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Why Romania, Hong Kong and Singapore are great places to start a business (Sponsored)

When looking for up-and-coming EU countries that have started catching the eye of investors over the last few years, you definitely have to take a close look at Romania. Until recently, entrepreneurs from other EU member states were still a bit hesitant to set up a business in Romania, however, the small country is now starting to become a magnet for those who are attracted by the growing startup ecosystem there, especially within large cities like Bucharest and Cluj-Napoca.

Apart from a great business environment in Romania for small and medium-sized enterprises, companies and investors also have access to an affordable multilingual workforce in most cities. Moreover, starting a company in smaller Romania cities could be a good idea for those seeking to live in low-density regions while benefiting from the advantages offered by metropolises, thanks to high-speed internet connection and a well-developed services sector – even in the most remote parts of the country.

When deciding for opening a business under specific programs developed by the Romanian government, however, it is best to use the services of a reliable law firm, such as Darie, Manea & Associates and make sure all formalities are completed appropriately.

Central and Eastern Europe is slowly but surely catching up to Western Europe and Asia when it comes to startup ecosystems, at least in some industries. However, it still has some way to go in order to reach the level of technology innovation and startup growth as you’re seeing in countries like the UK, Germany, China, Hong Kong or Singapore, and even India, which relies on a large number of professionals in information technology.

Creating a business in Hong Kong, for example, can come with several advantages from a taxation point of view, especially when it is set up as a small company. The government there is also very supportive of foreign investors and grants them many incentives for reinvested profits.

Hong Kong appeals most to Western entrepreneurs and citizens seeking to find the same modern living conditions they have in their home countries. It is also the perfect spot to do business when one is interested in accessing the Chinese market. The workforce there is mostly English-speaking thus making communication very easy. This is also one of the major reasons for which large companies have regional operational centers in Hong Kong.

When compared to Europe, Asia is a completely different world in terms of culture and legislation, which is why, if taking the example above, using the services of a Hong Kong-based law firm is essential when it comes to understanding both the culture and legislation there.

Not far from Hong Kong is another great business hub: Singapore. The city state is mostly known as a major financial center in Southeastern Asia. That does not mean that as a foreign entrepreneur one must set up a business in the financial industry, as this city-state offers plenty of other opportunities in sectors like research and development, IT, pharmaceuticals and biomedicine.

Singapore is one of the most advanced economies in the world and its stability attracts not only entrepreneurs, but also many foreign citizens who want to live in Asia. From a living point of view, Singapore was ranked several times as one of the safest countries in the world. With a strong economy, a vibrant expat community and plenty of business opportunities, the city-state has surely won its place among the most open and most exciting business hubs of the world.

Starting a business there is rather simple and fast, however, in order to truly benefit from what Singapore has to offer, an accounting firm like Singapore-Accounting.com can be of great help when accessing all the tax incentives and programs available. In Singapore, even the simple registration for GST can lead to multiple tax benefits.

It is not very difficult to start a business these days, however, choosing the right country to operate in has become more difficult over the last few years because of the many opportunities available. The best way to ease your decision process might be to create a short comparison of how some of your favourite business hubs are performing regarding your business requirements and your personal preferences.

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Thomas Ohr
Thomas Ohr
Thomas Ohr is the "Editor in Chief" of EU-Startups.com and started the blog in October 2010. He is excited about Europe's future, passionate about new business ideas and lives in Barcelona (Spain).

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