The success of a new business is often closely linked to its location. Factors like tax regulations, labor market conditions, and access to capital can significantly shape a company’s potential. The 2024 rankings of the best countries to start a business are based on a global survey of nearly 17,000 people, including over 4,400 business leaders and small-business owners.
These rankings highlight countries that are considered ideal for entrepreneurship, evaluating attributes such as affordability, ease of doing business, low manufacturing costs, global connectivity, and access to financial resources.
The rankings are part of the 2024 Best Countries study, created in collaboration with global marketing and communications services company WPP and the Wharton School of the University of Pennsylvania. The study assessed perceptions of 89 countries using 73 distinct attributes.
Here are the top countries offering the best opportunities for entrepreneurs:
#1 Thailand
Thailand claims the top spot for 2024, moving up from second place last year. Known for its strategic location in the Indochina Peninsula, Thailand offers access to neighboring Myanmar, Laos, Cambodia, and Malaysia. Its robust economy, affordable labor, and connections to international markets make it an attractive destination for entrepreneurs.
#2 India
India ranks second in the 2024 list, down from first place in 2023. With a population exceeding 1.4 billion, India is a significant hub for innovation and business. Rapid growth in technology, infrastructure, and services, along with an expanding middle class, makes India an ideal environment for new businesses.
#3 Mexico
Climbing to third place, Mexico is increasingly recognized as an excellent location for starting a business. Its proximity to the U.S. and manufacturing capabilities make it an attractive option for businesses looking to access North American markets.
Mexico’s growing economy and rich history continue to draw international investment, especially in technology and manufacturing sectors.
#4 China
China remains strong in fourth place, despite ongoing global challenges. As the most populous country and the second-largest economy, China offers vast market potential and well-established infrastructure for businesses. While navigating the complex regulatory environment can be challenging, China continues to be a top destination for companies expanding into Asia.
#5 Vietnam
Vietnam moves up two positions to fifth in the 2024 rankings. Known for its low manufacturing costs and rapidly growing tech sector, Vietnam is emerging as a key player in the global economy. Economic reforms have significantly improved the business environment, making it a compelling choice for entrepreneurs seeking affordable labor and competitive business conditions.
#6 United States
The U.S. retains its spot at number six, thanks to its large consumer market, robust infrastructure, and access to venture capital. The U.S. remains a prime location for startups, despite increased competition, with thriving industries from technology to healthcare.
#7 Malaysia
Ranked seventh, Malaysia offers a growing economy, especially in technology and manufacturing. Its strategic location in Southeast Asia ensures easy access to regional and global markets. With well-developed infrastructure and relatively low business costs, Malaysia is a strong contender for entrepreneurs seeking to expand in Asia.
#8 Brazil
Brazil holds steady at number eight, offering significant market opportunities, particularly in agriculture, energy, and natural resources. As the largest economy in South America, Brazil is attractive, although entrepreneurs should be aware of its economic volatility and regulatory complexities.
#9 Indonesia
Indonesia ranks ninth, reflecting its diverse and rapidly expanding economy. With over 270 million people, Indonesia offers vast opportunities in consumer goods, technology, and natural resources. Its strategic location between Asia and Australia enhances its appeal for businesses.
#10 Chile
Chile rounds out the top ten, improving its position from last year. Known for its stable economy and strong governance, Chile provides a favorable business environment, particularly in mining, agriculture, and renewable energy. Its well-developed infrastructure and geographic location make it a key hub for international trade in South America.
These top 10 countries offer unique advantages for entrepreneurs, from affordable labor and capital access to favorable regulatory conditions. Whether it’s global connectivity, low manufacturing costs, or a thriving business ecosystem, these nations offer strong prospects for business growth and success in 2024.
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