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Settling and integrating successfully in Luxembourg with Just Arrived
Luxembourg offers numerous opportunities for entrepreneurs. More and more people are choosing the Grand Duchy as a destination to launch their business.
But expatriates' spouses are also choosing to become self-employed in order to find professional fulfillment.
Indeed, the stability of the Luxembourg economy, its favorable regulatory framework, its high standard of living, and its central position in the European market are all assets for starting a business.
Here are some important things to know in order to succeed as an entrepreneur in Luxembourg.
If you are starting your business alone, you can operate as a freelancer. It is important to note that, unlike in other countries, sole traders in Luxembourg enjoy a number of advantages. In particular, they are also eligible for unemployment benefits.
If you can work as a freelancer, it is also possible to set up a more complex company.
The first step in setting up your business in Luxembourg is to choose the legal form that best suits your project.
Each type of company has its own advantages and disadvantages in terms of liability, required share capital, and regulations. Don't hesitate to consult a consulting firm to help you make the best choice.
In Luxembourg, there are different legal forms to suit all needs. Some legal forms of companies require a minimum share capital. For example, a limited liability company (SARL) must have a minimum share capital of €12,000. Make sure you have these funds available or have an adequate financing plan in place to meet this requirement.
Starting a business in Luxembourg involves various administrative formalities. You will need to register with the Trade and Companies Register (RCS). If you plan to charge VAT (above €35,000 in turnover), you will also need to obtain a VAT identification number.
It is recommended that you consult a lawyer or specialist accountant to guide you through these procedures. You will find initial answers to your questions here.
Luxembourg is renowned for its business-friendly tax environment. Corporate tax rates are competitive. In addition, Luxembourg has signed numerous bilateral agreements to avoid double taxation of income. However, it is essential to plan your taxation effectively in order to maximize tax benefits while remaining compliant with regulations.
Whatever your field of activity, make sure you understand the specific requirements of your sector before you start.
Certain commercial activities, such as banking, insurance, and financial services, are subject to strict regulations. To carry out these activities, you will need to obtain the necessary licenses and authorizations.
Are you a self-employed professional or want to work as a freelancer? You must have your qualifications recognized. More information here.
Luxembourg offers several forms of assistance for entrepreneurs and startups. Luxembourg defines itself as a "startup nation," and various organizations are working in the world of startups and innovation.
You can explore sources of financing from government institutions, banks, private investors, and incubator programs. A solid business plan is often essential to convince potential investors. You will need to present your business idea, your business model, and your financial development forecasts to them.
Luxembourg has a dynamic entrepreneurial community, with numerous business support organizations and networking opportunities. Participating in networks, events, discussion groups, and incubators can help you establish useful contacts and benefit from valuable advice.
Luxembourgish, French, and German are the three official languages of Luxembourg. Although English is widely spoken, it can be useful to master at least one of these languages to facilitate professional interactions. Learn more about learning new languages or improving your skills.
Luxembourg offers a modern working environment with a skilled workforce, high-quality communications infrastructure, and easy access to European markets. The country is also known for its high standard of living, making it an attractive destination for entrepreneurs and employees alike.
Starting a business in Luxembourg can be an exciting opportunity. However, it is crucial to have a good understanding of the country's specificities in terms of business creation, taxation, and regulation. Don't hesitate to seek out local experts and professional advice to ensure you comply with all regulations and maximize your chances of success.
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