Entering the Market in Czech Republic
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Why Expand a Business to the Czech Republic?
Despite an unsettled history, the Czech Republic has now bloomed into a fully functional market economy. Setting up a business in Czech Republic means entering in a sophisticated market with virtually all goods and services available. The Czech Republic is one of the most successful transition economies in terms of attracting foreign direct investment. The Czech Republic has an unbeatable location, land locked in the heart of Europe and is now the largest free-market trading block on the planet. The Czech Republic became a member of the EU and is gearing itself for the introduction of the Euro Common Currency in 2012.
Whats the Attraction for UK Businesses
The Czech Republic is the UKs 31st largest export market and UK export's of goods to the Czech Republic are worth £1.5bn. The Czech Republic is one of the most stable and prosperous of the post communist countries Also the price of properties, businesses, labour and consumables are lower than their neighbouring countries like Germany and Austria. If you start a business in Czech Republic you will join a conutry which have a high standard of living, a well educated population, a vibrant economy and stunning countryside. Even if registering a business in Czech Republic you decide to invest in other parts of the country, Prague, the capital city, it is still worth a visit as one of the most stunning capital cities in the world, with a plethora of culture, history and unbeatable nightlife.
Advanced Engineering - potential for manufacturing cooperation and niche export opportunities in the automotive and aerospace sectors;
Biotechnology - a priority growth area for the Czech government
Consumer Goods - increasing demand for clothing and fashion, furnishing textiles, accessories and toiletries
Design/Creative and Media (film) - UK businesses can capitalise on the UK's international reputation
Education & Training - demand is increasing as companies invest in human resources. There are EU funds available for projects while schools are investing in ICT
Food & Drink - Czechs' tastes are widening and there high number of international visitors to the country
Healthcare - healthcare management services, medical devices and lifestyle products
Science & Innovation - multi-sectorial, e.g. nanotechnology; growing network; opportunities to showcase UK excellence
Technical Textiles - an expanding sector
The country has a reasonable sized population. Its main cities, which are also the best locations for licensing, incorporating or registering a business in Czech Republic, are;
Challenges Foreign Companies Face
Like many countries with a growing economy and finding a road that is stable, the Czech Republic must have a higher expenditure to improve its quality of research, education and infrastructure. Also supply and demand must be adequately balanced. The Czech Republic is doing well on this and the future is looking good. When starting a business in Czech Republic remember that the key is research, research, research. Before registering a business in Czech Republic plan ahead by exploring your possible locations, potential market growth and which sector you wish to enter in to.
Organisations that can assist with Entering the Market
Finding office space abroad poses one of the most difficult changes that many start-ups face. Location, costs, and transport all need to be considered. And, more crucially of all, what office will allow a new business to attract and retain the best staff?
Multi-lingual Notaries to notarise, translate and legalise documents for international use
THE TRUSTED GLOCAL SOLUTIONS PROVIDER Providing Global solutions locally Helping to internationalize the SME
PEO Worldwide is an international PEO offering employer of record, payroll, employee benefits management, HR and compliance services throughout the world.
Simplified Global Payroll Companies with global employees often find that managing payroll in multiple countries is complicated - different systems, laws, and languages in each country, lack of reporting, and constantly changing laws and regulations each year. Trying to manage global payroll via fax and email with excel spreadsheets leads to data security issues, fines, and penalties for non-compliance. Blue Marble has solved global payroll challenges with cloud-based technology, aggregated reporting, and a hybrid service model in 135+ countries around the world.
Need to register a company or setting up a company?
Do you need advice from an expert in your field, on the ground? Need help finding the best route to market for your product or service?