A recent study found that the Philippines is one of the most challenging country to begin a startup business. This is mainly due to procedure costs and business tax rates.
Business Name Generator analyzed 50 countries to determine which nations were ideal to launch a startup.
The company took into account business tax rates, economic growth of the gross domestic product, startup procedure costs, country happiness, its cost of living, and quality of life in the respective place. This was to estimate the level of content employees and the drive for productivity and growth.
The Philippines finished at the bottom of the list, highlighted by its high procedure costs at 23.3% of the gross national income per capita and a high business tax rate of 25%.
Additionally, the Philippines had the lowest rank for quality of life (81 from a possible 240), which the study suggests could negatively impact productivity, employee engagement, and job satisfaction.
The bottom five countries were Egypt, just below the Philippines and Vietnam, which placed fifth from the bottom ahead of South Korea and India.
Finland placed second after Czech Republic, despite higher labor costs with an average monthly salary at $4,521. Sweden was third with a monthly salary at $4,320, procedure costs at just 0.5%, but its business taxes is at 20.60%.