Where should you launch your startup? Check out the best and worst countries for startups in the region.
The Asia-Pacific region is home to some of the fastest-growing economies in the world, so it's no wonder that so many founders have chosen to put up their startups here. But which are the best countries for startups?
Consumer research group Value Penguin recently came out with a ranking of the most startup-friendly countries in Asia, based on 18 economic factors.
Singapore topped the list as the most startup-friendly country in the region. With good internet accessibility, high education rates, and stable public institutions, Singapore is also ranked by the World Bank as the second-best country to conduct business in the world.
Tied for second place are Hong Kong and Japan. Both countries have good economic health and business climates conducive to startups. Some of these countries' most successful startups are media sharing website 9gag and online store builder BASE, respectively.
Ranking 11th out of 12, the Philippines is one of the least friendly countries to startups. Why? The country's economic health, cost of doing business, and business climate just aren't as conducive to starting a business.
However, the labour force quality in the country is one of the highest in the region, tying with Taiwan at fourth place.
The last on the list is Vietnam, which was pulled down by its economic health, business climate, and labour force quality. However, the cost of doing business in the country is relatively low — it is the fourth cheapest on the list.
Though the Philippines and Vietnam rank low on this list, Value Penguin notes that each startup has different preferences. For example, both Vietnam and the Philippines have some of the lowest salary expectations in the region, which could make them appealing for many founders.
To see the full list of the best countries for startups in Asia, click here.
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