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Set yourself up for success abroad.
3 min read
Forget debates about whether you should plant roots on one of the U.S. coasts or flock to the middle of the country to forge a startup hub. If you’re thinking about making a move to pursue entrepreneurship, look beyond American borders.
Expert Market, a U.K.-based B2B product comparison site, recently conducted a study to determine the best countries for young, aspiring entrepreneurs and freelancers seeking a more flexible lifestyle. They examined data from The World Bank, The World Economic Forum, Numbeo, KPMG, Wifimap.io and Akamai’s State of the Internet Report.
One factor the researchers weighed heavily was cost of living -- as well as the cost of a cup of coffee, for hustlers who run on caffeine. They also took income tax rates, access to credit, access to public transportation, the ease of starting a business, average internet speeds and the prevalence of free Wi-Fi into account. Then, they compiled a ranking of the world’s 57 largest countries, based on their suitability for millennials who dream of self-employment.
Related: The Countries With the Most Determined Entrepreneurs (Infographic)
Hong Kong, a global financial hub, topped the list. It’s public transit system, relatively low personal income tax rate of 15 percent (third-lowest of the 57 countries) and access to credit propelled it to the number-one spot in the ranking. Expert Market also highlighted the United Arab Emirates, which came in fourth place, for being tax-free.
Five of the bottom 10 countries are in Central or South America, while no countries from this region made the top 10. Half of the countries in the top 10 are European countries.
If you’re thinking of moving Down Under, consider New Zealand, rather than Australia. The larger Oceanic island nation came in 26th -- it’s more expensive to live there.
And turns out, if you already live in America, you may want to stay put. The U.S. came in second place, thanks to good transportation, abundant Wi-Fi (more than half a million spots) and access to credit from banks.
But if you want to get away, check out the full ranking below:
1. Hong Kong
2. United States
3. South Korea
4. United Arab Emirates
5. United Kingdom
6. Spain
7. New Zealand
8. Estonia
9. Bulgaria
10. Czech Republic
11. Latvia
12. France
13. Portugal
14. Lithuania
15. Qatar
16. Denmark
17. Switzerland
18. Germany
19. Turkey
20. Norway
21. Romania
22. Saudi Arabia
23. China
24. Netherlands
25. Poland
26. Australia
27. Sweden
28. Hungary
29. Finland
30. Mexico
31. Japan
32. Cyprus
33. Chile
34. Panama
35. South Africa
36. Italy
37. Morocco
38. Indonesia
39. Iceland
40. India
41. Croatia
42. Egypt
43. Austria
44. Colombia
45. Brazil
46. Greece
47. Malta
48. Peru
49. Belgium
50. Ireland
51. Costa Rica
52. Slovenia
53. Ecuador
54. Philippines
55. Israel
56. Argentina
57. Uruguay
Related video: Should You Keep Everyone in a Single Office or Hire Remote Employees?
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