From tax rates to quality of life, these are the best countries for startups in 2024
Entrepreneurs face many challenges when starting a business, from keeping on top of finances to avoiding burnout and stress when first getting their business off the ground.
With this in mind, Business Name Generator has analyzed 52 countries to reveal the best and most challenging locations in which to start a business. To do this, they’ve considered metrics including business tax rates, the average time it takes to legally set up a business, predicted GDP growth in 2024, monthly cost of living, WiFi speeds, cost of hotdesking and quality of life and happiness scores.
You can find the full research here: https://businessnamegenerator.com/best-countries-to-launch-a-startup/
Hungary is revealed to be the best country to launch a startup in 2024, followed by the Netherlands and UAE
Hungary is ranked as the best country globally to start a business. In particular, it has a low business tax rate of 9%, as well as low living costs, averaging £547 per month without rent. Although Hungary has a fairly low GDP of £13,224 per capita, its economic GDP figure is estimated to increase by 3.1% in 2024.
The Netherlands comes second for the best country to launch a startup. It has the highest GDP among the top 10 countries, at £40,242 per capita, indicating a stable economy. It boasts the third highest happiness score (7.4), and comes second for the best quality of life (198.2 out of 240), suggesting there is a positive landscape for employee productivity.
The third best country for a startup is the United Arab Emirates, joining Hungary with the second lowest corporate tax rate (9%) and an impressive estimated 4% growth in economic GDP for 2024.
| Rank | Country | GDP per capita | Days to set up a business | Business tax rate | Predicted GDP growth in 2024 | Monthly cost of living | Monthly cost of hotdesking | WiFi speed | Quality of life score | Happiness score |
| 1 | Hungary | £13,224 | 7 | 9% | 3.1% | £547 | £118 | 218.94 | 132.5 | 6 |
| 2 | Netherlands | £40,242 | 4 | 25.8% | 1.1% | £807 | £169 | 248.65 | 198.2 | 7.4 |
| 3 | United Arab Emirates | £37,570 | 4 | 9% | 4% | £775 | £186 | 136.92 | 162.7 | 6.6 |
| 4 | Lithuania | £14,829 | 6 | 15% | 2.7% | £627 | £124 | 103.26 | 164 | 6.8 |
| 5 | Romania | £9,934 | 20 | 16% | 3.8% | £496 | £111 | 191.31 | 130 | 6.6 |
| 6 | Czech Republic | £16,191 | 25 | 19% | 2.3% | £648 | £128 | 264.15 | 161.8 | 6.8 |
| 7 | Finland | £37,066 | 13 | 20% | 1% | £785 | £173 | 215.72 | 189.3 | 8 |
| 8 | Bahrain | £19,653 | 8 | 0% | 3.6% | £664 | £207 | 133.35 | 147.5 | 6.2 |
| 9 | Estonia | £17,066 | 4 | 20% | 2.4% | £705 | £137 | 116.2 | 180.7 | 6.5 |
| 10 | Malaysia | £9,417 | 18 | 24% | 4.3% | £374 | £83 | 148.76 | 124.2 | 6 |
The Philippines, Italy and Brazil rank as the least favorable countries in which to start a business in 2024
The Philippines ranks as the most challenging country to launch a startup with legal proceedings for registering a business taking 33 days, high business tax rates (25%) and the second lowest quality of life score (85.7). However, it has the second highest forecasted GDP growth in 2024 at 5.9%, a positive sign for future startups here.
Italy comes in second as the most difficult place to start a new business, with the third lowest economic GDP increase at just 0.7% in 2024, indicating the economy here isn’t drastically improving. It also has a fairly high business tax rate of 27.8%.
Brazil comes third, with the second highest business tax rate (34%) in the entire ranking. It also takes up to 17 days to complete the legal proceedings for starting a new business.
| Rank | Country | GDP per capita | Days to set up a business | Business tax rate | Predicted GDP growth in 2024 | Monthly cost of living | Monthly cost of hotdesking | WiFi speed | Quality of life score | Happiness score |
| 1 | Philippines | £2,960 | 33 | 25% | 5.9% | £439 | n/a | 54.37 | 85.7 | 5.5 |
| 2 | Italy | £26,504 | 11 | 27.80% | 0.7% | £732 | £180 | 69.99 | 137.8 | 6.4 |
| 3 | Brazil | £7,068 | 17 | 34% | 1.5% | £445 | £125 | 91.08 | 108.9 | 6.1 |
| 4 | Egypt | £3,382 | 13 | 22.50% | 3.6% | £332 | £81 | 14.39 | 84.5 | 4.2 |
| 5 | South Africa | £4,796 | 40 | 27% | 1.8% | £442 | £95 | 177.88 | 138.2 | 5.3 |
| 6 | South Korea | £27,172 | 8 | 26.50% | 2.2% | £818 | £195 | 109.74 | 138.6 | 6 |
| 7 | Colombia | £5,557 | 10 | 35% | 2% | £398 | £113 | 111.65 | 102.7 | 5.6 |
| 8 | Switzerland | £72,144 | 10 | 19.70% | 1.8% | £1,401 | £202 | 75.39 | 183.6 | 7.2 |
| 9 | Australia | £48,814 | 2 | 30% | 1.2% | £906 | £222 | 98.69 | 159.6 | 7.1 |
| 10 | France | £30,882 | 4 | 25.80% | 1.3% | £817 | £201 | 87.94 | 151 | 6.7 |
Finland is voted the happiest country for employees, with a happiness score of 7.8 out of 10
Finland is the country with the highest happiness score, with an average total of 7.8. Denmark comes in second, with a score of 7.6, followed by The Netherlands, with a score of 7.4.
India ranks as the most affordable country in the list, with a cost of living averaging £275 without rent. Egypt comes second, with a monthly living cost of £332. Argentina comes in close behind, with a cost of living of £346 per month.
In terms of hotdesking, Saudi Arabia pays the most, with costs coming in at £286 per month. Singapore comes next, at £247 per month, followed by Norway, averaging £236 per month.
Linus Näslund, COO 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, labour 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.”
You can view the full research here: https://businessnamegenerator.com/best-countries-to-launch-a-startup/
