Business & Economy Czech Republic News Poland

Czech Republic and Poland ranked among most startup friendly nations in Europe

Warsaw, Poland – The Czech Republic and Poland are among the best countries in Europe to launch a startup, according to a new ranking.

According to the market research agency NimbleFins 2020 ranking (conducted before the COVID-19 pandemic), Germany retains its position as the single best country in Europe for startups for the second year running, thanks to a robust economy, healthy business climate and easy access to venture capital to fund up-and-coming new companies and startups.

The U.K. comes second, thanks to low costs of doing business and good access to highly-skilled workers, followed by Switzerland, the Netherlands and Ireland.

Despite dropping three spots compared to last year, the Czech Republic remains in the top 10 most startup friendly countries in Europe, according to NimbleFins, ranked 9th this year ahead of Sweden (10th) and Poland (11th).

Hungary trails slightly behind (17th), while Slovakia, ranked 28th out of 31 countries, is among the least favourable countries for startups, according to the study.

NimbleFins_Top Countries in Europe for Startups 2020

Once again leading the Visegrad pack in terms of competitiveness, the Czech Republic scored particularly high in the “Cost of Doing Business” category (6th), which takes into account corporate taxes, wages and cost of living, among other factors, as well as “Economic Health” (7th), thanks to a robust and steady GDP growth and the lowest unemployment rate in the EU.

Central and Eastern European nations dominate the ranking in the “Cost of Doing Business” category, with the top 5 comprising Bulgaria, Romania, Hungary, Lithuania and Poland, while Slovakia comes 8th – but lag behind in terms of “Business Climate” (competitive environment, availability of funding for small businesses, perceptions of judicial independence, etc.): the Czech Republic is ranked only 17th in that category, ahead of Poland (23rd), Hungary (27th) and Slovakia (28th).

The annual ranking, based on data from the World Bank, the World Economic Forum, UNESCO, Eurostat, the OECD and tax consultancies, analyses the economic data for 31 countries in Europe in four main categories (Economic Health, Cost of Doing Business, Business Climate and Labour Force Quality).

You can compare the latest findings with the results from last year’s study.