This master thesis has the aim to present an in depth and systematic analysis of selected methods and instruments, which help companies to analyze countries in order to find suitable new markets. Globalization offers companies tremendous opportunities as for example new markets, use of economies of scale or the use of locational advantages such as better or cheaper factors of production. However firms face several risks as for example higher costs or different customer preferences than expected. To analyze countries regarding their business environment for companies, this thesis critically presents the World Bank World Wide Governance Indicators, The Index of Economic Freedom by the Heritage Foundation, the World Economic Forum Global Competitiveness Report, Culture as an important indicator for country selection, and finally Porters Diamond of National Advantage. In general it can be stated that each of the presented instruments reflect a specific part of a countrys business environment. Therefore companies have to determine for themselves the factors, which seem to them as most important in terms of analyzing the attractiveness of markets and thereby select the fitting instrument for them. Moreover companies should be aware that each of the methods attracted for several reasons critique. However, the presented methods give a good overview of their specific area and can be used as a stating point of the analysis.