So – you’re thinking about setting up a business in Europe. Great choice! There are so many reasons why setting up a business in Europe is a good move, from the opportunity to expand your business to new parts of the world, to low corporate tax links.
If you are considering setting up a business in Europe, remember to complete your E111 renewal before you go, to help you should you fall ill abroad and require emergency treatment. Without further ado, find our top tips for setting up a business in Europe below.
Choosing The Best Location In Europe
When setting up a business in Europe, in order for your business to be successful abroad, it is paramount that you consider the best location for your business. One of the most decisive factors when it comes to choosing the best location in Europe for your business is understanding where your potential customers and suppliers are. If a majority of your customers and suppliers are located in Italy, for example, it is in your businesses favour to incorporate a company in Italy. Choosing a location you prefer over one that is most suited for your business will impact its success, which is a huge risk for you, and your business.
The next top tip for setting up a business in Europe is to take tax implications into consideration. Most countries in Europe, including the likes of Cyprus, Hungary and Ireland, offer low corporate tax links between 10% and 15%. This is an essential factor to consider for new businesses because cash flow is far less stable at the start of incorporation, and thus nothing is secured.
Registering Your Company
You will be pleased to know that the company registration process across Europe are very similar, and are more than less straightforward. Whilst company incorporation usually takes up to two weeks, incorporation of your company in the likes of Portugal, Italy and Denmark only takes days to complete, depending on your business sector. Furthermore, almost all European countries have one main point of contact that handles countless administrative procedures when it comes to setting up a business in Europe, so you can feel assured that nothing will get lost between people.
When it comes to setting up a business in Europe, we highly recommend that you seek professional advice. As you will already know, hiring an expert lawyer when starting a business is paramount at home, but even more so abroad. Ideally you should hire a lawyer who is currently living in the European country you wish to set up your business in. This is because you will know that your chosen lawyer has all the relevant skills and knowledge required to lift your business off the ground overseas.
Give Yourself Time
As well as seeking professional advice, remember to give yourself time. You might be excited to move abroad and get your business started, but remind yourself that all good things come to those who wait. Take time to conduct thorough research to ensure you pick the right location to allow your business flourish. Most importantly, don’t expect things to happen overnight – because they won’t. With a little patience and determination, your business start-up abroad will be well underway.
Setting up a business in Europe takes time, and is certainly a process that you shouldn’t rush to complete. In order for your business to be successful in Europe, you must first choose the right location before you can even begin thinking about how you will target your new audience, but don’t worry – all good things take time, and with a plan, your European business with come together in no time!