurs have the option to register on the mainland or in one of numerous free zones. Corporate tax on the mainland sits at an affordable 9%, while free zone companies do not pay any corporate tax, making Dubai an excellent option for companies of all sizes who want to ensure they are not crippled by taxes. Getting a residency in Dubai is also very simple through its Golden Visa program, which offers a variety of investment options, but the most relevant is the AED 500,000 investment in a business within Dubai. Golden Visa holders are free to reside and work in Dubai, but are not restricted by any physical residence requirement, making it an excellent option for global entrepreneurs.

Antigua & Barbuda

The dual island nation of Antigua & Barbuda is an excellent, low-cost option for entrepreneurs who want to set up a foothold in the Western Hemisphere. The country's location in the Caribbean near North and Latin America gives it direct access to some of the world's most dynamic markets. Antigua & Barbuda has a very low operating cost, being a smaller nation, and while it does have a 25% corporate tax rate, there are various exemptions and breaks that can lower that figure depending on the business type and activity. However, while corporate taxes do exist in the Caribbean country, it does not levy income, wealth, capital gains, or inheritance tax, making it an excellent place to restructure personal tax liabilities. Antigua & Barbuda also has a strong workforce thanks to the University Of West Indies, which produces top-tier professionals. The low operating costs combined with the excellent talent available make it a robust option. Antigua & Barbuda is also a member state of CARICOM, an economic union of 15 countries in the Caribbean. This opens the door for greater trade and economic opportunities for local businesses in Antigua & Barbuda, much like the case in Paraguay with the MERCOSUR. Finally, Antigua & Barbuda has a citizenship by investment program that allows foreign investors to obtain Antiguan citizenship through investing in the country's economy. While there is a business option under the citizenship by investment program, it requires an investment of no less than $1.5 million into a business within the country. Hence, it may be better to obtain citizenship through a more affordable option such as a donation (starting at $100,000) or a real estate investment ($200,000), and then establishing the business without having any capital restrictions that are tied to citizenship. The citizenship by investment program allows entrepreneurs to run their businesses in the country as citizens, removing any potential restrictions on foreigners and giving them free rein to grow their companies and maximize the benefit of being a citizen of the CARICOM union.

The Optimal Time For Expansion

Now is the optimal time for expanding a business on the global stage. Combining a country's affordable market, growing economy, and investment migration program is the best way to choose an expansion destination, as this will give you the best value for money and the legal residence status to operate your business in the way you see fit. Paraguay, Serbia, Dubai, and Antigua & Barbuda are all excellent options to consider right now, as they have the market potential and affordability that all businesses need to succeed, while also boasting simple immigration routes that make the entire process straightforward. To know more about establishing a business in these countries or others, contact us today.