As business travel slowly starts to build itself back up, post Coronavirus, let’s look at some of the world’s best and popular business cities. What’s so great about them? Why should they be on the top of your business trip list? Let’s dive right in. Starting a new business has become trendier now than before. Urban areas are the nerve centers of the mid-20th century for business and trade. They spur the economy by introducing fresh concepts, imaginative businesses, and the businessmen who structure the financial system.
Top cities for business opportunities
Generally, over a thousand different data parameters and some sophisticated technologies are used to compile the list of best cities for business. Everything that allows investors and businessmen around the world to use up-to-date market information and to some extent predict business development makes the city a global business hub. Also, location is another crucial factor that can affect a business’s success.
Each of the cities listed in the top business cities has its strengths and weaknesses, but each of them is well suited for nurturing international capital and talent.
- Hong Kong
- London
- Paris
- Frankfurt
- The Netherlands
- Tokyo
- Singapore
- Oslo
- New York
- Berlin
- Dubai
- Toronto
- Mumbai
Hong Kong
Hong Kong is one of the top business cities, beating countries like Paris and London, in terms of the possibility for a firm to prosper in particular cities. Hong Kong is the world’s industrial economic giant. The city has been awarded the finest entrepreneur city in the world by the business intelligence portal in its most recent Global Business Cities Ranking list. According to research, it is stated, “Hong Kong to be the world’s seventh-largest port after New York and Rotterdam in respect of cargo transportation.”
Hong Kong is well known for currently having the largest concentrations of oligarchs and super-duper personalities worldwide. When it comes to making money, Hong Kong is the mandated economic hub of Asia. Corporate taxes are also low in Hong Kong, with 8.25% and 7.5% for the first HK$ 2 million (about $250,000) for corporations and unincorporated businesses, respectively. This goes up to 16.5% and 15% if earnings go above this.
London
London is among the most populous countries, making it one of the top business cities on earth. It comes as no surprise that launching a business in London is a fantastic idea. In level of finance and career prospects, London is leaps and bounds ahead being one of the top business cities. Today, the UK capital continues to attract talent and business. It scored highly in the Programming, Promotion, Product, and Prosperity categories.
For wealthy investors, there is a chance to make profitable investments in real estate on the outskirts of the British capital and receive passive income from this kind of business. Corporate tax rates are a flat 17%, but partial tax exemptions are available, as is a three-year start-up tax exemption.
Paris
Paris has remained ahead of New York owing to its ambitious sustainability policy. For business, Paris can become the best place for various reasons, including favorable conditions for registering a company and the country’s high rating in the world market. Here you can also get a visa and build a business by purchasing real estate, which may be the best investment due to the high demand and favorable locations for tourists and foreign migrants. The population is well-educated. Being one of the top business cities, it is a great place to set up a business.
France has made its corporate tax rate a flat 25% regardless of income, while smaller companies can qualify for a rate of just 15%, a low tax rate for the EU.
Frankfurt
In 2014, Frankfurt became the country’s first currency transaction gateway. ECB and the bank of Germany, the Deutsche Bundesbank, are both located in Frankfurt. It is headquarters to several major enterprises, domestically and internationally banks, and boasts one of the busiest airports in the world. Frankfurt is one of the main and most important traffic hubs, therefore, making it one of the top business cities, due to its central location.
The Netherlands
As per the WEF Comprehensive Index, the Netherlands has a type of economy that has a high level of competition and is one of the top business cities all over the globe. The nation is young, yet it is rich in invention. The country has a lot to offer. The advantage with Netherlands is its position, excellent connectivity, and exceptionally trained and experienced workforce. This implies that great international economies such as Germany,
UK and France are all approachable within a drive. Also, the Netherlands is a technological leader with the globe’s greatest internet access per capita, allowing businesses to stay linked online or offline.
Tokyo
Tokyo is Japan’s first gigantic, pulsing, vibrant capital with a population of 32.5 million people. Osaka is regarded as the wealthiest and most powerful town on the planet in terms of purchasing power parity. The GDP of Tokyo is 1,600 billion. Given the enormous size, numerous cosmopolitans, well-traveled onlookers amaze at Tokyo’s efficiency. Due to its outstanding infrastructure, stellar reputation, and flourishing financial industry, the city is particularly well known as a financial hub.
Singapore
This city-state is a wonderful example of how great things can come in little packaging. Singapore is famous for its state of the art high tech infrastructure and is many prestigious international organizations. The government of Singapore is committed to attracting software firms and ambitious company owners to the city-state by establishing beneficial regulations and fees.
Large operations have already been created in Singapore by companies like Google and Facebook. Corporate tax rates are a flat 17%, but partial tax exemptions are available, as is a 3 year start-up tax exemption.
Oslo
Oslo has been considered one of the leading entrepreneurial centers in the world, as well as the highest expanding metropolis in Europe. Oslo also has a pleasant atmosphere, a robust industry, a functioning democracy, and is becoming progressively active online.
New York
New York is the location of numerous accelerators & incubators, as well as has numerous resources. Any prospective Fin Tech or fashion entrepreneur understands that New York is the place to be. The city’s tech industry is worth $147 billion. If we consider New York as a place for business relocation, it is important to remember that it’s the world’s largest financial center with the stock exchange and NASDAQ. The city also features the prestigious Manhattan district, where the best American financial companies, banks, and media are concentrated within a dozen square blocks.
Berlin
Berlin is preparing to be a technological powerhouse to be reckoned with. The city’s well-known inventiveness, along with its cheap cost of living, affordable office space, and a thriving pool of smart young people, makes it an ideal location for digital businesses to develop. Rent for co-working spaces is about half that of San Francisco, and the city is presently home to roughly 2500 companies (FT).
Dubai
The oil producing Dubai has transformed the appearance of the city by making investments across many different industries, including banking, trade, luxury, and many more. Dubai could become the next important economic hub as a result of this. The city is more appealing as a location for enterprises because of how easily it can be reached from the rest of the world. Taxes only kick in at a 9% rate above AED375,000, with further taxes reserved mostly for large international corporations.
Mumbai
Mumbai is the Indian market’s epicenter. The city is well-connected to practically every corner of India and beyond. If you want to start a business in Mumbai, you will find a larger market and a large workforce. You may also easily attract investors since the market is much broader than it appears, and the firm has a lot of room for worldwide expansion; Mumbai is one of the top cities in the world for business.
Toronto
According to the World’s Best Cities Ranking, Toronto’s economic development, immigration, and worldwide investment are establishing it as a business powerhouse to be reckoned with. Almost half of Toronto’s population is foreign-born, making it one of the most varied cities to do business in. Corporate tax rates are between 11.5% and 14% but also have small business rates as low as 3.2%.
The bottom line
Apart from the listed above, there are several good cities for business in the world that are now encouraging new initiatives. They are expanding their financial liberties to allow new firms to flourish and thrive.
