Germany beat 30 other European nations to the top position for the best country for a startup. The ranking was taken from a study by NimbleFins, who analysed data from the World Bank, World Economic Forum, UNESCO, OECD and tax consultancies. Environments good for startups have highly educated populations, strong economies, healthy business environments and relatively low costs for conducting business.
NimbleFins showed that Germany ranked highly across most of their categories. It snagged the third spot in ‘Economic Health’, having a GDP of $3,846 billion.
Why is Germany great for startups? Among the data collected from 31 countries overall, they were evaluated in 4 different categories. Company Climate, Business Costs, Economic Health and Quality of Labor gave a 1-31 score with 1 being best and 31 being weakest. With such an incredible economy, business climate, and a GDP of almost 3.5 million Euros makes it the absolute best place for start-ups. Besides that, the relatively low corporate tax (almost 16%) is another good reason entrepreneurs consider setting up a business there.
Reasons why Germany is a great place for startups
- Strong economy
- Political stability
- Country of immigration
- Plenty of professional support and funding
- Diverse society
However, opening up a business on your own or with a partner is a risk, and it should be a leap one should consider to be willing to make. In order to reap the fruits of your labour, you will have to work extremely hard and be innovative in the beginning. Considering all that, as long as you are motivated and know your ways around a business, you will be reaping the benefits in no time!
This is because both Singapore and Germany provide ease of doing business. Many successful startups have been formed and have been highly successful in both nations. However, Germany offers a work-life balance compared to Singapore, and Singaporeans are well known for their additional working hours. In Germany, they believe in a healthy work and life balance, which boosts productivity. Finally, the ease of travel. Germany is well prepared to welcome Singaporeans as the government follows a similar strategic approach in its fight against the virus. Hence people can feel safe and confident about their decisions to travel out of their safety bubble.
If you are keen on starting a business in Germany, you should at least know basic German and be able to speak to your consumers. No worries, as Learn German has got you covered! If you are interested in German lessons or a crash course in German, reach out to Learn German, and talk with us at learngerman.com.sg. To find out more about our classes, get in touch with us now!