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

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.