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Top 5 Countries For Nigerians, Other Foreigners Looking To Start A Business Abroad

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Starting a business in foreign countries can be a game-changer, but choosing the right destination is crucial.

This guide highlights the best countries for international entrepreneurs based on business-friendly policies, low taxes, and market access.

Top Countries for Foreign Entrepreneurs

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1. Singapore

Singapore is one of the top choices for international entrepreneurs due to its strategic location, strong economy, and business-friendly environment. The country offers a stable political climate, world-class infrastructure, and a highly skilled workforce, making it an attractive destination for startups and multinational companies alike.

One of Singapore’s biggest advantages is its low corporate tax rate of 17%, with multiple exemptions for startups, including the Start-Up Tax Exemption (SUTE) scheme. In addition to its favorable tax policies, Singapore provides a highly efficient business registration process, allowing companies to be incorporated within a day.

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Singapore also boasts extensive trade agreements, making it easier for businesses to access global markets. These agreements simplify import/export processes and reduce trade barriers, helping businesses scale faster. The government further supports innovation through grants and incentives, making it an ideal location for startups and tech firms.

2. Hong Kong

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Hong Kong is another top destination for entrepreneurs due to its strategic location and business-friendly regulations. As a major financial hub, Hong Kong offers a low and simple tax system, with a corporate tax rate capped at 16.5%. There is no VAT, capital gains tax, or withholding tax, making it highly attractive for business owners looking to maximize profits.

Hong Kong’s proximity to Mainland China provides businesses with direct access to one of the largest consumer markets in the world. The city also has a transparent and well-established legal system based on British common law, offering strong protections for businesses and intellectual property.

Setting up a business in Hong Kong is a seamless process, with minimal bureaucracy and a fast incorporation process. Entrepreneurs can establish a company within days, and there are numerous government initiatives supporting business growth, particularly in finance, technology, and trade.

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3. United Kingdom

The UK is an excellent choice for foreign entrepreneurs due to its strong economy, well-developed infrastructure, and business-friendly policies. It has one of the most competitive corporate tax rates among G20 countries, making it attractive for startups and established businesses alike.

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The UK is committed to fostering innovation and research, offering numerous incentives for businesses in technology, healthcare, and finance. The government provides tax relief for R&D investments, and various startup accelerators and funding programs are available to help businesses grow.

Another key advantage of doing business in the UK is its skilled workforce. The country has introduced new visa routes, such as the High Potential Individual and Scale-up visas, to attract global talent. Operating in an English-speaking environment simplifies communication and global expansion, making it more attractive to a wider foreign audience.

4. New Zealand

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New Zealand consistently ranks high in the Ease of Doing Business Index, thanks to its straightforward company registration process, stable economy, and supportive business environment. Foreign entrepreneurs can set up a business in as little as a day, with minimal regulatory hurdles.

The country offers a high quality of life, government-funded universal healthcare, and a favorable work-life balance, making it an attractive location for business owners and their families. Additionally, New Zealand provides access to key markets in the Asia-Pacific region, allowing businesses to expand easily.

READ ALSO: Top 5 Countries With The Shortest People

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Government support for businesses is strong, with initiatives aimed at helping startups succeed. New Zealand also has a strong focus on sustainability, making it an excellent choice for entrepreneurs in green technology, agriculture, and renewable energy industries.

5. United Arab Emirates

The UAE is a major business hub with numerous advantages for entrepreneurs. One of the biggest attractions is its zero corporate tax policy in many free zones, allowing business owners to retain more of their profits.

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Located at the crossroads of Europe, Asia, and Africa, the UAE offers unparalleled strategic access to international markets. Dubai and Abu Dhabi serve as global trade centers, making them ideal locations for logistics, finance, and technology companies.

Setting up a business in the UAE is quick and efficient, with various free zones providing incentives such as full foreign ownership, repatriation of profits, and streamlined visa processes. The country’s world-class infrastructure and business-friendly laws further enhance its appeal.

