Singapore ranks as the 12th best city in the world to launch a start-up

Out of a score of 100, the city-state scored a 56.8, and was lauded for its "super-fast" broadband download speeds, "relatively low" corporation tax and business registration rates, and world-ranked university. Full rankings here.

Singapore has been ranked the 12^th best city globally for start-ups to launch in, new findings in Money.co.uk's Startup Cities report have revealed.

Out of a score of 100, the city-state scored a 56.8, and was lauded for its "super-fast" broadband download speeds, "relatively low" corporation tax and business registration rates, and world-ranked university. Full rankings here.

Taking the top three spots out of 20 cities ranked were Copenhagen, Denmark with a score of 77.7, Aarhus, Denmark with a score of 77.3, and Prague, Czech Republic with a score of 68.7.

Overall, here are the rankings of the 20 most 'start-up friendly' cities in the world:

1. Copenhagen, Denmark (77.7)
2. Aarhus, Denmark (73.7)
3. Prague, Czech Republic (68.7)
4. Dublin, Ireland (66.8)
5. Manchester, United Kingdom (64.1)
6. London, United Kingdom (62.4)
7. Bergen, Norway (61.6)
8. Cork, Ireland (61.5)
9. Krakow, Poland (61.1)
10. Brno, Czech Republic (59.1)
11. Espoo, Finland (57.4)
12. Singapore City, Singapore (56.8)
13. Zurich, Switzerland (56.2)
14. Ghent, Belgium (52.9)
15. Montreal, Canada (52.4)
16. Seoul, South Korea (51.6)
17. Berlin, Germany (51.3)
18. Oslo, Norway (50.1)
19. Amsterdam, Netherlands (49.6)
20. Toronto, Canada (49.1)

On what factors were these cities ranked?

The report analysed the following eight factors in determining the cities that were the most appealing and affordable for setting up a business:

• Business registration fees
• Corporate tax rates
• Employer social security rates
• Number of coffee shops per resident
• Average broadband download speed (Mbps)
• The cost of renting one desk in a co-working space
• Percentage of students
• The city’s highest university ranking on the ‘Times Higher Education World University Ranking 2022’

The 'cheapest' cities to register a start-up in:

According to the report, based on fees required for registration, the UK emerged the 'cheapest' city to register a start-up in, with about USD$16.40 for a fee, followed by South Korea (~USD$43.86), and Ireland (~USD$82.14).

Meanwhile, entrepreneurs in Ireland (12.5%), Switzerland (14.93%), and Singapore (17%) would benefit from the lowest corporate tax rates.

Last, Denmark revealed the lowest social security rates, at 0%; with Switzerland (6.4%) and Israel (7.6%) following closely behind.

Cities with the most affordable co-working spaces to launch a business from:

Shared office spaces no doubt provide a much-needed environment for collaborations and creativity, especially for start-ups. 

With that in mind, of the locations analysed, the most affordable cities to rent a desk per day were Aarhus (USD$5.83), Stockholm (USD$6.00), and Montreal (USD$10.00).

At the other end of the price scale, the cities where co-working spaces charge the highest were Singapore (USD$52.00), Zurich (USD$39.00), and New York (USD$35.00).

Which cities offer the best infrastructure and lifestyle for startups?

Alongside finances, the report analysed the average broadband download speeds (Mbps) and the number of cafes per resident to find where in the world is most accommodating for new, agile businesses.

In that line, Singapore (256.03 Mbps), Prague (145.3 Mbps), and Bergen (120.1 Mbps) emerged as the locations with the fastest download speeds for time-strapped entrepreneurs. 

Where are entrepreneurs most likely to find emerging talent?

To determine the cities where startups can find emerging talent to assist in business growth, cities were ranked on the percentage of residents that are students — overall, Krakow (22.1%), Brno (16.37%), and Graz (15.81%) were revealed to be the most student-dense destinations analysed.

Population aside, each city’s top performing establishment and how high it features on the 2022 Times Higher Education World University rankings were also considered. In that vein, New York City ranked 11^th, Zurich came in 15^th, and London and Toronto were jointly 18^th as the cities where entrepreneurs are most likely to find the 'smartest and most qualified' employees to hire.

Scroll here for the full methodology used in determining these rankings. 

Photo / Money.co.uk