Low Costs, High Potential: 10 Best Countries for Young Entrepreneurs
Written by
Cynthia Measom
Edited by
Zuri Anderson
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Starting a business as a young entrepreneur isn’t just about having a great idea. It’s also about being in the right place to make it happen.
Hostinger’s latest study ranks the top countries for early-age entrepreneurs based on factors like startup costs, ease of doing business and setup time.Â
Here are the 10 countries that are the most startup-friendly for young founders.
CanadaÂ
Canada takes the top spot for many reasons. The cost to start a business is only $236, and the time required to start a business is two days.
Plus, the ease of doing business index ranks high at 98 out of 100. The average age of startup founders in Canada is 25. One of the startup industries is energy and environment.
Israel
In Israel, the average age of startup founders is 25, but starting a business takes slightly over two weeks — about 16.6 days. The cost is higher, yet not unreasonable, at $2,647. Leading startup sectors include hardware and internet of things (IoT).
India
Starting a business in India isn’t quite as easy as Canada or Israel with a score of 60 out of 100. However the startup costs are manageable at $1,036 and the time required to start a business is only 1.5 days.
The average age of startup founders is 27. The leading startup industry in India is edtech.
Germany
The average age of startup founders in Germany is a little higher at 30. Starting a business there takes four days.
Ease of doing business and the country’s startup friendliness are on the lower side, but startup costs are reasonable at $1,071.
Major business hubs include Berlin and Munich, and one of the top startup industries is software and data.
Nigeria
Nigeria is Africa’s largest economy and has a thriving foodtech industry. It’s also poised to become one of the world’s top five economies by 2075, according to Goldman Sachs.
The cost to start a business is $679, and the time required to start a business is 8.5 days. However, the country startup friendliness index is quite low at around 2.
Singapore
A business-friendly environment and supportive government policies are among what draws young entrepreneurs to Singapore. The average age of startup founders is 33, and it takes only $315 to start a business.
However, the time required to get a business off the ground is just under two weeks or 13 days. Top startup industries are foodtech, fintech and ecommerce and retail.
Portugal
Portugal is known as a hub of innovation and technology. Amazingly, it costs $0 to start a business there. Additionally, it only takes 3.5 days to get a business up and running.
The ease of doing business index in Portugal is a respectable 75 out of 100. However, the country startup friendliness index is on the low side at 9.3. One of the top startup industries is ecommerce and retail.
United Arab Emirates
Young entrepreneurs will have to dig deeper in their pockets to fund a business in the UAE — $7,443 to be exact. They’ll also have to wait a little longer to get it started, approximately 18 days.
However, the ease of doing business there is 91 out of 100, and the country ranks among the top five global economies for supporting women in entrepreneurship. One of the top startup industries is fintech.
Netherlands
The Netherlands has several thriving startup industries — including ecommerce and retail — and the technology to support them. The time and costs are minimal to get a business up and running: four days and $51, respectively. Additionally, the ease of doing business there is 90 out of 100.Â
South Africa
Entrepreneurship for women and young people is on the rise in South Africa, with an average age of startup founders at 34.
And even though South Africa ranks lowest on the country startup friendliness index at only 3.2, it only takes $13 to start a business there.
Additionally, the time required to get a business going is minimal at eight days. One of the country’s top startup industries is transportation.
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