Malaysia has been named the 10th best country for entrepreneurs to launch startups in 2024 and the only Southeast Asian nation to be featured in the top 10 rankings.
In the study by Business Name Generator, 52 countries globally were analysed according to 9 different metrics to reveal the best nations where one can start a company from the ground up.
The 10 best countries to launch a startup in 2024
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For reference, the 9 metrics used in the study include:
- Business tax rate
- GDP per capita
- Quality of life score
- Cost of monthly hotdesking
- WiFi speeds
- Economic GDP growth
- Happiness score for the country
- Monthly cost of living (without rent)
- Number of days taken to set up a business
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Accordingly, the top 10 countries globally in the list are:
- Hungary
- Netherlands
- United Arab Emirates
- Lithuania
- Romania
- Czech Republic
- Finland
- Bahrain
- Estonia
- Malaysia
Malaysia stands out for its relatively low cost of living and hotdesking
For Malaysia, the study revealed that our country excelled in several of the metrics used. These include:
- A GDP per capita of USD11,947
- Only 18 days to set up a business
- A 24% tax rate
- A 4.30% predicted GDP growth in 2024
- A monthly cost of living of USD473.84
- A monthly cost of hotdesking of USD105
- WiFi Speed of 148.8Mbps
- A qualify of life score of 124.2
- A happiness score of 6
Furthermore, Business Name Generator also noted that the cost of living in Malaysia is almost half of that of 8th place Bahrain, thus indicating a higher level of disposable income that can be put into small businesses.
Besides that, Malaysia also has the 4th best value for hotdesking overall, which is a great price for new businesses needing office space.
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So, what do you guys think of our country’s placement in the study? Share your thoughts with us in the comments!
Also read: Study: Malaysia is Asia’s 6th Most Prosperous Country But Ranks 113th Globally for Personal Freedom
