A new study by NimbleFins shows Ireland amongst the Top 5 Best Countries in Europe for running a startup company.
The country received the highest score of Economic Health in Europe.
NimbleFins’ study analysed the economic data of 31 countries in Europe.
The best European countries for startups have highly educated populations, strong economies, healthy business environments, and relatively low costs for conducting business.
To determine the ranking, NimbleFins analysed data from the World Bank, World Economic Forum, UNESCO, OECD, and tax consultancies.
Ireland has the Healthiest Economy in Europe, boasting a GDP of £78,661 per capita, and expecting the highest GDP growth (5.5%).
The Economic Health category takes into account traditional economic measures such as GDP, GDP per capita, GDP growth, and unemployment rate.
Third lowest corporate tax rates in Europe (12.5%). However, non-trading income is taxed at 25%.
Top 10 in Business Climate, showing the ease of doing business and the general business environment in Ireland.
The business climate category includes many wide-ranging factors such as perceptions of judicial independence, competitive environment, and availability of funding.
In a similar study last year, Ireland was in third place. In the updated version for 2020, we’ve expanded the number of countries in the study, as well as included two new, useful metrics.
First, we expanded the number of countries presented in the study to include the United Kingdom and all of the European Economic Area (EEA) except Liechtenstein (due to a lack of reliable data for Liechtenstein resulting from its small size). Here is the complete list of the 31 countries included in the study for 2020:
We also added two new, useful metrics to increase the robustness of the study: regulatory burden (Business Climate category) and the ease of finding skilled workers in a country (Labour Force Quality category).
We also made a change to the metric capturing training in each country because the World Economic Forum (WEF) has removed its metric for “Local Availability of Specialized Training Services”; in its place, we’ve incorporated the WEF’s Extent of Staff Training and Quality of Vocational Training metrics.
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