Everybody knows which hubs are the hottest to start a business in. Silicon Valley and the San Francisco Bay Area – these spots have long been the world leaders in high-tech startups and in business in general. We all know companies which are successful and located in these places – including the likes of Apple, Intel, Google, Facebook, Twitter and many more big brands. Yet are these the only places on Earth to launch a business successfully? For sure, they are not! Find out where to start and accomplish the path to success. Maybe you’re in the center of a “lucrative hub” right now!
Sydney
Despite the fact that Sydney’s citizens still desire a comfortable lifestyle and a corporate employment, being an entrepreneur there is very well regarded. One of the reasons for this may be the constantly developing and quickly maturing startup environment – yet another may be the presence of several collaborative co-working events, organized by Muru-D (the accelerator, which invests in teams with innovative technology and global ambitions), or Fishburners (Australia’s largest community to scalable tech startups) and networking events.
Unfortunately, the Australian government doesn’t provide many discounts for beginning entrepreneurs. There is a 45% discount for research and development projects, all capital expenditure up to $14,500 is tax deductible but, besides this, there are no more government boosts to start a business in Sydney. Yet the lack of incentive might be the stimuli itself to change the system and try to make this place even better!
Warsaw
In comparison with its neighbors – Czech Republic and Slovakia – Poland, a country in the central Europe, seems to be the prime spot to start a business in. This is because the country has a strong internal market and an even stronger entrepreneurial history. The capital city of Poland is home to hundreds of startups – 30% of all Polish startups have been fundraising and are based in Warsaw. In such a big startup community, you’ll have a lot of opportunities to meet people who’d love to share their experiences. There are a lot of events and meetups, all about startups and everything connected with them. Open Reaktor, Agile Warsaw and Startup Grind: these are just some of the events where fledgling entrepreneurs can broaden their knowledge. The government is also getting involved in the idea of events: Warsaw is the sponsor of the biggest conferences in Poland: Bitspiration.
Warsaw is not the only place to start a business in Poland, as there are different major hubs across the country, such as Krakow, Gdansk, and Wroclaw.
Kuala Lumpur
Southeast Asia is probably one of the best places on earth to spend the holidays, but is it only a place to take some rest? Why not try to combine business with pleasure, literally? The reason why people spend their holidays in this part of the world is the fact that living there is incredibly cheap. For sure, it may prove advantageous to start a business in Kuala Lumpur. Another advantage of kicking off a business here is the diverse population. Malaysia is a country with three different nationalities (Malaysian, Chinese, and Indian) present – it is a really good and diverse test market. The market and population vary, but English is the second biggest language in Kuala Lumpur, so the non-speakers of Bahasa Malaysia don’t have to be upset. Joking apart, it does become important while opening a bank account or getting internet access.
When it comes to tax rates, they aren’t high and neither is the cost of living. So, if you want to start a business and work in this part of the world, be prepared for the enormous traffic jams, hot weather, and incredibly hospitable people!
Cairo
The startup market here has been quietly growing over the past few years. The recent revolution opened the doors to freedom in Egypt – giving entrepreneurs possibilities which weren’t present there some time ago. It’s the largest city in the Middle East, situated along the Nile River delta and simultaneously the center of the political and cultural life of Egypt. It’s a relatively modern city with one of the most exciting marketplaces in the world. Cairo is also a hub of talented developers and aspiring entrepreneurs hungry for work, with massive opportunities to penetrate existing markets and create new ones. These are specialists who are ready to help in a project and be a part of it.
Following the events of 2011, the government system in Cairo is in state of upheaval. A lack of tax incentives for entrepreneurs is an area that should be addressed during the process of reinventing policies and the entire tax system. Egypt is still recovering after the political revolution in 2011. Cairo is slowly starting to develop after the confusion of the last decade and entrepreneurs seems to be a crucial part of this process.
Beijing
It’s the place where traditional jobs are still very highly valued but, luckily for entrepreneurs, this is changing quickly! The number of successfully ended fundraising stories is rising and, with it, entrepreneurship is rising as a desirable career path. Beijing is one of the largest cities in China – consequently, it has the most diverse market in the whole world – and it’s the spot for the political power, as well as for the movie, finance and technology industry. It’s the place for an entrepreneur of any kind, because all of the markets are converging in one city. China’s biggest state-owned companies are headquartered here and what is important in terms of living in the city is the fact that it’s a transportation hub, so you can get from here to almost anywhere in the world.
There are also some tax incentives for entrepreneurs, as there is a tax reduction that allows businesses to reduce their tax burden annually by up to 9,600 yuan (nearly $1,560 US dollars.) The government projects tax cuts up to 15% for companies working in creative industries.
London
London is currently considered as Europe’s tech hub. It produces the most startups in the whole of Europe. Experts and entrepreneurs admit that this is one of the easiest places to start a business, when considering the whole world. According to the European Digital City Index, it has been the best city in Europe for supporting startups. One such reason for this might be the presence of more than 35 business accelerators, including Seedcamp, Wayra, Techstars, Microsoft Ventures, and Future Fifty. These are the main strategic partners which are helping startups during the different phases of growth. The government is also contributing to ensure success by connecting starting entrepreneurs with the resources they need to succeed, as well as by offering them tax incentives, which allows entrepreneurs to develop and succeed financially.
In the country where drinking tea is a magic ritual and strolling down the road of the capital city enables you to feel grandly, because of its tradition , tech is now viewed as the innovative lifeblood powering the country’s economy. Britain’s fintech players are estimated to be worth around 2bn pounds in annual revenues collectively. London, for sure, is one of the best places in Europe to start a business in!
Sofia
Sofia is the capital city of Bulgaria and also the largest city in the whole country. For sure it isn’t a priority travel destination, such as Paris or New York, but it’s beautiful, like the whole country, and a good place to start a business in. Bulgaria is a country which joined the European Union in 2007 and, since then, it is allowed to use all of the financial perks and opportunities which come with the membership of the union. After 2007, it became a strong regional hub, which is attracting top entrepreneurs from all over Europe. The reason why it’s happening is the fact that, right now, they are able to access the EU investment funds. It also allowed to create the three following funds: LAUNCHub, Eleven (accelerator), and NAVEQ.
Bulgaria has one of the lowest tax rates, which is only 10%. What is also important and interesting is the fact that Sofia’s got one of the fastest internet speeds in the world – this may be quite an advantage in terms of running a business there!
Silicon Valley and the San Francisco Bay Area are, undoubtedly, one of the best places to have a startup in, but they’re not the only ones! There are also some entrepreneur-friendly hubs all over the world, where launching a business is definitely a good idea.
