Warsaw, Poland – According to a recent study, Poland is the 15th best country in 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 SMEs to juggle.
USA and Belgium ranked best countries in the world to start a business
To help aspiring businessmen in their endeavour, research by card payment solution’s provider Paymentsense revealed the top 27 countries around the world to launch a business.
Based on factors including business survival rates, yearly salary and the employment rate in each country, the study highlights which countries around the world offer the best environment for prospective SMEs.
According to the ranking, the USA is the best country in the world to set up a start up in, closely followed by Belgium and Ireland in 2nd and 3rd place respectively, as well as Canada and France rounding up the top 5.
But Central European countries have no reason to blush.
Poland as 15th best country in the world to start a business
Ranked 15th best country in the world to start a business, Poland made the top countries for its extremely low cost of living ($480.90) and good employment rate (67.65%). The country’s continued initiatives to support its employees and businesses are surely paying off, solidifying Poland as an attractive location for prospective business owners around the world, and one of the most sought-after destinations for foreign investors.
Talking to Kafkadesk a few months ago, Beesfund CEO Arkadiusz Regiec had anticipated Poland’s growing appeal in the eyes of businesses and investors, making the case that “Warsaw is the best city to launch your business”.
Still not convinced? HSBC recently ranked Poland as the 13th best country in the world for expats to live and work, while other studies rank the Central European country among the top 10 best destinations for female workers.
Central European countries in top 25
Other Visegrad Group countries are also ranked among the most attractive business destinations in Europe and the world, with the Czech Republic, known for its increasingly startup-friendly environment, ranked 19th, right ahead of Hungary (20th) and Slovakia (21st).
Hungary and Poland were respectively ranked 3rd and 4th for their low cost of living, with the two top spots taken by Baltic states Latvia and Lithuania.
You can check out the full ranking and methodology of the study right here.