Originally published at: Best Countries for Entrepreneurs in 2022: Top 10 Rankings | Go VisaFree
2021 Best Countries rankings, formed by US News & World Report, BAV Group, VMLY&R, and The Wharton School of the University of Pennsylvania, evaluate countries with various indicators. In this article, we’re going to find out the best countries for entrepreneurs.
The report bases the Entrepreneurship sub ranking according to these attributes:
- The country’s connection to the rest of the world
- The population’s education level
- If the country’s entrepreneurial and innovative
- Easy access to capital
- Skilled workforce
- Technological expertise
- Transparent business practices
- Good infrastructure
- Well-developed legal framework
Now, let’s quickly go through the list and see the country’s scores.
Best Countries For Entrepreneurs – TOP 10
Japan
#1 in Best Countries for Entrepreneurs
In Japan, there is now a real ecosystem, and startups are conducting business with one another. Government agencies such as the Ministry of Economy, Trade, and Industry (METI), J-Startup, and the Tokyo One-Stop Business Establishment Center (TOSBEC) are also working to promote nationwide innovation by giving financial and business support to startups and connecting them with investors.
REGION
Asia
CAPITAL
Tokyo
GDP PER CAPITA, PPP
$42,248 (2020)
Overview
Startups, venture capital, and universities, as well as major corporations, banks, and other investors, are putting more money into inventive new economic drivers in Japan. Startup ecosystems are becoming increasingly important in this shift. Japan’s central and municipal governments have devised a regional strategy for fostering startup ecosystems. Starting with Tokyo, Nagoya, Fukuoka, and the Kansai area centered on Osaka, public and private sector players are collaborating to help new firms thrive and connect.
Japan – Entrepreneurship Attributes and Scores
Source: US News & World
Germany
#2 in Best Countries for Entrepreneurs
Germany has built a flourishing start-up scene in recent years. The eCommerce and IT sectors have begun to play a considerably larger role, aided by the government’s “Digital Agenda 2020.” Innovative software businesses, web designers, and marketers have made Berlin their home. Munich’s high-tech economy has embraced artificial intelligence and innovative manufacturing techniques, while Frankfurt attracts a large number of finance entrepreneurs.
REGION
Europe
CAPITAL
Berlin
GDP PER CAPITA, PPP
$45,723 (2020)
Overview
The growth of online commerce has spawned a new kind of entrepreneur. These firm owners, who are highly skilled, under 40 years old, and headquartered in Germany’s largest cities, are driving business development and have become a primary priority for government support.
German bureaucracy has been simplified, employment regulations have been altered to allow for flexible working, and subsidies for young entrepreneurs have been provided. In addition, foundations have begun to sponsor research for breakthrough projects, and venture capital is booming like never before.
Germany – Entrepreneurship Attributes and Scores
Source: US News & World
The United States
#3 in Best Countries for Entrepreneurs
Entrepreneurs have traditionally been credited for driving innovation, job creation, and economic progress in the United States. For decades, Silicon Valley has dominated the US startup ecosystem; nevertheless, several towns, like Austin, Miami, San Francisco, and Los Angeles, now have their own startup ecosystems.
REGION
North America
CAPITAL
Washington, DC
GDP PER CAPITA, PPP
$63,543 (2020)
Overview
When it comes to entrepreneurship, the Commerce Department is already at the forefront of a number of new initiatives aimed at securing America’s position. The Commerce Department leads the Presidential Ambassadors for Global Entrepreneurship program. This program aims to bring together America’s top entrepreneurs to use their stories and knowledge to mentor and inspire young people and start-ups across the US. The Commerce Department also attends the annual Global Entrepreneurship Summit, where the innovators gather and share best practices, learn from their peers, and meet successful and aspiring entrepreneurs.
The United States – Entrepreneurship Attributes and Scores
Source: US News & World
The United Kingdom
#4 in Best Countries for Entrepreneurs
Small firms in the UK account for 98 percent of private sector businesses in the UK, making them extremely important to the economy. This is thanks in large part to the entrepreneurialism of UK company leaders and start-up founders, who supply a diverse spectrum of creative ideas and SMEs that propel the private sector ahead.
REGION
Europe
CAPITAL
London
GDP PER CAPITA, PPP
$40,284 (2020)
Overview
Providing alternative finance to entrepreneurs, such as EIS and secured debt funds, not only aids the expansion of the UK SME sector but also provides enormous growth potential and returns for investors who choose to back innovative and vibrant companies.
SMEs employ around 16 million people in the UK, with this number expanding at a rate three times faster than that of large enterprises. In a post-EU economic future that will rely even more heavily on domestic enterprise and job creation, sustaining this development will be critical for the UK.
United Kingdom -Entrepreneurship Attributes and Scores
Source: US News & World
South Korea
#5 in Best Countries for Entrepreneurs
South Korea has become an economic powerhouse because to the rise of entrepreneurship. Over the last few years, the government has gradually increased its support for foreign entrepreneurs’ companies, with the goal of expanding the domestic startup environment and assisting its own startups to expand internationally.
