Czech Republic is 9th Best Country for Startups

The Czech Republic is the ninth-best country in Europe for starting a startup company. Within the assessment of economic health, the Czech Republic is seventh with a GDP growth of 2.6% and an unemployment rate of 2.0%.

The Czech Republic has the sixth-best business costs.

The Czech Republic ranked ninth this year, falling slightly from sixth in 2019. According to the research, the country ranked 21st in quality of labour force, 17th for business climate, 6th for the cost of doing business, and 7th in economic health in 2020, an average rank of 12.8, tied with Sweden, compared to 6.0 for first-placed Germany.

Of the country’s successful ranking, NimbleFins’ Founder Erin Yurday said, “The Czech Republic stands out as a favourable country for startups due to attractive corporate tax rates and low costs of doing business—two critical factors for most new companies.”

Strengths include:

  • Low cost of doing business, due to attractive corporate tax rates and below-average salaries and costs of living
  • Widely-educated population, with 90% of adults achieving at least an upper secondary education

In the 2020 ranking, Czech Republic outperformed Poland, Austria, Luxembourg, Belgium, Spain, France, Portugal, Italy and Greece in the overall rankings.

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