Entrepreneurial Countries Index

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    Entrepreneurial Countries

    There are several things that entrepreneurs need to think about when starting their own business. In addition to factors such as corporation tax and inflation rates, entrepreneurs need to consider some basic necessities. For example, it’s a good idea for them to compare business electricity rates from business energy suppliers, to ensure that they are getting the best deal.

    All of these can vary depending on the country where the business operates, so entrepreneurs need to conduct thorough research when deciding on the operating country of their new business.

    Are you feeling inspired to be your own boss and fulfil an exciting new business venture? If so, these are the OECD countries where entrepreneurs are one step ahead.

    Switzerland is the OECD country best-representing entrepreneurship - scoring 8.51/10

    The OECD countries best-representing entrepreneurship

    1. Switzerland – 8.51 entrepreneurial score
    The OECD country best-representing entrepreneurship is Switzerland, which received an entrepreneurial score of 8.51. Switzerland has a relatively high rate of 9.2 business start-ups per 100,000 residents, positioning it at number nine on the list. 82% of all businesses in Switzerland still exist a year after they were founded. As well as this, the country has the third-lowest corporation tax rate, standing at 14.6%.

    Switzerland scores well on both the Trade Freedom Index and the Global Innovation Index, scoring 87/100 and 64.6/100, respectively. In addition, the country has an annual inflation rate of just 2.2%, placing it at position two. Switzerland receives an average inward foreign direct investment (FDI) of just less than £104 per 100,000 residents.

    2. Sweden – 6.99 entrepreneurial score
    In second place is Sweden, which received an entrepreneurial score of 6.99. In Sweden, there are 6.8 business start-ups per 100,000 residents, and a huge 97.1% of businesses still exist a year after being founded. The country has a corporate tax rate of 20.6%, meaning it sits in the middle of the list, like Israel.

    Sweden scores well on both the Trade Freedom Index and the Global Innovation Index, scoring 79/100 and 61.6/100, respectively. In addition, the country receives an average inward FDI of over £382 per 100,000 residents. Sweden has an annual inflation rate of 6.9%.

    3. Canada – 6.89 entrepreneurial score
    Third on the list is Canada, earning an entrepreneurial score of 6.89. There are 9.8 business start-ups per 100,000 residents in Canada, placing it at position seven for that factor. 84% of all businesses in the country still exist a year after they were founded. However, Canada has the ninth-highest corporation tax rate, at 26.5%.

    Canada receives an average inward FDI of over £102 per 100,000 residents. It also received a score of 83/100 on the latest Trade Freedom Index and 50.8/100 on the latest Global Innovation Index. Canada currently has an annual inflation rate of just 3.6%, placing it at position eight on the list.

    OECD countries best-representing entrepreneurship

    Australia and New Zealand have been named the OECD countries with the most trade freedom

    The OECD countries with the most trade freedom

    1. Australia and New Zealand – 90/100 Trade Freedom Index score

    The OECD countries with the most trade freedom are Australia and New Zealand, scoring 90/100 on the latest Trade Freedom Index. The index is based on two factors: the trade-weighted average tariff rate and non-tariff barriers. Australia has strong trade ties with the rest of the world and is a major supplier to markets within the Asia-Pacific region. The country currently has six Free Trade Agreements (FTA) in force with other countries, with another eight currently under negotiation.

    New Zealand has three large trading partners: China, Australia and the UK. The country has a lot of agricultural products exported to the EU, while the EU exports many manufactured goods to New Zealand. In addition, the country currently has 14 FTAs in force, with another five currently under negotiation.

    The OECD countries with the most trade freedom

    Colombia is the OECD country with the highest corporation tax rate - at 35%

    The OECD countries with the highest corporation tax rate

    1. Colombia – 35% corporation tax rate

    The OECD country with the highest corporation tax rate is Colombia, currently at 35%. Between 1997 and 2022, the country’s CTR averaged 32.58%. It first reached an all-time high of 35% in 1998, with its lowest rate being 25% in 2013.

    Hungary is the OECD country with the lowest corporation tax rate - at 9%

    The OECD countries with the lowest corporation tax rate

    1. Hungary – 9% corporation tax rate

    The OECD country with the lowest CTR is Hungary, standing at just 9%. In 1989, Hungary’s CTR reached an all-time high of 50%. By 2017, this figure had dropped to 9% and has remained the same ever since. The average CTR between 1989 and 2023 for Hungary is 20.38%.

    United States is the OECD country with the most business startups per 100,000 residents

    The OECD countires with the most business startups

    1. United States

    ● Number of business start-ups per 100,000 residents – 22.6
    ● Total number of business start-ups – 77,071

    The OECD country with the most business start-ups is the United States (U.S.). There are 77,071 business start-ups in the U.S., equating to 22.6 start-ups per 100,000 residents. Some of the top-rated start-ups in the country, according to Startup Ranking, are HotJar, a tool that offers deep insights into the usage patterns of website visitors; Knoji, which provides honest reviews from consumers; and StudioBinder, which allows film industry professionals to send and track personalised call times via both email and text message.

    Mexico is the OECD country with the least business startups per 100,000 residents

    The OECD countries with the least business startups

    1. Mexico
    ● Number of business start-ups per 100,000 residents – 0.4
    ● Total number of business start-ups – 550

    The OECD country with the least business start-ups is Mexico. There are just 550 business start-ups in the country, equating to only 0.4 start-ups per 100,000 residents. Some of the top-rated business start-ups in Mexico, according to Startup Ranking, are Bitso, the country’s leading Bitcoin, Ether and Blockchain technology provider; Kavak, an online platform to buy and sell certified used cars; and Reservamos, a travel booking search engine.

