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, favourable tax laws and generally business friendly policies. There are many great places to start a business across the globe and they include Hong Kong, Malta and the United States. Each of these countries has strong benefits associated with them as well as being prominent locations for startup 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 their protection of property rights. Hong Kong ranked in the top 5 every year from 2007 to 2020. This shows its strong commitment to business friendly policies as well as the convenience for business which these policies have facilitated. 

Hong Kong has been consistently improving as a location for startups as there has been steady growth in the number of startups in the region. Between the years of 2018 and 2020, “the number of local start‑ups rose 28 per cent to 3,360, employing 10,688 people”. This shows that the conditions for starting a business there are strong although there is still room for improvement. The Hong Kong government has provided support to startups in recent years as well as prioritizing technology and innovation which are the bread and butter of many startups. 

The Hong Kong banking sector is one of the best in the world for businesses. It offers many advantages for foreign businesses including tax incentives and a robust infrastructure for business. It can also function as a gateway into the Chinese market for western businesses. 

Malta 

Malta ranked 88th on the ease of doing business index in 2020. This puts Malta into the “easy” category for doing business. While this is not a particularly high placement it is still one of the best locations in the world for opening a business bank account. This is because of the fantastic tax policies of Malta which heavily favour businesses and foreigner investors. 

It was shown in the 2017 Global Startup Ecosystem Report 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 in which Malta featured in this report which selects the 45 ecosystems which are the most beneficial for startups. 

Malta has two acts which primarily govern its banking sector and a body called the Malta Financial Services Authority which manages and enforces this banking legislation. Malta is an excellent jurisdiction for banking as it offers all the features of commercial banking as well as tremendous tax policies for locals and foreigners alike. 

United States 

The United States ranked sixth in 2020 on the ease of doing business index which means it is a “very easy” location for doing business. Its status as the centre of the financial world as well as having the largest economy in the world position the US as a strong country for business. Many states offer very favourable taxation policies for business which make them ideal candidates for business banking. 

The United States had almost 32 million small businesses in operation in 2020. This accounts for the vast majority of all businesses operating in the US. Startups are so prevalent in America that 13.5 per cent of all global startup deals are struck in San Francisco and Silicon Valley. US startups are also surprisingly diverse with 53 per cent of startups having at the minimum one woman in a position of executive authority. This is quite high considering that almost 80 per cent of small businesses exclusively employ the founder of that business. 

The US also has many options when it comes to business banking. These include a slew of features to suit every need and want. These include banks which cater to the needs of startups and entrepreneurs no matter what type of business you operate. 

Photo: TRUiC

Final thoughts 

The business banking world is ripe for startups and small businesses. Each of the jurisdictions mentioned above are highly business friendly and ready to facilitate business banking at a global standard. They each offer their benefits for business banking from incredible tax policies to massive markets and strong entrepreneurial cultures. Global business banking is a priority for any startup or small company which aims to maximize its profits by attracting a global market. 

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