The 2023 Startup Index: The Best Countries in the World for Digital Nomads
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 analysed 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 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.
You can find the full research here.
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 labour costs averaging £1,478, make it an attractive option.
Despite having some of the highest labour costs with an average monthly salary of £3,695, Finland still ranks second. The happiness of its citizens, the highest in the world, can have a favourable impact on business success.
Sweden placed third, with slightly lower labour costs of £3,531, 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%.
Here are the top 10 countries for launching a startup:
|
Rank |
Country |
Business Tax Rate (%) |
Economic GDP growth (2022) |
Mean monthly salary (GBP) |
Cost of startup procedures (% GNI per capita) |
Happiness score |
Quality of life score |
Monthly cost of living excl. rent (GBP) |
|
1 |
Czech Republic |
19.00 |
1.9 |
£1,478 |
1.1 |
6.97 |
163.0 |
£603 |
|
2 |
Finland |
20.00 |
2.1 |
£3,695 |
0.7 |
7.84 |
189.9 |
£764 |
|
3 |
Sweden |
20.60 |
2.6 |
£3,531 |
0.5 |
7.36 |
176.6 |
£723 |
|
4 |
Estonia |
20.00 |
1.0 |
£985 |
1.0 |
6.19 |
171.6 |
£681 |
|
5 |
Slovakia |
21.00 |
1.8 |
£1,273 |
1.0 |
6.33 |
149.9 |
£542 |
|
6 |
United Kingdom |
19.00 |
3.6 |
£3,777 |
0.0 |
7.06 |
166.6 |
£710 |
|
7 |
Netherlands |
25.80 |
4.5 |
£3,202 |
4.0 |
7.46 |
197.8 |
£802 |
|
8 |
Austria |
25.00 |
4.7 |
£2,627 |
4.7 |
7.27 |
|
The Netherlands has emerged as a beacon of prosperity and well-being, boasting the highest quality of life rating among all ranked countries with an impressive score of 198 out of a possible 240. This achievement showcases the nation’s commitment to providing its citizens with an exceptional living environment. Meanwhile, the Philippines presents a stark contrast, as it struggles with the highest startup business costs, amounting to a staggering 23.3% of GNI per capita. This makes it the most challenging country for budding entrepreneurs to establish their ventures. In another corner of the globe, Finland takes the lead in employee happiness, as its workforce reports an unparalleled satisfaction rating of 7.84 out of 10. This positive work culture is a testament to Finland’s commitment to fostering a supportive and engaging environment for its labour force, setting the standard for employee happiness worldwide.