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Netanyahu’s Plane Takes Unusual Route To UN Summit

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Israeli Prime Minister Benjamin Netanyahu’s plane took an unusual route to New York on Thursday, skirting several European countries en route to the United Nations General Assembly.

Although France had authorised Israeli use of its airspace, according to a French diplomatic source who spoke to AFP, flight-tracking data showed Netanyahu’s aircraft instead took a southern path.

It crossed Greece and Italy, then veered south through the Strait of Gibraltar before heading across the Atlantic.

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READ ALSO:Netanyahu Has Become ‘A Problem’, Says Danish PM

Britain, France and Portugal were among a string of countries to recognise a Palestinian state this week, a move Netanyahu bitterly opposes. Ireland and Spain announced their recognition in May.

Israeli media, meanwhile, reported that the detour by Netanyahu’s plane was intended to avoid countries that are signatories to the Rome Statute, which could enforce an arrest warrant issued by the International Criminal Court in case of an emergency landing.

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The ICC in November issued warrants for Netanyahu and his former defence minister, Yoav Gallant, over alleged war crimes committed during Israel’s military offensive in Gaza.

READ ALSO:Fresh World Trouble Looms As Netanyahu Tells Western Leaders ‘There Will Be No Palestinian State’

Spain last week announced it would support the ICC investigation and had set up a team to probe alleged human rights violations in Gaza, as part of its broader push to pressure Israel to end the war.

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Netanyahu is scheduled to address the UN General Assembly on Friday. He is also slated to meet US President Donald Trump at the White House next week.

AFP

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Japan Scraps ‘Africa Hometown’ Project After Visa Confusion

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The Japan International Cooperation Agency has cancelled its ‘JICA Africa Hometown’ initiative, citing “misunderstandings and confusion” over the programme.

JICA announced the withdrawal in a statement on its website on Thursday, weeks after reports claimed Japan would create a special visa category for Nigerians who wished to relocate to Kisarazu, a city designated as “hometown” to Nigerians and other Africans under the scheme.

On August 26, the Japanese government denied the visa plan after the Director of Information at the State House, Abiodun Oladunjoye, issued a statement relaying that Japan would introduce a “special visa category” for highly skilled, innovative, and talented young Nigerians who want to move to Kisarazu to live and work.

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Clarifying its position, JICA said the use of the term “hometown” and the idea of “designating” Japanese municipalities as such led to “misunderstandings and confusion within Japan, placing an excessive burden on the four municipalities.”

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The statement read, “Originally, under this initiative, it was envisioned that exchange programs would be coordinated and implemented among the Japanese local governments, relevant African countries, and JICA. The specific details were to be determined later.

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“However, JICA believes that the very nature of this initiative—namely, the term “hometown” and the fact that JICA would ‘designate’ Japanese local Governments as “hometowns”—led to misunderstandings and confusion within Japan, placing an excessive burden on the four municipalities. JICA sincerely apologizes to the municipalities involved for causing such situation.

“JICA takes this situation seriously. After consulting with all parties involved, JICA has decided to withdraw the “JICA Africa Hometown” initiative.”

The initiative was launched in August during the 9th Tokyo International Conference on African Development with the goal of promoting exchanges between four Japanese municipalities and four African countries through cultural and educational programmes.

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JICA, however, stressed that it had never undertaken initiatives to promote immigration and has “no plans to do so in the future,” adding that it would continue supporting other forms of international exchange.

In August, confusion arose after the State House announced that Japan had designated Kisarazu city as the “hometown” for Nigerians and would introduce a special visa category for young, skilled Nigerians wishing to live and work there.

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However, the Japanese government quickly dismissed the claim.

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The Ministry of Foreign Affairs of Japan clarified that while the JICA Africa Hometown initiative aimed to promote cultural and developmental exchanges between selected African countries and four Japanese cities, it did not involve immigration benefits or special visas.

