Research by card payment solution's provider Paymentsense reveals the top 27 countries around the world to start a business.
Starting a business can be an exciting endeavour but getting through the first five years is challenging. The cost of rent, consumer demand, beating the competition, and keeping your cash flowing are often tricky things for Small Medium Enterprises (EMS) to juggle.
Based on factors including business survival rates, yearly salary, population, and the employment rate in that year in each country area, Paymentsense has created a list of countries around the world that offer the best environment for prospective SMEs. If you are thinking of embarking on a new venture this year, read on and see how Portugal follows the United Kingdom and the USA.
The United Kingdom lands as number 13 in the ranking, despite a respectable employment rate of 74.51% and a five-year enterprise survival rate of 43.64%.
The UK has a long way to go if it is to outdo Ireland when it comes to surviving those crucial first five years of trading. Ireland takes third place with an impressive company survival rate of 80.48%, proving the luck of the Irish is anything but a myth.
According to the ranking, the USA is the best country in the world to start up in. This is closely followed by Belgium and Ireland in 2nd and 3rd place respectively. Portugal made the top countries to start a business for its low cost of living ($681.34) and good employment rate (69.98%). The country's continued initiatives to support its SMEs are paying off, solidifying the country as an attractive location for prospective business owners around the world.