TRUiC Releases New Research on Global Business Banking

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Global business banking has become increasingly popular as globalization and the internet have opened up the world for business. Many jurisdictions around the world are popular for their business and banking services. These include asset protection, favorable tax laws, and generally business-friendly policies. There are many great places to start a business around the world, including Hong Kong, Malta, and the United States. Each of these countries has strong advantages associated with them in addition to being prime locations for start-up companies.

hong kong

Hong Kong ranked third in 2020 on the Ease of Doing Business Index which ranks countries based on their regulations for doing business and protection of property rights. Hong Kong has ranked in the top 5 every year from 2007 to 2020. This shows its strong commitment to business-friendly policies as well as the business convenience these policies have facilitated.

Hong Kong has steadily improved as a home for startups, as the number of startups in the region has grown steadily. Between the years of 2018 and 2020, “the number of local start-ups increased by 28% to 3,360, employing 10,688 people”. This shows that the conditions for setting up a business are solid there, even if improvements are still possible. The Hong Kong government has been supporting startups in recent years and prioritizing technology and innovation which are the bread and butter of many startups.

Hong Kong’s banking sector is one of the best in the world for business. It offers many advantages to foreign companies, including tax incentives and a solid business infrastructure. It can also serve as a gateway to the Chinese market for Western companies.

Malta

Malta ranked 88th on the Ease of Doing Business Index in 2020. This places Malta in the “easy” category to do business. Although not a particularly high investment, it is still one of the best places in the world to open a business bank account. This is due to Malta’s fantastic tax policies which strongly favor foreign companies and investors.

It was shown in the Global Startup Ecosystem Report 2017 that Malta has the potential for substantial growth in the startup space. This is attributed to the fact that Malta has a high degree of both: talented individuals and market reach. 2017 was also the first year that Malta featured in this report which selects the 45 most beneficial ecosystems for startups.

Malta has two laws which mainly govern its banking sector and a body called the Malta Financial Services Authority which administers and enforces this banking legislation. Malta is an excellent banking jurisdiction as it offers all the features of commercial banking along with exceptional tax policies for locals and foreigners.

United States

The United States ranked sixth in 2020 on the Ease of Doing Business Index, meaning it’s a “very easy” place to do business. Its status as the center of the financial world as well as the largest economy in the world positions the United States as a strong country for business. Many states offer very business-friendly tax policies, making them ideal candidates for business banking.

The United States had nearly 32 million small businesses operating in 2020. This represents the vast majority of all businesses operating in the United States. Startups are so prevalent in America that 13.5% of all global startup deals are made in San Francisco and Silicon Valley. US startups are also surprisingly diverse with 53% of startups having at least one woman in a position of executive authority. This is quite high considering that nearly 80% of small businesses exclusively employ the founder of that company.

The United States also has many options when it comes to business banking. These include a multitude of features to meet all needs and desires. These include banks that meet the needs of startups and entrepreneurs no matter what type of business you run.

Photo: TRUIC

Final Thoughts

The world of investment banking is ripe for startups and small businesses. Each of the jurisdictions mentioned above are very business-friendly and ready to facilitate business banking services on a global level. They each offer their advantages for business banking, ranging from incredible tax policies to massive markets and strong entrepreneurial cultures. Global merchant banking is a priority for any startup or small business that aims to maximize profits by attracting a global market.

Disclaimer: The information provided in this article is provided for informational and promotional purposes only and should not be construed as investment, tax or legal advice.

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