The research by card payment solution’s provider Paymentsense was based on factors including business survival rates, yearly salary, population, and the employment rate in that year in each country area. The research assessed which country around the world offers the best environment for prospective SMEs.

Portugal made the top countries to start a business for its low cost of living ($681.34) and good employment rate (69.98 percent). The country’s continued initiatives to support it’s SME’s are paying off, solidifying the country as an attractive location for prospective business owners around the world.

The United Kingdom lands at an unlucky 13 in the ranking, despite a respectable employment rate of 74.51 percent and a five-year enterprise survival rate of 43.64 percent.

The UK has a long way to go if it’s to outdo Ireland when it comes to surviving those crucial first five years of trading. Ireland takes third place with an impressive company survival rate of 80.48 percent, proving the luck of the Irish is anything but a myth.

According to the ranking the USA is the best country in the world to set up a start up in. This is closely followed by Belgium and Ireland in 2nd and 3rd place.

The list of best places for business start-ups was compiled by analysing the economic climates of the world’s most populated countries and US states. This included the population of each country, the employment rate, average annual salary, average cost of living, and five-year enterprise survival rate.