Server requirements:

Linux - CentOS

2GB memory

2 core processor

40GB SSD disk

3TB transfer

PHP >= 5.6.4 , PHP < 7

Database requirement:

PostgreSQL 9.5 and above

Modules should be enabled:

Apache Rewrite Module

OpenSSL PHP Extension

PDO PHP Extension

Mbstring PHP Extension

Tokenizer PHP Extension

XML PHP Extension

Mcrypt PHP Extension

Curl

PHP GD Library 2.x

JSON

mhash

Pgsql

ZIP

CRON

Recommended hosting services

Digital ocean - https://m.do.co/c/f3983bed09c0 which is $40 per month plan.

AWS - https://aws.amazon.com/ec2/pricing/on-demand/

Godaddy - https://www.godaddy.com/hosting/dedicated-server (Economy plan)