Best Countries for launching business in 2024

The United Arab Emirates (UAE) has been ranked as one of the top countries globally for entrepreneurs to launch a startup business in 2024, according to new research.

The analysis by Business Name Generator placed the UAE in third position out of 52 nations analysed, revealing it to be an advantageous location for new companies.

To determine the best places to launch a startup, factors including tax rates, cost of living, WiFi speeds, GDP growth predictions, and happiness scores were assessed.

“Entrepreneurs face many important decisions when launching or expanding their business, and choosing the right location is one of the most crucial. The location of a business can have a significant impact on its success, affecting access to resources, market demand, and competition,” said Linus Näslund, COO for Business Name Generator.

“Entrepreneurs must carefully consider the economic, demographic, and cultural factors of potential locations. They must also evaluate the legal and regulatory environment, including taxes, labour laws, and zoning regulations, and how these will impact their operations. Ultimately, the decision of where to launch can be a make-or-break factor for success, therefore, is vital for entrepreneurs to weigh up all relevant facets.”

Coming behind only Hungary and the Netherlands, the UAE was highlighted for its extremely competitive nine percent corporate tax rate – the second-lowest figure in the study.

The research also forecasted a promising four percent GDP growth for the country in 2024. Paired with its high GDP per capita of $47,663, this indicates a robust national economy beneficial for budding startups.

It takes just four days to legally establish a business in the UAE and the monthly cost of living was also found to be reasonable at $983.62 without rent.

The UAE ranked reasonably for happiness, with a score of 6.6 out of 10, suggesting positive lifestyle benefits for entrepreneurs located there.

Overall, the competitive tax regime, coupled with positive economic predictions, makes the UAE an attractive option compared to other nations.

The research named the Philippines, Italy, and Brazil as the most challenging locations to launch a startup, due to high taxes and bureaucracy.

Finland was ranked the happiest country for entrepreneurs, with India coming out top for affordable living costs.