Only in America - Why? (insurance, transfer, taxes)

[memphistransfer]

I have heard people in the U.S.A. say that "it was only possible for my dream to come true in America" and I have never understood that statement. People that have come from other European countries have said that their entrepreneurial dreams are only possible in the U.S.A. Is it very difficult to become a "self-made" millionaire in other countries (i.e. France, England, Spain, etc.)? I have always wondered about this?

Thanks!

[jamesh]

Originally Posted by memphistransfer

I have heard people in the U.S.A. say that "it was only possible for my dream to come true in America" and I have never understood that statement. People that have come from other European countries have said that their entrepreneurial dreams are only possible in the U.S.A. Is it very difficult to become a "self-made" millionaire in other countries (i.e. France, England, Spain, etc.)? I have always wondered about this?

Thanks!

Some countries make it very difficult to start new businesses due to various government requirements, licenses, taxes, etc. The United States is currently ranked #3 in the World Bank's 2008 ranking of 'Ease of Doing Business' (#1 is Singapore, #2 is New Zealand, surprised?).

Some European countries like Denmark and the UK are rather high on that list, just behind the US. Some like France (#31), Spain (#38) and Italy (#53) are... not that high. In many cases, starting a business in one of these countries compared to the US requires a high amount of starting capital in the bank and registration taxes.

Take Italy, for instance: to start a business there you need around 4600 euro for starting fees as well as 25% of your capital in liquid form either in a bank or insurance policy.

In the US, you need: a business registration fee (this depends on locality), In NY it's $200. Plus about $50 for certificate and affidavits of publication-- if you go the LLC route.

It's obviously easier to get your business up off the ground in the US where you need less money to get started. The US is also a much friendlier environment to the small business in regards to legislation than many countries. If you are an immigrant coming to the US with a small amount of capital, you can use very little of it to get your company off the ground initially and reinvest the rest into helping your business grow.

[askme]

America's the land of opportunity, that explains it in a nutshell.