Top 10 African Countries to Start a Business

The third world has a lot to offer entrepreneurs. You do not need to be an angel or a venture capitalist to start your own business. A small business can be launched in any corner of the world. There are many advantages of starting a business in a third world country. Firstly, it will not cost you a fortune to get started. Secondly, you will have less competition. Thirdly, it will be easier to find customers and suppliers. Lastly, you will have a better chance of succeeding. Here are the top 10 African countries to start a business as an entrepreneur:

Ethiopia

Ethiopia is the oldest independent country in Africa. You can find the Ethiopian business environment as one of the most conducive conditions for small business. The government has taken measures to attract entrepreneurs. The Indian Rupee is used in this country. Foreign exchange restrictions do not apply to Indian entrepreneurs. The government will waive taxes for one year for entrepreneurs who establish their businesses in the country. The rest of the country is not as friendly to entrepreneurs. You will have to deal with a lot of red tape. You will also have to pay high taxes.

Nigeria

Nigeria is one of the fastest growing economies in the world. The country is also appealing to entrepreneurs. Foreign entrepreneurs can open their businesses in this country. There are no taxes on imported goods. As an entrepreneur, you will not have to pay any income tax. The only thing you should be aware of is the 4% Value Added Tax (VAT). You can set up a small business without hiring a lot of people. Nigeria has a high population growth rate. It is the second most populous country in Africa. You will find a ready customer base in this country.

Ghana

This is one of the oldest African countries. It has a rich history. You can find a lot of amazing places to visit in Ghana. The government is also very supportive of entrepreneurs. There are no taxes on profits generated by foreign entrepreneurs. As a Ghanaian citizen, you can open a business in this country. You will not have to pay duties or taxes on profits. You can also import goods without paying duties. The domestic market is huge in this country. It offers ample opportunity for small business owners.

South Africa

South Africa is a modern country. It has a strong economy. There are also a lot of opportunities for entrepreneurs in this country. You will not have to pay any income tax as a foreigner. You can also import and export goods without paying import duties or sales taxes. The domestic market is very large. It is also your duty to give back to the country with your profits. You can open a business in any sector of the economy. There are no restrictions on the number of employees you can have.

Tanzania

Tanzania is one of the best places to start a business. It is also one of the least expensive countries in the world. Business registration is easy in this country. There are no import duties on goods that you import. You can also open a foreign exchange account without paying fees. You will not have to pay any income tax as a foreigner. The only restriction is that you should not own more than one business. There is a large domestic market in this country. It is also very safe.

Burkina Faso

You can find a lot of opportunities in Burkina Faso as an entrepreneur. It is also one of the least expensive countries in the world. The registration process is also very easy. You will not have to pay any income tax as a foreigner. You can also import and export goods without paying import duties or sales taxes. The domestic market is huge in this country. You can open a business in any sector of the economy. There are no restrictions on the number of employees you can have.

Morocco

Morocco is a very beautiful country. You will also find it very cheap to start a business as an entrepreneur in this country. The registration process is also very easy. There are no taxes on profits generated by foreign entrepreneurs. You will not have to pay any income tax as a foreigner. You can open a business in this country without hiring a lot of people. The domestic market is large. You can also import and export goods without paying duties or taxes.

Libya

Libya is one of the most beautiful countries in the world. It is very cheap to start a business as an entrepreneur in this country. There are no taxes on profits generated by foreign entrepreneurs. You will not have to pay any income tax as a foreigner. You can open a business in this country without hiring a lot of people. The domestic market is large. There are no restrictions on the number of employees you can have.

Conclusion

Africa has a lot to offer entrepreneurs. The top 10 African countries to start a business are Ethiopia, Nigeria, Ghana, South Africa, Tanzania, Burkina Faso, Morocco, Libya and Ethiopia. The safest, cheapest and most flexible countries to start a business are the ones on this list. These are the best countries to start a business as an entrepreneur.