REGION
Asia
CAPITAL
Seoul
GDP PER CAPITA, PPP
$31,489 (2020)
Overview
Google Campus Seoul (established in 2015) is a platform where local entrepreneurs may study, brainstorm, and create businesses. South Korea’s government and government-sponsored innovation funds are spending money into attracting creative firms to the country. The K-Startup Grand Challenge selects 50 firms each year to compete.
South Korea – Entrepreneurship Attributes and Scores
Source: US News & World
Canada
#6 in Best Countries for Entrepreneurs
Many communities and non-profit organizations in Canada promote the growth of the country’s startup ecosystem. They provide assistance to entrepreneurs through their programs. These communities might assist you if you are new to the Canadian startup scene.
REGION
North America
CAPITAL
Ottawa
GDP PER CAPITA, PPP
$43,241 (2020)
Overview
The government has always aided startups with financial assistance. It rewards efforts by providing tax advantages, credits, and refunds. Loans and grants are just a few of the financing alternatives available to entrepreneurs. The Canadian government is also assisting businesses through its Venture Capital Catalyst Initiative program.
Canada has immigration policies that encourage entrepreneurs to come to the nation and create their own businesses. One of these incentives is the Canada Startup Visa.
Canada – Entrepreneurship Attributes and Scores
Source: US News & World
Switzerland
#7 in Best Countries for Entrepreneurs
The business climate in Switzerland is usually regarded as advantageous to both new and established firms. Its central European location has made it a commercial center since the Middle Ages, and it is currently the natural choice for international company headquarters.
REGION
Europe
CAPITAL
Bern
GDP PER CAPITA, PPP
$86,601 (2020)
Overview
Non-Swiss nationals can set up businesses quickly and easily thanks to the country’s business-friendly legislation, excellent infrastructure, and political stability. As a result, the country is home to a thriving tech startup sector as well as a slew of pharmaceutical and biotechnology firms.
Starting a firm in Switzerland may be more expensive for startup owners, but when balanced against the benefits, it’s a good choice.
Switzerland- Entrepreneurship Attributes and Scores
Source: US News & World
Singapore
#8 in Best Countries for Entrepreneurs
Entrepreneurship is on the rise in Singapore. Entrepreneurs with creative start-up concepts continue to emerge. There are several start-ups in a variety of industries, including tourism, e-commerce, gaming, fashion, and food & beverage.
REGION
Asia
CAPITAL
Singapore
GDP PER CAPITA, PPP
$59,797 (2020)
Overview
Not only does the government provide a startup-friendly atmosphere, but it has also established entities that help fledgling businesses with advice and grants. The Economic Development Board provides comprehensive investor support and a business-friendly environment for new businesses.
This is Singapore’s enterprise development agency, which helps innovative start-ups expand. The agency assists small firms in becoming more competitive. The board assists the company in obtaining capital, increasing capacity, innovation, technology, and gaining market access.
Singapore- Entrepreneurship Attributes and Scores
Source: US News & World
China
#9 in Best Countries for Entrepreneurs
In China and entrepreneurship has been cited as a fundamental engine of the country’s rapid development. Since the mid-2000s, the country has shifted away from necessity-driven entrepreneurship and toward opportunity-driven entrepreneurship.
REGION
Asia
CAPITAL
Beijing
GDP PER CAPITA, PPP
$10,500 (2020)
Overview
In just three decades, China has risen to become the world’s second-largest economy, with entrepreneurship acknowledged as a significant engine of the country’s rapid development. Since the mid-2000s, the country has shifted from a need-based to an opportunity-based economy. For ambitious businesses, the vast and homogeneous Chinese market provides an ideal testbed.
China’s central government has already provided a warm welcome to top talent returning to the country since 2008. Its purpose is to foster high-level inventions and technological breakthroughs, which will inevitably result in increased employment and economic growth.
China – Entrepreneurship Attributes and Scores
Source: US News & World
Sweden
#10 in Best Countries for Entrepreneurs
Sweden has a long history of encouraging entrepreneurship and innovation. Sweden’s long-term commitment to education and research has had a significant impact on the country’s ability to innovate.
REGION
Europe
CAPITAL
Stockholm
GDP PER CAPITA, PPP
$51,925 (2020)
Overview
The country instituted compulsory schooling for children aged 7 to 13 years old in 1842. (today for 6- to 15-year-olds). This move increased the overall level of education among the population and was a key component in Sweden’s transformation from a poor agricultural nation to a successful innovation leader.
Sweden demonstrates its dedication to research and development (R&D) by investing, on average, more than 3% of its GDP in R&D.
Sweden – Entrepreneurship Attributes and Scores
Source: US News & World
Conclusion
There you have it. Have you ever lived or run a business in any of the countries we’ve listed above? Let us know about your experience. If not, check out our Startup Visa Countries with Entrepreneurship Visas article to check your eligibility. Good luck!