How long does it take to start a business when someone’s ready to be in charge or when a company wants to expand to other countries? It varies between countries because of policies and laws, but why is this important. Companies need to know how much time it takes until they can start generating profit and what the opportunity costs of starting a business in one country compared to another. Starting companies is usually quick and takes about days. This map shows the time it needs to complete the procedures that make the business legally to operate.
What if the company is going bankrupt and isn’t making a profit, and wants to close a company? Well, it takes years compared to the days of starting up. This is a huge weakness because a company won’t be generating profit, while debt and taxes will be increasing with sunk costs in the variable. Closing companies is usually long and may take more than six years. This map shows the time it needs for a business to legally close.
In my opinion, before making a decision on starting a business, having a solid business plan is essential to a successful business.
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