Open an international business in Luxembourg in 2023
Luxembourg is an excellent option for international business. It is a country with a high standard of living, which is characterized by political, economic, social stability. Among other advantages to open an international business in Luxembourg in 2023 are fast Internet, developed transport infrastructure, the lowest VAT in the EU (from 7 to 16%). The country is a developed financial center, offers a wide range of banking services, including asset management, insurance, funds.
The advantages of Luxembourg for international business
Luxembourg is a founding member of the EU, so it offers access to a multi-million dollar audience. Government agencies and local administration are easily accessible, the level of corruption is minimal.
Among the advantages of Luxembourg are:
- Good location in the center of the EU.
- Qualified workforce.
- Laws aimed at business development.
- Advanced digital center.
- AAA credit rating.
- High level of economic freedom.
- The banking sector is the driving force of the economy.
Multilingualism - many residents are fluent in German, English, French, Luxembourg language.
It is also worth noting that Luxembourg is one of the richest countries in the world, so the standard of living here is high.
Requirements for business registration
Before opening a business, a company must draw up a Charter, and the founders must provide specimen signatures, copies of passports, other papers. All documents must be translated into the official language, certified by a notary.
Among other requirements:
- Investors must open an account in a local bank, where a minimum capital must be deposited (the amount depends on the form of the legal entity);
- The company name must be unique, which is checked in the Commercial Register;
- Local office - virtual office is allowed.
What kind of company can be opened in Luxembourg
The most popular form of legal entity for registering an international business is LLC or SARL. Its features:
- Minimum share capital - €12,000, share value - from €25.
- Number of shareholders - from 2 to 40.
- It can be managed by one person, not necessarily a resident of the country.
How to register LLC
To open a company in Luxembourg you need to perform the following steps:
- Check the name for uniqueness and reserve the name.
- Prepare the Articles of Association, which, together with the data on the shareholders, managers, directors are submitted to the Registry of Companies.
- Submit the documents to the Ministry of Economy and Foreign Trade. If required, one must obtain a commercial, financial or other license.
- Apply to the Civil Registry Office and obtain a certificate of incorporation from the Ministry of Trade.
- Register the company with the tax inspectorate and obtain an identification number.
- The Memorandum of Association will have to be published in a Luxembourg official newspaper within 2 months after registration of the business.
How to start a company in Luxembourg
To open a business in Luxembourg in 2023, contact IT-OFFSHORE experts.