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The clarification came after Nigeria’s Chargé d’Affaires in Japan, Florence Akinyemi Adeseke, and Kisarazu’s Mayor, Yoshikuni Watanabe, publicly received a certificate naming the city the “hometown” of Nigerians, further fuelling reports of migration opportunities.

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17 African Countries Back Electricity Reforms—World Bank

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The World Bank said seventeen African governments have committed to reforms and actionable plans to expand electricity access as part of Mission 300, an ambitious partnership led by the lender and the African Development Bank Group that aims to connect 300 million Africans to electricity by 2030.

The lender said in a statement on Wednesday that governments from Benin, Botswana, Burundi, Cameroon, Comoros, the Republic of the Congo, Ethiopia, Gambia, Ghana, Guinea, Kenya, Lesotho, Mozambique, Namibia, São Tomé and Príncipe, Sierra Leone, and Togo endorsed National Energy Compacts at the Bloomberg Philanthropies Global Forum.

The Bank described the compacts as policy blueprints intended to guide public spending, drive reforms, and attract private investment, while serving as a model for the rest of the world.

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Nigeria was not part of the latest group; it had joined earlier this year alongside Chad, Côte d’Ivoire, Democratic Republic of Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Senegal, Tanzania, and Zambia. Collectively, those countries pledged more than 400 policy actions to strengthen utilities, reduce investor risk, and remove bottlenecks.

READ ALSO:World Bank Appoints Africa’s Richest Man, Dangote

Electricity is the bedrock of jobs, opportunity, and economic growth.

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“That’s why Mission 300 is more than a target; it is forging enduring reforms that slash costs, strengthen utilities, and draw in private investment,” World Bank Group President Ajay Banga said.

Since the launch of Mission 300, 30 million people have already been connected, with more than 100 million in the pipeline.

African Development Bank Group President Dr Sidi Ould Tah said, “Reliable, affordable power is the fastest multiplier for small and medium enterprises, agro-processing, digital work, and industrial value-addition.
“Give a young entrepreneur power, and you’ve given them a paycheck,” he added.

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National Energy Compacts are at the core of Mission 300, developed and endorsed by governments with technical support from development partners. Tailored to each country’s context, these practical blueprints integrate three core tracks: infrastructure, financing, and policy.

The World Bank Group and the African Development Bank Group are working with partners, including the Rockefeller Foundation, Global Energy Alliance for People and Planet, Sustainable Energy for All, and the World Bank’s Energy Sector Management Assistance Program trust fund, to align efforts in support of powering Africa. Many development partners and development finance institutions are also supporting Mission 300 projects through co-financing and technical assistance.

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President of Botswana, Duma Boko, said, “This National Compact is our shared pledge to ensure accessible, reliable and affordable energy as a basic human need, to transform our economy and create jobs, and to electrify our journey to an inclusive high-income country.”

President of the Republic of Cameroon, Paul Biya, said, “The government of the Republic of Cameroon is committed, through its Energy Compact, to a determined transition towards renewable energies, promoting inclusive universal access and sustainable development based on partnerships and ambitious reforms to build a low-carbon future.”

READ ALSO:Police Restores Peace After Bomb Explosion Rocks Imo Community

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President of the Union of the Comoros, Azali Assoumani, noted, “The Comoros Energy Compact is a call for collective action to achieve universal access to electricity by 2030, to ensure the country’s emergence in dignity, equity, and shared progress.”

President of Ethiopia, Taye Atske Selassie, noted, “Our National Energy Compact exemplifies Ethiopia’s unwavering dedication to ensuring universal, affordable, and sustainable energy access for all.

“By unlocking our vast renewable resources and strengthening regional interconnections, we aim to foster inclusive growth domestically and propel Africa’s collective momentum toward ending energy poverty. Together, we are committed to building a resilient, equitable, and sustainable energy future for generations to come.”

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