Best Business Ideas Cyprus – Every year, millions of new businesses are started around the world—in 2021, nearly 5.4 million new business applications were filed in the United States alone.
And since start-ups and new businesses play an important role in shaping a country’s economic growth, encouraging entrepreneurship is vital. But what types of businesses are people most interested in starting around the world?
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These ZenBusiness maps show the most popular types of businesses that entrepreneurs in nearly every country want to start, based on an analysis of relevant Internet search results.
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To source the data, ZenBusiness analyzed Ahrefs searches, specifically looking for the term “start a business” and its equivalent in local languages through February 2022.
They then searched for the relevant topic or keyword with the highest search volume, and organized the results into 11 different industries:
Statistics show that the industries entrepreneurs are attracted to vary greatly from country to country depending on various factors such as infrastructure, business climate and culture.
From filling cooking gas in South Africa to supplements in The Gambia, entrepreneurs across Africa seem to be interested in starting a wide range of businesses (at least according to their findings).
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But while the results varied across the region, the most searched industries were personal services such as cleaning, interior design, and contracting. Sanitation was particularly popular, ranking first in six different African countries.
One African country worth highlighting is Morocco, where freight is the most searched startup term across the country. It makes sense that Morocco is home to several major ports, including the port of Tangier-Med, which is Africa’s largest port by cargo capacity.
In Europe, real estate is the most sought-after industry, ranking first in seven different countries across the continent. Over the past decade, the EU real estate market has boomed — between 2010 and 2021, house prices in the EU increased by 42%.
Retail is also a popular industry across Europe, with apparel searches leading in five different European countries.
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From soap production in Uzbekistan to drop shipping in Azerbaijan, the Middle East and Central Asia has the most diverse pursuits of any other region.
A particularly interesting top finding was in the United Arab Emirates, where imports and exports ranked first. The economy of the UAE is heavily dependent on trade, particularly oil, which accounts for 30% of the region’s GDP and 41% of public revenues.
There was an interesting mix of unique entrepreneurial pursuits in Asia and Oceania. For example, pig farming ranked first in the Solomon Islands, and lawn movement took the top spot in New Zealand.
But in general, retail was one of the most sought-after business types in the region, with apparel leading the way in countries such as Australia, Indonesia and Singapore.
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Across North America, retail is the top most searched business type. In fact, the top searches in nearly half of the region’s countries are related to the retail or e-commerce industry.
The US currently has the largest retail market in the world, although China is close behind. In 2021, the US retail market was worth more than US$6.5 trillion.
Food was the most searched industry in South America, number one in half of the countries in the entire region. In Brazil, sweets took the top spot, which might not be surprising since the country is the world’s top producer of sugarcane.
This article was published as part of Visual Capitalist’s Creators Program, which features data-driven visuals from some of our favorite creators around the world.
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Inequality Mapped: Minimum Wages Around the World This infographic shows the net minimum wage in 67 countries as of January 2023. Includes a breakdown by US state.
The purpose of a minimum wage is to establish a basic income level for workers in a given jurisdiction. Ideally enough to cover basic needs like food and shelter, but that’s not always guaranteed.
To see how minimum wages vary around the world, we looked at data from Picodi, which includes values for 67 countries as of January 2023.
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Each value represents the monthly minimum wage that a full-time worker would receive in each country. Picudi says these figures are net of taxes and have been converted to USD.
The two outliers in this dataset are Argentina and Turkey, which have increased their minimum wages by 100% or more from January 2022 levels.
Turkey is suffering from an ongoing currency crisis, with the lira losing more than 40 percent of its value in 2021. Basic commodity prices have increased significantly as the Turkish lira continues to depreciate. In fact, a 2022 survey found that 70% of people in Turkey were struggling to pay for food.
Argentina, South America’s second-largest economy, also suffers from high inflation. In response, the country announced three minimum wage increases in 2022.
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Within the United States, the minimum wage varies significantly by state. We modeled each state’s base minimum rate (hourly) using data from the U.S. Department of Labor for January 2023.
2023-03-17 Update: This map was updated to fix several incorrect values. We apologize for any confusion this may have caused.
Each state is allowed to set its own minimum wage, as long as it is higher than the federal minimum. For states that do not set their own minimum, the federal minimum applies.
If we assume a person works 40 hours a week, the federal minimum wage of $7.25 translates to an annual figure of just $15,080 before taxes. California’s minimum wage of $15.50 translates to $32,240 before taxes.
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For more perspective, check out our 2022 infographic on the salary needed to buy a home in 50 US cities.
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Just off the edge of Europe sits a tiny island, which you probably think of as just a pretty vacation destination — it certainly wasn’t known for being an economic utopia in the past few decades (2013 I remember the banking crisis?). But, after living in the Republic of Cyprus for more than six months and gaining a decent insight into all the wonders it has to offer, I finally realized that the innocent-looking island is really a place for any digital businessmen and women. There is a paradise.
The details of tax laws and other financial regulations are undoubtedly some of the most important elements that you need to consider if you are planning to move your business to another country. In these areas, the Eastern Mediterranean island is hard to beat on the European continent.
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Since 2004, the year Cyprus joined the European Union, the country has rapidly developed a reputation for being a safe and reliable jurisdiction. Additionally, it has one of the most advantageous tax plans in the world, including more than 40 double tax treaties. And although the authorities have recently raised corporate taxes from 10 to 12.5 percent, these figures can still be considered relatively moderate.
The simplicity of setting up and managing a Limited Company (Limited) is also noteworthy. Setting up an enterprise is usually low-cost and can be done in a matter of days.
Additionally, due to the fact that there is currently no Controlled Foreign Corporation (CFC) law active in the Republic of Cyprus, all residents have the right to legally form and operate an offshore corporation. While this practice allows operators to reduce their company taxes to the penny, it may come with some hurdles in terms of engaging in international cooperation. But, from a cryptocurrency investor’s point of view, it’s also an opportunity to avoid potential upcoming regulations that could hamper business in the near future.
These tax laws are, of course, quite impressive. Nevertheless, the most remarkable aspect has not yet been recorded. Upon successful immigration to the State of Cyprus after July 2015, applicants will be granted non-domicile status (non-dom).
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This valuable condition lasts for no less than 17 years and provides many benefits. Not only does this reduce your personal income tax by up to 50 percent, it also eliminates taxes on dividend and interest income. As it can be combined with offshore solutions, you will surely recognize the importance of this legislation. Rarely have we seen a European country that offers opportunities to immigrants.
