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Explainer: UAE ranks third on list of best countries to launch a startup in 2024

 

The UAE has been ranked as one of the best countries globally for entrepreneurs to launch a startup in 2024, according to an analysis by Business Name Generator. The Gulf state comes in third position out of 52 countries analyzed, with factors such as tax rates, cost of living, internet service, GDP growth predictions, hotdesking costs, quality of life score, and happiness score considered. The COO for Business Name Generator highlighted the importance of carefully analyzing economic, demographic, and cultural factors, as well as the legal and regulatory environment, including taxes and labor rules.

The UAE comes behind only Hungary and the Netherlands in terms of setting up a business, taking four days, and having the second-lowest corporate tax rate at 9%. The monthly cost of living in the UAE is reasonable at $983.62, excluding rent. The country has a high GDP per capita of $47,663, providing positive lifestyle benefits for entrepreneurs. The study forecasts a 4% GDP growth for the UAE in 2024, supported by its robust national economy.

The top countries for startups to launch in 2024 include Hungary, Netherlands, UAE, Lithuania, Romania, Czech Republic, Finland, Bahrain, Estonia, and Malaysia. However, the most challenging countries for startups include the Philippines, Italy, Brazil, Egypt, South Africa, South Korea, Colombia, Switzerland, Australia, and France. Europe dominates the top 10 ranking of best countries for startups, offering positive economic and social environments, but high business tax rates, expensive living costs, and unfavorable quality of living trap nations in the bottom 10.

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