A new report taken by financial management group, Blacktower based in the UK used data garnered by multiple statistical websites to produce a list of thirty-one countries across Europe; ranking them from best to worst places for entrepreneurs.
The information is based on the percentage of the population with university degrees, average net salary, corporate tax rate, cost of living, and office renting cost per square metre.
The report analysed and assigned a value of 1-5 for each factor, each factor being weighed differently. For example, low corporation tax and higher degree percentage in the population would have scored higher.
The countries were then ranked based on which had the highest score overall when the score of five chosen factors were combined together.
Eastern Europe and the Baltic countries are the most promising
One place new business can thrive is in those nations whose economies are rising quickly to begin competing with those of other more established countries, like France and the UK. Interestingly, the majority of the top countries sat firmly in Eastern Europe.
At the top of the ranking for promising countries for new business entrepreneurs is Lithuania. With a corporate tax rate of just 15%, and low office renting costs, establishing, and turning a profit with a new business could be simpler than anticipated.
Next up, we have Cyprus and Bulgaria. Cyprus has an even lower corporate tax rate, just 12.5%, but its higher cost of living puts it just below Lithuania. Bulgaria, on the other hand, sits in third place due to its low degree percentage. However, all three countries could make prime new business investment opportunities.
Countries offering the lowest rent costs and corporate tax
Besides Cyprus and Hungary, some of the countries with the lowest rent costs include Malta, Slovakia, and the Netherlands. Paying lower costs for good office space is always helpful for a new business, allowing you to invest resources elsewhere.
To save funds on corporate tax; Ireland, Switzerland, and the Czech Republic make for good options outside of the top ten.
To view a list of all the countries and to know more about Blacktower please visit: https://www.blacktowerfm.com/news/top-european-countries-for-new-business-entrepreneurs/