The next generation of workers has been coined the 'entrepreneurial generation'. A recent study indicated that 66% had a desire to start their own businesses. The world has also become more globalized than ever before. It's easier than ever to start a business in a foreign country, and it doesn't require enormous financial backing to do it.

While starting a business abroad is common, it's brought up the new problem of where exactly you should start that business. This article is going to list some of the best countries to start a business in.

Malaysia

Malaysia is a global business hub in the Islamic world. Much of Islamic finance makes its home here, which unsurprisingly makes this incredibly business friendly. This is growing on many similar lists because it's more liberal than many of the more advanced economies.

It's continuing to attract international investors at both the startup and grand corporation levels. These are positive signs for entrepreneurs.

Ireland

Ireland has slipped in recent years. Its economy was recovering following the chaos of the 2008 crash, but economic woes have once again made it difficult for Irish businesspeople. On the other hand, taxes are still lower than other similar European nations.

A relatively high cost of living makes it harder to setup here, but the tax benefits can make it worthwhile, especially if you decide to move outside of Dublin.

Estonia

This tiny Baltic nation has managed to fight off competition from its neighbors to attract international investors. The high level of English and a relatively advanced economy makes this an ideal place to start a business. It comes with an incredibly low standard of living, especially outside of Tallinn.

Plus, its proximity to both Russia and Scandinavia makes it easy to network with other big players in this part of the world.

Germany

The European Union's biggest economy continues to dominate affairs in this region. With huge footprints in many core industries, it's shrugged off the economic problems found in other European countries. It's in the middle of a strong resurgence and has been credited almost entirely with dragging the whole Euro currency out of the doldrums.

United Kingdom

For anyone looking for finance, the United Kingdom's decision to hold interest rates at a record low of 0.5% has done much to attract international finance. London continues to present a range of financial perks for business owners, while a high standard of living awaits for anyone who decides to make a home here.

The only disadvantage is that the bureaucracy associated with setting up a business here can be expensive and time-consuming.

Australia

Australia is one of the strongest countries in the southern hemisphere for business. The cities of Melbourne and Sydney are perfect for startups because of strong networking opportunities and lots of coworking spaces to suit companies in any niche.

A high standard of living and good weather all year round makes this an attractive proposition for new entrepreneurs.

Macedonia

One country you never expected to see on this list was Macedonia. Situated just north of Greece, this former republic of the former Yugoslavia has experienced many political problems regarding the refugees. Its position outside the European Union means that it does not have to abide by the same red tape as its competitors to the north.

It is easy to employ highly skilled workers in a nation where the average wage barely tops 400 Euros per month. The population is highly educated and the government has done much to modernize its cities, particularly in the capital of Skopje.

Taiwan

The tiny island state just off the coast of mighty China has always held a firm position on the list of the best places to do business in the world. Driven primarily by finance, you have absolutely everything you need to start a business that is ready to take on the world.

Its small size does come with a hidden disadvantage, though, and that is the high living cost. Prices for everything are notoriously high here, which puts it on the same level as Hong Kong and Singapore.

Conclusion--Where Will You Start Your Business?

This list likely sprung up some surprises for you. There are disadvantages to every entry on this list. Whether they matter to you depends entirely on your business and what you need in place to become successful.

Look up the requirements of starting a business carefully and see whether this is a decision that works for you.

Published on: Mar 14, 2016
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.