Being an entrepreneur, it is important to have the hard data about a market in advance so that you are prepared to tackle the glitches of launching a startup.
Market research is the first step prior to launching a startup. It calls for an in-depth analysis and understanding of your market. You should have insights into the corporate law, tax rates, and other legal considerations prior to launch a startup. All these factors have to be checked before your startup can take off.
But if you’ve not done with your analysis for the best market to launch your startup, we’ve got you covered with the following best cities for your business venture:
- Kuala Lumpur, Malaysia
The hub of tech startups and companies, Malaysia is a thriving market that provides the right mix of opportunities for budding entrepreneurs to launch a startup. Being a mature business market, it has everything that helps a new business to set their feet in an industry, whether it is about getting seed funding or find the workforce.
Malaysia is a choice for budding entrepreneurs for two primary reasons:
(1) It is much economical compared to other countries in the region
(2) It offers a good test market to analyze the outcomes of a product.
- Beijing, China
The wheel of the Chinese economy, Beijing is another hotspot you can consider for your future startup. Being the center of attraction for the various industries, it provides a perfect ecosystem for the entrepreneurs to launch a startup.
Considering that China gives a tax deduction of up to $1500 to the fresh graduates and laid-off workers, it is considered a viable place for such breed of entrepreneurs.
- Sydney, Australia
One of the most vibrant places for entrepreneurship, Sydney hosts a plurality of startup types that you can easily launch with the help of a bank, seed funders or angel investors. It has entrepreneurs and financiers for every sector and it has a range of different customers from all over the world. Together they make Sydney a perfect venue to establish a startup.
Sydney has a low income tax that only constitutes 28% of the total revenue, while the VAT stands at 10%.
- Warsaw, Poland
Warsaw is a new stopover for entrepreneurs and businessmen to boost their business. Being the host of Bitspiration, the world’s biggest event for entrepreneurs and investors, it provides a plethora of opportunities for aspirant businessmen to settle their newly-launched business.
Considering the low income tax (19%) and VAT (23%), it provides strong incentives to entrepreneurs to consider this city as their base for the business operation.
- London, United Kingdom
The densely-populated metropolis of the Great Britain provides the just right environment to set your business. It has a mix of angel investors, seed funders, and bank financiers who can lend a helping hand to your startup.
The region has a cluster of companies co-existing as a competing business which makes London a relatively competitive market for the new startups.
- Berlin, Germany
Berlin has many success stories for entrepreneurs to find an inspiration, such as Sound Cloud, EyeEm, and Wooga. Berlin is a pluralistic market that attracts the aspirant entrepreneurs, investors and seed funders from every corner of the world.
It is a particular favorite for the creative industry for its artistic aura. This is why you will find more companies from the art industry, such as graphic design, ad agencies, and marketing firms. The infiltration of plenty of companies makes the Berlin another competitive market to beat the competitors.
- Moscow, Russia
Located in the world’s largest country, Moscow is a place that is a haven for new entrepreneurs. Apart from being a big market, it also offers low tax rates (13%) and even lower VAT levy (18%). The year 2009 saw the introduction of the Skolkovo Foundation, a step forward by the Russian government to attract more entrepreneurs to invest in Russia.
The initiative aims to increase the financial resources in order to improve the economic situation of the country.
However, the country still lacks a maturity in its entrepreneurship domain which is essential for any startup to ensure stability and success.
Mentioned above are 7 of the most viable cities you can consider to set up your startup. They are a favorite among the entrepreneurs for their perfect ecosystem and mix of opportunities.
Kendall Jenner is a Business Consultant at a Dissertation Help Firm. In addition, she is also a pro Blogger and public speaker and finds interest in imparting knowledge and insights regarding new ventures, business trends, and financial management. You can follow her on Google Plus.