Are you looking for the step by step instructions and approach to start a business in the European Union? Are you considering extending your business tentacles down to France, Portugal, Belgium and other EU countries?
If yes, this article will succinctly explain to you what and what to put in place.
Without any form of Prejudice to any continent, there are some poor countries in the EU that seems to be wealthier than some other State of the world.
So, if you are looking forward to expanding your business presence internationally, then Europe’s consumers have the potential to make it worthwhile.
Essence, be informed that as there are advantages there are also disadvantages of doing business in the Europe Union.
But if you have the right experience and expertise, your business establishment can be successfully incorporated to start operating in any of the 44 countries in Europe.
Obviously, one thing you cannot take away from the European Union countries is their huge consumer threshold. Hence, doing business in the European Union countries wouldn’t be a bad deal.
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How to Start a Business In The EU
In addition to the above submission, before starting a new business or expanding your organization presence in another EU country, endeavor to know the applicable rules there.
This is necessary because European countries rules differs from one another and requirements for setting up business vary, too.
However, the following is the step by step approach to doing business in the European Union.
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1. Let your business be defined.
That you’ll be doing business in the European Union countries doesn’t mean you can patronise all business niche.
Your new business startup have to be defined because that is the only way you can get approval for the business.
Moreover, having a definite business will enhance you to map out an effective business plan along the line.
Hence, make sure your new business establishment or expansion of your old business to any EU country is known and precise.
Please take notice that, a definite business structure is one of the requirements of getting approval to start a business in the EU.
2. Draw a business plan.
The importance of a business plan to any startup business cannot be overemphasized. It is very important.
Thus, the relationship between a new business venture and business plan is one that was made from heaven.
As such, the two will always go together.
Doing business in the EU can only be successful with an effective and efficient business plan.
Reason being that, it is the business plan that will tells you how the business should look in the next few years. It’ll contain your marketing strategies, who your ideal audience are and many more.
Therefore, write out a workable business plan for your proposed business in the European Union countries before getting started proper.
3. Go for the legal basics.
In your sojourn to doing business in the European Union countries this 2020 and beyond, you’ll need to get a legal backing.
That is to say, you’ll have to register your business and acquire the necessary license. Doing this will indicate that your business organization is legit.
Similarly, for you to be succeed in acquiring a working permit and business registration, you’ll need to provide the following:
- Business Scope description
You’ll have to submit an application describing the scope of your new or existing business. This is vital to your business approval in the EU.
- Certificates of incorporation
This is only necessary if your business has been incorporated in a particular European Union country before.
Tendering the certificate of incorporation will serve as element of believability that the business is really in existence before.
- Bank reference letters
Also, some copies of your bank reference letter will be needed to ascertain you and your business legitimacy.
- Business Purpose
Also, doing business in the European Union countries requires you to tender a document stating the purpose of your new business startup or your reason for expansions.
Hence, you’ll have to write and carry out a public deed of incorporation with your business’s bylaws, company name, contact and address.
- Business license
This is also meant for the entrepreneurs who are expanding their business entity to another EU country.
However, as an entrepreneur who is on the verge of doing business in the European Union, a working permits and licences is a must for you.
- Corporate name.
Most of the European countries forbid two companies operating simultaneously with the same cooperate name.
As such, you’ll have to choose a unique name and tender it before the government agency responsible for the business names for consideration.
However, if your business is an expansion of an existing one, ensure it’s not in conflicts with any business name in the host country.
Albeit you may be ask to tender some other document depending on which country in Europe you’ve chosen to settle and the government official you meet and speak to.
Therefore, meet with your country foreign liaison officer and try to partner with any legit organization that assist foreign entrepreneurs build business presence in the Europe Union.
4. Visit the chamber of commerce.
In the same vein, doing business in the European Union countries require you to visit and submit your business documentation to the chamber of commerce of your chosen country.
Although there is no specific type of documents you’ll be asked to submit.
It all depends on the type of business venture you will be doing in Europe.
It is always good to do follow up after the submission in other to make sure that the paperwork gets to the right hand and proper attention is given to it.
While you may be thinking this is not necessary, be enlightened that some EU countries expect foreign investors and business owners to do this.
5. Define your source of funds.
Informatively, some European countries expect foreign business owners and investors to show proof that they are capable of running the business.
Thus, identifying your source of funds before committing yourself to doing business in the European Union is important too.
You have challenges doing business in the European Union?
While doing business in the European Union countries may be difficult and tasking, you can always hire professional business consultant.
This will assist you greatly in putting things in order considering the fact that you’re starting a new business in a new country.
Also, getting a professional business consultant is very ideal if you’ll be doing business in the European Union countries like France, Portugal, Denmark and other non-English speaking countries.
More so, if you want your problem to be lessen, hire locals into your business establishment.
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Although this is one of the criteria of starting a business in the UK, you have to provide a full time works for two of their national.
Nonetheless, not all European government pay attention to this, but doing this will help you greatly in growing your business.
If you critically observe the steps to starting a successful and profitable business in the European Union, the Lord will be your strength, really.
However, if there are other ways to get a business up and running in the European Union countries, feel free to tell us using the comment box.