24 Jun 2019
Portugal has ranked in 27th place on a list of best countries to start a business, recording a boost in rankings from previous years, The Portugal News reports.
The index, which assessed the best environment for SMEs and the economy of the world’s most populated countries and US states, was conducted by Paymentsense and was based on factors such as business survival rates, yearly salary, population, employment rate, cost of living, and five-year enterprise survival rate.
Portugal’s high ranking was mainly driven by its low cost of living ($681.34) and high employment rate (69.98 percent).
Portugal has long worked towards boosting the business environment for SMEs, which has only helped brighten the country’s reputation as a business hub.
The rankings placed the USA as best on the list for setting up a start-up, while Belgium and Ireland followed in 2nd and 3rd place respectively.
Ireland’s success could partially be attributed to its company survival rate, which boasted a high rate of 80.48%.
Meanwhile, the United Kingdom ranked at an unexpected 13th, even with a 74.51% employment rate and a five-year enterprise survival rate of 43.64%.