Where is the cheapest place to set up a business?

One of the main reasons for starting your own business is the desire to maximise profits. However, these profits stem not only from the revenue generated, but also from the associated costs. The costs of running a business (both direct and indirect) can be quite substantial. It turns out, however, that these costs vary from country to country. So where is the cheapest place to set up a business?

How can you run a business as cheaply as possible, and what factors influence the associated costs?

Compulsory insurance contributions and taxes are the basic costs of running a business.

So where is the best place to set up a business abroad in 2024? Here is our list of countries!

Where is it worth setting up a business? Estonia is a safe bet for taxation

We simply cannot begin our ranking of the best countries for doing business in 2024 without mentioning Estonia.

This is because setting up a company in Estonia comes with very favourable tax rules. These essentially mean that income tax is only payable when profits are distributed. So, as long as profits remain within the company, no tax is due. This is a significant incentive for business growth and innovation in the broadest sense.

This, combined with a stable and straightforward legal and tax system, as well as Estonia’s pervasive digitalisation, means that the country is often chosen by entrepreneurs from various countries and sectors. It is particularly popular amongst those in the IT sector.

In which country should you set up a business? In the neighbouring countries: the Czech Republic and Slovakia

It turns out that Poland’s neighbouring countries – the Czech Republic and Slovakia – are currently good places to set up and run a business at low cost.

The former is a country with a relatively entrepreneur-friendly and straightforward administrative system. The tax system here is also simpler than in Poland, and the costs of running a business are lower.

Meanwhile, self-employed professionals and consultants can benefit from a high, 60 per cent flat-rate allowance for business expenses here.

Slovakia, on the other hand, is a very attractive destination for all companies in the transport sector. This is because there is no tax on means of transport, nor on the purchase of vehicles or fuel. Setting up a business is straightforward and inexpensive, taxes are low, and labour costs are competitive.

Another advantage of these locations for Poles is their proximity to their home country. This means that having to deal with any formalities or family matters will not be a problem here.

Where is the best place to set up a business in the EU? Cyprus

The next country on our list is Cyprus. Here you’ll find:

• A very simple and quick company registration process;
• One of the most favourable tax systems in the whole of Europe (including: no tax on dividends and capital gains, and relatively low income tax rates);
• Numerous tax reliefs;
• No tax on profits earned abroad;
• A shortened tax residency period.

Where to set up a company abroad in 2024? Switzerland

Switzerland, on the other hand, is a country which, although primarily associated with prestige and wealth, also boasts a very stable legal and economic system, as well as extremely favourable conditions for those setting up businesses.

In Switzerland, we can take advantage of numerous tax reliefs, exemptions and preferential treatment for foreign income. There are also countless opportunities for tax optimisation here.

Businesses in the financial sector will also appreciate the prestige and added reputation associated with this location.

Are you thinking about setting up your own business but worried about the costs involved? Make use of our services!

The ‘Firma Dla Każdego’ Foundation is Poland’s top-rated business incubator, supporting the entrepreneurial spirit of both Poles and foreign nationals. It does so by enabling business ideas to be realised without the need to set up a separate company.

Do you dream of running your own business? You no longer need to look for opportunities abroad! Fulfil your dream of running your own business without having to register it!

We’ll sort out the paperwork in a maximum of 15 minutes, and we’ll take on the responsibility and costs associated with running the business. With us, you won’t have to worry about inspections by the tax office or the Social Insurance Institution (ZUS), nor about bookkeeping or tax returns.

Be sure to check out the details of our offer on our website: https://firmadlakazdego.pl/.

Sources:

• https://businessinsider.com.pl/biznes/w-ktorym-kraju-najlepiej-zalozyc-firme-zestawienie-panstw/6hdqygl
• https://finanse.wp.pl/estonia-kraj-nieskonczonych-mozliwosci-inwestycyjnych-dla-polskich-przedsiebiorcow-6960923800320672a
• https://biznes.interia.pl/gospodarka/news-estonia-najbardziej-cyfrowy-kraj-na-swiecie,nId,5732896
• https://wise.com/pl/blog/firma-w-czechach
• https://audens.pl/slowacja-kraj-z-ogromnym-potencjalem-na-biznes/
• https://www.linkedin.com/pulse/gdzie-za%C5%82o%C5%BCy%C4%87-sp%C3%B3%C5%82k%C4%99-zagraniczn%C4%85-%C5%BCeby-v07lf/
• https://firmadlakazdego.pl/czym-jest-inkubator-przedsiebiorczosci/
• https://firmadlakazdego.pl/