Ireland is one of the most affordable countries in Europe when it comes to starting a business, according to recent research.

Among the top 10 EU economies analysed for the study, Ireland stood out as a highly attractive destination for entrepreneurs looking to start a new venture. The number of new businesses in Ireland last year rose 5.5%, making 2024 the second busiest year for start-ups after 2021.

The research cited Ireland’s low financial barriers as creating a highly attractive environment for emerging business ventures. Ireland’s corporation tax rate of 12.5% also compares favorably with the UK (19-25%) and other EU countries.