There are a total of 190 economies in the world. The World Bank releases annual ratings for these world economies each year about the ease of doing business within the country. The Ease of Doing Business index measures a country’s environment in the context of running business operations successfully. If an economy is ranked between 1-20, it’s considered as highly ranked and the Ease with which start-up owners can open their business in these economies is very high.
Is it easy to start a business in the USA?
To answer the question whether it is easy to start a business in the USA, the answer is yes! It is very easy to start just like most other countries. You can register your company as one of different types of corporations in the US. You can also deem yourself as the CEO and create a high quality branding exercise for your start-up. You can also easily setup an amazing web presence including website, app, a couple hundred social profiles and high-definition graphics. You could also easily spend a lot of money on web hosting and domain.
The naked truth is that setting up a business in the US is easy if you have capital. Next comes the tricky part – finding paying customers. As with any country, finding paying customers is the hardest part of setting up a business in the US. Running the business in a way that attracts paying customers is all up to you. Doing the sales, marketing, and ensuring the success of your business depends on you. No amount of capital can do it for you.
The World Bank has ranked US at number 6 on its ‘Doing Business’ ranking scale which is a really high rating.
Ease of Doing Business in the US
The World Bank has ranked the USA at number 6 on its ‘Doing Business’ ranking scale which is a really high rating. It has also been awarded a ‘Doing Business’ score of 86.0 which means that for businesses within the country, the regulations are very friendly and simple.
The ‘starting a business’ ranking for the US is 55, as assigned by the World Bank. The ‘dealing with customer permits’ rank is 24. The ‘getting electricity’ rank is 64 which is very poor. The hardest thing for a business to do in the US is to get electricity. The ‘registering property’ rank is 39. The ‘getting credit’ rank for the US is 4 which is an amazing number.
If you have minority investors, the ease with which you can protect them is ranked at 36. As a new business in the US, paying taxes is ranked at 25 which is also fairly easy. Trading of goods and services across borders in the US is ranked at 39. When it comes to enforcing business contracts, US is ranked is 17 which is a pretty good number. When it comes to resolving insolvency for businesses that are unable to pay their bills, the US is ranked at 2 which is excellent and the highest rank for the country.
What’s in it for me?
Getting the paperwork done for your start-up is easy in the USA. If you are delegating this task to paid firms, then your task is even more simplified. Setting up a small business takes an average of just about 4 days. There is a lot of support for small businesses within the country.
The US is a region classified in the ‘OECD high income’ category and the GDP is $20.5 Trillion. It contributes to a quarter of the global economic activity. However, there is great discrepancy in laws from one state to another which can make things complicated for any business. It may also lead to compliance troubles. On the other hand, the legal system for businesses is fair, transparent, and stable.
Entrepreneurship forms the backbone of the US economy. There is a lot of support for small businesses within the country. Business owners are free to decide the nature and workings of their company. The Investment policy in the country is open and doesn’t discriminate against foreigners. As a start-up owner, you can access start-up resource ecosystems, and you can even avail soft-landing programs.