TOP BUSINESS DESTINATIONS

SAUDI ARABIA

One of the fastest growth areas in the Middle East, Saudi Arabia is currently ranked at number 12 in the World Bank 'Doing Business' Report 2012. Starting a business takes just 5 days and only 3 procedures so there is a minimum of paperwork required to do so. However, foreign capital investment in a Saudi Arabian company requires an investment license; once granted, the company will acquire the same rights as a domestic owned company. Income tax in Saudi Arabia is 20% for all taxpayers except in limited circumstances. The Islamic wealth tax, 'Zakat', will apply only to companies that are owned by Saudi Arabian nationals so this will not affect foreign investors. A thriving and fast- paced economy, the Saudi Arabian market provides endless opportunities for ambitious entrepreneurial ventures; the per capita income is predicted to grow to $33,500 by 2020. The economy is mostly based on oil, and Saudi Arabia is a leading producer of both oil and natural gas. Saudi Arabia actively encourages foreign investors to invest in transport, education, IT, transport, life sciences and also energy. Coupled with a stable political system and a well-established infrastructure, Saudi Arabia could provide you with excellent business opportunities.

SINGAPORE

Ranked as the number one country to do business in by the World Bank's 'Doing Business' Report 2012, Singapore is certainly one to watch. With a population of 5,140,300, Singapore is an economy in ascent and it is often regarded as an important economic bridge between the East and the West; Singapore has rapidly embraced Western commercial practices for business transactions but many of the traditional Eastern values are still very much a part of doing business here. Due to the fact that Singapore is a former British colony its legal system is largely based on the English common law system, meaning that like the UK the law is derived from a mixture of legislation and case law. The corporate tax rate in Singapore is 17% and the highest rate of personal income tax is also a very favourable 20% when compared with the UK's top rate of 50%. Singapore has made important changes to its economy by taking all business creation procedures online, requiring building inspections to be risk-based, requiring detailed disclosure for investors and taking all tax management and payments online and most importantly, creating a specialised court division to enforce contracts. The process of enforcing contracts has been simplified, and it takes an average of 150 days to resolve a dispute, from the date of the claimant filing the lawsuit to payment. The cost of the average claim (in legal fees etc) comes out at an average of 25.8% of the total value of the debt. Both the time it takes to enforce a contract and the cost involved in doing so are much more favourable in Singapore than in East Asia & Pacific as a whole where they are 519 days and 47.8% respectively.

SOUTH AFRICA

South Africa is a country that is steadily improving in terms of business prospects – the nation has leapt from number 35 in the World Bank's 2011 'Doing Business' Report to number 34 in the 2012 Report. The country has a population of 49,962,243 and as one of the world's youngest and most progressive democracies, it is a country undergoing continual and unprecedented change; this makes doing business in South Africa an exciting opportunity thanks to its rapidly developing emerging market with strong economic growth. The country's economy is particularly strong in sectors including mining and heavy industry – it also has one of the most strictly controlled financial industries in existence. In 2003, the South African government introduced the Broad-Based Black Economic Empowerment Act; this aims to encourage and facilitate meaningful economic participation by the country's black population. Businesses need to be aware of the obligations the Act imposes on companies so local legal advice on the matter will be essential. Starting a business in South Africa takes on average 19 days and requires 5 separate procedures. South Africa provides exciting business opportunities – particularly within the energy and industrial sectors.

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HONG KONG

Hong Kong is an important market; with a population of 7,041,270 it is a Special Administrative Region of the People's Republic of China. Not only that, but it has one of the freest economies in the world so this makes it an important gateway to investment in China. Due to the business synergies between Hong Kong and China, Hong Kong is often considered an advantageous base from which to invest in China due to an agreement between the two countries allowing easier access to mainland markets for Hong Kong-based companies. The government in Hong Kong upholds an open market policy that generally applies to all trade and investment, placing very few restrictions on foreign investment. Although there are no specific incentives for foreign investment, the government promotes fair competition and does not discriminate between foreign and domestic investors. With a top tax bracket for personal income of 17% Hong Kong is again an attractive base in which to receive your pay cheque! For companies, total profit taxes of 23% are also incredibly reasonable. Hong Kong has a very streamlined and efficient system of incorporation for a company - it takes just one day to choose a company name and obtain a certificate of incorporation, one day to sign up the mandatory Employee Compensation Insurance with a private company or bank and a further one day to make a corporate seal and a company rubber stamp. So, in just three days you can start up a business. Investors should be reassured by the stringent due diligence procedures put in place to protect them. With an average recovery rate (cents on the dollar) of 81.2 by claimants from insolvent firms, Hong Kong is a solid choice for investment. With low taxes, streamlined business processes and relatively little in the way of bureaucracy Hong Kong is a fantastic place to start a business and it comes in at number 5 in the Doing Business Report 2012.

