National performance indicators for 28 European countries, including GDP, unemployment rate and the practicalities of starting a company to reveal the best European countries to start a business. The nations involved were made up of the 27 countries within the European Union, plus the UK. The UK landed first spot on the rankings and was therefore named the best European country to set up a business. This appears to point to positive news that the UK is still a hotbed for business activity in a post-Brexit world. Great Britain’s large economy, low unemployment rate and relative ease to start and run a business helped it come out on top. The UK has the largest economy of any country in the top ten, with data from the survey showing a 2019 GBP of £2.827trillion.
It takes just five days to start a business in the UK, indicating the low barrier for entry to setting up one’s own company. The Netherlands, Denmark, Estonia and France all beat the UK in this category, but only by one day, with each nation requiring four days to set up shop. The UK also topped the list of countries with the lowest cost of starting a business. It is a short trip from the UK to find the second-best place to start a business, as Ireland takes the number two spot. It takes more than double the time to set up a business in Ireland than in the UK, with 11 days required. However, the gender pay gap in Ireland is six percent lower than the UK, at 11.3 percent compared to the UK’s 17.3 percent. Having been mentioned previously as a high performer in multiple categories, the Netherlands takes the bronze medal as the third-best European nation to start a business.