If you’ve been considering relocating to Europe and working from the continent, now might be the perfect time to take the plunge.
Plenty of EU countries offer digital nomad visas and remote working schemes – and Europe is also proving an ideal location to open a business.
In a survey of 50 countries around the world, ten European nations ranked as the top locations to launch a startup.
With strong possibilities for economic growth and excellent quality of life, here’s what some European countries can offer new business owners.
Which are the best countries to start a business in 2023?
AI-powered site Business Name Generator analyzed 50 countries to find the best places to launch a startup.
The company looked at economic factors for each country such as corporation tax, economic growth and costs, as well as social factors including employee happiness and quality of life.
The Czech Republic is the best country to launch a startup in 2023
The Czech Republic emerged as the top country for startups according to Business Name Generator’s rankings.
The eastern European country benefits prospective business owners with low start up costs – just 1.1% of Gross National Income (GNI) per capita.
Budding entrepreneurs can also enjoy a low business tax rate of 19%.
The Czech Republic doesn’t rank so well for quality of life or happiness. But the country has reasonable salaries – averaging $1,820 – that align with the low cost of living ($743 excluding rent).
Finland is the happiest country in the world in 2023
Finland came in second in the rankings for the best place to start a business in 2023.
The Scandinavian country combines a low business tax of 20% with high salaries averaging $4,550.
Finland scored the highest in the world for happiness and did well in the quality of life category.
The Netherlands offers business owners the highest quality of life in 2023
Although coming in seventh in the overall rankings, the Netherlands took the top spot for quality of life.
The country is on the higher end for start up costs at 4% of GNI per capita and has a 25.8% business tax.
But salaries are attractive, averaging $3,943, and the northern European country also scores well for employee happiness.
Denmark has the highest monthly salary in 2023
If high earnings are top of your priorities, Denmark might be the place for you. Its average salary is $5,965, making it the highest in Europe.
The country also offers prospective entrepreneurs very low start up costs at 0.2% of GNI per capita and comes in second for quality of life.
Living costs are on the upper end, however, at roughly $1,107 per month.
The United Kingdom has zero startup costs in 2023
Britain benefits new business owners with the lowest set up costs in Europe – you won’t have to pay anything – and a 19% business tax.
This puts the UK in sixth place, brought down by its less favorable quality of life score and employee happiness rating.