NORWAY

Although a relatively small country, with a population of only 4,882,930 Norway is ranked at number 6 in the World Bank's 'Doing Business' Report 2012. Starting a business requires 5 procedures and takes 7 days. Those who are considering doing business in Norway should be aware that Norwegian law is based on the principle of freedom of contract, subject only to limited restrictions. As such, contracts, whether oral or written, are generally binding; however, as in the UK there are certain statutory limits on the formation and validity of contracts. Foreign investment is welcomed in Norway, and the tax system is neutral towards foreign and local investment with few investment restrictions. Taxation in Norway is similar to the UK, and looks very high in comparison to the likes of Hong Kong! Individuals are taxed between 28 – 50.7% and companies pay a flat income tax rate of 28%. Norway has a very substantial renewable energy sector; in recent years, 98% of the Norwegian electricity generation has been sourced from hydropower, making it one of the industry leaders in renewables – a potential draw for investors in this sector. Enforcing contracts takes an average of 280 days, and costs approximately 9.9% of the total debt value. This is fairly swift, and represents an efficient legal system. Although Norway is not a member of the EU, it has signed up to the European Economic Area Agreement, which implements a number of EU regulations. For its ties to Europe, and its transparent bureaucratic and legal systems Norway is an attractive country in which to do business notwithstanding its high taxes.

RUSSIA

The former Soviet Union is slowly becoming a more attractive place in which to do business; although the process of starting up is still much slower than in other countries (it takes 30 days to register a company in Russia compared with 3 days in Singapore) Russia has a wealth of opportunities that are waiting to be seized. The largest company in the world in terms of territory, Russia has a vast population of 141,750,000. Since the end of the Soviet Union in 1991, Russia has spent some time redefining its position in a post- Cold War era and it has recently become very active in Western initiatives, playing a key role in developing a joint Russia-NATO action plan on international terrorism. Although it takes an average of 281 days to enforce a contract in Russia, legal fees etc usually cost just 13.4% of the total debt value, so it is cheaper than many of its speedier counterparts. One of the key issues that companies doing business in Russia must face up to is that of corruption. Bribes are commonplace, but this doesn't mean that one must compromise their ethics to do business in Russia; rather, you may need to think laterally to avoid acting contrary to accepted ethical standards. Doing business in Russia is not for the fainthearted but that does not mean it cannot be a lucrative market to tap into – the economic potential of Russia is potential that investors with detailed knowledge of the country can convert into success. With an abundance of natural gas, oil, coal and precious metals Russia has all the raw materials to support a thriving business; it is simply a matter of knowing how to work within the country's framework. Not one for the fainthearted, but given that Russia is largely unaffected by the current economic crisis, the strong Ruble and the preponderance of oil and gas, Russia is one to watch.

NEW ZEALAND

Starting a business in New Zealand is incredibly quick and easy – it takes just one day and one procedure to start up. Ranked at number 3 in the World Bank's 'Doing Business' Report 2012, New Zealand is recognised as one of the most favourable countries in which to trade. The Kiwi legal system is based on the English common law system, so it is a relatively familiar system for British nationals to operate within. The top rate of income tax for individuals is 33% and companies are taxed on their net income at 33% meaning that New Zealand may not be your number one choice if you are looking for a specifically tax efficient country to invest in or set up a business within. New Zealand's government is committed to securing free trade agreements with key trading partners and ensuring that goods can flow into New Zealand freely and that its export markets remain extensive. Other government initiatives include taking business procedures online, having an organised set of building rules for construction, introducing a system for registering property, creating a unified credit registry and requiring detailed disclosure for investors. The key benefits of starting a business or investing in New Zealand are the fact that the country is politically and financially stable, its markets have not yet been fully exploited, and the fact that it is an incredibly innovative country thanks in part to its isolation from the greater part of the developed world.

