BusinessStartupsThe 2023 Startup Index: New Study reveals the 10...

The 2023 Startup Index: New Study reveals the 10 Best Countries for Launching a New Business

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Starting a business can be a daunting task, and the choices entrepreneurs make early on can greatly impact their success. Securing funding and building a passionate team are already challenging enough, and the current economic climate makes it even more critical to choose the right launch location. Business Name Generator has analyzed 50 countries to reveal the best places to launch a startup, looking at business tax rates, economic GDP growth, and the cost of startup procedures. The Startup Index study also looks at country happiness, the cost of living, and quality of life to find out where is home to the most content employees, helping drive productivity and growth.

The Czech Republic is ranked as the best country for startups in 2023, followed by Finland and Sweden

The Czech Republic emerged as the top country for startups. Its low cost of starting a business, with procedures costing just 1.1% of Gross National Income (GNI) per capita, combined with reasonable labor costs averaging $1,800, make it an attractive option.

Despite having some of the highest labor costs with an average monthly salary of $4,500, Finland still ranks second. The happiness of its citizens, the highest in the world, can have a favorable impact on business success.

Sweden placed third, with slightly lower labor costs of $4,300, but still relatively inexpensive start-up procedures at 0.5% of GNI per capita. However, business tax in Sweden is slightly elevated at 20.60%.

Startup Index

The top 10 countries for launching a startup:

Rank

Country

Business Tax Rate (%)

Economic GDP growth (2022)

Mean monthly salary (USD)

Cost of startup procedures (% GNI per capita)

Happiness score

Quality of life score

Monthly cost of living excl. rent (EUR)

1

Czech Republic

19.00

1.9

$1,800

1.1

6.97

163.0

$735

2

Finland

20.00

2.1

$4,500

0.7

7.84

189.9

$931

3

Sweden

20.60

2.6

$4,300

0.5

7.36

176.6

$881

4

Estonia

20.00

1.0

$1,200

1.0

6.19

171.6

$830

5

Slovakia

21.00

1.8

$1,550

1.0

6.33

149.9

$660

6

United Kingdom

19.00

3.6

$4,600

0.0

7.06

166.6

$865

7

Netherlands

25.80

4.5

$3,900

4.0

7.46

197.8

$977

8

Austria

25.00

4.7

$3,200

4.7

7.27

186.2

$965

9

Denmark

22.00

2.6

$5,900

0.2

7.62

195.1

$1,083

10

Portugal

31.50

6.2

$2,200

1.9

5.93

164.0

$626

Philippines, Egypt, and India are considered the least favorable countries for startups

The Philippines is revealed to be the worst country in which to start a business. The cost of launching a startup is the highest among all the countries analyzed, totaling 23.3% of GNI per capita. Businesses are also taxed at a higher rate of 25%.

Egypt comes in second place as the worst place to launch a startup.  Despite the availability of low-cost labor, India ranks lowest in terms of happiness and quality of life, with a score of only 3.81 and 118.4, respectively. This could greatly impact job satisfaction, productivity, and overall well-being in the workplace. Additionally, the country’s 30% business tax rate may offset some of the savings gained from affordable labor.

Rank

Country

Business Tax Rate (%)

Economic GDP growth (2022)

Mean monthly salary (USD)

Cost of startup procedures (% GNI per capita)

Happiness score

Quality of life score

Monthly cost of living excl. rent (EUR)

1

Philippines

25.00

6.5

$850

23.3

5.88

81.8

$503

2

Egypt

22.50

6.6

$1,200

20.3

4.283

91.0

$273

3

India

30.00

6.8

$610

7.2

3.819

118.4

$317

4

S. Korea

27.50

2.6

$2,900

14.6

5.845

133.1

$1,028

5

Vietnam

20.00

7.0

$180

5.6

5.411

89.6

$463

European countries are the best for quality of life and happiness, while Egypt leads for affordable living costs

Working for a startup can be rewarding but also demanding, therefore, it’s crucial for entrepreneurs to prioritize the happiness, health, and well-being of their employees. When it comes to measuring employee well-being, Europe leads in terms of happiness and quality of life. However, when it comes to the cost of living, Egypt, India, and Argentina come out on top.

Rank

Quality of Life

Happiness

Lowest cost of living

1

Netherlands

Finland

Egypt

2

Luxembourg

Denmark

India

3

Denmark

Switzerland

Argentina

4

Switzerland

Netherlands

Turkey

5

Finland

Norway

Indonesia

Chloe Chai, the spokesperson for Business Name Generator, comments:

“Entrepreneurs face many important decisions when launching or expanding their business, and choosing the right location is one of the most crucial. The location of a business can have a significant impact on its success, affecting access to resources, market demand, and competition. Entrepreneurs must carefully consider the economic, demographic, and cultural factors of potential locations.

“They must also evaluate the legal and regulatory environment, including taxes, labor laws, and zoning regulations, and how these will impact their operations. Ultimately, the decision of where to launch can be a make-or-break factor for success, therefore, is vital for entrepreneurs to weigh up all relevant facets.”

Business Name Generator (part of the Performance Marketing Group Marketzoo) is a free online tool helping people create unique, fun, and mind-blowing business names for their startups.  

Sunshine Slate
Sunshine Slatehttps://www.sunshineslate.com
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