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New study reveals the top European countries for new business entrepreneurs

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  • 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 (€)
1 Lithuania 38.7 1059 15 567.79 204
2 Cyprus 40.2 1658 12.5 712.25 156
3 Bulgaria 25.6 665 10 486.92 240
4 Hungary 23.6 950 9 486.49 162
5 Estonia 37.1 1214 20 661.08 228
6 Latvia 33.2 1050 20 599.41 216
7 Poland 28.9 1002 19 515.22 294
8 Slovenia 31.5 1363 19 655.07 180
9 Romania 16.2 785 16 463.1 228
10 Croatia 22 974 18 585.85 207
11 Slovakia 23.9 919 21 566.8 204
12 Portugal 25.4 1110 21 533.65 288
13 Greece 28.5 1116 24 640.16 252
14 Ireland 42.8 3041 12.5 853.97 673
15 Spain 36 2039 25 619.47 408
16 Finland 39.8 2509 20 812.57 444
17 Czech Republic 21.1 1250 19 603.35 288
18 Belgium 37.6 2442 25 813.53 315
19 Netherlands 36.6 2152 25 908.98 221
20 Malta 28.1 1021 35 733.45 175
21 Luxembourg 40.9 3573 24.9 960.25 427
22 Austria 31.3 3104 25 840.73 312
23 Sweden 38.3 2770 20.6 838.62 1022
24 Denmark 33.7 3914 22 937.2 275
25 Italy 17.9 1752 24 757.29 360
26 UK 40.6 2454 19 786.61 1513
27 Norway 38.8 3795 22 1134.4 562
28 France 35.3 2791 26.5 849.99 890
29 Iceland 36.8 3221 20 1102.01 858
30 Germany 27.2 2952 30 802.35 540
31 Switzerland 39.3 4902 14.9 1415.75 688

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.

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/

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