- A new report by Blacktower reveals the top countries in Europe for entrepreneurs
- Searches for ‘How to open a new business’ increased by 200% in the past year
- Eastern Europe at the top of the list for new business ventures
Investing in a new business at home can be difficult at the best of times, but it can be even trickier when you want to begin new business ventures overseas. However, with searches for ‘How to start a new business’ increasing by 200% in the past years, it is safe to say people are looking at ways to invest.
To give an idea of the best countries overseas to start a business in and using data garnered from a variety of statistical websites, such as Statista, Blacktower Financial Management Group ranked 31 countries across Europe as the best places for entrepreneurs, 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 our five chosen factors were combined together.
|Rank||Country||Degree Prevalence (%)||Average Net Salary (€)||Corporate Tax Rate (%)||Cost of Living (€)||Annual Office Renting Cost Per Square Metre (€)|
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.
And to save funds on corporate tax, then Ireland, Switzerland, and the Czech Republic make for good options outside of the top ten.