    Sweden is the OECD country with the highest 1-year business survival rate

    The OECD countries with the highest 1 year business survival rate

    1. Sweden – 97.1% 1-year business survival rate

    The OECD country with the highest 1-year business survival rate is Sweden. Of all the businesses in the country, a huge 97.1% still exist a year after being founded. Sweden is known for having a strong and stable economy with low levels of corruption, healthy public finances and a robust banking system. The country’s capital and largest city, Stockholm, is the home to major technology companies, such as Klarna and Spotify.

    Australia is the OECD country with the lowest 1-year business survival rate

    The OECD countries with the lowest 1 year business survival rate

    1. Australia – 50.8% 1-year business survival rate

    The OECD country with the lowest 1-year business survival rate is Australia. Of all the businesses in the country, just over half of them (50.8%) still exist a year after being founded. It is estimated that one in three businesses in the country will be forced to close after their first year of operation. However, there are multiple successful businesses that were first started in Australia, including the likes of Canva, Afterpay and 99Designs.

    Sweden is the OECD country receiving the most Foreign Direct Investment (FDI)

    The OECD countries receiving the most Foreign Direct Investment (FDI)

    1. Sweden
    ● Average inward FDI received per 100,000 residents – £382.46 / $476.57 / €438.96
    ● Total inward FDI received per 100,000 residents – £40,673.32 / $50,682 / €46,681.42

    The OECD country receiving the most inward FDI is Sweden. In 2022, Sweden received over £40,673 in inward FDI, equating to over £382 per 100,000 residents. On 1 December 2023, the country will introduce the Foreign Direct Investment Review Act. The purpose of the Act is to prevent FDI that may have a damaging effect on Sweden’s security, public order or public safety.

    Luxembourg is the OECD country receiving the least Foreign Direct Investment (FDI)

    The OECD countries receiving the least Foreign Direct Investment (FDI)

    1. Luxembourg
    ● Average inward FDI received per 100,000 residents – -£50,984.59 / -$63,530.61 / -€58,515.82
    ● Total inward FDI received per 100,000 residents – -£334,981.48 / -$417,412.00 / -€384,463.58

    The OECD country receiving the least FDI is Luxembourg. In 2022, Luxembourg received almost -£335,000, equating to almost -£51,000 per 100,000 residents. This means that Luxembourg spent more on outward FDI than they were receiving. On 1 September 2023, the country introduced a new screening law to supervise FDI in so-called critical sectors, such as energy, transport, health and defence.

    Turkey is the OECD country with the highest annual inflation rate

    The OECD country with the highest annual inflation rate

    1. Turkey – 51.2% annual inflation rate
    The OECD country with the highest annual inflation rate by far is Turkey, standing at a huge 51.2%, which is 33.5% higher than that of Hungary. The country’s inflation rate peaked in 1980 when it rose to 138.71%. Turkey’s lowest rate of inflation was in 1968, when it stood at -4.01%, meaning that average prices actually decreased that year.

    Costa Rica is the OECD country with the lowest annual inflation rate

    The OECD countries with the lowest annual inflation rate

    1. Costa Rica – 0.7% annual inflation rate

    The OECD country with the lowest annual inflation rate is Costa Rica, at just 0.7%. The country’s inflation rate peaked in 1982 when it soared from 37.06% to 90.12%. Costa Rica’s lowest rate of inflation was in 1965, when it stood at -0.66%, meaning that average prices actually decreased that year.

    With a Global Innovation Score of 64.6/100, Switzerland is the most innovative OECD country

    The most innovative OECD countries

    1. Switzerland – 64.6/100 Global Innovation Index score

    The most innovative OECD country is Switzerland, earning a score of 64.6/100 on the latest Global Innovation Index. The country received its highest score (89.2/100) in the institutions category which relates to things such as political and operational stability, government effectiveness and policies for doing business. It received its lowest score (56.3/100) in the creative outputs category, which refers to things like mobile app creations, cultural and creative service exports, and trademarks by origin.

    With a Global Innovation Score of 28.7/100, Costa Rica is the least innovative OECD country

    The least innovative OECD countries

    1. Costa Rica – 28.7/100 Global Innovation Index score

    The least innovative OECD country is Costa Rica, earning a score of just 28.7/100 on the latest Global Innovation Index. The country also received its highest score (64.3/100) in the institutions category and its lowest score (15.2/100) in the creative outputs category.

    Methodology

    Our list was made up of the 38 OECD countries of the world.

    We used The Global Economy to find each country’s trade freedom index score out of 100 as of 2023.

    We used Trading Economics to find each country’s corporate tax rate as of 2022/23.

    We used Startup Ranking to find the number of startups in each country. Data was collected on 8/11/2023.

    We used World Population Review to find each country’s population (data was collected on 08/11/2023).

    We divided the number of startups by the population before multiplying this number by 100,000 for each country to calculate the number of startups per 100,000 residents.

    We used OECD.Stat to find each country’s 1-year survival rate of enterprises for the most recent year (2020). Australia’s figure was sourced from money.com.au and is 2023 data. Canada’s figure was sourced from Statistics Canada. New Zealand’s figure was sourced from figure.nz and is 2018 data. The UK’s figure was sourced from Statista and is 2020 data. The U.S.’s figure was sourced from bls.gov and is 2022 data. No data was available for the following countries: Chile, Colombia, Costa Rica, Israel, Japan, South Korea and Mexico.

    We used OECD Data to find each country’s inward foreign direct investment (FDI) in 2022. Currencies were converted on 15/11/2023.

    We used International Monetary Fund to find the annual inflation rate for each country for 2023.

    We used the Global Innovation Index 2022 to find each country’s global innovation score for 2022.

    Israel was removed from the data due to the current ongoing conflict in the country.

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