IT is a consistently expanding and evolving sector that is worth billions to the global economy, making it a lucrative business to try and attract for many countries. Though places such as the US and China have a traditional reputation as the hubs of the industry, new contenders are emerging when it comes to deciding where is the best country to set up an IT business, as highly skilled workforces and innovation expand around the globe.
Ranked as the third fastest-growing IT start-up location in the Middle East, and making a steady rise up the global IT rankings, Bahrain has become an established hub for the high-tech industry.
Though regional neighbours Saudi Arabia and the UAE are known for burgeoning business opportunities, Bahrain is emerging as a hub for the IT sector.
Boasting a business-friendly environment, its start-up ecosystem includes a range of organisations that can assist with start-up funding, management expertise and advice on how to scale up in the years after starting a company.
With numerous existing fintech companies, seven e-commerce and retail firms, seven accelerators in the sector, and a growing number of shared IT workspaces and collaborations as of the start of 2023, Bahrain is becoming a genuine option when considering what is the best country to set up an IT business.
Companies including US outfit Teamshield, Menaflow and PaySay are just a few IT leaders that have opened operations in Bahrain.
Seeing this kind of investment in the country showcases how it has become firmly established as an IT hub for both start-ups and expansions.
From Silicon Valley to the financial centre of New York City, the US is a global powerhouse when it comes to business and finance.
Though there are other global hubs to consider, when deciding what is the best country to set up an IT business, the US is always a contender.
As well as the home-grown companies, the opportunities for foreign investors, especially those looking to start a new IT business, are far-reaching and fiscally supportive.
Numerous states and cities offer incentives to start-ups, with elements such as low taxes and financial support designed to attract new businesses.
When looking for the best country to set up an IT business, the state and federal tax credits and lower commercial real estate taxes for foreign investors are a genuine draw.
IT investors also value the US as having some of the most advanced technological innovations in the world, something that can enhance their business production and worldwide communication potential.
Add to this the grants, government support, employee and corporate tax breaks, and support when starting up a business, and the US becomes a prime choice for IT investors, entrepreneurs and business start-ups.
With more than 4,000 colleges and universities and some 800,000 foreign students in the US, the workforce is also vast, making the start-up hiring potential significantly propitious.
As the financial powerhouse of Europe, Germany is ideally positioned both
financially and geographically. It has the largest national economy in Europe,
the fourth-largest by nominal GDP in the world, and the fifth by GDP.
With a large social market economy, a highly skilled labour force, a large capital
stock, and high levels of innovation, Germany is always in the conversation
when it comes to the best country to set up an IT business.
Alongside motoring, manufacturing, finance and the automotive industry, German has a
thriving technology sector. According to reported figures, the industry now has an annual turnover of approximately €178bn, making the IT industry a powerful economic force within the economic landscape.
Forecasts for the sector include sustained growth, with both tax and business support incentives from regional and national governments making the country an attractive option for starting an IT business.
Beyond the business potential, starting up an IT business in Germany offers the benefit
of an established industry ecosystem and a potential employee pool of more than 1.3
million skilled workers.
Already the second largest industrial employer in the country, the IT sector is attracting
significant foreign investment as the growth forecasts remain strong.
With support from the Digital Hub Initiative, setting up an IT company in Germany offers
collaboration and connection options for SMEs and larger companies.
This drive towards technological advancement and innovation includes involvement from scientific and start-up communities at 12 centres of excellence across the
Information, Statistics and Data from Statista, Globalisation and
World Cities Research Network, German National Statistics, German Commerce
Dept., Bahrain Ministry of Industry, Commerce and Tourism.