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European countries have huge consumer bases – even the poorest European countries tend to be wealthier than countries in other continents. If you’re looking to expand your business internationally, Europe’s consumers could make it worth any potential difficulty.
While starting a business in Europe can be tricky, with the right knowledge and expertise, you can successfully incorporate your business and operate it in one of Europe’s 44 countries.
To start a business in Europe, you will generally need to produce:
The exact documentation you need may change based on the country you’ve chosen and the official you speak to. Consult your foreign liaison, and consider working with a company that helps foreign entrepreneurs create businesses in Europe.
Laws & Legal Docs for International Money Transfers to Europe
Generally, Europe does not impose any specific requirements on foreigners wishing to establish a business presence. Specific countries may have their own requirements, though.
Foreign investors looking to do business in Europe have three common entities to choose from: corporation subsidies, representative offices and branch offices.
Forming your business into a corporation so you can expand into Europe makes sense for larger, well-established companies. You’ll find a lot of variations in European law when it comes to corporations, so make sure to look into the specifics of the country you want to expand into.
Representative offices in Europe can be ideal for spreading the word about your company. But a representative office can’t carry out any sort of business transaction on behalf of its parent company.
Setting up a European branch office is relatively inexpensive – plus, you can still make money (unlike a representative office) while maintaining branch independence. Your branch can be registered in whatever country it operates in but must follow the local laws of its parent company.
Startup Visas are a fantastic way to launch a business idea in Europe without already having an existing business to piggyback from. Each European country has its own requirements for its respective Startup Visa. Here are four examples to give you an idea of what to expect at minimum:
The Start-up Denmark visa requires:
The UK Start-up visa requires:
The Swedish Residence Self-employment visa requires:
The Italia Startup Visa requires:
Hiring an expert to help guide you when establishing your business in a new country is an excellent idea. If English isn’t the country’s primary language, consider hiring a native speaker. A liaison can interact with officials on your behalf, tell you the appropriate places to register your business entity and advise you on any important local customs.
The Chamber of Commerce and US Commercial Service are solid places to search for a qualified contact.
You’ll submit your business documentation to the Chamber of Commerce in the specific country you’re interested in, unless otherwise noted. Depending on what type of business you are starting you may have to provide various documents. It’s a good idea to follow up after filing to ensure that your paperwork is in the right place and given proper attention.
Every European country specifies different requirements for you and your business to meet before incorporating. Confirm the stipulations specific to the European country you want to expand your business into.
Your new business will require you to make and receive international payments, which means you’ll make transactions between currencies and across borders.
You can safely and affordably manage your business payments — with lower fees and stronger exchange rates — by comparing the services of a money transfer specialist.
Companies like WorldRemit and OFX can help you set up regular transfers to your vendors overseas.
Choose the right business entity to operate in the specific European country you’re interested in. Consider working with an organization that specializes in helping foreign businesses incorporate in the country — this will streamline your progress and help you avoid pitfalls along the way.
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