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Getting ready to start a business in Europe

30 Oct Posted in Business

Although things have changed significantly in the economical world and markets have opened up considerably, there are still some challenges that entrepreneurs need to face up to. For one thing, the level of competition has grown impressively. These days, few markets are left untouched, if there even is such a concept. However, for the outsider, the gates towards the European markets have only just opened. Indeed, for the outsider, this is new territory and it is still time to get ahead everyone else and see where you can invest and make a fortune. The only aspect you might have to be careful about are the details concerning the evolution and development of the company. In other words, before getting too excited about your future plans, you might want to first familiarize yourself with the business concept and rules of the new discovered land and only after you have completed this step should you pass on to advertising and marketing.

Getting ready to start a business in Europe

Getting to know VAT in the EU

If you have decided upon the EU as your main business location, then you should take a good look at the VAT rates specific to all countries. These are the ones that will influence your business as you will have to consider them when setting the price. Some countries have these rates larger than others. Poland has a VAT rate of 7.3 %, whereas Romania has 24%. Figure out which space would be more convenient to start a business, from a financial point of view of course. It is important to study things from this perspective as well, because it might come to haunt you.

Registering for VAT

This is another topic you really have to consider when starting a business abroad. While most entrepreneurs think that it is really nothing to worry about, you need to register for VAT in the EU, preferably together with an expert. In some countries the process might be a bit complicated, a lot of bureaucracy involved, which is really why it might be a good idea to consider outside help. Plus, having outside help, you can be certain that nothing will pass you by in terms of information and helpful pieces of advice.

Setting up the company

When thinking about getting into business, most entrepreneurs are taken with the product or service they would like to sell, the marketing they want to do, the strategies they want to use and so on. Most forget about the legal framework in which their company operates. This is of great importance and while you are familiarized with the steps you need to fulfill in your own country and you also know the business models one can choose to put in practice, things might be different abroad. So, do your homework, gather all the necessary pieces of information with regards to this aspect and start your business. As a word of advice, consider collaborating with a partner that has lots of experience in this market and that is ready to walk your through the entire process.