SATURDAY, March 02, 2024
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Thailand beats China, takes 2nd place as best nation for starting business

Thailand beats China, takes 2nd place as best nation for starting business

Thailand has secured the second position as the best country in the world to start a business in 2023, as per rankings published in the US News and World Report.

The “Best Countries for Starting a Business in 2023” report assessed 85 countries on various factors, such as taxes, labour conditions and other business-related conditions.

The rankings to start a business this year were determined through a comprehensive survey involving more than 17,000 people worldwide. Among them were 4,600 decision-makers in the business world, like senior executives in organisations or small business owners who employ staff.

The ranking was based on five key criteria, namely:

• Affordability

• Absence of bureaucratic hurdles

• Low production costs

• Connectivity to global markets

• Accessibility to capital

Here is the list of the top 10 countries considered the best for initiating a business this year:

1. India

2. Thailand

3. China

4. Mexico

5. United States

6. Philippines

7. Vietnam

8. Brazil

9. Malaysia

10. Spain.

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