Many UK citizens want to pursue their ambition of owning a UK business, yet few people take action to make their dream a reality because they think starting a business is too expensive. But according to new research from the personal finance experts at money.co.uk, People in the UK can afford to start a business in under two hours.
Money.co.uk sought to discover how long employees in European countries would need to work in their full-time job to afford the startup costs of setting up their own businesses.
|Rank||Country||Cost of starting business||Required working time to start own business|
|1.||United Kingdom||£11.68||1 Hour 21 minutes|
|2.||Denmark||£75.15||6 Hours 6 minutes|
|3.||Republic of Ireland||£100.33||1 Day 1 hour 47 minutes|
|4.||Romania||£25.79||1 Day 7 hours 3 minutes|
|5.||Sweden||£191.45||2 Days, 1 Hour and 41 Minutes|
|6.||Lithuania||£61.78||2 Days 1 hour 54 minutes|
|7.||Finland||£273.60||2 Days, 6 hours and 26 minutes|
|8.||France||£217.92||3 Days 4 mins|
|9.||Estonia||£120.95||3 Days 2 hours 18 minutes|
|10.||Czech Republic||£109.21||3 Days 3 hours 14 minutes|
|11.||Norway||£522.18||3 Days, 4 hours and 56 minutes|
|12.||Iceland||£726.22||4 Days 5 hours 20 minutes|
|13.||Slovakia||£135.08||5 Days 1 hour 27 minutes|
|14.||Montenegro||£75.91||6 Days 2 hours 13 minutes|
|15.||Kosovo||£41.71||6 Days 2 hours 22 minutes|
|16.||Portugal||£241.90||6 Days 7 hours 50 minutes|
|17.||Germany||£542.20||1 Week 1 hour 28 minutes|
|18.||Bulgaria||£120.59||1 Week, 2 hours and 49 minutes|
|19.||Greece||£216.88||1 Week 5 hours 38 minutes|
|20.||Serbia||£81.10||1 Week 5 hours 43 minutes|
|21.||Latvia||£204.39||1 Week 6 hours 15 minutes|
|22.||Turkey||£75.82||1 Week 6 hours 30 minutes|
|23.||Switzerland||£1,044.53||1 Week 7 hours 7 minutes|
|24.||Luxembourg||£922.89||1 Week 7 hours 16 minutes|
|25.||Spain||£509.64||1 Week 4 days 7 hours 11 minutes|
|26.||Poland||£247.58||2 Weeks, 5 hours and 54 minutes|
|27.||North Macedonia||£136.54||3 Weeks 4 hours 58 minutes|
|28.||Netherlands||£1,501.48||3 Weeks 3 days 1 hour 45 minutes|
|29.||Austria||£1,696.67||3 Weeks 4 days 7 hours 16 minutes|
|30.||Hungary||£422.02||4 Weeks 2 hours 21 minutes|
|31.||Belgium||£1,788.97||4 Weeks, 1 day, 3 hours and 33 minutes|
|32.||Cyprus||£1,263.74||4 Weeks 3 days 4 hours 36 minutes|
|33.||Croatia||£625.62||4 Weeks 4 days 5 hours 31 minutes|
|34.||Albania||£422.46||11 Weeks 3 days 7 hours 52 minutes|
|35.||Italy||£3,288.13||11 weeks 4 days 5 hours 42 minutes|
Brits would need to work for just 1 hour and 21 minutes to earn the (£11.68) required to start up their own business.
In the second position is Denmark, as Danes would need to work for 6 hours and 6 minutes to cover the startup costs needed to set up their own enterprise.
The Republic of Ireland is in third place. 1 day, 1 hour and 47 minutes is the time the Irish would need to work to have enough income to fund the startup costs required for their independent business venture.