Czech Republic
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.
Business Opportunities
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;
- Prague
- Brno
- Ostrava
- Plzen
- Liberec
- Olomouc
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.
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