INDIA

India presents a very interesting business opportunity – although ranked at 132 in the 2012 World Bank 'Doing Business' Report, this is a rise from the 139 ranking in 2011. India is a good example of an economy that is rising, and doing business in India is starting to become a more appealing prospect. With a vast population of 1,170,938,000 this is a huge market for businesses to enter into. Drawbacks include the lengthy process involved in starting a business (it takes approximately 29 days and 12 procedures to do so) and the comparatively high costs involved in doing so – it costs approximately 46.8% of the company's income per capita to do so. However, venturing into India for new business opportunities could be a lucrative prospect due to the large, rapidly urbanising population – the country represents a vast, and largely untapped commercial market. Growth for 2012 is forecast to be approximately 6-7%, compared with the meagre 1% predicted for the UK by the Bank of England. When you look at it that way, a little extra bureaucracy and the challenges of working within what is still a developing country could be a small price to pay for the opportunity to trade in a market that is still buoyant.

ICELAND

Iceland is another high-flyer when it comes to the World Bank's 'Doing Business' Report and it ranked at number 9 in the 2012 Report – up from number 13 in 2011. So what makes Iceland such a great place to do business when we can all remember the devastation caused by the Icelandic banking crisis? Well, starting a business up is quick and cheap – within 5 days you can set up a company for around 3.3% of income per capita. However, taxes are fairly high compared with many of the other countries on our list – 33% for individuals in the top tax bracket. However, advantages of trading in Iceland include the fact that it is part of the EEA and the moves on the part of the government to make the country a more attractive environment for investment. For instance, Iceland has low corporate income tax (20%) when compared with other Western European countries. Iceland also has incentives such as cash grants, and training aid to help outside investors as well as competitively priced green electricity for industrial investors. Film and TV production in Iceland attracts a 20% refund for the total costs involved in the venture – something that could be a very interesting prospect for filmmakers. Centrally located for Europe, Iceland is relatively close to other major European cities, as well as being approximately 5 hours away from the East coat of the USA by air. With improved regulations to protect investors, Iceland's government is taking clear steps to encourage businesses to operate and/or invest in the country.

REPUBLIC OF KOREA

Thanks to improvements that make doing business in Korea easier, many related to the government's streamlining of regulations, Korea is now listed as the 8th best country to do business according to The World Bank's 2012 Report. This was an improvement of 7 places from last year's rank of 15 – proof that Korea is becoming more business-friendly. Government initiatives such as creating a one-stop shop for startups (called 'Start-Biz'), providing a single window to trade across borders, and allowing contracts and complaints against businesses to be electronically filed have all contributed to the rising popularity and ease of doing business in the Republic of Korea. In just 7 days, you can start up a business with only 7 procedures required to do so. Incredibly fast broadband access across the country has also helped Korea to become a more attractive place to invest; a commitment to technological innovation in the country means that many premium companies (such as LG Electronics) are based here; again, this helps to raise the country's business profile.

UAE- DUBAI

You will probably be aware of the business potential of Dubai from reading all about some of the highly profitable construction projects such as the famous Burj Al Arab (the world's most expensive hotel) that have taken place there. Dubai is one of the United Arab Emirates, and as one of the largest of the emirates, it enjoys veto power over critical matters of national importance in the country's legislature. Dubai has emerged as a global city and a buzzing hub for business within the UAE; much of Dubai's wealth stems from the oil industry, however, this cash injection has since been used to drive tourism, real estate (approximately 22.6%) and financial services (around 11%) – industries that have since become the area's main source of revenue. As such, the business model in Dubai is actually fairly similar to that of Western countries like Britain and the USA. Arabic is the official language in Dubai, however, English is widely spoken by the majority of residents as either their primary or secondary language. Setting up a business will take you approximately 13 days, and will require 7 procedures to effect the company's registration. One of the things that many people will find most attractive about Dubai is the fact there is no federal income tax payable on wages or salaries. Although each of the United Arab Emirates is free to impose income taxes, none has chosen to do so. This means that Dubai is a very attractive proposition when compared with the 50% top tax rate payable in the UK. Not only that, but there is currently no VAT payable in Dubai, although there are rumours that VAT at around 2-5% could be introduced in the coming years. However, at this level, it would still be very favourable when compared with the UK's 20% rate. Of course, for every person who heads to Dubai for the low tax and new opportunities, there will probably be another three who are keen to head out to a country with warm weather and beautiful beaches!

