Thinking of starting a business? Thailand has secured the top position worldwide for the ease of opening up a new business according to the “US News and World Report’s 2020 Best Countries to start a Business” ranking.
Second in the list was Malaysia followed by China in 3rd position, Singapore in 4th place, and India ranking 5th.
The 6th to 10th positions worldwide were won by the Philippines, Mexico, Switzerland, Indonesia and Canada in that order.
The criteria for the rankings included affordability, ease of access to capital, bureaucratic considerations and the ability to offer inexpensive manufacturing costs as well as how well each country was connected to the rest of the world.
6,000 decision makers took part in the survey and Thailand’s competitive and well established manufacturing sector as well as its agricultural prowess were highlighted as positive backdrops for starting a business.
Closely related was the category “Open for business” and this measured additional attributes such as a favorable tax environment and transparency of government practices. Thailand ranked 8th worldwide for this category.
In a separate category called “The Top Best Countries to Invest In”, Thailand came in at a very respectable 2nd place worldwide. Considerations such as the ability to invest in strategic assets like technologies or brands, natural resources, and the openness of markets were all included in the ranking. The top spot was taken by Croatia and 3rd place was taken by the United Kingdom. Indonesia scored 4th position and India followed in 5th place.
Other qualities that were ranked by “US News and World Report” included scoring on specific attributes such as Adventure, Citizenship, Entrepreneurship, Heritage, Cultural Influence, Openness of Business and Quality of Life.
In the “Adventure” rankings, which included the subsections of fun (8.2), pleasant climate (6.6), friendliness (8.2) and scenic (8.5), Thailand scored an overall average of 7.8 and ranked 26th worldwide. The Kingdom was noted as being a very popular tourist destination.
Thailand scored well in regards to Cultural Influence, which included subsections measuring cultural accessibility (6.3), whether or not there were many cultural attractions (8.3), the richness of history (5.8) and good cuisine. (8.8). Since people opening or joining a new business will be immersed in a country’s culture this was seen as an important attribute. Thailand ranked 9th in the world for Cultural Influence.
Quality of life rankings included affordability, family friendliness, and economic stability. Thailand scored a maximum 10 out of 10 for affordability.