As an entrepreneur, the world can truly be your oyster. With recent technological advances and the impact of the Covid-19 pandemic, working remotely has become the new normal. Many business owners now more than ever consider relocating, but which places offer the best business opportunities for entrepreneurs?
Compare My Jet has researched metrics such as the GFCI 30 ranking, level of corruption, new business density, risk for international business and unemployment rates of 20 business hubs around the world to create a ranking of the most entrepreneur-friendly cities.
Singapore ranks as the least corrupt country for entrepreneurs
If you’re an entrepreneur looking for the perfect location to pursue your next business venture, there’s no better city for you than Singapore. The city-state has a corruption score of 85, which makes it the least corrupt location in the analysis, helping entrepreneurs maintain a clean corporate image and enhance the level of trust in their business relationships. For clarity, the closer a score is to 100, the less corrupt it is.
Other countries in the top three include Amsterdam, which has a relatively high economic freedom score of 77, and Frankfurt, which is the fourth-least corrupt city in the analysis.
Top 5 Cities for Entrepreneurs to Live and Work In
|
Rank |
City |
GFCI 30 Rank |
GDP Growth Annual % |
Corruption Score * |
New Business Density |
Risk for International Business |
Index of Economic Freedom |
Unemployment Rate % (2020) |
|
1 |
Singapore |
4 |
-5.4 |
85 |
9.99 |
Low |
90 |
5.19 |
|
2 |
Geneva |
20 |
-2.4 |
84 |
4.64 |
Low |
82 |
4.94 |
|
3 |
Amsterdam |
17 |
-3.8 |
82 |
3.1 |
Low |
77 |
4.09 |
|
4 |
Frankfurt |
14 |
-4.6 |
80 |
1.36 |
Low |
73 |
4.31 |
|
5 |
New York |
1 |
-3.6 |
67 |
– |
Low |
75 |
8.31 |
*0 = Highly Corrupt, 100 = Very Clean
Hong Kong is the only location to have a sensitive risk level for international business
As the only city in the research to be considered a sensitive risk city for international business, Hong Kong is the least supportive of entrepreneurial pursuits. The Chinese special administrative region also has the highest new business density figure of all the countries in our analysis, with 19.22.
Ranking slightly better than Hong Kong are Shenzhen and Beijing. Country-wide, China is a medium risk country for international business and has an index of economic freedom score of 58, the lowest level out of all the countries researched.
The 5 Least Entrepreneur-Friendly Cities in the World
|
Rank |
City |
GFCI 30 Rank |
GDP Growth Annual % |
Corruption Score * |
New Business Density |
Risk for International Business |
Index of Economic Freedom |
Unemployment Rate % (2020) |
|
20 |
Hong Kong |
3 |
-6.1 |
76 |
19.22 |
Sensitive |
5.8 |
|
|
19 |
Shenzhen |
16 |
2.3 |
45 |
8.58 |
Medium |
58 |
5 |
|
18 |
Beijing |
8 |
2.3 |
45 |
8.58 |
Medium |
58 |
5 |
|
17 |
Shanghai |
6 |
2.3 |
45 |
8.58 |
Medium |
58 |
5 |
|
16 |
Paris |
10 |
-7.9 |
71 |
5.25 |
Low |
66 |
8.62 |
*0 = Highly Corrupt, 100 = Very Clean
Ian Wright, CEO and Founder of Compare my Jet, explains: ‘With the current popularity of remote working, many entrepreneurs decide to take their business activities to the most attractive locations. It is vital for business owners to consider the benefits and drawbacks of a place to live and work and avoid locations with high corruption rate and high risk for international business.’
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