Today's Edition
LAMEES OBEIDAT (ABU DHABI)
Aspiring entrepreneurs seeking fertile ground for their ventures can now set their sights on the UAE, according to a new study by the Business Name Generator. The UAE secured the third-place position among 52 countries analysed.
This comprehensive study goes beyond just tax rates, a common metric for startup ecosystems. Business Name Generator considered a well-rounded set of factors crucial for a new company’s success, including business tax rates, time to set up a business, projected GDP growth, monthly cost of living, WiFi speeds, cost of hotdesking (a workplace layout where employees choose a workspace based on the task at hand), promoting flexibility, quality of life, and happiness scores.
This revamped analysis builds upon a similar study from 2023, reflecting the dynamic nature of the global landscape in 2024. Notably, the UK plummeted from a top-10 position last year to 39th place, highlighting the competitiveness of the startup space.
The Top 10 for 2024: A New Landscape
The 2024 rankings reveal a reshuffle among the most startup-friendly countries. Hungary takes the first place this year. The Netherlands follows closely behind in second, with the UAE claiming the third position.
Joining Hungary with the second-lowest corporate tax rate on the list, at just 9%, the UAE secures its third-place ranking. This advantage is complemented by a strong economic showing. The UAE boasts a high GDP with the World Bank estimating that the country’s real GDP will grow to 3.9% in 2024; 4.1% in 2025.
Compared to many other countries, the UAE boasts one of the fastest legal procedures for starting a business. This streamlined approach allows startups to focus their energy on turning their innovative ideas into reality.
