The Best Countries for Business Potential
Starting a business can be difficult, and depending on the country you’re based it can affect just how easy it is to get started. Below are the top five countries to start a business:
- Ireland – With the highest skill diversity rating of graduates at 96.2, Ireland also has the second highest annual GDP growth at 5.0%. They also have one of the best scores for starting a business, paying taxes and getting credit.
- Iceland – Just ahead of Ireland, Iceland also has the highest annual GDP growth at 7.2%. Also featuring in the top five for employment, Iceland tops the charts, with one of the largest and happiest labour forces in Europe. Whilst it’s much harder to start a business compared to Ireland, once underway it has one of the highest rates for new business density.
- Sweden – Whilst not featuring in the top ten for education or employment, Sweden has the fourth highest annual GDP growth rates at 3.2%. It also has one of the best ratings for starting a business and trading across borders.
- Denmark – Featuring in the top five for employment, with a working population of 63.6%, Denmark also boasts some of the highest average monthly earnings at £6,229 per month. With annual GDP growth at 1.7%, the country has some of the best scores for getting credit, paying tax and trading across borders.
- Estonia – Also featuring in the top ten for education, Estonia takes position number five for business – with a number of factors making it easy for startups. The country ranked well for starting a business, paying taxes and new business density, with Tallin recently being identified as one of the best cities for startups.
The Pursuit of Happiness
Several studies have shown a happy workforce is a happy one, with benefits and overall lifestyle affecting a person’s output at work. Nordic countries top the boards in employment with three of them making the top five. These are the top five nations for employment based on the number of people working, their salary and their happiness:
- Iceland – Iceland tops the charts, with one of the largest and happiest labour forces in Europe. With 83.3% of the population working, this is the highest percentage across all countries. The country also has one of the highest averages for monthly earnings – at £5,404, just behind Switzerland, Denmark and Luxembourg.
- Switzerland – The country also appears in the top three for education, and with 69.4% of its population working – this is the second highest figure for employment rates. Switzerland also had the highest average monthly earnings at £6,424 and remained behind Iceland for happiness.
- Norway – Also being one of the top five countries for education and ranks third for employment – with a 64.5% working population. Whilst average monthly earnings are below Iceland and Switzerland, the country had the second highest score for happiness out of the top ten.
- Denmark – With a working population of 63.6%, Denmark also boasts some of the highest average monthly earnings at £6,229 per month. The country also had the third highest happiness score – behind Finland and Norway.
- The Netherlands – Just over 64% of its population work, with average mean monthly earnings of £3,334. The country is the highest ranking Western European country, with Germany, Luxembourg, and Ireland also featuring in the top ten.