Dubai is among the most welcoming cities for entrepreneurs

Dubai is among the ten most entrepreneurial-friendly cities in the world, according to a new study that researched the best locations for entrepreneurs based on a range of metrics at a time when many business owners are considering relocating and research locations that offer the best business opportunities for entrepreneurs.

Compare My Jet in its study based on metrics such as annual GDP growth, corruption levels, financial stability and GFCI (Global Financial Centers Index) ranking found Singapore to be the most entrepreneur-friendly city in the world .

Other global cities in the top 10 include Geneva, Amsterdam, Frankfurt, New York, Tokyo, Seoul, Toronto, San Francisco and Dubai.

Dubai is in the top 10 with the 18th rank for the GFCI, a score of 69 out of 100 in the Corruption Free Index and 77 in the Economic Freedom Index.

Entrepreneurship is a challenge no matter where you’re based – but there are certain factors associated with different locations that can make it harder to start and grow a successful business, the study finds.

Ian Wright, CEO and Founder of Compare My Jet, said with the current popularity of remote working, many entrepreneurs are deciding to conduct their business activities in the most attractive locations. “It is vital for business owners to consider the pros and cons of where they live and work and avoid places with high corruption rates and high risk to international business. »

Singapore ranks fourth in the GFCI 30, making it the fourth most competitive financial center in the world as assessed by the annual Global Financial Centers Competitiveness Report. Singapore is also considered a low-risk country for international trade.

This business center is also the least corrupt of all the sites we analyzed, with a score of 85 out of 100 – the closer a country gets to 100, the less corrupt it is.

Geneva comes second. The city’s corruption score of 84 makes it one of the cleanest places on our list, second only to Singapore with 85. On top of that, Geneva’s annual GDP growth is -2.4% and the Switzerland presents a low risk for international trade.

Behind Geneva is Amsterdam. The Dutch capital has a corruption score of 82, making it the third least corrupt country overall. The Netherlands is also a low-risk country for international business and has an economic freedom score of 77.

Third on the list is Frankfurt, Germany. In addition to ranking 14th on the GFCI 30, Frankfurt also has the third lowest new business density level of 1.36, showing that there is plenty of room for new businesses to succeed.

The study named Hong Kong the least entrepreneur-friendly city in the world. The Chinese Special Administrative Region has the highest new business density figure of any country in our analysis at 19.22, which could indicate a highly saturated market with a lot of competition for new entrepreneurs to overcome.

Hong Kong is also the only location our research has found to be sensitive for international trade and its annual GDP growth rate is -6.1, indicating a level of economic volatility that could impact the profitability of future business ventures. .

Shenzhen, Beijing and Shanghai rank slightly better than Hong Kong – some of China’s largest and most populous cities.

Copyright © 2022 Khaleej Times. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).