BRAZIL

Widely regarded as one of the fastest growing markets, Brazil is simply too big a market to ignore. It is the fifth-largest country in the world with a population of around 185 million people. It has one of the world's most rapidly developing economies and a GDP per head greater than either India or China. With a broad and sophisticated industrial base, if a product or service is generally competitive in world markets it is also likely to sell well in Brazil. Consumers and businesses have developed high standards both for quality and value for money. Brazil has a very diverse industrial base and the government continues its programme of privatisation and deregulation. There is also a growing middle class in Brazil who have real spending power and who appreciate high quality merchandise, meaning that there is broad section of the population who enjoy a relatively large disposable income. The Brazilian government's international trade resources are available to peruse on BrasilGlobalNet, a government portal that provides a breakdown of trade and investment opportunities by state.

PAKISTAN

Pakistan is a major, and growing, export market and the country offers great possibilities for UK businesses. Britain and Pakistan have always enjoyed good trade relations; the UK is the fourth largest exporting country to Pakistan. In fact, the United Kingdom is the second largest investor in Pakistan after the USA. Pakistan has vast investment opportunities for UK investors; potential opportunities in the country include the possible option to set up small but scalable sites for alternative energy generation for both urban and rural consumers. There are also numerous commercial opportunities in the media sector due to the fact that broadband internet services are now becoming more widely available in Pakistan. The property market is growing with developers recognising the ever growing middle class and the demand for more affordable housing in urban areas. However, drawbacks include the fact that the market is protected by high import duties, which is the result of a government initiative that means consumers and businesses are encouraged to buy domestic products. Not only that, but the political situation and security threats from sectarian violence makes any investment risky. Local knowledge, expertise and contacts are a must if you are considering going into business in Pakistan.

CHINA

China is an economy in ascent. The most populous state in the world, China has over 1.3 billion citizens – a vast potential market! Although China is officially a Communist country, that does not by any means negate the possibility of turning a profit in the country. Since the death of Chairman Mao in 1976, China has moved towards an increasingly market-oriented economy and today, China is one of the leading examples of state capitalism. China has the world's second largest nominal GDP, totalling US$ 7.47 trillion. China has enjoyed economic success thanks in part to its success in manufacturing – primarily because it manages to combine cheap labour with high productivity and a good infrastructure. However, setting up a business in China is not quick, and it will take you around 38 days to get going; with 14 separate procedures, it is not as simple as some other countries. Enforcing contracts is time-consuming, taking around 406 days and it costs around 11% of the total value of the claim. The bureaucracy that is prevalent in China is responsible for the country's position at number 91 in the World Bank's 'Doing Business' Report. In terms of taxation, the top tax bracket is 45% so it is certainly not a tax haven! However, with a large and willing workforce, low production costs and a fantastic infrastructure, China still represents an important and potentially lucrative market.

USA

The USA is one of the largest and most influential markets in the world; and not for nothing is the USA seen by many as the land of wealth and opportunity. Ranked at number 4 in the list of the best places to do business by the World Bank, America is the market that every business wants to break into. With a high GDP, and a population of 309,712,000 America is one of the biggest economies in the world. But how easy is it really to live the American Dream? Well, for a start you'll need a Visa. However, paperwork aside, once you're in it's actually a very good place to start a business; taking an average of just 6 days and 6 procedures to set up a company, you can get started pretty quickly and it will only cost $675 to do so. The government has made great strides in protecting investors, including introducing reforms to protect investor transactions. Not only that, but when it comes to disclosure, the US requires a fairly high standard which means that investors can rest assured that companies are under an obligation to disclose certain specified information and events. Enforcing contracts is not a speedy process, taking an average of 300 days – but the good news is that the fees involved should only cost around 14% of the value of the claim itself. However, the costs involved in other types of litigation in the USA are likely to be high, so it is important to factor in some contingency funds should the situation arise. The top tax bracket in the USA is 35%, and not only is this substantially lower than in the UK but there are also various deductions that can be applied, meaning that very few Americans actually pay the full 30%. Presidential candidate Mitt Romney even disclosed that he only pays around 15% tax thanks to a number of applicable tax reliefs. In fact, around half of US residents pay no tax at all! Sounds good, but remember – healthcare in America is very expensive, and if you're self-employed you will be responsible for sorting out your health insurance. And that does not come cheap!

WHAT IS RAP MUSIC?

Love it or loathe it, rap music has been one of the biggest-selling musical genres of recent years. The popularity of rap music continues to grow, taking it from a sub-genre to one of the most lucrative areas within the music industry. We decided to take a closer look at the music that has its roots in African-American culture and has gone on to take the Western world by storm.