Entrepreneurship, heritage, quality of life, and openness to businesses – namely manufacturing costs, bureaucracy, taxes, transparency in government practices, and corruption: these were the factors considered by The Wharton School
– a marketing and brand communication agency belonging to the BAV group – in their analysis to rank the most “welcoming” countries for new businesses. The study involved 80 nations, representing 95% of the global GDP.
There is a strong presence of European countries among the top 10 nations in the Entrepreneurship Ranking
For instance, Germany
ranked 1st place for the second consecutive year. The most populated nation in the EU, and one of the greatest world economies, has highly developed infrastructure and qualified workforce, and guarantees easy access to capital by entrepreneurs.
In 4th place, there is the United Kingdom, which exerts a considerable economic, political, scientific, and cultural influence at an international level. It boasts infrastructure, connectivity, and a solid legal framework. Despite the Brexit has raised doubts concerning its Eurozone support policies, the UK has maintained the same rank as in 2017.
Switzerland and Sweden, ranked 5th and 6th, have in common their transparency in trade practices, a highly professionally and academically qualified workforce, as well as low levels of corruption. Moreover, Switzerland is considered one of the best locations to live and work in (so much as to earn it 1st place in the overall ranking
) due to its competitive tax environment.
The Netherlands and Norway also earned important positions – 9th and 10th place – among the 80 nations assessed by the commission.
Japan and Singapore – ranked 2nd and 8th respectively – earned the best positions among Eastern nations.
The former is one of the most literate and technologically advanced countries at a global level, with an extremely high level of infrastructure. Singapore, nicknamed by The Economist as “the most compact entrepreneurial system in the world”, boasts of the busiest docks on the planet but also a high GDP per capita and a low unemployment rate, earning it a place among the world’s richest countries.
China and India, undergoing constant development, reached the 16th and 28th place respectively.