The UK is one of the top five countries in the G20 for entrepreneurs, thanks to its competitive tax system and business environment.
A report by EY found that the UK’s total tax rate of 35.5% compared to 49.7% average across the G20 has helped it make the best place for start-ups.
Called the EY G20 entrepreneurship barometer, the study surveyed more than 1,500 entrepreneurs including 55 from the UK to rank countries on funding, culture, tax, education among other parameters.
While the US earned the top sport for access to funding, the UK beat German and France to earn the second place.
However, when it came to ‘coordinated support’ from mentors, networks and business incubators, the UK ranked 17th amongst the G20.
Only one in four UK entrepreneurs felt access to business incubators had improved over the past three years. Across the rest of the G20, one in two entrepreneurs said access to incubators had become easier.
“The foundations for a strong entrepreneurial ecosystem are already well established in the UK, with fast growth businesses accounting for nearly 60%of all new jobs,” said Stuart Watson, partner, EY.
“But we shouldn’t be complacent and can’t rely purely on the government. Domestic demand is set to remain fragile for some time yet, uncertainty still hangs over the Eurozone, while emerging markets are catching us up. The government and firms need to work closely to maintain a competitive financial and regulatory environment and develop an entrepreneurial culture.”
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