Even though you can conduct business wherever you like, some nations are preferable to others for setting up and maintaining a business. A number of various factors can harm a country’s business climate, according to Forbes, which annually compiles a list of the 10 best countries for business. These elements include things like reduced economic freedom, costly financial and medical regulations, high corporate income taxes, and more.

Here are the top 10 business-friendly nations in the world. You won’t find the United States on this particular list, by the way. Unfortunately, it dropped from #14 the previous year to #18 in Forbes’ most recent survey.

1. Denmark

Denmark is not only one of the most entrepreneurial nations in the world; additionally, the government makes it simple to launch new businesses.

2. Hong Kong 

Hong Kong, a province of China rather than a separate nation, has a minimal tax burden and minimal bureaucracy.

3. New Zealand

Government spending over the past 20 years has made New Zealand’s economy flexible, free-market, industrialized, and globally competitive.

4. Ireland 

Ireland has one of the highest personal freedom rankings and one of the lowest business tax burdens.

5. Sweden

The combination of a highly skilled labor force and a high standard of living makes Sweden a formidable location for business.

6. Canada 

Canada ranks highly due to its economic transition from a largely rural to an overwhelmingly urban and industrial economy, as well as its high levels of personal freedom and minimal government regulation.

7. Norway

Norway is a business force to be reckoned with because it is able to successfully combine a vibrant economy, a robust technology sector, and a strong social safety net for its citizens.

8. Singapore 

Singapore is renowned for its high GDP per capita, enviable free-market economy, and notably corrupt-free government.

9. Switzerland 

Switzerland has a high per-capita GDP, similar to Singapore. Switzerland is renowned for having a stable political system, a labor force that is highly skilled, and robust service sectors.

10. Finland 

Finland is a technologically advanced nation with a highly skilled labor force, robust manufacturing industry, and a flood of technology exports.