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EuCham - European Chamber - 2014-08 Most favourable countries to start a new business in Europe

     


     
     
     



2014-08 Most favourable countries to start a new business in Europe

Ever since the last economic meltdown in Europe, many entrepreneurs are looking for the most favourable conditions to start a new business or expand an existing one. This list by the European Chamber with data from the World Bank and International Finance Corporation, gives an insight on the best countries to do business in Europe on the criterion of "Starting a business" (except in Andorra, Liechtenstein and Monaco). The methodology measures the procedures which are officially required for an entrepreneur to legally operate a business in a country, how much time is required and how expensive is to establish a business.

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EuCham Charts
August 2014

  Most favourable countries to start a new business in Europe



1

Armenia

2

Macedonia

3

Georgia

4

Azerbaijan

5

Lithuania

....

 

44

Bosnia and Herzegovina


       Latest updates from  IFC and WB ranking, 2013.
44 European countries were considered

                                    EuCham_Charts100x120.jpg

  • Armenia is ranked as the most favourable country in Europe to start a  business in terms of procedure, time and costs.

  • Following Armenia in the rankings are Macedonia, Georgia, Azerbaijan and Lithuania with less time consuming but more costly procedures.

  • The most difficult country to establish a business in is  Bosnia and Herzegovina which is ranked #44.

                                            

   Source: eucham.eu/charts/

   

Detailed Information

Ever since the last economic meltdown in Europe, many entrepreneurs are looking for the most favourable conditions to start a new business or expand an existing one. This list by the European Chamber with data from the World Bank and International Finance Corporation, gives an insight on the best countries to do business in Europe on the criterion of "Starting a business" (except in Andorra, Liechtenstein and Monaco). The methodology measures the procedures which are officially required for an entrepreneur to legally operate a business in a country, how much time is required and how expensive is to establish a business.

According to the rankings, meanwhile in other European countries it takes 5 procedures and 12.8 days on average to set up a business, in Armenia (ranked 1st), it takes just 2 procedures and 4.0 days, which is 3 times shorter. Macedonia, Georgia, Azerbaijan and Lithuania follow suit. Even though in Macedonia it takes less time than in Armenia, the associated costs is what gives Armenia the edge. The most difficult country to establish a business in is Bosnia and Herzegovina (ranked #44) with several bureaucratic procedures which are time consuming and expensive.

 

Table 1: Most favourable countries to start a new business in Europe, 2013

Rank

Country

1

Armenia

2

Macedonia

3

Georgia

4

Azerbaijan

5

Lithuania

6

Ireland

7

Netherlands

8

Belarus

9

Uzbekistan

10

United Kingdom

11

Kazakhstan

12

Portugal

13

Greece

14

Slovenia

15

Denmark

16

France

17

Cyprus

18

Serbia

19

Ukraine

20

Belgium

21

Iceland

22

Norway

23

Finland

24

Latvia

25

Hungary

26

Romania

27

Estonia

28

Bulgaria

29

Montenegro

30

Croatia

31

Moldova

32

Russian Federation

33

Italy

34

Turkey

35

Kosovo

36

Luxembourg

37

Switzerland

38

Slovak Republic

39

Germany

40

Poland

41

Czech Republic

42

San Marino

43

Malta

44

Bosnia and Herzegovina

Source: IFC, WB (2013)
EuCham Research Department - Compiled by Alina Moroz 2014-06-20, Reviewed by Kenneth Vekima 2014-07-28

 
 
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