Setting up a business in a foreign country can be quite daunting as much as it is exciting. However, many men and women successfully navigate the difficulties involved in overseas business formation with the right help and support. While countries provide residency programs or visa programs that open up a path for budding businessmen, the pre-qualification and requirements differ for all of them.
Germany is a popular destination in the European Union, where many investors wish to start their own business, although the government doesn’t offer any residency or investment programs as such. However, our German Entrepreneurial Residency Program is a unique program that offers foreign entrepreneurs to engage in economic activity and receive permanent residency in the country. As one of the world’s most economic powers and founding members of the European Union, Germany has always been the most influential nation in Central Europe. With a GDP of over EUR 3 trillion, high-quality lifestyle, innovation and world-class product manufacturing facilities, Germany has always been a sought after destination for business investments from global corporations to smaller startups.
In this blog, we are providing some basic guidelines that can help you set up a business in Germany and effectively navigate the country’s bureaucracy.
Company Set Up Essentials In Germany
Generally, entrepreneurs who wish to start their own business in Germany are often recommended to evaluate and revise their business plan with the help of expert business consultants with inside knowledge about the country’s business ecosystem. Your plan must be tailored to meet the industry standards and prepared to face potential risks. Business plan evaluation is a mandatory step that must be completed before reaching out to banks for loans or applying for benefits.
Every business will meet with a number of red tapes along the way before they are successfully set up. Which is why, for the next step, you must hire a notary and register your business at a local court (Amtsgericht). Once completed, a representative from the chamber of commerce will contact you to proceed further.
Subsequently, you will be required to do tax registration for commercial and local tax at their respective offices. Once these steps are successfully completed, you will obtain a certificate of registration (gewerbeanmeldeschein), after which you can start running your business.
While the German Entrepreneurial Residency Program offers work permit and residency and the law allows foreign nationals to start their business in the country, courage, passion, ambition and sheer will are the attributes that will help your business flourish in this great nation.
German Entrepreneurial Residency Program
The German law is straightforward about its foreign investment policies and shows no distinction between native and foreigners when it comes to company formation and profit repatriation. Any individual with ambition and enough capital can start their own business in the country. However, foreign nationals will require a visa or work permit to do business and legally reside in Germany.
This is where the German Entrepreneurial Residency Program can provide foreign investors with a safe and secure option to engage in economic activity in the country, without the bureaucratic barriers. Through economic engagement in the country, entrepreneurs are entitled to a permanent residency, with the option to expand their business and start a new life in the country.
Under this opportunity, business owners are offered a chance to engage in entrepreneurial activity in the country via two steps.
- The first step is to buy a real estate property in Germany, worth at least EUR 250,000.
- The second step is to engage in an ongoing development project in Germany by contributing an investment of EUR100,000. This will account for the mandatory entrepreneurial activity required for ensuring permanent German residency as a business owner.
The German Entrepreneurial Residency Program offers a chance for business owners and their families to access high living standards, affordable healthcare services, excellent educational opportunities and efficient travel infrastructure by relocating to Germany in the long run.
For more information and guidance on the German Entrepreneurial Residency Program, consult with our experts today.